,"Best High-Yield Online Savings Accounts. If you're looking for a Savings account with a higher interest rate than the national average, you can..."
Today, the best online institution for earning a competitive interest rate on a high-yield Savings account is MySavingsDirect, which pays 4.35% APY. High-yield Savings accounts generally pay considerably higher interest than a conventional Savings account. But the trade-off is you'll have to meet a few requirements. You'll likely need to make a minimum deposit, maintain a minimum balance, and keep your account open for a minimum period of time, for instance.
On the bright side, the very same rate hikes have resulted in much higher yields on Savings accounts. If you're interested in buying a home, for example, you can benefit from the higher rates with a high-yield Savings account. We've rounded up 10 high-yield Savings accounts with the best APY, from MySavingsDirect to Popular Direct and BrioDirect, so you can pick the one that best fits your needs.
MySavingsDirect, MySavings Account™: 4.35% APY; Popular Direct, High-Rise Savings: 4.16% APY; Popular Direct Money Market Account: 1.85% APY; Marcus by Goldman Sachs, Online Savings Account: 1.70% APY; Sallie Mae Bank, High-Yield Savings Account: 1.45% APY; CIT Bank, Money Market Account: 0.45% APY; Synchrony Bank, High-Yield Savings Account: 0.40% APY; American Express National Bank, High-Yield Savings Account: 0.35% APY; Ally Bank, Online Savings Account: 0.30% APY; Barclays Bank, Online Savings Account: 0.20% APY.
A high-yield Savings account, also called a high-interest Savings account, is one that earns a lot more in interest than the average Savings account. High-yield Savings accounts typically offer an APY that is at least 10 times higher than the national average. The key is to find one with a competitive APY that fits your needs.
When comparing Savings accounts, CDs or money market accounts, APY is a key factor to consider -- because the higher the yield, the more you will earn on your investments. Many of the high-yield Savings accounts on the market require a minimum deposit to open an account and may come with other restrictions, such as minimum balance requirements.
For example, MySavingsDirect requires a minimum balance of only $5 to open an account, but it offers a competitive 4.35% APY. This is one of the highest APYs on the market, and it makes it a great option for those who want to earn more on their Savings without a large initial investment. MySavingsDirect also offers access to over 30,000 ATMs and over 5,000 shared branches, as well as unlimited reimbursement for ATM fees if you maintain a minimum balance of $5,000.
BrioDirect High Yield Savings, one of our Best Savings Accounts for 2022, is a prime example: Its annual percentage yield, or APY, which is the interest rate you earn on your money, is 4%, and it requires a minimum deposit of only $500. This account also offers unlimited access to ATMs and no minimum balance requirement.
If you're looking for a Savings account with a higher interest rate than the national average, you can consider a high-yield online Savings account. Many of these accounts offer competitive APYs and a variety of features and benefits. Some of the best high-yield online Savings accounts include Capital One 360, Ally Bank, and CIT Bank.
Capital One 360 offers a competitive 4.00% APY for its high-yield online Savings account, which is one of the best we've seen (in select states). This account also offers no monthly maintenance fees, no minimum deposit, and no minimum balance requirement. Plus, it comes with mobile banking and access to Capital One's network of ATMs.
Ally Bank also offers a competitive 4.00% APY for its high-yield online Savings account. This account also offers no monthly maintenance fees, no minimum deposit, and no minimum balance requirement. Plus, it comes with mobile banking and access to Ally's network of ATMs.
CIT Bank also offers a competitive 4.00% APY for its high-yield online Savings account, which is one of the best we've seen. This account also offers no monthly maintenance fees, no minimum deposit, and no minimum balance requirement. Plus, it comes with mobile banking and access to CIT's network of ATMs.
Overall, when looking for the best high-yield Savings accounts, it is important to compare APYs, account fees, and other features. With a high-yield Savings account, you can earn more on your Savings and prepare for the future.
