Most people have savings accounts, but according to a new study, many are unaware of how their money actually grows.
Commissioned by LendingClub and conducted by Talker Research, a new survey of 2,000 Americans revealed that 89% are at least familiar with one type of savings account, with the most well-known among them being standard savings accounts (71%), retirement accounts (51%), certificates of deposit (CDs) (45%) and health savings accounts (HSAs) (34%).
However, many respondents are less familiar with high-yield savings accounts (HYSAs) (30%), 529 accounts for education (18%) and cash management accounts (CMAs) (13%).
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