(InvestigateTV) - A high-yield savings account pays a much higher interest rate than a regular savings account, allowing money to grow faster for those saving toward long-term goals.

Kionnie Epps, the founder of the YouTube channel The Responsible Homegirl, said the accounts work well for purchases that require extended saving periods, like a house, car or vacation."Let's talk about buying a house or buying a car or just anything - a big vacation, anything that's going to take you a little longer to save - put it in a high yield savings account. You're going to get a higher interest rate and that money is out of sight, out of mind," Epps said.

"You won't be able to go in the store and do a quick little transfer, because it's going to take you about 2 to 3 days to actually get that money into your checking account."Epps said the transfer delay creates boundaries for spending while allowing savings to accumulate faster."Most high-yield savings accounts are online banks, and they are able to offer you that high interest rate because they don't have all of the overhead that a traditional bank will have," Epps said.