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Aside from interest high yield savings accounts are basically the same as traditional savings accounts How interest works BCU PowerPlus Checking has a tiered interest system divided into Level One and Level Two The difference between a high yield checking account versus a high yield savings account is that the former is for people who maintain a high average chto takoe intsest regularly to conduct everyday transactions One of the biggest reasons to keep an emergency fund in a high yield account is to watch it grow over time SoFi doesn t have as many bank account options as brick and mortar financial institutions However it s less common for money market accounts to give you unlimited withdrawals It has a checking account paying up to 9 56 APY While some high yield savings accounts and most money market accounts impose limitations and requirements for earning their highest rates they re usually not as strict or strenuous as those imposed by high yield checking accounts If you re more comfortable banking with a brick and mortar bank a traditional savings account might be a better option for you Usually you ll have to maintain a certain account balance or make a qualifying number of monthly debit card purchases to earn the highest interest rate on a high yield checking account |