What is the highest paying interest savings account

• Marcus Online Savings Account
  • APY (Annual Percentage Yield) of February 26, 2023
  • No minimum deposit to open
  • No transaction fees
  • Rates above the national average
• Comparison banks
  • APY (Annual Percentage Yield) of February 21, 2023
  • Rates may vary by state
• National Average
  • APY (Annual Percentage Yield) effective as of February 21, 2023
  • Based on the APY average for savings accounts with a minimum balance of at least $2,500 offered by the top 50 US banks (ranked by total deposits)

• AMEX High Yield Savings
  • Lack of an app or chat support may be beneficial to discipline
  • Offers 25k MR points for opening and maintaining a balance of $25000 for 90 days
  • Interface is dated
• Ally Bank
  • Comparable or slightly higher interest rate than Amex
  • Can open a checking account with instant transfer access to money in savings
  • US based call centers
• GS Marcus
  • Good app and checking coming in 2021
  • Rates are falling everywhere due to fed rate
• CapitalOne 360 Savings
  • Small difference in interest rate
  • Mobile deposits are difficult
• Buying index funds
  • More returns than APY in a HYSA
• Municipal bond funds
  • Positive for the year and positive in 2008
  • Dividends alone pay more than the HYSA and are tax free
  • Extra 2%-6% in taxable capital gains

• Marcus by Goldman Sachs Online Savings Account
  • 3.00% APY, $0.01 minimum opening deposit
  • No monthly fee
  • Opportunity to earn 5.00% APY on balances up to $5,000 if you meet other account requirements
• Discover Bank
  • 3.50% APY, no minimum opening deposit
  • No monthly fees
• Bask Bank
  • 4.25% APY, no minimum opening deposit
  • No monthly fees
• Funds are insured up to $250,000 per depositor, per insured bank and per ownership
• Compounding interest gives your money more opportunities to grow
• Variable savings rates can change at any time

• Marcus by Goldman Sachs - High Yield Savings Account
  • Easy to use
  • FDIC insured
  • Liquid
  • Rates are comparable to other HYSAs
• M1 Finance’s “Spend” account
  • 1% APY
  • Comes with an annual fee
• Digital Credit Union
  • 6.17% APY
  • $1,000 limit
• H-E-B Debit
  • 6% APY
  • $2,000 limit
  • Requires some activity every 90 days to avoid fees
• Genisys Credit Union
  • 4.07% APY
  • $7,500 limit
  • Requires 10 debit purchases of $5 or more each month
• Evansville Teachers Federal Credit Union
  • 3.3% APY
  • $20,000 limit
  • Requires 15 debit purchases (any amount) each month and an electronic deposit
• Bask Bank
  • 1.25% APY
  • No limit or requirements
• Sofi
  • 1% APY

• Marcus by Goldman Sachs
  • Current rate is 1.85%
  • Easy to set up and go with an account
  • Reliably near the top accounts
  • Stays on top of interest rate trends
• Ally
  • Rate is 1.85%
  • Great app and customer service
  • Instant transfer to checking
• Synchrony Bank
  • 2.65% on a 13 month CD
• Heritage NA
  • Gives 3.3% on their checking
• Consumers Credit Union
  • Gives 3.59% if you meet some conditions
• Vanguard Money Market
  • Yield of over 2%

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What is the maximum amount that can be deposited in an Ally Savings Account?

• Ally:
  • 2.2%, transfer time of 1-3 business days
  • Can get a debit card and checks
• Wealthfront:
  • 2.25%
  • Transfer time of 1-2 business days
• Discover Bank:
  • 2.1%
  • Bonus of $150 for 15k or $200 for 25k
• Marcus by Goldman Sachs:
  • 2.25%, transfer time of 1-3 business days
  • Can get a debit card and checks
• Citi Bank:
  • 2.36%
  • Monthly service fee of $4.50 that can be waived with a balance of $500 or more
• Cit Bank:
  • 2.45%
  • Must meet one of two conditions: maintain a balance of $25k or more a month or deposit $100 into the account each month
• Aspiration Summit:
  • 2% interest rate on savings
  • Unlimited transfers between checking and savings
  • Debit card that can be used anywhere in the world without fees
• TD Bank:
  • 2.5%
  • Locked for one year and can go higher but not lower
  • 20k minimum
• Edward Jones:
  • 6 month emergency fund
  • Invest 100 in week 1 then another 100 in week 2 and so on so that when week 1 money is done, it can be taken out for use or reinvested
• Citi High Yield Savings Account:
  • 2.45%

• Ally Bank
  • Quick contact response in the past
  • 2.75% APY before, raised to 3% APY recently
  • Can set up direct deposit to get highest rate
  • Can transfer money out next business day
• E-trade HYSA
  • Currently at 3.25% APY
• Marcus by Goldman Sachs
  • 4.10% APY with referral bonus and AARP, 3% APY without
  • Offer ends November 30th
• Capital One 360
  • Rates fluctuate too much
  • Maximum rate of 3%
• Wealthfront and Betterment savings accounts
• American Express
  • Currently paying 3% APY
  • Excellent customer service

• Discover Online Savings
  • 2.1% APY
  • Can get an extra 0.05% if you tell them you are part of the American Association of Individual Investors
• Ally
  • 2.2% APY
  • Good website and app
  • Ally to Ally transfers are generally instant
• Wealthfront Cash Account
  • 2.24% APY
  • No fees
• PurePoint Financial
  • 2.35% APY
• Barclays
  • 2.20% APY
• CIT
  • 2.45% APY
• Vio Bank
  • 2.52% APY
• Marcus (Goldman Sachs)
  • 2.25% APY
• Fidelity CMA
  • 2.24% APY
• Citizens Access
  • 2.35% APY

• Ally
  • Offers some of the highest rates
  • Easy to use
• SoFi
  • Better experience than Ally
• Amex, Marcus by Goldman
  • Rates change a lot
• I Bonds
  • High interest (now), can be liquidated in a few days
  • Have to hold for 15 months, forfeit 3 months interest if redeemed within 5 years
  • Max of $10k/person/year
• Vanguard Federal Money Market
  • Offers better rates than Ally
  • Yield over 2% vs. 1.75% from Ally
  • Invested in US Treasuries, without FDIC limits
• Discover Bank
  • 1.75% rate
  • Can access both the accounts from a single app
• CFG
  • 2.55% rate, no fees
• Affinity FCU
  • 3.5% for the first 5k
• Current
  • 4% on max $6k, but not many good reviews

• Money market accounts and cash management accounts
  • Variable rates, sometimes competitive with checking, savings and CDs
  • Read primers on money market accounts and cash management accounts to learn more
• CDs
  • Lock cash up for five years in the average CD and earn 1.26% APY
  • Earn closer to 4.00% on higher-interest CDs, which results in more money in the account
• Savings accounts
  • National average for savings accounts is 0.35% APY
  • Put money in a high-yield account that earns around 2.00%, which is more than six times the national average

💭  Looking into

What is the best high-interest savings account?