Which type of account typically earns the highest interest rate for savings?

A high-yield savings account typically earns the highest interest rate compared to other types of savings accounts. These accounts are designed specifically to offer a better return on your savings while maintaining relatively easy access to your funds. They often have higher interest rates than traditional savings accounts due to their online banking structure and lower overhead costs.

The other options, while they may offer some interest, generally do not compete with the rates provided by high-yield savings accounts. Checking accounts commonly offer minimal interest, primarily serving transactional purposes rather than saving. Certificates of deposit (CDs) can offer competitive rates, but they require that you lock in your money for a fixed term, which may not provide the immediate access that some individuals desire. Money market accounts typically offer slightly higher rates than regular savings accounts but still tend to be lower than high-yield savings accounts. Thus, for individuals looking to maximize their savings interest without sacrificing liquidity, a high-yield savings account is often the most favorable choice.