Definition
A savings account that pays significantly higher interest than traditional savings, typically offered by online banks with lower overhead.
Related Banking terms
APY (Annual Percentage Yield)
The effective annual rate of return on a deposit account, accounting for the eff…
Checking Account
A deposit account designed for frequent transactions — paying bills, debit-card …
Savings Account
A deposit account that earns interest on stored funds, designed for cash you don…
Money Market Account
A hybrid of checking and savings — earns higher interest than a basic savings ac…
Certificate of Deposit (CD)
A time deposit that locks money up for a fixed term (months to years) in exchang…
ACH Transfer
An electronic bank-to-bank money transfer routed through the Automated Clearing …
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Browse 350+ finance, crypto, and fintech terms across 12 categories in the Digital.Finance glossary.