As the name implies, high-yield savings accounts pay much higher interest rates than traditional ones. Typically offered online, whether by an internet-only bank or a brick-and-mortar institution, they're based on the idea that it's smart to hold your savings wherever it can earn a competitively high yield, even if that's a different bank than where you hold your checking account. The difference in interest rates can be dramatic, with the top savings accounts in the country typically paying 15 to 20 times the national average rate. You can still keep your checking account where it is because it's simple to link a high-yield savings account to your primary account for easy transfers.