High-yield savings accounts (HYSA) are an excellent way to earn a competitive interest rate on your savings while maintaining easy access to your funds. Here are some of the best high-yield savings accounts available in the U.S. as of 2024:
1. Marcus by Goldman Sachs
- APY: Approximately 3.90%
- Minimum Deposit: $1
- Fees: No monthly maintenance fees
- Features:
- No minimum balance requirement
- Easy online banking and mobile app
- FDIC insurance up to $250,000
2. Ally Bank
- APY: Approximately 4.00%
- Minimum Deposit: $0
- Fees: No monthly maintenance fees
- Features:
- 24/7 customer support
- Free online transfers to and from other banks
- Interest compounded daily and paid monthly
3. American Express National Bank
- APY: Approximately 4.00%
- Minimum Deposit: $1
- Fees: No monthly maintenance fees
- Features:
- Online banking and mobile app access
- FDIC insured
- Competitive interest rates with no maintenance fees
4. Discover Bank
- APY: Approximately 4.00%
- Minimum Deposit: $0
- Fees: No monthly fees
- Features:
- Offers a range of banking products
- Mobile app with budgeting tools
- FDIC insurance up to $250,000
5. CIT Bank
- APY: Approximately 4.05%
- Minimum Deposit: $100
- Fees: No monthly maintenance fees
- Features:
- Requires a $100 minimum to open an account
- Interest compounded daily and paid monthly
- Strong mobile banking features
6. Synchrony Bank
- APY: Approximately 4.00%
- Minimum Deposit: $0
- Fees: No monthly maintenance fees
- Features:
- FDIC insured
- Easy online account management
- Interest paid monthly
7. NerdWallet’s Best High-Yield Savings Account
- APY: Varies (often around 4.00%)
- Minimum Deposit: Varies by bank
- Fees: No monthly maintenance fees
- Features:
- NerdWallet aggregates data from multiple banks
- Helps find accounts based on user preferences
- Provides tools to compare rates and fees
8. Chime
- APY: Approximately 2.00% (with additional features)
- Minimum Deposit: No minimum deposit required
- Fees: No monthly fees
- Features:
- Mobile banking with features like automatic savings
- Early direct deposit feature
- Round-ups on purchases to save more
Key Considerations When Choosing a High-Yield Savings Account
- APY (Annual Percentage Yield): Look for the highest APY available to maximize your interest earnings.
- Minimum Balance Requirements: Some accounts may require a minimum balance to earn the highest rate.
- Fees: Choose accounts with no monthly maintenance fees to avoid unnecessary costs.
- Access and Convenience: Consider the ease of online banking, mobile app features, and customer service.
- FDIC Insurance: Ensure the bank is FDIC insured to protect your deposits up to $250,000.
Conclusion
High-yield savings accounts are a smart choice for savers looking to earn more interest while keeping their funds accessible. By comparing different accounts and their features, you can find the best option that meets your financial goals. Remember to stay updated on interest rates, as they can fluctuate frequently, and consider switching accounts if better options become available.
Share this with your friends and family!