What is the highest paying interest savings account

• User on Reddit asks for recommendations for a savings account that can earn high interest, as they are starting to invest money in stocks and crypto and want to start with a savings account
• Recommended savings accounts include:
  • Marcus by Goldman Sachs (multiple users, 2-10 karma)
  • Ally (multiple users, 2-10 karma)
  • Alliant (1 user, 22 karma, has a $100 bonus offer)
  • Discover (multiple users, 1-10 karma, also offers credit cards)
  • One Finance (1 user, 2 karma, has 1% APY and budgeting tools)
  • Current (1 user, 3 karma, offers 4% interest on up to $2000 for free, or up to $6000 for $4.99/month)
• Some users mention diversifying their savings into multiple accounts/investments:
  • User has 3 months in savings account barely earning interest (0.5-1% APY), 3 months in I-bonds with 7.12% APY (money locked for 12 months), and 1 month in Gemini’s interest account getting about 8% in stablecoins (money they can afford to lose) (1 user, 13 karma)
  • User mentions interest in buying physical gold in case US dollar crashes (1 user, 13 karma)
• Discussion around rates offered by various institutions:
  • T-Mobile offers 4% interest for the first $3000 (1 user, 2 karma)
  • SoFi checking and savings offer 1.25% interest if direct deposit is from employer (1 user, 1 karma)
  • Users mention watching rates and switching banks if/when rates change (multiple users)
• Some users mention other features of recommended banks:
  • Alliant has no monthly fee and $100 bonus offer (1 user, 22 karma)
  • Ally allows for instant transfers with Zelle (multiple users)
  • Discover has a user-friendly interface and allows for instant transfers with Zelle (multiple users)
  • One Finance has budgeting tools in addition to its 1% APY (1 user, 2 karma)
  • Current offers 4% interest on up to $2000 for free, or up to $6000 for $4.99/month (1 user, 3 karma)
• One user recommends looking at external resources for additional recommendations (1 user, 2 karma)
• One

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• Reddit post titled “What’s the best high yield savings (or checking) account that I should be using in 2024?” with 21 points in r/Money
• poster seeking suggestions for high yield checking or savings accounts
• various users give bank suggestions, including CIT Bank, Poppy Bank, CIBC, Wealthfront, Marcus, Presidential Bank, and Betterment (with referral links for some)
• interest rates vary from 4.4% to 5.5%
• CIT Bank and Poppy Bank have $10 fees for wire transfers
• CIT Bank has free ACH transfers
• Wealthfront praised for website usability
• Presidential Bank requires direct deposit, 7 debit transactions per month, and maintaining a $500 balance for the month for their Vertical Checking account
• poster suggests not just chasing the highest interest rates and reminds that loans are easier to attain from banks one has a history with and trusts
• Some users mention drawbacks or requirements of certain accounts, such as minimum balance or withdrawal fees
• Some users also mention using other methods to grow money, such as stocks and bonds or SGOV ETF
• Some users discuss the availability of high yield checking accounts in general and potential drawbacks / limitations

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• Reddit post titled “Best place with high yield to put $40k in savings?”
• Poster has $40k in savings and wants to know best option for high yield
• Different users suggest different options, including Discover hysa and money market funds
• One user recommends money market fund because they have higher yield and potential tax advantages
• Government money market funds considered about as safe as investment can be
• Vanguard has some of the lowest fees of any manager of MMFs and their yields tend to be highest
• VUSXX suggested as the fund to most people who want to keep their money as safe as possible while earning high yield
• Yield for VUSXX currently 5.19% and interest is about 80% exempt from state tax
• SGOV is also suggested as a good option for high yield, but must buy discrete shares instead of investing any dollar amount and not as tax-advantaged as VUSXX
• Other users ask questions about tax benefits and differences between Vanguard and Schwab
• Some users caution that these funds are not FDIC insured and there is a risk of loss, though small

• The webpage is titled “Best High-Yield Savings Accounts Of December 2024 - Up to 5.05% | Bankrate”

• Bankrate updates the information regularly, including on annual percentage yields (APYs) shown for the accounts.

Best high-yield savings accounts

• BrioDirect offers a High-Yield Savings Account with an annual percentage yield (APY) of 4.85% with a minimum deposit requirement of $5,000. It has 4.6 stars out of 5 from Bankrate.
• LendingClub Bank’s LevelUp Savings Account has an APY of 4.75% and no minimum opening deposit requirement or balance requirement to earn APY. Bankrate gives it a savings score of 5/5.
• EverBank’s Performance Savings Account has an APY of 4.75% and no minimum deposit requirement. Bankrate gives it a savings score of 5/5.
• Bread Savings offers a high-yield savings account with an APY of 4.65% and a minimum deposit requirement of $100. It has 4.9 stars out of 5 from Bankrate.
• Popular Direct offers High-Rise Savings accounts with APYs ranging from 1.84% to 4.60% with a minimum opening deposit requirement of $100. It has 4.8 stars out of 5 from Bankrate.
• CIT Bank offers Platinum Savings accounts with APYs of 4.55% with a minimum balance of $5,000 and Savings Connect accounts with an APY of 0.50% with a minimum opening deposit requirement of $100. It has 4.6 stars out of 5 from Bankrate.
• CIBC Bank USA’s Agility Online Savings Account offers competitive yields on balances starting from $1 and charges no monthly service fee. It has 4.9 stars out of 5 from Bankrate.
• Bask Bank offers a Bask Interest Savings account with an APY of 4.50% with no minimum deposit or balance requirements. It has a savings score of 5/5 from Bankrate.
• TAB Bank offers a High-Yield Savings Account with an APY of 4.37% and no minimum opening deposit or balance requirement. It has 4.9 stars out of 5 from Bankrate.

Recent news on high-yield savings account rates

• The webpage notes that the Federal Reserve lowered rates by 25 basis points (0

• The highest paying savings account available nationwide as of October 18, 2024, is from Pibank, offering 5.50% APY with no minimum balance requirement.
• The runner-up rate is from Newtek Bank, also with 5.25% APY and no minimum balance requirement.
• There are 13 more offers paying a minimum of 5.00% APY.
• Savings account rates have been at a 20-year high, but rates can move lower at any time.
• The Federal Reserve’s rate cuts are expected to put pressure on savings account rates.
• Savings accounts have variable rates, meaning the bank or credit union can change your interest rate anytime it wants, without notice.
• A bank’s savings account rates are influenced by the Federal Reserve’s benchmark interest rate, the federal funds rate.
• The Federal Reserve started a series of rate cuts, starting with a 0.50% percentage point reduction on September 18, 2024.
• Each Fed rate cut can put downward pressure on savings account rates.
• In general, banks and the Fed don’t move exactly in lockstep on their rates, but they generally head in the same direction.
• Even if the best savings account rate comes down from today’s 5.50% to maybe 4.50% by the end of this year—or even 3.50% by the end of 2025—these are still historically high returns.
• It is recommended to consider locking in a future return with a certificate of deposit (CD) for a guaranteed rate until the CD matures.
• CDs offer high rates compared to other savings options.
  • The best 6-month CD pays up to 5.50% APY.
  • The best 1-year CD pays up to 5.05% APY.
  • The longest CD term paying at least 5.00% APY is currently 14 months, which would guarantee a 5.05% rate until nearly December 2025.
  • For terms of 2 to 5 years, the top CD rates range from 4.00% to 4.53%, guaranteeing an annual percentage yield (APY) until at least 2026 and up to 2029.
• To qualify for rankings on the list of top 15 high-yield savings accounts, a bank or credit union must be federally insured by the FDIC or NCUA.
• Banks must be available in at least 40 states

Notes:

• Reddit post from 1 year, 6 months ago entitled “What are some of the best savings account with high interest rates?” in the subreddit r/SavingMoney. Post has 7 points.
• Reddit user asks for suggestions for the best high-yield savings accounts (HYSA).
• Several Reddit users recommend HYSA accounts with high-interest rates, including:
  • Ally Bank - 4.00% APY (3 karma)
  • Wealthfront - 4.55% APY (2 karma)
  • Capital One 360 Performance Savings - 4.0% APY (1 karma)
  • Marcus (with referral bonus) - 5.1% APY (1 karma)
  • SoFi - 4.3% APY (1 karma)
  • Apple - 4.15% APY (1 karma)
  • Discover - 4.00% APY (1 karma)
  • PayPal - 4.30% APY (1 karma)
  • Varo - 5.00% APY on the first $5,000 (1 karma)
  • Current - 5% APY on the first $6,000 in savings (1 karma)
• Some additional notes on the suggestions:
  • One user mentions that they use Ally Bank and are happy with it (3 karma).
  • Another user mentions the pros and cons of HYSA accounts; pros include high-interest rates and no fees, cons include that rates can fluctuate based on inflation and some accounts may have requirements or restrictions (1 karma).
  • Another user mentions that Wealthfront’s HYSA rate is especially high at the moment but warns that investing savings in the stock market could yield better long-term results (2 karma).
  • Some users share referral links to Marcus which could bring in extra interest for both parties (separate users with 1 and 2 karma, respectively).
  • Varo’s HYSA requires a minimum monthly direct deposit of $1,000 to a separate account but has no fees or restrictions otherwise (1 karma).
  • Current’s HYSA requires $2,000 in up to 3 savings accounts and $200 a month in direct deposits to a separate account (1 karma).
• One user mentions that they use Marcus by Goldman Sachs, which has a 4.15% APY (1 karma).
• One user cites a Samsung community post that suggests users sign up for Samsung Money by SoFi, which has a

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Top 5 savings accounts with the highest interest rates in the US