3 costly high-yield savings account mistakes to avoid this fall

With the right approach, savers can still earn sizable returns with a high-yield savings account now. Westend61

High-yield savings accounts have traditionally been a safe and reliable home for your money. And, in recent years, they've been one of the most profitable places to keep it, too.

While inflation and higher interest rates badly hurt the wallets of millions of Americans, high-yield savings accounts offered secure and effective ways to grow your money. With rates here comfortably over 5% but without the restrictions that alternatives like certificates of deposit (CDs) came with, this was a natural option for many savers.

But the overall economy and the interest rate climate is evolving again. The Federal Reserve issued multiple rate cuts last year, and it has renewed