As the name implies, a high-yield savings account can be a safe place to earn interest on your money while keeping it easily accessible in case of any emergency or any other expense. Annual Percentage Yield often referred to as APY on the best online yield savings account you will see here are above 4% which is close to seven times the actual national rate in the US of 0.59%.
High yield savings account will always be an amazing option for you if you are in search of a place to park your money. Stay glued to this our article and find out the full list of the best online high yield savings account you can consider.
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What is a High Yield Savings Account?
In the simplest of terms, we can say a high yield savings account is a type of federally insured savings product that earns rates that are far much better than the national average. They are can earn slightly more than 4% which is really higher than the national level rate which is set at 0.4 - 0.5%.
What is the Highest Paying High-Yield Savings Account?
At the time of writing this article, the institution on our best high-yield savings account list with the highest APY is Axos Bank, with its one savings account earning a 4.66% APY which is quite huge as compared to several others.
Best Online High Yield Savings Account
Okay, so now let us get started with our list of the Best high savings account, while also taking a look at their Terms and conditions.
1. SoFi Checking and Savings Account
SoFi checking and Savings account is actually a pairing of checking and savings account that earns an APY of 3.80% (which is variable and subject to change) on the money you allocate to the savings section of the account. In order to be eligible to earn such rate, you will first of all need to do one of the following:
- Enroll In SoFi plus and set up direct deposit in any amount.
- Deposit a total of at least $5,000 every 30 days using accepted methods.
- Accept to pay a $10 SoFi subscription fee every 30 days.
If you do not meet any of the above qualifications, then you will still earn just 1% APY on your savings account.
With SoFi, there is no minimum deposit requirement to open an account and there is no monthly maintenance fee either.
2. American Express High Yield Savings Account
American Express is popularly known for its credit card but they also offer savings account with a competitive yield, a $0 monthly fee and $0 minimum balance requirement to open an account with them.
If you look forward to earning interest on all your deposit balances, the bank also offers a competitive reward checking account. However, this checking account is made available only to consumers who already have an American Express credit card.
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3. BrioDirect
The annual percentage yield (APY) on this account is at 4.50 %, with minimum balance for APY being stated at $25 and a minimum deposit of $5,000.
BrioDirect's High-Yield Savings account offers a competitive yield though it demands a strict deposit of $5000 to open. This is an online only account so the only option you have to move funds is via an external bank transfer.
One bad feature with this account is that, your account may be closed if it does not have money in it for more than 21 days. Also, the fact that there is only one way to deposit and withdraw is actually a hindrance.
4. Bread Savings
Bread savings is an online bank that offers a high yield savings account and five terms of CDs. The minimum amount required by this institution to open an account with them is $100.
With a Bread Savings account, you get pay with good yields according to the amount you save, and with just $100 needed to open an account, and no maintenance fees involved, all types of savers will find this account suitable for them.
Some features that might hinder you includes the $5 cost of paper statement at each request and the $25 charges involved when you make a wire transfer.
5. Openbank By Santander
This institution offers its savings account holders with an APY of 4.40% and the minimum balance to be eligible for this APY is $500, which is also same as the minimum deposit needed to open an account with them.
Openbank is a new digital subset of Santander Bank and this institution offers just one FDIC-insured savings account and it has a top-notch annual percentage yield (APY). Have in mind that you cannot open this account if you are already a Santander Bank customer.
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6. Rising Bank
Rising Bank offers its customers with a 4.40% APY but you need a minimum balance of $1,000 to enjoy this rate.
The Rising Bank High Yield Savings Account offers competitive interest rates, making it ideal for savers looking to boost returns. This account is mainly design in a way that suits customers who are okay with managing their finances online and are seeking higher yields than those offered by other typical bank institutions.
The Savings account with this institution does not charge any monthly maintenance fees.
7. Bask Bank
Annual percentage yield here is set at 4.35% and the good news is that the minimum balance to be eligible for this is $0.
However, it is good you keep in mind that you will need to fund your Bask Bank interest Savings Account within 15 days of opening it, if not the account could be closed.
8. EverBank
The annual percentage yield at this bank is set at 4.30% and the minimum balance to be eligible for this APY is $0. The EverBank Performance Savings account earns a competitive rate. There is no minimum deposit required to open the account or any minimum to earn the APY.
There fact that there is no monthly maintenance fees and no minimum opening balance requirement for its performance Savings is a great go for those wishing to get started.
However, the customer service hours are limited on weekends, with no availability on Sundays.
9. TAB Bank
The annual percentage yield is set at 4.26% and just like the previous one, there is no minimum balance needed to be eligible for their APY.
The TAB Save account is a high-yield savings account that offers a competitive interest rate and you will be able to earn the same high rate for all the money in your account.
Nevertheless, it is good you have in mind that customer service hours are limited on weekends with no customer service on Sundays.
10. Forbright Bank
The annual percentage yield at Forbright is set at 4.25% and the minimum balance for APY is 0$.
Forbright Bank offers a high-yield savings account with no monthly fees and no minimum balance requirements. It also offers certificates of deposit, though no checking account. This can actually stand as a challenge if you want to do all your banking under a single roof.
However, if you are willing to have your checking and savings accounts at different banks, then Forbright's savings account can help your money grow at an amazing rate.
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Is It Worth Putting Money Into a High-Yield Savings Account?
Yes of course, with a high yield savings account, also known as a high interest savings account, your balance can grow faster with time as compared to how it will grow in a normal brick and mortar bank's savings account. And the good is that it requires no additional effort from your end since your money does all the work for you.
How Much Will $10,000 Make In a High-yield Savings Account?
The yield $10,000 will bring in a high yield savings account depends on the APY rate set for that account in that particular institution. With a 4% APY, a savings balance of $10,000 would earn a bit more than $400 after one year. This might not make you rich but it is far off better than earning totally nothing at all or an account with a 0.5% APY which will yield just $50.