High-Yield Savings Accounts Luring Spenders. Should You Move Your Cash?

High-yield savings accounts are offering rates as high as 5.33%, drawing 3 in 5 Americans to save rather than spend, new survey shows.

A young couple looks at high-yield savings account info.
(Image credit: Getty Images)

In the face of high interest rates, consumers are parking their cash in the bank to capitalize on higher yields instead of spending money. Credit unions and small banks offer the best value for disciplined savers. 

A recent WalletHub survey of 300 respondents uncovered changing savings and banking behaviors in response to the current high-interest rate environment. Although rising interest rates make borrowing more expensive, it also means consumers are likely to benefit from higher interest rates as they accumulate savings balances.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Seychelle Thomas
Contributing Writer

Seychelle is a seasoned financial professional turned personal finance writer. She’s passionate about empowering people to make smart financial decisions by combining 10 years of finance industry experience with solid research and a wealth of knowledge. Seychelle is also a Nav-certified credit and lending expert who has explored money topics such as debt consolidation, budgeting, credit, and lending in her work for publications including GOBankingRates, LendEDU, and Credible.