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Published: Sep 15, 2023 5 min read

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When you’re making money without having to do anything, it’s easy to throw the blinders on instead of stepping back and scrutinizing: Yes, I’m earning a return, but is this the best way to do it?

High-yield savings accounts are a prime example. Ally, one of the best-known online banks, is offering up to 4.25% interest on savings account deposits. Other online banks like Varo and Bask Bank are offering APYs as high as 5% for their high-yield savings accounts.

When you compare these rates to the current national average — 0.43% as of this writing — throwing a bunch of cash into a high-yield account may seem like a no-brainer. But depending on your financial goals, there might be more potent ways to grow your wealth.

High-yield savings rates aren't built to last

High-yield savings accounts are having a moment right now.