A High-Yield Savings Account is a type of savings account that offers a higher interest rate compared to traditional savings accounts. This means that your money can grow faster over time, making it an attractive option for individuals looking to save. These accounts are typically offered by online banks or credit unions, which can afford to provide better rates due to lower overhead costs. Unlike regular savings accounts, high-yield accounts often have fewer fees and may require a minimum balance to earn the advertised interest rate. They are considered a safe place to store money, as they are usually insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).