Do high-yield savings accounts pay higher interest rates?

As the name implies, high-yield savings accounts pay much higher interest rates than traditional ones.

What is the best high-yield savings account rate?

The best high-yield savings account rate from a nationally available institution is 5.55% APY, available from My Banking Direct. That's nearly 12 times the FDIC's national average for savings accounts of 0.46% APY and is just one of 15 or more top rates you can find in our daily ranking of the best accounts.

What is a high-yield savings account?

High-yield savings accounts can help you grow your savings faster than traditional savings accounts. The best high-yield savings rates currently range from 4.50% APY to 5.35% APY—far higher than the national average savings account rate of 0.46%, according to the Federal Deposit Insurance Corporation (FDIC).