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  • Wealthy people use three types of accounts to build wealth that are widely available.
  • They use retirement accounts like IRAs and 401(k)s for tax benefits and free money.
  • And, they make the most out of their money with high-yield savings and checking accounts.
  • Read more Personal Finance Insider coverage »

High earners and wealthy people generally tend to have quite a few habits in common . Many are frugal, look for ways to make the most of their money, and want to minimize the amount they'll owe in taxes later.

Wealthy people are constantly using three types of accounts to get more from their money, and they're hidden in plain sight.

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Rich people use Roth IRAs for tax advantages

Rich people are always looking to minimize the impact of taxes, and Roth IRAs are designed to do just that. Recently, PayPal founder Peter Thiel's Roth IRA account  garnered attention for the strategy he used to grow the account from $1,700 to $5 billion, which he will eventually be able to be withdraw completely tax-free.

Roth IRAs minimize your tax bill later by only allowing deposits of money that have been made after taxes. While a Roth IRA won't lower your tax bill now like a traditional IRA does, a Roth IRA will allow the money to come out tax-free after it grows.

Roth IRAs do have income limits, but that doesn't mean wealthy people and high earners don't use them. A backdoor Roth IRA can turn a traditional IRA into an account with the tax benefits of a Roth IRA, transferring the funds from one type of account to another. While there may be taxes involved on any growth as you transfer the accounts, this method offers the opportunity for those earning above the income limit to contribute to a Roth IRA.

Wealthy people take advantage of their employers' 401(k) plans

A survey of 10,000 millionaires showed that there was one account type most had in common : A 401(k). According to the survey by Ramsey Solutions, eight in 10 millionaires had this common account in their portfolios.

A workplace's 401(k) plan might not seem like a likely place to amass wealth, but these accounts offer powerful perks. Not only do they offer the advantage of an employer match for essentially free money, but they also have tax benefits, like lowering your taxable income.

To see if you employer offers a 401(k) program and find out about any matches available, check with your HR department.

They take advantage of high-yield checking and savings accounts

Even millionaires need to keep some money on hand for spending and emergencies, but they don't use typical savings and checking accounts . Since wealthy people are always looking for ways to make their money work harder, high-yield savings and checking accounts are their choice to keep their money growing.

These accounts offer multiple times more interest than their traditional counterparts. While the average savings account has an interest rate of 0.04%, a high-yield account offers about 10 times that amount, around 0.4% interest.

The same goes for checking accounts — while many don't offer any interest, there are a number of checking accounts that do . While a checking account isn't the place to store money, a high-yield checking account helps to make money work harder .

These savings and checking accounts are available to anyone through a number of online banks , and opening one up is relatively simple. Then, your money will start to earn more over time, and grow faster than it would in a traditional account.

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