What’s the Highest Interest Rate I Can Get on a High-Yield Savings Account?
It stands to reason that if you had money to stash away in a savings account, you would want said money to earn you as much as it possibly can. However, most Americans don’t take advantage of high-yield savings accounts, which can earn them 10 to 12 times the interest than that offered by a regular savings account.
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According to the CNBC Select Banking Behaviors Survey released in December, 82% of Americans polled don’t use a high-yield savings account. Of the 1,151 people surveyed by Dynata online from Sept. 8, 2023, to Sept. 19, 2023, only 18% kept their money in a high-yield savings account — 57% used traditional savings accounts and 45% used other competitive accounts like an IRA, CD, money market or brokerage account.
Although they are variable-rate product with rates and annual percentage yields (APYs) that are subject to change without notice, high-yield savings accounts traditionally outperform regular savings accounts (and their 0.46% APYs) at growing your wealth.
Switching to a high-yield savings account is essential for anyone with money to save, but not all of these are created equal. Don’t be swayed by the highest interest rate offered — some accounts require significant opening deposits or minimum balances to qualify for the advertised APY.
And make sure to choose a bank or online institution that is right for you. If you tend to make a lot of transactions with your account, get an account that has unlimited transfers or withdrawals. If you hate paying service fees, pick an account that charges no monthly maintenance fees.
10 High-Yield Savings Accounts With Great APYs
Online banks typically offer higher yields than brick-and-mortar banks, but there are a lot of high-yield savings accounts that are currently providing APYs of 5% and higher. Start your search for a new savings account with the following 10 promotional banking offers, beginning with two great starter accounts that pay high interest rates up to comfortable limits.
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1. DCU Primary Savings Account (6.17% APY)
Annual percentage yield (APY): 6.17% on balances up to $1,000 (0.15% APY on balances above $1,000)
Minimum opening deposit: $5
Digital Federal Credit Union (DCU) currently has a savings account yielding 6.17% APY on balances up to $1,000. DCU is based in Massachusetts, but you can join the credit union if you work for one of its participating employers or join one of its associated non-profits. There is no catch and no monthly fee.
2. Mango Money Savings Feature (6% APY)
Annual percentage yield (APY): 6% on balances up to $2,500 (0.1% APY on balances over $2,500)
Minimum opening deposit: $25
This online bank offers a 6% APY on balances up to $2,500 in its Mango Money Savings Feature account (balances over above $2,500 get a 0.1% APY). This is another great kick-start savings account, perfect for starting an emergency fund or saving for a specific goal.
3. My Banking Direct High Yield Savings Account (5.55% APY)
Annual percentage yield (APY): 5.55%
Minimum opening deposit: $500
If you’ve been searching for a full-service bank that offers loans and as assortment of products, keep looking. However, if you’re looking to take advantage of high yields, then My Banking Direct’s competitive savings account is for you. No minimum balance is required, but you’ll need to deposit $500 to open an account.
4. Poppy Premier Online Savings (5.5% APY)
Annual percentage yield (APY): 5.5% with $1,000 minimum balance
Minimum opening deposit: 0%
No opening deposit is required to open an online savings account with Poppy Bank, though a minimum balance of $1,000 must be maintained to obtain the advertised APY. The promotional APY rate of 5.5% is guaranteed for 3 months from the date the account is opened, after which it can change without notice.
5. Western Alliance Bank High-Yield Savings Premier (5.36% APY)
Annual percentage yield (APY): 5.36%
Minimum opening deposit: $500
With an annual percentage yield 10 times the national average, the Western Alliance High-Yield Savings Premier account allows unlimited transactions and zero fees, but does require a minimum deposit of $500 to open an account — and a minimum balance of $0.01 to earn the advertised APY.
6. BrioDirect High-Yield Savings (5.35% APY)
Annual percentage yield (APY): 5.35%
Minimum opening deposit: $5,000
While it offers a competitive rate of 5.35% APY and doesn’t charge monthly maintenance fees, the BrioDirect High-Yield Savings Account requires you to deposit at least $5,000 to open your account (and maintain $25 to earn the disclosed APY).
7. NexBank High Yield Savings Account (5.26% APY)
Annual percentage yield (APY): 5.26%
Minimum opening deposit: $0
NexBank is the largest privately-held bank in Texas, and supports local nonprofit organizations that provide services and programs for individuals and families in need. It also offers a competitive rate on a high-yield savings account that has no monthly fees and a minimum opening deposit of $1. NexBank uses the secure Raisin platform for its savings products, so you’ll have to open your account via Raisin.
8. UFB Secure Savings (5.25% APY)
Annual percentage yield (APY): 5.25%
Minimum opening deposit: $0
With no opening deposit needed, no minimum balance required and no monthly fees charged, UFB’s Secure Savings account is a no-nonsense account with a high yield. Boasting technology-driven financial services, UFB’s highest-yielding savings account has straightforward digital banking tools that let you access your balance 24/7.
9. Evergreen Bank Group (5.25% APY)
Annual percentage yield (APY): 5.25% on balances up to $1,000,000
Minimum opening deposit: $100
An Evergreen Bank Group high-yield online savings account offers a competitive rate, no monthly maintenance fees, interest compounded daily, $100 minimum to open and FDIC insurance up to the maximum allowed by law ($250K individual, $500K joint account).
10. CIT Bank Platinum Savings (5% APY)
Annual percentage yield (APY): 5% with $5,000 minimum balance (0.25% APY on balances under $5,000)
Minimum opening deposit: $100
That 5% APY is tantalising, but unfortunately you’ll only get it with an opening deposit of $100 and a minimum balance of $5,000. If you can afford that, the CIT Bank Platinum Savings account is a convenient and secure account from a trusted name (CIT Bank is a division of First Citizens Bank). This account offers unlimited monthly transfers and withdrawals.
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This article originally appeared on GOBankingRates.com: What’s the Highest Interest Rate I Can Get on a High-Yield Savings Account?
