What is one benefit of having a high-yield savings account?

Having a high-yield savings account is primarily advantageous because it offers significantly higher interest rates compared to traditional savings accounts. This means that the money deposited in such an account has the potential to grow faster due to the interest accrued. The higher interest rates are often a result of these accounts being offered by online banks or financial institutions that have lower overhead costs, allowing them to pass on the savings to their customers in the form of better rates.

In essence, this feature is particularly beneficial for individuals looking to save money for future goals, as it maximizes the returns on their savings without exposing them to market risks associated with investments. The increased interest can lead to a more substantial accumulation of wealth over time, making it an attractive option for savers.