Transform Savings With This High-Yield Account Hack

How High-Yield Accounts Work

These accounts operate similarly to regular savings accounts but with the advantage of higher interest rates. They are typically offered by online banks, credit unions, or financial institutions with fewer physical branches, allowing them to pass on the savings from reduced overhead costs to customers in the form of better rates. When you deposit money into a high-yield savings account, the interest compounds over time, meaning you earn interest on your initial deposit as well as on the accumulated interest from previous periods.