11 Best High-Yield Savings Accounts That Will Grow Your Bank Account Faster

Opening a high-yield savings account, best banks with high-yield savings accounts

11 Best Banks With High-Yield Savings Accounts

“Best banks with High-Yield Savings Accounts”
These days, interest rates are a major topic. When inflation is excessive, the Federal Reserve Board of Governors frequently increases the prime interest rate in an effort to reduce it. The Fed raised rates by half a percentage point in May, which was the biggest rate increase in more than 20 years. This was the most recent rate hike.

Banks frequently follow rate increases by the Fed. Although banks might raise rates a little to remain competitive, this does not necessarily indicate that your savings account, which is currently paying 0.05% APY, will be paying 1.55% APY by the end of the year. In the meanwhile, you can start earning interest on your money right away by opening a high-yield savings account.

Read Also The Definitive Guide To Choosing The Best High Interest Bearing Savings Account

Best Banks With High-Yield Savings Accounts

The best banks with High-Yield savings accounts were examined. Rates, minimum opening amounts, fees, and other features or restrictions are compared in this comparison. The best banks with high-yield savings accounts are listed below for your consideration.

The Top Interest-Bearing Savings Accounts

Check out some of the best banks with high-yield savings accounts on the financial market.

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1. Bread Savings High-Yield Savings Account

•2.15% APY
•$100 minimum opening balance
•No monthly maintenance fees

Bread Savings offers an online account, and there are no maintenance or other monthly fees. You will be charged for paper statements — $5 each, official checks — $15 each and outgoing wire transfers — $25 each, however.

2. TAB Bank

•2.66% APY
•No minimum opening balance
•No monthly service fees

TAB Bank offers an online-only high-yield savings account with no minimum — or maximum — deposit requirements.

3. CIBC Agility Online Savings Account

•2.32% APY
•No monthly account maintenance fees
•$1,000 minimum opening balance

The CIBC Agility Online Savings Account is an online-only account, but CIBC Bank USA has some brick-and-mortar locations for personal banking in Illinois, Michigan, Missouri, and Wisconsin. The bank also has commercial banking locations in 17 states.

4. American Express High-Yield Savings Account

•1.90% APY
•No monthly fee
•No minimum balance

On the High-Yield Savings Account from American Express National Bank, Member FDIC, there is a limit of nine withdrawals or debits per statement cycle — higher than many banks which limit you to six withdrawals a month.

5. Marcus Online Savings Account

•2.15% APY
•No fees
•No minimum deposit

With the Online Savings Account from Marcus by Goldman Sachs, you can transfer money same day to or from other banks, up to $100,000.

6. Synchrony Bank High-Yield Savings Account

•2.25% APY
•No minimum balance
•No monthly fees

With a Synchrony Bank High-Yield Savings account, you can request a debit card so you can access your funds from an ATM. Synchrony does not charge ATM fees, and refunds up to $5 per month in other banks’ ATM fees.

7. Vio Bank High-Yield Online Savings Account

•0.75% APY
•$100 minimum to open
•No monthly fee

This account limits depositors to six free withdrawals per month. If you exceed that number, you’ll pay $10 for each withdrawal after six. There is a $5 fee per month if you opt for paper statements.

8. Bank5 Connect High-Interest Savings

•1.50% APY
•$10 minimum to open, $100 to earn interest
•No maintenance fees

Bank5 Connect offers Depositors Insurance Fund insurance for balances above the FDIC limit of $250,000 per depositor.

9. BrioDirect High-Yield Savings

•2.61% APY
•$25 minimum to open
•No monthly maintenance fee

BrioDirect also offers a Money Market Account that pays 0.70% APY, with a monthly limit of six transactions.

10. Capital One 360 Performance Savings Account

•2.15% APY
•No minimum balance
•No monthly or maintenance fees

Capital One has brick-and-mortar locations and ATMs, but you can also open your account online.

11. FNBO Direct Online Savings Account

•1.65% APY
•$1 minimum to open
•No monthly maintenance fees

FNBO Direct offers Popmoney as a peer-to-peer money transfer service.

Read Also 8 Banks That Offers Free Checking Accounts With No Minimum Deposit Requirements

How To Open a High Yield Account With The Best Banks With High-Yield Savings Accounts

Online banks typically provide the greatest interest rates. They can charge higher interest rates since they aren’t burdened by the same overhead as traditional banks. Opening a savings account online is a little different than opening an account at your local bank, but it’s not difficult. What you should know is as follows.

1. You Need Identification

Your name, address, phone number, email address, and social security number will all be required. The name and address of your employer may also be requested. A government-issued ID is required; most individuals use their driver’s license, but if you don’t have one, you can use a state-issued ID or a passport.

2. Deposit Funds

You must make a deposit into the account after providing all the necessary information. You’ll need to transfer money from another account in order to complete this, therefore you’ll need access to that account’s information. A checking, savings, or other account at the same bank or one from a different one will be linked to your new savings account.

After linking your accounts, you can transfer money between them whenever you like. You can set up a recurring transfer to add a little money to savings each time you get paid if you’ve linked a bank account to which your paycheck is direct deposited. Watch your money rise after that!

3. Watch Your Rate

There is no assurance that the interest rates on savings accounts will increase, even though this is typically the case. Additionally, the account agreement for the majority of high-yield savings accounts contains a clause stating that the bank may alter the rate at any moment. So keep an eye on your statement to find out how much money you’re making.

Read Also Instant Loan Approval Without Credit Check: 8 Best Online Loans For Bad Credit With No Checking Account


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By Thomas Goodman

Thomas Goodman is a Degree Holder, a prolific Personal Finance writer and Expert. His work has been recognized by Millions of people round the world and the United States precisely. He has since over a decade, helped people to manage and gain full control over their finances through his adequate and concrete write-ups. His Goal is to inform and educate people worldwide on Personal Finance, Budgeting, Banking and Finance, Career Planning and Savings. He loves to Educate people to attain their financial freedom. Reach out to Him personally on [email protected]

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