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What Bank Has The Highest Yield Savings Account - Reach Your Goals Faster

If you are wondering about what bank has the highest yield savings account, then you are in the right place. When it comes to accumulating money for a rainy-day fund or putting money aside for a significant purchase, such as a down payment on a house, putting your money in a savings account that offers a high rate of return can help you reach your objectives more quickly.

William Willis
Apr 08, 2023153 Shares2072 Views
If you are wondering about what bank has the highest yield savings account, then you are in the right place. When it comes to accumulating money for a rainy-day fund or putting money aside for a significant purchase, such as a down payment on a house, putting your money in a savings account that offers a high rate of return can help you reach your objectives more quickly.
High-yield savings accounts, in contrast to traditional savings accounts, provide you with a higher interest rate as a reward, and your money grows even more quickly thanks to compound interest, which enables you to earn interest on interest earned on previous deposits.
When you have a savings account that offers a higher annual percentage yield (APY), your money will grow more quickly, and you will receive a better return on your investment than you would with a traditional savings account.
According to data provided by the Federal Deposit Insurance Corporation, the annual percentage yield (APY) on savings accounts is a meager 0.24%. (FDIC). That is more than 17 times less than what is offered by the savings accounts with the highest yields. And as the Federal Reserve maintains its policy of increasing interest rates, banks are reacting by increasing the annual percentage yields, also known as APYs, that they offer to their customers.
CNBC Select analyzed and compared dozens of high-yield savings accounts that are available from traditional brick-and-mortar banks, as well as online banks and large credit unions, in order to determine which high-yield savings accounts are the best overall.
We discovered that despite the fact that the majority of online banks do not have physical branch locations, these financial institutions typically provide better overall benefits, higher APYs, and lower fees than national brick-and-mortar banks.

Best High-yield Savings Accounts

High-yield savings accounts, as their name suggests, offer interest rates that are significantly higher than those offered by conventional savings accounts.
A man holding a jar with some money in it
A man holding a jar with some money in it
They are typically offered online and are based on the premise that it is prudent to keep your savings wherever it can earn a competitively high yield, even if that means keeping it at a different bank than where you keep your checking account. This is true even if the bank offers internet-only banking services as well as traditional banking services.
The difference in interest rates can be quite dramatic, with the best savings accounts in the country typically paying 15–20 times the rate that is considered to be the national average for savings accounts. Because it is simple to link a high-yield savings account to your primary account in order to facilitate easy transfers, you can continue to keep your checking account at its current location.
When determining the order of our top accounts, we took into account the annual percentage yield (APY) of each account as well as its ease of use, accessibility, monthly fees, and minimum balance requirements.
The selected savings accounts provide an annual percentage yield (APY) that is higher than the industry standard for all customers (regardless of their balance), they are FDIC-insured, they do not charge a monthly maintenance fee, and they have low (or no) minimum balance requirements.

The LendingClub

The LendingClub High-Yield Savings account stands out for providing one of the highest returns on your money while charging no monthly maintenance fee and not requiring a minimum balance. To open the account, you only need a $100 deposit.
LendingClub, unlike many other savings accounts, provides customers with a free ATM card and never charges ATM fees. This makes it simple to access and withdraw funds from your savings account whenever you want. You can also use your funds to pay bills, send money to friends and family, and transfer money internally and externally.
To fund your LendingClub savings account, you can deposit cash at select ATMs, deposit checks via the mobile app, do a direct deposit, make an electronic transfer from another bank, or wire transfer.

The UFB Best Savings

The UFB Best Savings account is designed for those who want to maximize their returns. It has one of the highest interest rates currently available, earning up to 4.21% APY.
There are no monthly fees, unlimited transfers, or minimum deposits with this account. You'll get the same high return whether you deposit $1 or $1,000.
UFB Direct, like the other banks on this list, is an online-only bank owned by Axos Bank. Customers receive a free ATM card despite the lack of physical branches and the inability to open a checking account.

Marcus, Goldman Sachs

Marcus, Goldman Sachs' consumer banking arm, offers a few financial products, including the Marcus by Goldman Sachs High Yield Online Savings. Marcus has no fees, no minimum deposits, and easy mobile access. It's the simplest savings account to use when all you want to do is grow your money with no strings attached.
The Marcus account also stands out due to its user-friendly mobile banking app, which allows you to set up recurring deposits, track your savings goals, and see how much interest you've earned this year. The bank's contact center in the United States is open 24 hours a day, seven days a week for live customer service over the phone or through online chat.
While Marcus does not offer ATM cards or checking accounts, the bank does provide a variety of no-fee personal loans.

Ally

Ally is a good option for anyone who wants to do all of their banking in one location. While the Ally Online Savings Account is a good high-yield account on its own, account holders can reap additional benefits if they also have an Ally checking account.
Aside from a competitive APY, no minimum account balance, and no monthly maintenance fees, an Ally checking and savings account provides you with access to over 43,000 free Allpoint® ATMs, making it simple to withdraw cash when you need it. You won't be able to use a debit card if you only have an online savings account.

Synchrony Bank

When you have a Synchrony Bank High Yield Savings account, you can withdraw money quickly and easily. There is no minimum balance requirement, no monthly fees, and a high annual percentage yield. What distinguishes this account is its easy withdrawal options.
Synchrony Bank provides its savings account holders with an optional ATM card. You can get your money by ATM, wire transfer (up to three free per statement cycle), or electronic transfer to or from other banks' accounts.

Bask Bank

The Bask Bank Interest Savings Account may be right for you if you want to maximize your interest-earning potential. It provides all savings account holders with a very respectable 4.15% APY.
The kicker is that if you travel frequently, you can choose to earn American Airlines AAvantage miles instead. With the mileage savings account, you'll get two miles for every dollar you save each year. These miles can be redeemed for flights on American Airlines or any of its 20+ partner airlines. As a result, you can effectively fund your next vacation without spending any money.

SoFi

The SoFi Checkings and Savings account stands out for its generous welcome bonus after you set up and receive direct deposits. Depending on the total of your direct deposits in a 30-day period, you can earn anywhere from $50 to $300.
The account also provides a good return. The only catch is that you must opt in to direct deposit to receive the maximum interest rate of 3.50% APY. Without direct deposit, the APY drops to 1.20%.

Varo

Varo is an all-mobile national bank, so the Varo Savings Account is a good option for those looking to save and don't mind banking entirely over the phone or online. Varo offers a 3.00% APY on all savings accounts and a checking account option. Both accounts have no minimum balance requirements and no monthly maintenance fees.

People Also Ask

What Is A High-Yield Savings Account?

High-yield savings accounts, as the name suggests, pay much higher interest rates than traditional savings accounts.

Is My Money Safe In An Online Savings Account?

The vast majority of banks, whether physical or online, have FDIC insurance, which protects banking customers by insuring up to $250,000 of their deposits per institution in the event that the bank fails.
Similarly, the United States government backs credit union customers up to $250,000 by providing NCUA insurance to the vast majority of credit institutions.
So, whether your institution has branches or is only available online, your deposits are equally safe and secure.

How Often Do Savings Rates Change?

The APY paid on the day you make your initial deposit in a savings account is not guaranteed. In fact, the account's interest rate is subject to change at any time.

Final Words

Savings accounts with high yields can help you grow your money faster than traditional savings accounts. A high-yield savings account is a promising option for anyone looking to build an emergency fund or save for other financial goals.
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