A high-yield checking account has multiple advantages. Here's why you should open one now.
With interest rates high and inflation still humming along in the background, it can be difficult for savers to make ends meet. But while higher interest rates equate to higher borrowing costs, they also result in higher returns on vehicles like high-yield savings and certificates of deposit accounts. Interest rates on regular savings accounts are just 0.46% right now, on average while rates on high-yield savings and CD accounts are 5% or higher.
See how much you could be making with a high-yield checking account here.Ease of useHigh-yield checking accounts operate similarly to regular checking accounts, just at a higher rate. So you won't need to make any major changes to your banking approach in order to reap the rewards this type of account can offer. Just be sure to read the fine print before signing up as some accounts will require a minimum balance to be kept at all times.
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