Keep in mind, you may need to have the account open for a certain period of time before you’re eligible to receive the bonus. So if you’re in the market for a new savings account, shop around and find out if any banks are currently offering bonuses. In addition to competitive interest rates, some banks also entice new customers by offering bonuses to those who sign up for an account. However, you may need to limit your withdrawals and/or maintain a minimum balance in order to avoid fees.
Plus, they often come with debit cards and check-writing capabilities. They pay higher rates than the typical savings account, especially for higher balances. The accounts work like a checking-savings combo. With a high-yield savings account, you can earn far above average and grow your savings faster.
Despite the relatively low national average for interest rates, certain savings accounts pay much higher yields.
How to maximize the interest on your savings account
