Do you pay taxes on a high-yield saving account ?

A high-yield saving account is great way to put money aside for an emergency

it's also help for your wedding or a new car 

A high-yield saving account is very safe and low risk 

The average intrerest rate for a regular saving account is currently around 0.37%

While the average rate for high-yield saving account is about 3.5% to 4.5% or more 

Because saving accounts earn income, the IRS considers them taxable income 

You don't need to pay taxes on your saving account balance, only on the interest you earn on the account  

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