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The only difference between regular and high-yield savings that matters is the one that earns you 20 times more on your money

The only difference between regular and high-yield savings that matters is the one that earns you 20 times more on your money
LOUISE BEAUMONT/Getty Images



High-yield savings accounts and standard savings accounts are more similar than they are different.




They're both offered by banks, federally regulated, and liquid.




The main difference is that high-yield savings accounts earn up to 20 times more interest, with interest rates generally between 1.5% and 2%.




That interest rate means high-yield savings are almost always a better choice than traditional savings for money you'll need within the next few years.




See Business Insider's picks for the best high-yield savings accounts »



A savings account is a good place to save money for short-term goals like a down payment, a car, a vacation, or an emergency fund.
But a high-yield savings account is a better place.

A high-yield savings account is almost exactly the same as a regular savings account


High-yield savings accounts are essentially the same as any other savings accounts, with one key difference: With a high-yield savings account, you earn about 20 times more interest on your money than you would with a regular savings account.
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