Nationwide Savings Account that earn high yields are low-risk and simple option to make yourself feel good about saving. Since interest rates increasing experts believe that this is the perfect time to ensure the savings you have chosen is suitable for your goals.
They’re set to rise even more because the Fed recently approved another rate hike that experts believe will make the APYs banks offer on high yield savings more competitive in the coming weeks.
With high yield savings account currently you can earn up to 2.5 percent APR (annual percentage yield which is the average amount of interest you earn over the course of a year) or even more. The extra income can be modest however, over time they can could make a big an impact.
For instance, a conventional savings account with an APR of 0.01 percent, with $1,000 invested in it would make 10 cents per month. That same $1,000 would get you a monthly salary of $25 in a high yield account that has an 2.50 percent APY — which is a greater yield.
This is everything you need to be aware of regarding high yield savings accounts, as well as our picks for the accounts we consider to be the most beneficial.
- Top High Yield Savings Accounts in October 2022
- Ally Bank: Good for All-in-1 Online Banking
- American Express National Bank is a great option to Amex Cardholders
- Barclays Bank: Good for Saving Online Only
- Bread Savings Great to save money with simple steps
- Capital One is a good choice as Hybrid Bank
- CIT Bank is a good choice for Deposits with Larger Sizes
- Discover Bank is a good choice for combining several Bank Accounts from One Place
- DollarSavingsDirect: Useful for Access to Online Only
- FNBO Direct Great to Check Option
- Lending Club Bank Excellent to Access ATMs
- Live Oak Bank: Ideal for Business and Personal Savings
- Marcus is a product of Goldman Sachs: Good for Continuously high APR
- Prime Alliance Bank: Great for High Yields
- Salem Five Direct Excellent for Multiple Options
- Synchrony Bank is Good for Product Variety
- TAB Bank Great to use for very high APY
- UFB Direct Great Option for the Basics
- Varo Bank: Good for the Ability to Increase the APY
- Ally Bank: Good for All-in-One Online Banking
Established in 2009, Ally Bank is one of the top online banks. Its high yield savings account is consistently in the top of the pack with respect to interest rates and is among of the most sought-after products offered by the bank. Ally also provides no-cost investing in bonds, stocks ETFs, interest-bearing checking accounts and money market accounts. CDs as well as retirement accounts, loans and other investment options.
Ally Bank Online Savings Account
The savings account of Ally currently provides 2.35% annual percentage yield. You don’t have to pay charges for the month and do not have to meet the minimum balance requirement to start or keep the account.
American Express National Bank: Great for Amex Cardholders
American Express may be best recognized as an issuer and credit card issuer and network however, it also offers several online deposit accounts that offer competitive rates of interest and charges. It is possible to open high yield savings accounts, CDs as well as IRAs through the bank. You can also get a rewards checking account that is available for those who have the Amex consumers credit card. American Express Bank is currently testing the possibility of accessing deposits accounts through its mobile application however, you’ll require the American Express credit card to connect either your CD or savings account to the application.
American Express High Yield Savings
You could earn 2.25 percent APY on American Express’s online savings account. American Express online savings account and has no minimum deposit requirement and no monthly charges.
Barclays Bank: Good for Online-only Saving
Barclays Bank is the U.K.-based financial institution’s internet-based banking division that serves U.S. customers. There are fewer types of accounts than other banks in our list and only offers a high-yield savings accounts and CD accounts. It also doesn’t have ATM accessibility or branch of a bank in of the U.S., but it offers competitive rates and an easy online interface via mobile or desktop.
Barclays Online Savings Account
Barclays currently provides 2.40 percent APY on savings balances online under $100,000. There are no monthly charges and you just have to keep an account balance in the amount of $0.01 for earning interest.
Bread Savings: Great for Saving Simple
Bread Savings can be found in Bread Financial which was previously called Comenity. Today, Bread Savings provides a high-yielding savings option as well as a variety of CDs with high rates of interest. Bread Financial offers Bread Financial, you can additionally avail cash-back credit cards and private credit as well as installment plan.
Bread Savings High Yield Savings Account
With a minimum of $100 for opening deposit, you could get up to 2.90 percent APY using Bread’s High Yield Savings. It is necessary to keep $100 deposit in your account however, there aren’t any monthly fees for maintenance. In the event that you require an official paper statement, you’ll have to pay the cost of $5.
Capital One: A good choice for Hybrid Banking
Capital One strikes an interesting equilibrium between a traditional brick-and mortar institution and an flexible startup. It has branches across the country , and has the majority of banking products you’ll need (such as checking accounts, savings accounts, and CDs) as well as credit cards, as well as offering attractive rates. Capital One is ideal for anyone who would like to reap the benefits of a savings account with high yields and still has the option to speak with an agent of the bank face-to-face.
Capital One 360 Performance Savings
Capital One’s savings account online provides 2.35% APY on every balance. There are no monthly maintenance charges there’s no minimum amount to open and there are no minimum balance requirements.
CIT Bank: Good for Larger Deposits
CIT Bank recently merged with and was incorporated as a division of First Citizens Bank. It’s an online bank that has access to mobile apps, and provides CD, savings and account for money markets. You could also open an e-Checking account at CIT Bank which earns tiny APY and is connected with your account for savings.
CIT Bank Savings Connect Account
Savings Connect Savings Connect account from CIT Bank earns 3.00 percent APY as of today. There are no monthly fees to maintain your account however you’ll require a minimum of $100 deposit when you open your account.
Discover Bank: Excellent for Multiple Accounts in one Place
Discover is popular as a credit card company especially for those who are unfamiliar with credit — however, it also offers an online bank that offers a variety of accounts and rates that are competitive. The products provided from Discover Bank include checking, savings accounts, money market as well as CDs. You have access to your account information through mobile apps or online. You can also view the various types of accounts you have in one Discover Online account.
The Discover Online Savings and Account
The savings option online from Discover currently offers an interest rate of 2.35% APR. There’s no minimum balance to create the account, and there’s no minimum balance for the account and no monthly fee.
Money Savings Direct Great for Access to Online Only
Dollar Savings Direct is the online branch of the New York’s Emigrant Bank. It has high yield savings accounts as well as CDs. There aren’t any savings or online tracking features like other banks provide as well as you can’t access your account via the mobile application, however Dollar Savings Direct does still offer high-yielding accounts that are consistent If you’re comfortable with having your account accessible only online.
Savings Direct Dollar Savings Direct Dollar Savings Account
You’ll earn an extremely high 3.11 percent APY when you open an account with a Dollar Savings high yield account. There aren’t any fees and there are no minimums for opening or maintaining your account.
FNBO Direct: Excellent for Checking Option
FNBO Direct, an internet-based bank that is affiliated to First National Bank of Omaha located at Omaha, Nebraska. You can open an investment account with high yield or an interest-earning check account with FNBO Direct. FNBO Direct lets you access your account via the internet or through its mobile application.
FNBO Direct Savings Online Account
FNBO Direct’s High Yield Savings Account is the possibility of earning 2.15% annual percentage yield. It requires a minimum of $1 minimal deposit in order to establish the account and you must keep at minimum $0.01 in the account to earn interest. There aren’t any annual maintenance charges.
Lending Club Bank: Good for ATM Access
Lending Club Bank is an online bank offering a vast selection of savings, loan and investing options for business and individual customers. It also offers mobile banking as well as an app for mobile devices to access and check your account, as well as transfer funds. Contrary to many other savings accounts it also offers ATM access with an ATM card when you have a High Yield Savings Account.
Lending Club Bank High Yield Savings Account
Lending Club Bank’s high-yielding savings account currently has a fantastic 2.85 percent annual percentage yield. To get that rate you must make at least $100 in deposits at the time of opening your account. However, there is no minimum balance requirements following that, and there are no monthly fees.
Live Oak Bank: Good for Business and Personal Savings
Live Oak Bank is an online bank that targets small-scale business owners However, it also offers attractive yields for personal high-yield Savings and CD accounts. It has less personal banking services as compared to other banks on our list, however it always has high returns. You can also manage your account online, or through Live Oak’s mobile application.
Live Oak Bank Savings Account
The savings account at Live Oak Bank comes with the benefit of a 2.30% APY , with no minimum deposit required to open. The savings account has no month-long charges and there is no minimum balance requirement however you’ll need at minimum $0.01 on your balance to earn APR.
Marcus from Goldman Sachs: Good for Continuously High APR
Marcus is an online bank division within Goldman Sachs, and offers various products including high-yield savings CDs, investment accounts, CDs as well as personal loans. You can log into your account via the internet as well as Marcus offers a mobile application that allows you to view your balance, transfer money as well as other. Marcus also offers the same day transfer of up to $100,000 from other banks to you savings account.
Marcus Online Savings Account
Marcus the online savings account currently has an APR of 2.15 1.5%. There are no charges and no minimum deposits required to open your account.
Prime Alliance Bank: Good for High Yields
Prime Alliance Bank is based in Utah but is accessible to all online customers. It offers high yield savings and cash market account, CDs and IRAs. You can also check online with an account, but it’s not a source of interest. You have access to the account of your Prime Alliance Bank account online or through mobile.
Prime Alliance Bank Personal Savings
The high yield personal savings account offered by Prime Alliance earns a very impressive 2.70% annual percentage yield, with no monthly charges and no minimum amount or deposit requirements.
Salem Five Direct Great for Multiple Options
Salem Five Direct is the online division of Massachusetts-based Salem Five Bank. The deposit account types it offers are high-yield savings accounts as well as a CD and a checking accounts. The online services offered by the bank offer better rates than brick and mortar financial institution. Additionally, it is possible to access your account using the internet or mobile app or even through the voice of the Amazon Alexa gadget.
Salem Five Direct eOne Savings
With the savings account, you’ll earn 2.50 percent APR on balances of as high as $1,000,000. It’s necessary to make a 10 dollars deposit for the opening of your account however, there’s no minimum balance requirement , and there are no monthly charges.
Synchrony Banking: Excellent for Product Variety
Synchrony offers an online banking service that offers an array of savings products, ranging from high yield savings accounts, CDs, money market accounts as well as IRA money markets as well as IRA CDs. all with affordable yields. All your Synchrony account details are accessible through mobile apps or online. Synchrony offers an additional ATM card for high yield customers who want to save money, with no ATM charges, and you can make use of this card for checking your balance when you visit the ATM, too.e.
Synchrony Bank High Yield Savings
You’ll receive 2.45 percent APY when you use Synchrony Bank’s high yield savings as well as there’s no minimum amount to deposit as well as a minimum balance required and there are no charges.
TAB Bank: Excellent for Very High APR
TAB Bank started in 1998 initially providing financial services to people working in the trucking industry. but it’s now an online bank with national accessibility that provides high-yield savings CDs, money market accounts and a variety of accounts that cater to business proprietors. The bank recently launched an application for the TAB Flow debit card, which gives you stock-based fractional reward points on purchases. You can log into your account via the internet or on mobile.
TAB Bank High Yield Savings Account
With the TAB High Yield savings account at TAB and savings account, you’ll get a fantastic 2.66 percent APR. There’s no minimum balance to make and there are no monthly charges, but you’ll have to keep an average daily balance of at least $1 in order to earn interest.
UFB Direct: Excellent for Basic Options
UFB Direct is the online banking division of Axos Bank. In contrast to other options that we have listed, UFB Direct is limited to the high yield savings account and a money market account the major difference is the possibility of writing checks through an account in the market. UFB Direct has a mobile app to manage your account which you can use the app to deposit checks using mobile devices instead of paper checks.
UFB Savings
High yield accounts from UFB Direct pay 3.11 percent APR. There’s no minimum amount to deposit or minimum balance, and there are no monthly fees.
Varo Bank: Good for ability to increase the APY
Varo offers an online banking service offering an extremely high-yielding savings account as well as a checking account along with cash advance services as well as a credit card that is secured. Your account can be accessed via the internet, however Varo also offers access via its mobile application. If you already have an Varo bank account as well as a Varo savings accounts, then you can make use of savings tools to boost your balance. For instance, you can round the amount of transactions you make using the Varo debit card and then transferring the money into your savings.
Varo Savings Account
Varo’s savings account comes with an APY tied. There are no monthly charges and there’s not a minimum requirement to create the account. To be eligible for the account’s 2.00% APY, customers be required to keep an amount of $4.95 during any 31-day month and $5.12 for 30-day periods.
You can boost your APY up to 5.00 percent by meeting specific conditions, such as receiving direct deposits of no less than $1,000 per month, not having over $5,000 on your bank account and many more.
