High-interest savings accounts defined A high-interest savings account is a bank account that lets you deposit money at a higher-than-average return. The average savings account pays only 0.06% annual percentage yield. Many traditional banks and credit unions pay even less. But a high-interest account, also called a high-yield savings account, earns much more — sometimes…

Margarette Burnette is a writer at NerdWallet. Email: mburnette@nerdwallet.com. Twitter: @Margarette.

The article What Is a High-Interest Savings Account? originally appeared on NerdWallet.

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