Guide to Savings Accounts

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a Savings Account?
How Do Savings Accounts Work?
Pros and Cons of Savings Accounts
Pros
Cons
Savings vs Checking Accounts
Typical Savings Account Interest Rates
Bank Accounts With Higher Interest
High-Yield Savings Accounts
Money Market Accounts
The Takeaway
Frequently Asked Questions
Photo credit: iStock/ferrantraite
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About the Author
Jacqueline DeMarco is a personal finance writer and editor based in Southern California. While she spends the bulk of her time writing about complex financial issues, she also tackles a variety of subjects ranging from food to fashion to travel. Her work can be found across dozens of publications such as Credit Karma, LendingTree, Northwestern Mutual, The Everygirl, and Apartment Therapy.
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