Some high-yield savings accounts are still offering rates around 5%. Check out our ranking of the highest savings account rates available today.

A high-yield savings account is a type of savings account that pays a better-than-average interest rate, according to Frank Newman, director of portfolio construction and due diligence at Ally. "They are simple to use and offer you flexible access to your money at any point," he says.

Even if you're living paycheck to paycheck and struggling to set a few dollars aside, a high-yield savings account can help you establish habits that pay off in the long run. Don'