If your plan for saving money involves a mattress or piggy bank, you might want to reconsider. Not only do savings accounts make it easy for you to deposit and withdraw your money, but they also offer interest rates that can help grow your savings. And if you're looking to score a competitive savings rate now or in the future, use this rule to ensure you're getting the best APY: compare rates from multiple banks.
Discover today's top rates and current average yields for traditional and high-yield savings accounts. While traditional savings accounts typically offer lower interest rates, high-yield savings accounts offer higher rates, making them a great option for those looking to maximize their savings. And lately, investors have many options to boost their savings. A few of the best investments that offer competitive returns and no risk to your principal include high-yield savings accounts, certificates of deposit (CDs), and money market accounts.
One of the newest high-yield savings accounts on the market is Apple's recently launched account administered by Goldman Sachs, offering 4.15% APY on your savings. Apple's announcement of its new savings product has created a buzz in the financial world. Apple Card users can now opt for a savings account that offers a higher interest rate than many other savings accounts on the market.
But before you rush to open an Apple Card Savings account, it's important to compare it to other high-yield accounts today. With interest rates rising and regional banks suffering, a number of new entrants have entered the market for high-yield savings accounts. These banks often offer competitive rates and come with the added peace of mind of being FDIC-insured.
Here are five banks that could be a better fit for you than the Apple Card Savings account:
Ally Bank: Ally Bank offers a high-yield savings account with no monthly maintenance fees, no minimum balance requirements, and a competitive interest rate of 1.90% APY.
Marcus by Goldman Sachs: Marcus by Goldman Sachs offers a high-yield savings account with no fees, no minimum deposit, and a competitive interest rate of 1.90% APY.
American Express National Bank: American Express National Bank offers a high-yield savings account with no fees, no minimum deposit, and a competitive interest rate of 1.90% APY.
Barclays Bank: Barclays Bank offers a high-yield savings account with no fees, no minimum deposit, and a competitive interest rate of 1.90% APY.
Capital One 360: Capital One 360 offers a high-yield savings account with no fees, no minimum deposit, and a competitive interest rate of 1.80% APY.
When comparing high-yield savings accounts, it's important to consider factors such as interest rates, fees, and minimum deposit requirements. You should also consider the bank's reputation, customer service, and online banking capabilities.
In addition to high-yield savings accounts, there are other ways you can maximize your savings. For example, you can open a certificate of deposit (CD), which typically offers higher interest rates than savings accounts but requires you to lock up your money for a set period of time. You can also consider a money market account, which typically offers higher interest rates than savings accounts but requires a higher minimum balance.
In conclusion, finding the best high yield savings account for your money requires research and comparison. While Apple's new savings account offers a competitive rate, it's important to consider other high-yield accounts on the market to ensure you're getting the best rate and terms for your needs. By doing your research and comparing rates, you can maximize your savings and achieve your financial goals.