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If you're thinking about how to maximize your savings, chances are you've come across high-yield savings accounts (HYSAs) and certificates of deposit (CDs). Both can offer competitive interest rates that drastically outpace those of traditional savings accounts. But which account — an HYSA or a CD — will earn you more in one year?
Here's a look at how the earnings on a $10,000 deposit compare over 12 months, based on the interest rate and account type.
On average, savings accounts currently earn just 0.38% APY. However, traditional savings accounts and HYSAs can offer vastly different yields.
For example, a savings account from Chase Bank earns 0.01% APY. Meanwhile, some of the best HYSAs earn above 4% APY.
#savings #hysas #account #deposit
If you're thinking about how to maximize your savings, chances are you've come across high-yield savings accounts (HYSAs) and certificates of deposit (CDs). Both can offer competitive interest rates that drastically outpace those of traditional savings accounts. But which account — an HYSA or a CD — will earn you more in one year?
Here's a look at how the earnings on a $10,000 deposit compare over 12 months, based on the interest rate and account type.
On average, savings accounts currently earn just 0.38% APY. However, traditional savings accounts and HYSAs can offer vastly different yields.
For example, a savings account from Chase Bank earns 0.01% APY. Meanwhile, some of the best HYSAs earn above 4% APY.
#savings #hysas #account #deposit
2 days ago
