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- Since the start of 2020, interest rates have fallen dramatically, but high-yield savings accounts are still very useful.
- High-yield savings accounts pay well above the average interest rate and are insured by the US government.
- I’m keeping my emergency fund and other savings in a high-yield savings account indefinitely.
- See Business Insider’s picks for the best high-yield savings accounts »
High-yield savings accounts don’t pay the same high yields they did a year ago, but they’re still an ideal way to save for many people. I have used high-yield savings accounts since starting my first job after college, and a swing in interest rates isn’t going to scare me away.