Savings Accounts FAQsWhat account fees should you avoid with savings accounts? chevron-downchevron-upAccounts fees you should avoid with savings accounts include monthly maintenance fees and minimum balance fees. Most financial institutions do not charge these fees. If yours does, consider looking for a new account.How does a savings account work?chevron-downchevron-upA savings account works as follows: You deposit funds and those funds earn interest at a rate determined by the financial institution in question. Interest may be calculated daily, weekly or monthly, although daily is most common. Banks typically credit this interest once per month.How much interest does a savings account earn?chevron-downchevron-upThe interest you earn with a savings account varies by financial institution. Some savings accounts are offering low annual percentage yields, while others are on par with the rates of high-yield savings accounts. How to open a savings account for a childchevron-downchevron-upOpening a savings account for a child is as simple as opening one for an adult — in addition to requirements listed above, the other information you'll need to provide is your child's. A savings account not only provides funds for your child, but can also help them learn the basics of personal finance., Among 370 savings accounts from 157 banks and credit unions, we found the Synchrony High-Yield Savings account to be the best high-yield savings account. An impressive annual percentage yield (APY , UFB Portfolio Savings: Best for Savings Accounts, 4.01% APY; Bask Interest Savings Account: Best for Savings Accounts, 4.20% APY; Synchrony Bank High Yield Savings: Best for Savings Accounts, 3.80 .