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A high-yield savings account is essentially the same as a traditional savings account with one key difference — high-yield savings accounts pay a higher than average APY on deposits. An APY, or annual percentage yield, is the amount of interest earned on an account in one year. The APY for high-yield savings accounts can be anywhere from 3% to over 5% — much higher than that of a traditional account. <br/><br/>Savings rates have been on the rise following a series of interest rate hikes by the Federal Reserve, as the central bank has sought to reduce inflation. The Fed opted to raise rates at the last meeting, raising the federal funds rate, a key bank lending rate, to a target range of 5.25%-5.50%. Experts believe that the Fed may raise rates again at the next meeting. Higher interest rates could potentially increase savings rates further, so many recommend locking in rates now while they're on the rise. Over time, rates will decrease as inflation cools.<br/><br/>Since the rate of return on high yield savings accounts is better than that of traditional savings accounts, you'll be able to accrue more cash over time. You can use our tool, in partnership with Bankrate, to compare savings rates today.

What Are High-Yield Savings Accounts?

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The summer window is edging ever closer as teams across the Premier League and beyond are stepping up their efforts to bolster squad. Arsenal are once again expected to spend big, with a new striker top of the agenda. Alexander Isak is the dream signing, but Benjamin Sesko or Joshua Zirkzee appear more realistic. A midfielder is also wanted, with Isak's Newcastle team-mate Bruno Guimaraes a key target, along with Monaco's Youssouf Fofana.

Football transfer news June 1 2024

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Florida Panthers' Playoff Run: Key Players and Predictions from inn keys

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'Mr. Monk's Last Case' Interview With Tony Shalhoub And Andy Breckman

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