Savings account interest rates are rising in response to the Fed interest rate hikes — but millions of Americans are missing out. According to a recent survey, nearly 40% of Americans have less than $400 in savings, and many are not taking advantage of high-yield savings accounts that could help them grow their money faster.
If you're looking to earn more interest on your savings, a high-yield savings account could be the solution. These accounts typically offer higher interest rates than traditional savings accounts, allowing your money to grow faster over time. Plus, they often come with no monthly fees or minimum balance requirements, making them an accessible option for many savers.
So, what should you look for in a high-yield savings account? The best accounts earn a high interest rate and don't charge monthly service fees. A strong account will also help you with your financial goals, whether that's saving for a down payment on a house or building an emergency fund.
To help you find the best high-yield savings account for your needs, we've rounded up the top eight options that offer some of the best APYs and zero monthly fees.
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Marcus by Goldman Sachs: With a competitive APY of 0.50%, Marcus by Goldman Sachs is a great option for those looking for a high-yield savings account. Plus, there are no fees to worry about, so you can keep more of your money.
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Ally Bank: With an APY of 0.50% and no monthly maintenance fees, Ally Bank is another great choice for high-yield savings. They also offer convenient online banking and 24/7 customer support.
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Discover Bank: Discover Bank offers a high APY of 0.50% and no monthly fees. They also have a cashback rewards program and offer free checks for your account.
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American Express National Bank: With an APY of 0.50% and no fees, American Express National Bank is a solid choice for a high-yield savings account. They also offer easy online transfers and a mobile app for convenient banking.
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Synchrony Bank: Synchrony Bank offers a competitive APY of 0.50% and no monthly fees. They also offer an ATM card for easy access to your money.
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Barclays Bank: Barclays Bank offers an APY of 0.40% and no monthly fees. They also offer online transfers and 24/7 customer support.
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CIT Bank: CIT Bank offers a high APY of 0.45% and no monthly fees. They also offer mobile banking and a variety of savings products to choose from.
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Capital One 360: With an APY of 0.40% and no monthly fees, Capital One 360 is a solid choice for a high-yield savings account. They also offer online banking and a mobile app for easy access to your account.
NerdWallet's list of the best savings accounts feature options with great customer service, higher-than-average interest rates, and low or no fees. They also compare the best savings accounts for different types of savers, such as those looking to save for a specific goal or those who want to earn rewards on their savings.
It's important to remember that while high-yield savings accounts offer higher interest rates than traditional savings accounts, they may still not keep up with inflation. Many savings accounts are currently earning way less than the inflation rate, which means the money you've saved is actually losing spending power over time. To combat this, consider investing your money in other options, such as stocks, bonds, or real estate.
Overall, a high-yield savings account can be a great option for those looking to grow their savings faster. By choosing an account with a high APY and no fees, you can maximize your earnings and reach your financial goals sooner. Just remember to compare your options and choose an account that works best for your needs.
