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How Do High-Interest Savings Accounts Work?

High-interest savings accounts operate similarly to regular savings accounts but with a higher annual percentage yield (APY). The APY represents the real rate of return on your savings over a year, taking into account the effect of compounding interest. For instance, a 12% APY means that your savings could grow by 12% over a year, assuming you don't withdraw any funds. However, it's crucial to verify the terms and conditions, as some accounts may have requirements such as maintaining a minimum balance or limiting the number of withdrawals.