(NewsNation) — A high-yield savings account has a higher interest rate yield than standard iterations. Traditional savings accounts return around 0.43%, while some of the best high-yield savings accounts can return an annual yield of 5%. What is live social shopping and how does it work? What are high-yield savings accounts? They are accounts that accrue interest on the money in your savings account, including as much as up to 10 times as other savings accounts. There are factors to consider before choosing a high-yield savings account. Fees, minimum deposit thresholds and personal preferences are among them. Pros of high-yield savings accounts The primary positive is the ability to accrue higher interest, which increases your savings compared to a lower annual percentage yield (APY). Fewer jobs require a college degree: Indeed Funds are usually easily accessible and can come with an associated card that allows ATM withdrawals. Some online-only banks have no monthly fees or initial deposit minimums, which can further entice one to use a high-yield savings account. Cons of high-yield savings accounts Annual percentage yields can be susceptible to change. Limited growth is also a factor to consider before opening one of these accounts. Investment portfolios involving stocks and bonds also tend to produce larger returns year to year. Why are Americans frustrated with the health care system? Since the majority of high-yield savings accounts are offered by banks without brick-and-mortar locations, your options for communication are limited. Some banks also have limits on how much you can transfer out of the account at a given time, or require a minimum balance.