5 Of The Best High-Yield Savings Accounts

Finance |

Putting your money into a high-yield savings account is a much more stable way to grow your hard earned money compared to investing in a volatile market place. According to the Federal Deposit Insurance Corp. the average annual percentage yield is only around .08 percent. That is 25 times less than the highest APY accounts available. A high-yield savings account can help you make the most of your money.

Some financial institutions hit customers with hidden fees and monthly minimums. This is taken into consideration when finding the best high-yield accounts. Some of the banks on this list do ask for a minimum account balance, however, none of these have monthly fees. The rates on this list are accurate as of October 23rd, 2018.

VIO Bank

This online division of MidFirst bank offers an APY of 2.1 percent. It requires a 100 dollar deposit to open a high-yield savings account. It allows 6 withdrawals every month for free after which a 10 dollar fee is assessed for each additional withdrawal.

VIO bank regularly monitors the competition to make sure they have some of the best rates available. Interest is compounded daily, growing your money fast. This particular account is not available in Alaska or Hawaii. (1)

American Express National Bank

American Express has an interest rate of 1.9 percent for its online savings account. It only requires 1 dollar to open an account and has no minimum balance requirement or monthly fees. This interest rate is paid across all balances.

The application process is easy and painless. This account also offers six free withdrawals each billing cycle, so if you need your money you can get it without being hit with a fee. (2)

My Savings Direct

This is an online division of Emigrant Bank located in New York City. It offers APY at 2.25 percent with no minimum balance or fees. It links directly to your checking account so transferring money is easy.

They pass the savings of an easy website and minimal banking options to the consumer. This is one of the best offers found at such a high rate. If you like simple and smart this is the bank for you. (3)

Marcus By GoldmanSachs

The interest rate for this account is 1.95 percent. No minimum required and no monthly fees. It offers easy online access to view your account information at any time, day or night.

The application process is not complicated and requires no fees to open an account. They have received multiple awards for their service and ease of accessing account information. (4)

BarClays

This British bank has operations in the US now and are well equipped to grow your money. They have an award winning account services with no monthly maintenance fees, no minimum balance to open an account, and offer tools to help you save even more.

The interest rate for this bank are 1.9 percent, which is 20 times higher than the national average. You can easily transfer money from or to your other accounts, and set up direct deposit to make saving simple. (5)

Why Choose a High Interest Savings Account?

Keeping your money in a high interest savings account will not make you rich, unless you have a lot of money to put in. That being said, it is a great place to grow your money steadily with stability. You could keep your money in a mattress, or buried in the yard somewhere but it will not grow in either of those places.

If you would like to check on other banking options and interest rates Bankrate is a great place to find out more.

Sources

(1) https://www.viobank.com/high-yield-savings

(2) https://www.americanexpress.com/personalsavings/high-yield-savings-account

(3) https://www.mysavingsdirect.com

(4) https://www.marcus.com/us/en/savings

(5) https://www.banking.barclaysus.com/online-savings.html

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