The search for the best high-yield savings account can be daunting. With so many financial institutions offering different rates, fees, and other benefits, it can be difficult to decide which one is right for you. Today, the best online institution for earning a competitive interest rate on a high-yield savings account is MySavingsDirect, which offers an APY of 4.35%.
For banks and credit unions offering the top rates, check out our list of the best high-yield savings accounts. Listed below are 10 of the top-paying high-yield savings accounts now, and many have no minimum balance requirement.
- MySavingsDirect, MySavings Account™: 4.35% APY
- Popular Direct, High-Rise savings: 4.16% APY
- Ally Bank, High Yield savings Account: 3.50% APY
- Barclays Bank Online savings: 3.50% APY
- Marcus by Goldman Sachs, High-Yield savings Account: 3.30% APY
- Capital One, 360 Money Market Account: 1.90% APY
- CIT Bank, Premier High Yield savings Account: 1.85% APY
- UFB Direct, High-Yield savings Account: 1.50% APY
- LendingClub High-Yield savings: 1.25% APY
- SoFi Money, High-Yield savings Account: 0.25% APY
The MySavingsDirect MySavings Account is by far the best high-yield savings account in terms of its APY. It offers an annual percentage yield of 4.35%, which is much higher than what most other banks and credit unions offer. The account also has no minimum balance requirement, so you can open an account with any amount of money.
The Popular Direct High-Rise savings account is also a great option for those looking for a high-yield savings account. With an APY of 4.16%, it’s one of the highest-paying accounts out there. There’s no minimum balance requirement, and you can open the account with any amount of money.
The High Yield savings Account from Barclays Bank offers an APY of 3.50%, which is still quite competitive. There’s no minimum balance requirement, and you can open the account with any amount of money. The account also has no fees, so you won’t have to worry about incurring any additional charges.
The Marcus high-yield savings account is best for consumers who want to earn significant interest on their savings and pay no fees. The account offers an APY of 3.30%, with no minimum balance requirement. The account also has no fees, so you won’t have to worry about incurring any additional charges.
Choosing between a high-yield savings account and a bump-up CD can be difficult. The best overall option is the LendingClub High-Yield savings account, which offers an APY of 1.25%. The account also has no fees and no minimum balance requirement, so you can open an account with any amount of money.
The UFB Direct High-Yield savings Account is the best option for earning a high APY. The account offers an APY of 1.50%, with no minimum balance requirement. The account also has no fees, so you won’t have to worry about incurring any additional charges.
In comparison to other high-yield account options, SoFi’s rates are still very good, if you can secure the boosted interest with direct deposit. The SoFi Money High-Yield savings Account offers an APY of 0.25%, with no minimum balance requirement. The account also has no fees, so you won’t have to worry about incurring any additional charges.
A high-yield savings account is a great home for your emergency fund and also for any short- to medium-term financial goals you're saving for. With so many options available, it's important to do your research and find the best high-yield savings account that fits your needs.
