The Illusion of High Yield Savings Accounts As savers struggle with paltry interest rates on traditional savings accounts, some are turning to high yield savings accounts as a solution.
However, these accounts may be better than the status quo but hardly revolutionary. The recent FDIC update shows that the national savings rate average stands at 0.
38%, a rate so anemic that even robust savings accounts can't keep pace with inflation. Savers are flocking to high yield savings accounts, which promise rates of up to 4%.