Beginning in 2026, parents will be able to open tax-advantaged Trump accounts for their children with a $1,000 boost for those born 2025 to 2028.

In a nutshell, a savings account provides a safe haven for your hard-earned money. You can also watch it grow effortlessly, as most earn an annual percentage yield (APY). Some financial institutions perform credit checks when you apply for a new account.

Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts have held steady from last week.

With interest rates on this account type still competitive, the returns on a $50,000 deposit may be worth pursuing.

We might earn a commission if you make a purchase through one of the links. The McClatchy Commerce Content team, which is independent from our newsroom, oversees this content. Opening a savings account for your child is a great way to teach them about ...