Whether you’re saving for a large expense, or shoring up for an emergency fund, funneling money into a high-yield savings account can help you reach achieve your goals that much faster.
Traditional savings accounts are great place to stash your money so you don’t overspend, but high-yield savings accounts offers the gift of compound interest, making your money grow right before your eyes. The higher the APY (annual percentage yield), the better your chances are at getting a great return on your investment.
Although the national average APY on savings accounts is only 0.21%, (which is 18 times less than other higher yielding accounts) there are options out there that are worth your while. Additionally, banks are responding by raising APY for their customers as inflation continues to rise.
Although this is good news, it can be overwhelming trying to choose which option makes most sense for your financial plans. Luckily, we did the work for you.
01
Marcus By Goldman Sachs
The Marcus by Goldman Sachs High Yield Online Savings program includes offers no fees, an easy mobile user experience and enables customers to start earning interest right away.
Offering a 3.00% APY with no monthly fees and no minimum deposits, users are able to take advantage of that rate with just $1 in their account.
02
Ally Bank Savings Account
Ally’s saving account is a great option for a one-stop-shop experience.
With a 2.75% APY, no minimum account balance and zero monthly maintenance fees, Ally offers checking and savings account members great benefits.
03
UFB Direct Savings Account
According to CNBC, UFB Direct has one of the highest APR rates at 3.83% APY.
With no monthly fees, unlimited transfers and no minimum deposits the same high yield return in earned.
04
Varo Savings Account
The mobile national bank offers a 2.00% APY to all savings account holders, as well as checking. Neither accounts require minimum balances to open and there are no monthly maintenance fees.
With a great 2.00% APY regardless of your account balance, you can stand to earn up to 5.00% APY if you meet certain monthly benchmarks: at least five purchases using their Varo Visa® Debit Card, direct deposits of at least $1,000 and keep a savings account balance no higher than $5,000.
05
SoFi Savings Account
The SoFi Checkings and Savings offers a welcome bonus after setting up and receiving direct deposit.
There is also a 3.00% APY and without direct deposit, it dips to a 1.20% APY.
