High-yield savings accounts have become increasingly popular in recent years as a reliable way to help individuals grow their wealth. These accounts are similar to traditional savings accounts, but offer higher interest rates that are usually above the current national average of 0.35% Annual Percentage Yield (APY). As interest rates continue to rise, these accounts can help savers earn more money on their deposits and build their wealth faster than other investment vehicles.
Apple recently announced that they are offering a high-yield savings account option to Apple Card users, as code was found in the iOS 16.4 update. This new option is part of Apple’s focus on providing more financial services to its customers.
Online banks are another way to gain access to high-yield savings accounts. Many of these banks offer yields of 3.3% or more, which can be attractive to those who are looking for ways to build their savings. However, some savers may be hesitant to open an account with an online bank, believing that the process may be too complicated or time consuming. In reality, the process is fairly straightforward and does not take long to complete.