Looking for a safe place to stash your cash? The pros and cons of keeping your money in a high-yield savings account
A high-yield savings account isn't just a stable place to stash your cash. Thanks to the higher interest rate, money in a high-yield account will grow at a faster rate than a traditional savings account.

And even though the economic fallout from the coronavirus pandemic has caused savings account interest rates to drop to nearly half of what they were a year ago, you can still earn over 10 times more interest than the national average.

In fact, if you have not yet built an emergency fund or you're working toward reaching a certain financial milestone within the next two years, a high-yield savings account still makes perfect sense.

For those looking to grow their money, here are the pluses and minuses that come with having a high-yield savings account: