Here’s how much a high-yield savings account earns

With anxiety over Inflation ongoing and Grocery and food shopping prices Still high, many Americans are looking for any edge they can get. This can take many forms including modification of their current investments and savings. Fortunately, rising interest rates actually have a few benefits, namely an increase in the amount of money they can earn through their savings accounts.

Although mortgage and refinance interest rates have risen sharply in recent months, High Yield Savings Account Now the account holders are paying significantly higher interest than in recent years. But how much can you actually earn by opening this type of account? We’ll break down these numbers below.

If you think you could benefit from opening a high-yield savings account, enter your zip code here to see how much more you could earn.

Mobile users click here.

How much does a high-yield savings account earn?

How much can you earn from High Yield Savings Account It really depends on the rate the bank or credit union gives you and how much you deposit into it. The more money you put into rapidly compounding interest, the greater your initial investment will be.

High-yield savings can have an annual percentage rate (APR) that is 10 times higher or higher than a typical savings account. The exact rate you get will depend on the servicer, but with repeated rate hikes from the Fed, interest rates on these accounts currently range from 3.50% to 4.50%. The average savings interest rate, meanwhile, is around 0.33% at the time of writing.

So if you’re barely making a dent with your current savings account – and want to earn significantly more with very little effort – it’s worth securing a high-yield savings account. It’s easy to get started. Plug in your zip code and how much you plan to deposit here to see how much more money you can earn

Mobile users click here.

What a high yield savings account looks like

If you’re a visual person who likes to see the bottom-line numbers, here’s what a high-yield savings account can do for you:

$500 balance:

• $1.65 after a year with a regular savings account with 0.33% APR
• $17.50 after one year with a high-yield savings account with 3.50% APR

$1,000 balance:

• $3.30 after one year with a regular savings account with 0.33% APR
• $35.00 after one year with a high-yield savings account with 3.50% APR

$5,000 balance:

• $16.50 after one year with a regular savings account with 0.33% APR
• $175 after one year with a high-yield savings account with 3.50% APR

Bottom line

High-yield savings accounts don’t have much of a downside, though account holders should be aware that interest rates can always drop again. But they can also grow from where they are now, creating more opportunities to make quick cash. And even if they do, they’re still generally better than a traditional savings account, which offers basic protection as well as minimal incentives.

If you’re ready to start earning more interest, start exploring your high-yield savings account options here now.

Mobile users click here.