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Overview
Cash savings represent a crucial part of any personal financial strategy. Whether you’re building an emergency fund, shooting for a deposit on a new house, or even a vacation fund, a strong balance in a savings account is key.
There are multiple ways to store your cash, but one of the best ways to grow your savings is to open a high-yield savings account, which can keep your money safe while also earning you interest along the way. Who doesn’t like free money?
The Bottom Line:
High-yield savings accounts are one of the best ways to ensure your hard earned money goes further and helps you beat inflation. Just take care not to pick an account that requires more than you can commit to.
The quick pick:
The UFB savings account offers a 4.51% APY with no fees or minimum balance, making it the best pick for most people seeking high returns and hassle-free saving.
The Best High-Yield Savings Accounts November 2024:
- Best all around savings account: UFB Savings
- Best for big balances: CIT Bank
- Best for aggressive savers: LendingClub Level Up
- Best for high APY with no-strings: Western Alliance
- Best familiar face: Amex Savings
- Best for simple, no-nonsense savings: Barclays Savings
- Best for the easily tempted: Laurel Road
- 4.51% APY
- No bonus
- $0 min. deposit to open
UFB Savings
UFB's savings account walks the middle road among the other accounts on this list. Boasting a strong 4.51% APY without charging fees, requiring a minimum balance or a minimum opening deposit, it could be attractive to almost any saver.
Our quick take
A strong 4.51% APY without charging fees, requiring a minimum balance or a minimum opening deposit
- UFB offers customers an ATM card, granting them access to their money at any time. Throw in 24/7 support and an excellent app, and you’ve got the best of all worlds.
What we love about it
- ATM access
- 24/7 support
- No minimum opening deposit
- Excellent app
- 4.70% APY
- No bonus
- $5,000 min. deposit to open
CIT Bank
For those already boasting a significant savings account but looking for a new place to keep it, CIT Bank is a strong option.
Our quick take
The bank offers an APY of up to 4.70% for balances of $5,000 or more.
While this is limiting to some, those capable of depositing that much can enjoy a rate 10x the national average. The interest also compounds daily, letting your money grow quickly.
What we love about it
High APY if you deposit the minimum
Their savings products have different features and rates to fit different financial needs.
- 5.15% APY
- No bonus
- $250 deposit/month
LendingClub Level Up
Online bank Lending Club’s Level Up account is best suited for aggressive savers looking to deposit regularly.
Our quick take
The bank offers a spectacularly good 5.15% APY to customers who deposit $250 or more each month. Those who don’t hit that target will still have an APY of 4.30% (not bad at all), but there are stronger options in that case.
What we love about it
High APY if you deposit the minimum
No fees
Easy ATM usage
Unlimited numbers of external transfers
- 4.81% APY
- No bonus
- $500 initial deposit
Western Alliance
The Western Alliance High-Yield account is a funny thing. On one hand, it offers one of the highest APYs on the market with very few stipulations. On the other, its accessibility can be a tad frustrating. Still, for the right customer, it’s an excellent choice.
Our quick take
The account offers a pretty spectacular 4.81% APY despite charging no monthly service fees and no minimum balance or monthly deposit requirement. The only requirement is an initial deposit of $500 when opening the account. From there, it doesn’t matter if you have 1 cent in the account; you get that high APY.
The downsides come in the form of its accessibility. You have no ATM access, can’t access the account through an app, and need a linked external account to move money in any direction.
What we love about it
High APY once you deposit the minimum
No fees
- 4% APY
- No bonus
- $0 min. deposit to open
Amex Savings
While a high APY is important, sometimes peace of mind takes precedence. If using a bank with a well-established name is important to you, the American Express High-Yield Savings Account could be a good fit.
Our quick take
The 4% APY is strong, and there are no fees or minimum balances required to keep that rate. You can also take advantage of Amex’s 24/7 support, something that other smaller banks may struggle to replicate.
If you already own an Amex card, the new account will click right into place. Of course, the cost of comfort is almost 1% in interest.
What we love about it
Strong APY
No fees
No minimum balances
24/7 customer support
- 4% APY
- No bonus
- $0 min. deposit to open
Barclays Savings
Barclays is an interesting alternative to American Express. While it may not be as familiar in the US, Barclays is a household name in the UK and around the world. Its US outfit is purely online, but its reputation means you can treat it with the same regard as a major bank in the US.
Our quick take
With an APY of 4.20%, it’s worth checking out. It allows check deposits, has a strong app-based interface, and good customer service every day from 8 AM to 8 PM Eastern Time.
What we love about it
Earn 7X the national average
No monthly maintenance fees
Secure and easy online account access
- 4.8% APY
- No bonus
- $0 min. deposit to open
Laurel Road Savings
Laurel Road's strong 4.80% APY speaks for itself. The account is even more attractive when you consider that there are no monthly fees, no minimum opening deposit requirement or monthly balance requirement.
Our quick take
The 4.8% APY is strong and depositing money is easy, too: you can transfer money from another bank, the Laurel Road app accepts check deposits, you can set up direct deposit with your employer, or even send a check directly to the bank.
The one place it falters is the ability to withdraw money. This feature might put some off, but others may find it handy for keeping savings untouched, especially when you’re feeling tempted to grab a new pair of shoes you don’t need.
What we love about it
Strong APY
No fees
No minimum balances
Depositing money is easy
FAQ's
What is a high-yield savings account?
A high-yield savings account is exactly as it sounds: a savings account that offers a higher yield on your savings than a traditional savings account.
These accounts usually offer a much higher APY (Annual Percentage Yield) than most savings accounts at the big banks or your local credit union, which makes them an attractive option for savers. It’s possible to grab an APY of over 5% in some cases, although they may have some stipulations as to the amount of money in the account or frequency of deposits.
Don’t worry about the safety of your hard-earned cash — these accounts are no less secure than your normal bank’s account as they are FDIC-insured. The minimum insurance you’ll find on these accounts is $250,000, but some can be insured into the millions.
Generally, the banks offering higher yields are primarily online and, as such, have lower overhead costs meaning they can pass those savings onto you, the consumer.
Why is a high-yield savings account important?
High-yield savings accounts are amazing for growing your money. While traditional bank accounts are capped at far lower APYs, high-yield accounts offer rates up to and above 5%. They mark a solid middle ground between traditional savings and a higher-risk investment account that’s composed of stocks and bonds.
While a yield of 4% or 5% isn’t going to make you rich, these strong APYs can help your money grow faster and even beat inflation, ensuring your savings stay as valuable as you want them to be. For comparison, most traditional savings accounts offer an APY around 0.45% — so you’re earning about 10x with a high-yield account.
For those unfamiliar with how interest works on your bank account, banks will pay you just for storing your money with them. For example, if you put $10,000 in a high-yield savings account with 5% APY, you could expect to earn $500 in interest payments over the course of a year.
by your friends at The Daily Navigator
