High-yield savings accounts can help you grow your money. Here's what to know

High-yield savings accounts -- we see the ads all the time, and the rates are impressive -- up to 5%, versus less than 1% at the big banks.

Experts say it is extra money that you should not pass up.

"Right now, you can get between 4 and 5%," Brian Levy, founder of BML wealth management, told ABC7. "And those accounts are liquid. You you're not having it tie up the money for six months, a year. It's just easy money. Why have, essentially, the banks loan out your money to mortgages at 6 or 7% and pay you next to nothing?"

Levy says the high rates are for real, but there are some things to keep in mind. Be prepared to invest online.

"They are not typically a place you can go in to see," Levy said. "So, you can't walk in to your branch manager, you can't do a lot of face-to-face. So, you have to be comfortable, you have to be a little more techy."

You also need to make sure they are properly insured with the Federal Deposit Insurance Corp. Levy suggests sticking with some of the better-known names. And remember: the rates will also fluctuate.

"The rates are variable, so it could go up -- just as much as it went up, it can go back down," Levy said. "I don't see the Fed decreasing rates anytime soon. Who knows? But it could lower over time."

Nevertheless, when most of the big banks are paying less than 1%, the extra interest can really add up to some big savings.

Join us every weekday morning on Eyewitness News at 5 a.m. for our new segment, ABC7 On Your Side. John Gregory has you covered on money-saving tips, including tricks to save on your bills, smart negotiating tactics, plus where you can score free stuff!