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Compared to a regular savings account, the interest rate is high saving account allows you to increase your money faster. In these uncertain economic times, a high-interest savings account can be a good place to safely store money while still receiving interest.
According to Federal Deposit Insurance Corporation (FDIC), a regular savings account pays an annual percentage interest (APY) of only 0.37%. (FDIC) as of March 2023. Despite this average, some respectable banks offer interest rates of 4% or more on high-interest savings accounts at the time of writing. . Many of these savings accounts also have customer-friendly features like sophisticated mobile apps, included ATM cards, and no monthly maintenance fees.
Whether you’re saving money for a rainy day or a deposit to buy a house, a high-interest savings account is a good choice. These accounts can also be a good place to store your tax refund if you’ve just filed your taxes and are looking for a place to store the money.
But it can be difficult to figure out which high-yield savings account to open because services change frequently and interest rates fluctuate. So, let’s take a look at the 7 best high yield savings accounts.
You’ll notice a pattern in our list of the top ten high-interest savings accounts: none of the country’s biggest banks make the list. This is because — at the time of writing — big-name banks lack competitive rates and settlement huge fees and minimum deposit requirements.
On the other hand, the banks on our list entice customers and their deposits by offering high interest rates and good customer service. And as you’d expect, the FDIC backs them up to $250,000 in deposit insurance per depositor, per bank, and per title class.
Before we take a closer look at some of the best high-yield savings accounts, be aware that the APY these accounts charge can fluctuate. These interest rates are current at the time of publication and we will do our best to keep them up to date. Regardless, check your bank’s website for the latest APY.
Related: How to choose the best checking account.
Overview: The UFB Preferred Savings Account, which topped our rankings thanks to its high APY of 5.02%, is the perfect account if you want to increase your funds while still having easy access to your account.
Things to know:
- Earn up to 5.02% APY (as of 3/31/23).
- No maintenance or service fees.
- There is no minimum deposit requirement.
- Free ATM card.
What we like about UFB Priority Savings Account: This account is not only at the top of the field with an impressive annual percentage yield (APY) of up to 5.02%, but it is also a great choice for those who have an aversion to any kind of fees from their accounts. their savings.
There are no hidden monthly service fees, so your money is easily accessible online and a reliable mobile banking app. Additionally, the free ATM card could appeal to users who don’t want to do external bank transfers when they need cash.
Learn more about and open a UFB Preferred Savings account.
Overview: The Savings Bank CIT Connect The account is a great option for those who want a single online savings account with fast customer service.
Things to know:
- Attractive 4.50% APY.
- $100 initial deposit.
- Mobile check deposit.
What we like about Savings Bank CIT Connect: The mobile banking app for CIT Bank allows you to do basic things like check your transaction history and transfer funds between your CIT Bank accounts. But if you need to speak to a customer service agent, the bank is known for having helpful agents available 24/7 via live chat on its website and through its app. row. Better yet, you can talk to a real person live from 9 a.m. to 9 p.m. ET on weekdays and 10 a.m. to 6 p.m. ET on Saturdays.
Note that CIT has other savings accounts with different interest rates, fees, and features. For example, its Platinum Savings account has a higher 4.75% APY. However, you must maintain a balance of $5,000 or more to get this rate. Otherwise, your APY drops to 0.25%.
Learn more about and open a CIT Bank Savings Connect account.
our reading full review of the CIT Bank Savings Connect account.
Overview: First Foundation Bank not only offers online banking, but also has physical branches for customers who prefer physical locations for their banking. Its online savings account pays 4.50% APY at the time of writing.
Things to know:
- Compete 4.50% APY.
- More than 30 branches throughout California, Hawaii, Nevada, Texas and Florida.
- There is no geo-restriction to open an account.
- No maintenance fees.
- ATM cards are available with up to $20 ATM fees per visit, with no monthly limit.
What we like about First Foundation Bank Online Savings Account: The First Foundation Bank Online Savings Account is a great option if you want to maintain a balance of $1,000 or more. It is one of the most competitive savings accounts due to its simplicity and high annual percentage rate (APY) of 4.50%.
It is also one of the few banks that offers an ATM card and reimburses customers up to $20 per transaction, with no monthly repayment limit. Additionally, people living in California, Nevada, Florida, and Hawaii can access their funds at any of the bank’s 30 physical branch locations.
Learn more about and open a First Foundation Bank Online Savings Account.
Overview: Bask Bank American Airlines mileage savings accounts are very popular among people who want to earn money American ALAdvantage miles on their savings. But if you want to earn cash, Bask . Bank Interest Savings Account offers amazing 4.65% APY.
Things to know:
- Strong 4.65% APY.
- Live customer support is available 6 days a week.
- Option to earn American Airlines miles or interest.
- Minimum deposit is $0.
- No minimum balance required.
- There is no monthly service fee.
What we like about the Bask Bank Interest Savings Account: With an annual percentage rate (APY) of 4.65% at the time of writing, it is one of the best money-saving rates in the country.
If you’re saving US AAdvantage miles for a vacation, you might consider opening a Bask Miles Savings Account instead. This account earns 2 miles per dollar per year from your savings, amortized monthly. travel website The guy who scored rates these miles at 1.77 cents per mile, giving you 3.54% effective APY. That said, it is possible to get more value out of your mileage if you exchange for premium award flights. Run the numbers and see what works best for your needs.
Thankfully, you don’t have to worry about monthly fees or minimum balances with either Bask Bank savings accounts. You will only have to pay a fee if you need to send a bank transfer out of your account.
Learn more about and open a Bask . Interest Savings Account.
Overview: Primis Bank Savings Account has a competitive APY of 4.35% at press time and the bank has physical branches in Maryland and Virginia.
Things to know:
- APY is simply 4.35%.
- $1 minimum deposit open.
- Free arrival wire.
- There is no minimum balance.
- Zero service charge.
Things we like about Primis Savings Account: While Primis Bank’s physical presence is limited to just two states, the bank’s impressive Primis Savings Account is a single online account that can be created from your home.
It has an amazing APY of 4.35% and you can open an account with as little as $1. The bank also offers free domestic transfers and no minimum balance required. If you need to contact customer support, you can reach them by phone, email, or chat.
Learn more about and open a Primis . Savings Account.
Overview: In terms of a high yield savings account, the CIBC Agility Account offers an attractive 4.27% APY interest rate and can be an ideal choice if you have at least $1,000 to deposit.
Things to know:
- High interest rate (4.27% APY).
- No monthly maintenance fee.
- Minimum open deposit $1,000.
Things we like about the CIBC Agility Online Savings Account: CIBC Bank is a full-service bank originating in Canada that offers U.S. consumers a desirable savings account, in addition to other financial services products.
The CIBC Agile Savings Account is a savings account that can only be opened online. There is no monthly fee to keep the account open. To open your account, you must have a minimum deposit of $1,000. But once the account is set up, it has no minimum balance.
Learn more about and open an Agility CIBC Online Savings Account.
Overview: LendingClub’s High Yield Savings Account combines high interest rates with no monthly fees and a modest initial deposit.
Things to know:
- Mobile check deposit.
- High 4.25% APY.
- There is no monthly fee.
- ATM cards are available with fee refunds.
Things we like about the LendingClub High Yield Savings Account: The APY on LendingClub’s High Income Savings Account is 4.25%, well above the national average and one of the highest we’ve ever seen. You won’t be charged a monthly service fee, and customers can make free internal and external transfers online and through mobile banking.
Customers who want an ATM card can claim it for free and LendingClub will reimburse them for the cost of ATMs at other banks with no restrictions.
There is no physical LendingClub branch, but customers can deposit and withdraw funds from their accounts using certain phones, ATMs, or through online banking.
Learn more about and open a LendingClub . High Interest Savings Account.
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