The best high-yield savings account

• Reddit thread on the topic of high-yield savings accounts that has been active for a year and eight months
• Multiple users recommend Alliant Credit Union and Ally Bank for their high interest rates, mobile check deposit limits, ACH transfer limits, fast transfer times, and ATM fee reimbursement
• Alliant Credit Union offers a cashback Visa card, but has a lower interest rate of 3.10% compared to Ally Bank with a 3.75% interest rate, or 4% with Ally’s Money Market account, as well as a 4.35% No Penalty CD
• A user suggests Fidelity for those interested in consolidating banking with investments and its Fidelity CMA account, which offers a 2% Visa card and the ability to buy SPRXX to earn 4.54%.
• Other banks and credit unions recommended for their high interest rates include Redneck Bank / All America Bank - 4.55% APY money market, up to $75,000, American Express - 4.15% interest rate, and Salem Direct - 4.61% interest rate
• Users also mention UFB Direct, SoFi, and Capital One 360 Savings as options for high-yield savings accounts
• Users compare and contrast the customer service, user interfaces, and ease of use of different banks and credit unions
• Some users express concerns about smaller banks and credit unions and prefer larger ones for perceived stability and fewer limitations
• Doctor of Credit website and Reddit’s personal finance wiki are recommended by users for finding high interest savings accounts
• Various users have had positive experiences with Ally Bank’s website, app, and customer service
• Some users comment on liking the name of Redneck Bank / All America Bank
• The thread also includes humorous comments about banks and their interest rates.

• Someone on Reddit from 2 years ago is looking for recommendations for high yield savings accounts to start investing money.
• Another Reddit user suggested using Marcus, Ally, Alliant, and Discover for online savings accounts with high yields.
• Another user suggested diversifying their savings between a regular savings account, i-bonds and Gemini’s interest account in stable coins, which offered about 8% yield.
• Alliant has a $100 bonus offer.
• Discover offers up to 0.5 % APY and has Zelle, so transferring money in a pinch is easier.
• Another user highly recommends Current, which offers 4% interest on up to $2000 for free. If you pay $4.99 per month, you can get interest on up to $6,000.
• SoFi offers 1.25% interest if your employer gives you direct deposit; however, the user interface is not user-friendly.
• One user also suggested using a brokerage account with a big investment firm instead of a savings account.
• Capital One is often offering better rates than many banks.
• Local credit unions may have good options.
• T-Mobile is also offering 4% for their checking accounts on the first $3,000.
• BlockFi is another company that is recommended to hold stable coins and earn high-interest rates. However, the company faced a lawsuit for lying about its ability to cover loans, so some users have pulled out from the service
• Some users have had issues with Gemini’s inability to withdraw funds because of market conditions.
• Celsius, another service, has also stopped customers’ withdrawals due to the cryptocurrency market’s current volatility.
• One user plans to buy physical gold in the near future because of their distrust for the dollar’s stability.
• An article in the subreddit’s wiki offers comprehensive information about the best banks and credit unions for savings accounts.

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• Bankrate’s editorial team has listed the best high-yield savings accounts with their annual percentage yields (APYs) updated between Dec. 6 and Dec. 12
• Bankrate includes only FDIC banks or NCUA credit unions in its listings.
• Annual percentage yields (APYs) may have changed since they were last updated, and they may vary by region for some products.
• Bankrate’s savings ratings are objectively determined by their editorial team and are based on factors like APYs, minimum deposit requirements, and minimum balances to avoid monthly service fees.
• Bankrate also lists recent news on high-yield savings account rates and gives suggestions on how to choose an online high-yield savings account.
• The page provides a comprehensive overview of what high-yield savings accounts are and their various pros and cons.
• The page lists alternatives to high-yield savings accounts, including money market accounts, CDs, and municipal bonds.
• The page presents high-yield savings account FAQs, including questions on FDIC insurance coverage, taxes, and early withdrawal penalties.
• Bankrate’s list of Best High-Yield Savings Accounts of December 2021

  • BrioDirect

    • Annual percentage yield: 4.85%
    • Minimum deposit to open: $5,000
    • Why BrioDirect? Offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open.

  • EverBank

    • Annual percentage yield: 4.75%
    • Min. deposit to open: $0
    • Min. balance for APY: $0
    • Why EverBank? The EverBank Performance℠ Savings account earns more than the national average APY. There’s no minimum deposit required to open the account.

  • LendingClub Bank

    • Annual percentage yield: 4.75%
    • Min. deposit to open: $0
    • Min. balance for APY: $0
    • Why LendingClub Bank? With its acquisition of Radius Bank in 2021, LendingClub now offers many attractive deposit products. The bank’s LevelUp savings accounts offer a special higher yield when you deposit at least $250 monthly into the account, though savers will still earn a competitive yield if you don’t meet this requirement in a given statement period.

  • Bask Bank

    • Annual percentage yield: 4.65%
    • Min. deposit to open: $0

• The webpage is a Reddit thread part of the subreddit r/Money.
• Title of the thread is “What high yield savings accounts do you guys use?”
• The original post was made 6 months ago and it got 320 points.
• One user suggested Ally - even though there are better yields out there, they need to put their life savings with a company they’ve at least heard of before. This comment got 145 karma.
• Another user suggested not to worry too much as long as it is FDIC insured. This comment got 5 karma.
• A user said they heard good things about Ally and asked what rates they offer. This comment got 5 karma.
• One user replied to the previous comment that they offer 4.25%, which fluctuates; this got 11 karma.
• Another user said that Ally’s bucketing features are hard to beat, which got 10 karma.
• Someone asked about what bucketing meant, followed by someone else responded explaining the feature; the latter response got 6 karma.
• Sofi was recommended as an option for bucketing/vaults at 5% yield. This comment got 12 karma.
• Another user said that Ally is also their choice and highlights that they have no monthly maintenance fees or minimum balance requirements. This comment got 14 karma.
• Fidelity was recommended by a user and claimed to have a yield of 4.9%, backed by Tbills; this comment got 112 karma.
• The user who suggested Fidelity said that FDLXX is better than SPAXX because it is exempt from state income tax, and pays almost the same. This comment got 16 karma.
• Multiple users commented confirming that they also use Ally and find it easy to separate their savings into different accounts/buckets; these comments varied in karma.
• Capital One was recommended by a user and highlighted their 4.25% yield and no minimums or fees policy; this comment got 108 karma.
• Another user recommended Marcus at 5.5% yield with referrals and AARP; this comment got 71 karma.
• Synchrony was recommended with the highest yield of 4.75%, no minimum and no fees; this comment got 4 karma.
• A user said they use SoFi and love banking with them as they make it easy to save for different things; this comment got 47 karma.
• Discover was mentioned by a user as another bank option; this comment got 4 karma.

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• A thread on r/personalfinance, started by a user 4 years ago, discusses recommendations for the best high-yield savings accounts (HYSA)
• Some recommended credit unions are Comenity Direct, DCU, Blue FCU, BECU, St Mary’s Bank, Redstone FCU, Patelco CU, American Express HYSA, and Wealthfront
• Some credit unions have certain restrictions, such as using their debit card a certain number of times per month or maintaining minimum balances
• Some banks, such as PNC Bank, offer different interest rates based on deposit amount and direct deposit amounts
• The rates may have changed since the thread was posted, so it’s important to check current rates before choosing a HYSA
• DCU offers 6% interest rate on the first $1000 in their savings account and it does not require any debit card usage or a minimum balance requirement
• Blue FCU offers 5% interest rate on the first $1000 in their savings account and requires a $5 monthly deposit, while maintaining a maximum balance of $1000 including accrued interest
• BECU offers 4% interest rate on the first $500 and 6% interest rate on the next $500. It also often offers a $100 bonus and requires small monthly transfers
• St Mary’s Bank offers 4% interest rate on the first $1000, but requires a $25 monthly transfer in
• Redstone FCU offers 5% interest rate on the first $2500 and requires a $15 donation to the FLC Performing Arts Association
• Patelco CU offers 3% interest rate on the first $2000 and must be joined through a call
• American Express HYSA offers 1.75-1.7% interest rate, depending on the current rate
• Wealthfront offers 1.82% interest rate and has a user-friendly app
• Some recommended credit unions need to be maxed out to achieve high yields
• Doctor of Credit’s website lists several HYSA options with their respective interest rates and restrictions
• T-Mobile Money offers 4% interest rate on the first $3000 and requires a monthly $200 transfer
• There are several high-yield savings accounts available, both online and through credit unions, but they may have different requirements and rates

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• The webpage is a Reddit post in the “SavingMoney” subreddit.
• The post was made 1 year, 6 months ago by an anonymous user who was seeking help to find the best high-yield savings account.
• The post has a total of 12 comments from Reddit users, with some of them recommending their favorite high-yield savings accounts.
• A Reddit user named “Allicab” recommends Ally Bank, which has an APY of 4.00% and is their preferred choice for a savings account.
• Another Reddit user named “mrketcheup” recommends Wealthfront, which has an APY of 4.55% for their current high-yield savings account.
• A Reddit user named “PlzDontDeportMee” recommends Capital One 360 Performance Savings, which has a 4.0% APY and recently raised its rates.
• Another Reddit user named “Lambeau80” recommends Marcus by Goldman Sachs, which has a base APY of 4.15% and you can get an additional 1% for 3 months if referred by someone else.
• A Reddit user named “dlenea13” recommends Discover, which has a 4.00% APY for their high-yield savings account.
• Another Reddit user named “HarryWangzy” recommends PayPal, which has a high-yield savings account with a 4.30% APY.
• A Reddit user named “rk_the_fox” recommends Varo, which has a mobile-based app with a savings account that pays 5.00% APY on the first $5,000.
• Another Reddit user named “pricezilla” recommends Current, which is another mobile-based bank that pays 5% APY on the first $6,000 in savings.
• Some Reddit users mention the pros and cons of using a high-yield savings account.
• Pros include higher interest rates, FDIC insured, reputable banks, no fees, easy to use.
• Cons include rates can change based on inflation rates, not all banks have a physical location or checking accounts, may miss out on long-term gains if not invested in the stock market.
• Some Reddit users mention their personal experience with the banks they recommend, such as ease of use, trustworthiness, and credibility.
• The post has a total of 5 karma points.
• Some Reddit users provide their referral links to get some bonuses when someone signs up using their link.

• Original poster is looking for a high-yield savings account to get the most from their savings of $23k.
• PNC bank account yield is 0.03%.
• Doctorofcredit.com recommended by a user for best rates, with no karma mentioned.
• A user recommends looking into the fine print, especially with regards to advertised rates, which can be misleading, with 4 karma.
• Ally and Marcus are recommended by a user; they are good high yield savings accounts for Gen-Z, with 6 Karma.
• User recommends having a primary bank or credit union for banking services.
• USAA, Ally, and Navy Federal are good for banking service with no karma mentioned.
• Chase and Citibank have poor savings rates for those interested, with 6 Karma.
• Apple is going to unveil their new savings account partnered with Goldman Sachs.
• Marcus has a great app, but no phone support with no karma mentioned.
• Ally has 24/7 phone support with long hold times, but also has a call-back feature with no karma mentioned.
• Ally allows for setting up multiple accounts with no minimum balance and is waiving fees if you go over 6 withdrawals, with one user having used it since 2011, with 9 karma.
• Depositaccounts.com was recommended by one user, with 4 karma.
• Other general advice includes:
  • Don’t settle for anything less than 2-4% for interest rates, recommended by one user with 3 karma.
  • Having a primary bank or credit union in addition to a high-yield savings account, with no karma mentioned.
  • One user asking why people keep asking for high-yield savings account recommendations.

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💭  Looking into

Factors to consider when selecting the best high-yield savings account

💭  Looking into

Top 5 high-yield savings accounts for 2021