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If you choose a savings account over a no-penalty CD, you may face these drawbacks: Variable interest rates. Unlike the fixed-term rates offered by no-penalty CDs, savings account rates can fluctuate.
Current rates as of August 2024 range from 4.00% to 5.00% APY on both no-penalty CDs and high-yield accounts. With no-penalty CDs, your rate is fixed–meaning it won’t change for the duration ...
"A no-penalty CD can be a great option over a high-yield savings account if you know you won't need to touch the money for a set period of time but want to keep it relatively safe from stock ...
Even after recent Fed rate cuts, high-yield savings accounts still earn up to 10 times the national average savings rate — and considerably more than a traditional savings account. No or low fees.
As of right now, many high-yield savings accounts (HYSAs) from FDIC-insured digital banks like SoFi and Upgrade are paying out annual percentage yields (APYs) of 3.80% and 4.14%, respectively. For ...
The savings account offers you up to 3.80% APY with direct deposits of any amount, such as your payroll, pension or Social Security payments, while the checking account unlocks access to a debit ...
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