As interest rates remain at historic lows, consumers are increasingly searching for ways to maximize returns on their investments. One of the most popular options is to open a high-yield savings account, which typically offers far better returns than traditional savings accounts.

A high-yield savings account is a type of bank account that gives you a higher interest rate on your deposits than standard savings accounts. These accounts often have no minimum balance requirements, and can offer rates that are significantly higher than other types of deposit products.

The most obvious benefit of a high-yield savings account is that you’ll earn more on your deposit than you would with other types of accounts. Many high-yield savings accounts have interest rates that range from 0.50%-1.00% or more, so over the course of time your rate of return can add up.

Another great advantage of these accounts is that they can offer a level of convenience that standard savings accounts can’t. Many high-yield savings accounts can be linked to existing checking accounts, eliminating the need for managing multiple transactions between accounts. Some even offer mobile apps that allow you to access your account and monitor your finances from anywhere.

Finally, some banks offer other rewards and benefits with their high-yield savings accounts, such as discounted checking account fees, access to free online bill pay and cash-back rewards.

High-yield savings accounts can provide a valuable addition to anyone’s financial portfolio. Not only do they offer higher rates of return, but they can also offer convenience and other rewards. If you’re looking for a better return on your investments, a high-yield savings account may be the perfect solution.