Hey kids! Have you ever heard of savings accounts? They're like piggy banks for grown-ups, but they earn interest! Recently, interest rates on savings accounts have been changing.
Banks pay you extra money (interest) for keeping your money with them. High-yield savings accounts pay more interest than regular accounts.
Right now, you can get as much as 4.5% interest in some accounts, which is pretty awesome!
- Interest rates are changing because the Federal Reserve (like a money boss) is adjusting things.
- High-yield accounts offer better interest than regular savings accounts.
- It's a good idea to compare different bank offers before choosing an account.
| Interest Rate Type | Approximate Interest Rate |
|---|---|
| Average Savings Account | 0.41% |
| High-Yield Savings Account | 4.0% - 4.5% |
