Bankrate writes "The average American forgoes nearly $2,000 in interest via low-yield savings accounts." Their article explains, "The average savings account balance is $8,863, according to the Federal Reserve. If your savings is in a liquid bank account for many years -- kept there in case of an emergency -- then it should earn the highest yield. If $8,863 sits in the average-yielding 0.10 annual percentage yield (APY) savings account or money market account for 10 years, it will earn approximately $89 of interest based on daily compounding based on prevailing average rates. If that same amount is in a savings account or money market account earning 2 percent APY -- easily attainable if you shop around -- it will gain $1,941 in interest over 10 years." The piece adds, "People are routinely earning around the national average of 0.10 percent APY or far less. For instance, at Chase, the Chase Savings account earns 0.01 percent APY on all balances. Chase does also have a Premier Savings account that has relationship rates as high as 0.11 percent APY. But it requires a minimum balance of at least $250,000. There are several savings accounts over 2 percent APY that require little or no minimum balance."

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