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Interest Rates Rise, High-Yield Savings Accounts Gain Popularity

CDs, high-yield savings accounts, and other insured bank products are currently offering interest rates of 3-6% as the Federal Reserve raises rates.
High-yield savings accounts from online banks and new market entrants like Apple offer higher rates and more flexibility than traditional bank savings accounts.
While interest rates are rising, many Americans are still earning little to no interest on their savings and missing out on higher returns from insured bank products.
CDs lock in a fixed interest rate but restrict access to funds, while high-yield savings accounts offer easy access and compounding interest.
Consumers should compare rates and terms to find the right balance of returns and flexibility for their savings goals.

Washington Post

Washington Post