The Best High-Yield Savings Accounts

Absolutely everyone needs a savings account. Your checking account is great – but it isn’t the best place to keep money that you’re saving for goals like an emergency fund, unexpected expenses, or even longer-term purchases like a car or home. You need a savings account with a great interest rate so you can earn money while you work on growing your savings. A high-yield savings account is the perfect choice, and you can find the best options by searching online.

High-yield savings accounts are like traditional savings accounts, but they offer higher interest rates. That means your money can earn even more money, without requiring any action on your part. There are many different accounts, each with their own interest rates, to choose from. Search online today to compare high-yield savings accounts.

If you’re searching for the best interest rates so you can do more with your money, check out the following top account choices. 

Citi Accelerate Savings Account by Citibank

Interest Rate: 1.05 percent APY

Account Basics: The Citi Accelerate Savings Account by Citibank is only available in certain states and markets. However, it requires no minimum opening deposit and keeps its fees to a minimum. You’ll want to keep in mind that the interest rate can vary depending on where you live, so make sure to verify the current rate online with your zip code.

Fees: Fees vary, depending on whether or not you have other Citibank accounts. You’ll pay a $4.50 per month service fee if you don’t link your Citi Accelerate Savings Account to a Citi checking account. However, you can avoid this fee if you keep a balance of at least $500 in your savings account. You could pay a fee of up to $10 per month if you have other accounts in play.

Vio Bank High Yield Online Savings Account

Interest Rate: 0.91 percent APY

Account Basics: A $100 minimum deposit is required to open a new Vio Bank High Yield Online Savings Account. Once you’ve met that minimum, you’ll earn interest on any balance you carry. Interest is compounded daily, and there are no monthly fees to worry about.

Fees: None.

PNC High Yield Savings

Interest Rate: 1.00 percent APY

Account Basics: It’s easy to open a PNC High Yield Savings account. There’s no minimum opening deposit required, and you can start earning interest ASAP. There are no monthly fees or service charges. The only fee is a $25 fee that’s charged for anyone who closes their new PNC High Yield Savings account within 180 days of opening it. This high-yield savings account is only available in some PNC areas, so make sure to verify that your local area is eligible.

Fees: None.

CIBC Agility Online Savings Account

Interest Rate: 0.90 percent APY

Account Basics: The CIBC Agility Online Savings Account doesn’t come with many strict requirements. However, you do need to make a minimum initial deposit of $1,000 in order to fund your new account. Once your account is open, there are no maintenance fees, monthly fees, or balance requirements. Even balances as small as $0.01 will earn at the great interest rate.

Fees: None.

Live Oak Bank High-Yield Online Savings

Interest Rate: 0.85 percent APY

Account Basics: The Live Oak Bank High-Yield Online Savings account functions like a personal savings account but offers the best perk of a high-yield account: a great interest rate. Interest compounds daily, and there are no minimum balance requirements you need to meet. A suite of online tools, including a mobile banking app, makes managing this account easy.

Fees: None.

Find the Right High-Yield Savings Account for Your Money

If you’re looking for an easy way to both stash your money away for the future and increase the amount you’re saving, a high-yield savings account is the perfect choice. These specialized savings accounts have higher interest rates, allowing you to earn more money without doing much. And that can lead to great benefits no matter what you’re saving for.

Every high-yield savings account is different. That’s why it’s so important to search online, do your research, and compare the accounts offered by different banks. If you search online, you’ll find competitive interest rates and different types of high-yield savings accounts available at many different financial institutions. You’ll want to make sure to look at factors like the minimum deposit required to open an account, any balance minimums or requirements to earn interest, and if there are any fees or special stipulations. Compare a few different high-yield savings accounts, and you’ll be able to make an informed decision for your money no matter what you’re saving for.

ITTIGallery / Shutterstock

Heather Fishel

You May Also Like