The best high-yield savings account

• Bankrate has compiled a list of the best high-yield savings accounts as of December 2024, which offers APYs up to 5.10%
• BrioDirect offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open
  • Annual Percentage Yield: 4.85%
• EverBank Performance Savings Account earns more than the national average APY and requires no minimum deposit to open
  • Annual Percentage Yield: 4.75%
• LendingClub Bank’s LevelUp savings accounts offer a higher yield when you deposit at least $250 monthly into the account
  • Annual Percentage Yield: 4.75%
• Bask Bank’s Bask Interest Savings account offers a high yield and doesn’t require a minimum opening deposit
  • Annual Percentage Yield: 4.65%
• Bread Savings requires at least $100 to open an online high-yield savings account
  • Annual Percentage Yield: 4.65%
• Popular Direct High-Rise Savings account offers competitive yields, but the opening deposit requirement is $100
  • Annual Percentage Yield: 4.60%
• CIT Bank’s Platinum Savings account earns the highest yield on balances of $5,000 or more, while the Savings Connect account can be opened with just $100
  • Annual Percentage Yield: 4.55%
• CIBC Bank USA’s CIBC Agility Online Savings Account offers a competitive yield and no monthly service fee
  • Annual Percentage Yield: 4.51%
• TAB Bank’s High Yield Savings Account doesn’t require a minimum opening deposit and doesn’t have a monthly maintenance fee, but pays the same yield on any balance
  • Annual Percentage Yield: 4.37%
• Salem Five Direct’s eOne Savings account only requires a $10 opening deposit, and it doesn’t have a monthly service fee or minimum balance requirements
  • Annual Percentage Yield: 4.25%
• Annual percentage yields (APYs) shown were updated between Dec. 6 and Dec. 12
• Bankrate’s editorial team validates the information regularly, typically biweekly
• APYs may have changed since they were last updated and may vary by region for some products
• Bankrate includes only FDIC banks or NCUA credit unions in its listings
• The webpage provides details on recent news regarding high-yield savings account rates
• The webpage offers information on how to choose an online high-yield savings account, what to know

• The page lists the best high-yield savings accounts available as of December 13, 2024.
• Pibank and Openbank offer the highest interest rates at 5.00% APY.
• Other banks in the top 16 accounts according to APY, in descending order, include:
  • Newtek Bank – 4.90% APY
  • Fitness Bank – 4.90% APY
  • TotalBank – 4.86% APY
  • BrioDirect – 4.85% APY
  • Jenius Bank – 4.80% APY
  • Valley Direct – 4.80% APY
  • EverBank – 4.75% APY
  • Poppy Bank – 4.75% APY
  • Primis Bank - 4.70% APY
  • Vio Bank – 4.66% APY
  • Bask Bank – 4.65% APY
  • My Banking Direct – 4.65% APY
  • Forbright Bank – 4.60% APY
  • Bread Savings – 4.60% APY
  • Ivy Bank – 4.60% APY
  • Bank5 Connect – 4.60% APY
• APYs are subject to change at any time.
• A high-yield savings account pays more interest than a traditional savings account while still allowing users the flexibility to withdraw their money.
• Savings accounts can be opened online or via a mobile app.
• Savings rates are influenced by the fed funds rate, which means savings rates are expected to come down as the Fed lowers rates.
• Some banks call their savings accounts “money market” accounts, which traditionally offer the ability to write checks while savings accounts do not. None of the accounts listed here offer check-writing privileges.
• TotalBank is available to customers nationwide except for Florida residents.
• Openbank accounts are not available to residents of Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.
• Fitness Bank requires an average daily step count of 12,500 to earn its highest rate.
• Valley Direct’s promotion is only for new customers.
• ATM cards and checking accounts are not available for some accounts.
• Jenius Bank, Fitness Bank, TotalBank, BrioDirect, and non-promotional accounts at EverBank and Poppy

Not used in article

Here are my notes based on the webpage for Best High-Yield Savings Accounts for December 2024:

• The webpage lists 10 different high-yield savings accounts with their details.
• Each savings account includes an “Editor’s Take,” summarizing the account’s features.
• For each account, the webpage lists the minimum deposit requirement, interest rate, and APY (Annual Percentage Yield), interest compounding information, and details on fees and penalties.
• The first savings account named is Capital One 360 Performance Savings account, which offers its clients in-person banking and imposes few fees while providing a reasonably high yield.
• The next account listed is EverBank Performance Savings account, which provides clients with a high standard yield along with low fees and few requirements.
• Marcus by Goldman Sachs High-Yield Online Savings Account is also listed, offering an attractive yield, excellent customer service, and no fees.
• The Varo Savings Account is another option, offering one of the highest yields on the first $5,000 without any fees or minimums.
• E*TRADE Premium Savings Account is ideal for investors seeking a safe place to park their cash while managing their portfolio, with no minimum balance requirement and high FDIC insurance.
• Customers interested in high APYs on their whole balance and ATM access to withdraw money may be interested in the UFB Portfolio Savings account.
• Other options include Ally Bank Online Savings Account, American Express Personal Savings, BBCN Bank Online Savings account, Synchrony Bank High-Yield Savings Account, and Vio Bank High-Yield Online Savings Account.
• The list of savings accounts noted their pros and cons, including their advantages and disadvantages.
• For instance, the Capital One 360 Performance Savings account has no monthly fees or minimum deposit requirements and offers mobile check deposit. However, other national banks have more branches and higher APYs are available elsewhere.
• Additionally, the EverBank Performance Savings account offers high yields with no monthly maintenance fee and no minimum balance requirement. Its principal drawback is that it is only available in Florida.
• Marcus by Goldman Sachs High-Yield Online Savings Account is an excellent choice with a competitive yield, while its disadvantages are no ATM access and no physical branches.
• The Varo Savings Account has a high 2.5% to 5.0% APY and no fees or minimum balance requirements; however, the high yield applied to the account’s first $5,000 only, and mandatory to use a checking account to benefit from saving features.
• E*TRADE Premium

• Title of the post: “What are some of the best savings account with high interest rates?”
• Multiple users recommend different high-yield savings accounts, including:
  • Ally Bank: APY of 4.00%.
  • Wealthfront: currently paying 4.55% on their HYSA.
  • Capital One 360 Performance Savings: 4.0% APY interest rate.
  • Marcus by Goldman Sachs: 5.15% (base APY 4.15%, additional 1% for 3 months if referred), trustworthy, reputable bank, FDIC insured, no fees, no minimum amount, can withdraw money anytime, no physical location or checking account, app is easy to use.
  • Discover: 4.00% APY.
  • PayPal: 4.30% APY.
  • Varo: 5.00% APY on the first $5,000 in savings, requires $1,000 a month direct deposited into a storage checking account.
  • Current: 5% APY on the first $6,000 in savings, requires $2,000 in up to three savings buckets and $200 a month direct deposited into a separate savings account.
  • SoFi: keeps raising APY (from 3.5% to 4.3% in less than 6 months).
  • Apple: recently released one with an APY of 4.15%.
• Users also provide additional info, such as:
  • Pros of HYSA: high rates, a place for everything (retirement, savings accounts, individual stocks or mutual funds, CDs), trustworthy and credible, ability to raise rates over time.
  • Cons of HYSA: rates can change based on inflation rates.
  • The highest rate is currently 5.15% with Marcus by Goldman Sachs (with referral bonus for additional 1% for 3 months).
  • Other HYSA have rates ranging from 4.00% to 5.00% APY.
  • Some HYSA require certain criteria, such as direct deposits or savings buckets.
  • Some HYSA have limitations, such as no physical location or no ability to deposit checks with the app.
• Users also provide referral links to receive additional bonus rates.

• A Reddit user inquired about the best high-yield savings accounts to put their $23k savings in
• Various Reddit users recommended different high-yield savings accounts such as Ally, Marcus, USAA, and Navy Federal
• A user recommended using the website https://www.doctorofcredit.com/high-interest-savings-to-get/ for finding high-interest savings accounts
• A user cautioned to read the fine print of savings accounts to ensure advertised rates are accurate
• Another user shared their personal experience with Ally Bank, virtual banking with no minimum balance, 24/7 phone support, and no fees for up to 6 withdrawals
• A Reddit user shared the comparison website https://www.depositaccounts.com/savings/
• A user recommended only using banks and credit unions with interest rates between 2-4%
• Recommendations of banks/credit unions with high-interest rates and their pro/cons:
  • Ally Bank:
    • 24/7 phone support
    • No minimum balance requirement
    • No fees for up to 6 withdrawals
    • No physical branches
    • May have long hold times for phone support
  • Marcus Bank:
    • Cool app but no phone support
    • No impact to savings from general banking expenses
    • No physical branches
  • USAA:
    • Available only for current or former military members or their family
    • Free ATM use from partnering ATMs
    • Physical branches available
  • Navy Federal:
    • Available only for current or former military members or their family
    • Free ATM use from partnering ATMs
    • Physical branches available
  • Chase:
    • Low savings interest rates
    • Lots of physical branches
  • Citibank:
    • Low savings interest rates
    • Good for international travel
  • Apple Savings and Goldman Sachs (unreleased at time of post):
    • Partnership between Apple and Goldman Sachs
    • Unreleased at time of post but said to be launching soon
• Reddit users advised having a primary bank or credit union for traditional banking services
• A Reddit user shared their intention to try the soon-to-be-launched Apple and Goldman Sachs savings account

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