A high-yield savings account is one that pays a greater interest rate than ordinary savings accounts. High-yield savings accounts are typically offered by online banks and credit unions and are designed to provide individuals with a competitive rate of return on their savings.

The interest rate on a high-yield savings account can vary depending on the financial institution and the current market conditions but is generally higher than the rate offered on traditional savings accounts.

High-yield savings accounts often have no monthly maintenance fees and no minimum balance requirements, making them a popular choice for individuals who want to earn a higher return on their savings without incurring additional costs.

However, high-yield savings accounts may have certain restrictions on the number of withdrawals or transfers that can be made each month. It is important to compare the interest rates and terms of different high-yield savings accounts to find the best option for your savings goals and financial situation.