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Rates are likely to drop due to the federal governments recent interest rate cut, however.
But across the board, there are awareness challenges.
In fact, 1 in 5 consumers do not know what rate they are currently earning on their savings.
There are also common misperceptions about high-yield savings accounts that are preventing Americans from using them.
Advantages of High-Yield Savings Accounts
High-yield savings accounts offer several advantages over traditional savings and checking accounts.
A checking account typically doesnt offer any interest, Wennes said.
It is always important to confirm you know and understand who you are working with.
Are There Drawbacks To Keeping Money in a High-Yield Savings Account?
There are not necessarily disadvantages to keeping money in a high-yield savings account versus a traditional bank account.
Accessibility is sometimes considered a drawback, but this is a misperception, Wennes said.
A high-yield savings account is a good complement to a checking account.
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