Welcome Back To Another Article on this site. Today Cryptojacksmoney will provide rate information on the most popular 8 Best High Yield Savings Accounts in 2024.
High-yield savings accounts are ideal places to park your money when you want your savings to grow. 8 best high-yield savings accounts have annual percentage yields, or APYs, about 10 times higher than the national average rate of 0.45%.
High-yield savings accounts provide a safe and profitable method to build your assets while earning higher interest rates than regular accounts. As interest rates change and financial institutions compete, the top high-yield savings accounts in 2024 stand out due to their competitive rates, low fees, and customer-friendly policies. Here’s a detailed look at the top eight alternatives for this year.
8 Best High Yield Savings Accounts in 2024
Here are 8 of the best high-yield savings accounts in 2024, known for offering competitive interest rates, low fees, and excellent customer service:
- CIT Bank Platinum Savings – 4.65% APY
- LendingClub Bank High-Yield Savings – 5.00% APY
- American Express® High Yield Savings Account – 4.25% APY
- EverBank Performance℠ Savings – 5.05% APY
- Nexbank high-yield savings account – 5.26% APY
- UFB Direct High Yield Savings – 5.25% APY
- SoFi Checking and Savings – 4.60% APY
- TAB Bank High Yield Savings – 5.27% APY
You can find more details about our methodology below:
1. CIT Bank Platinum Savings – 4.65% APY
Overview
CIT Bank, a division of First Citizens Bank, is an online bank with customers across all 50 states. We offer savings, CDs, and checking accounts with competitive rates to maximize your savings. Your money is protected–we are a member of the Federal Deposit Insurance Corporation (FDIC).
If you tend to carry high balances — at least $5,000 — this account is worth a look. If you don’t plan to deposit that amount, however, the bank also offers other savings accounts with yields that are better than 0.25% APY. But the top rates on those accounts aren’t as high as the Platinum Savings rate. Keep in mind there are high-yield accounts at other banks that don’t have this high deposit requirement.
Despite the higher threshold to earn the high rate, the account’s minimum opening deposit is only $100. There is also no monthly fee.
- Minimum Opening Deposit: $100
- Monthly fees: No
Pros
Cons
2. LendingClub Bank High-Yield Savings – 5.00% APY
Overview
LendingClub Bank’s High-Yield Savings account offers a 5% annual percentage yield (APY) on your entire balance and doesn’t have monthly maintenance fees or minimum balance requirements after the initial deposit. You can open an account with a minimum deposit of $100, which can be made by debit card or transfer from another bank account. Once the account is open, you can withdraw funds for free at MoneyPass or SUM ATMs using your LendingClub debit card, or make an external transfer (ACH) to another financial institution.
- Minimum Balance to Earn Highest APY: None
- Minimum Opening Deposit: $100
- Monthly Service Fee: $0
Pros
Cons
3. American Express® High Yield Savings Account – 4.25% APY
Overview
American Express’ High Yield Savings Account (HYSA) is an FDIC-insured savings account with a competitive interest rate, no minimum deposit or balance, and no monthly fees. As of July 2024, the APY is 4.25%, and interest compounds daily and is deposited monthly.
You can deposit money by check or transfer from a linked checking account, and withdraw money by electronic bank transfer, wire transfer, or physical check. You can manage your account online or through the American Express mobile app.
- Minimum Balance to Earn Highest APY: No minimum balance is required
- Monthly Fees: No
- Minimum Deposit: $0
Pros
Cons
4. EverBank Performance℠ Savings – 5.05% APY
Overview
EverBank is an American diversified financial services company that offers banking and investment services largely through a direct bank. It’s based in Jacksonville, Florida. It is held by funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, Bayview Asset Management, and TIAA. It is ranked among the major banks in the United States.
The EverBank savings account meets the expectations of a top high-yield product. It has a competitive APY, no minimum to start an account, and no monthly fees. EverBank also provides CDs, a high-yield money market account, and an interest checking account with ATM fee reimbursement.
- Minimum Opening Deposit: $0
- Monthly Service Fee: EverBank doesn’t charge a monthly maintenance fee
- Available deposit products: Checking, savings, CDs, money market
Pros
Cons
5. Nexbank high-yield savings account – 5.26% APY
Overview
NexBank’s High-Yield Savings Account provides one of the highest APYs available for a savings account: 5.26% (at the time of writing). The high-yield savings account has no monthly fees and requires a minimum starting deposit of $1. It’s powered by Raisin, therefore you’ll need to transfer funds to the Raisin platform to begin saving.
High-yield savings accounts pay a greater interest rate than standard savings accounts, allowing your money to grow quickly while it sits in the account. These accounts’ interest rate is known as the annual percentage yield, or APY. The higher your annual percentage yield, the faster your money will grow.
- Minimum Opening Deposit: $200
- Monthly Service Fee: $3
- ATM card Available: No
Pros
Cons
6. UFB Direct High Yield Savings – 5.25% APY
Overview
UFB Direct is an online bank that provides 24/7 online access via its PC or mobile app. Check your account balances, review your transaction history, and transfer funds.
UFB Direct provides a free, high-yield savings account with no minimum deposit or monthly maintenance fees. Earn up to 5.25% annual percentage yield (APY), comparable to the top overall high-yield savings accounts.
- Minimum opening deposit: $0
- Monthly fees: $10 maintenance fee waived with a $5,000 balance
- ATM card Available: Yes
Pros
Cons
7. SoFi Checking and Savings – 4.60% APY
Overview
SoFi Checking and Savings is a savings account that pays an annual percentage yield (APY) of 4.60% (variable and subject to change) on funds held in the savings component. To earn that rate, you must do one of the following: Set up direct deposit for any amount or make manual deposits of at least $5,000 every 30 days. Without a direct deposit or the required manual deposit, you will earn 1.20% APY on the sum of your savings.
- Minimum Opening Deposit: $0
- Monthly fees: No
- ATM card Available: Yes
Pros
Cons
8. TAB Bank High Yield Savings – 5.27% APY
Overview
Since 1998, TAB Bank has served small businesses, families, and individuals across the country through its technology-driven online banking platform.
TAB Bank’s savings account rate is highly competitive and one of the top high-yield savings account alternatives available today. It is also known for its truck driver-specific bank account. TAB Bank’s High Yield Savings Account does not require a minimum initial deposit and has no monthly maintenance fees. TAB Bank pays the same rate on all balances. (Of course, you’ll want to ensure that you’re within FDIC insurance limitations and requirements.)
- Minimum Opening Deposit: $25
- Monthly fees: $0
- ATM Card Available: Yes
Pros
Cons
What Is a High-Yield Savings Account?
A high-yield savings account is a type of savings account that offers significantly higher interest rates compared to traditional savings accounts. These accounts are typically offered by online banks or credit unions and are designed to help savers grow their money faster. With a high-yield savings account, you can earn more interest on your deposits while still enjoying the safety and accessibility of a standard savings account, often with minimal fees and no minimum balance requirements.
Are high-yield savings accounts safe?
Yes, high-yield savings accounts are generally safe as they are typically offered by FDIC-insured banks. This insurance protects your deposits up to $250,000 per depositor, per bank, in case the bank fails. However, it’s important to choose a reputable bank and review its terms and conditions.
How much money should I have in high-yield savings?
There is no set amount to put in a high-yield savings account, but a good rule of thumb is to have enough cash to cover three to six months of spending. This can help you recover from financial setbacks, such as losing your job. Some experts advise saving even more, such as six to twelve months of costs, or eight months to account for the time it may take to find a new work. Others believe you don’t need to save anything if you have less debt, decent insurance, and other liquid investments.
Key Considerations When Choosing a High-Yield Savings Account
When selecting the best high-yield savings account for your needs, consider the following factors:
- APY (Annual Percentage Yield): The higher the APY, the more interest you’ll earn on your savings.
- Fees: Look for accounts with no monthly maintenance fees to maximize your earnings.
- Minimum Balance Requirements: Some accounts require a minimum balance to earn interest or avoid fees.
- Accessibility: Ensure the bank offers a user-friendly online or mobile platform for easy access to your funds.
- Customer Service: Good customer support can be crucial if you encounter issues or have questions about your account.
FAQs
What is the limit on a high-yield savings account?
Most high-yield savings accounts come with FDIC or NCUA insurance on deposits up to $250,000 per account, per depositor.
Which banks offer the best high-yield savings accounts in 2024?
Some of the top banks offering the best high-yield savings accounts in 2024 include CIT Bank, EverBank, TAB Bank, and American Express® High Yield Savings Account. These banks are known for their competitive APYs and excellent customer service.
Are there any fees associated with high-yield savings accounts?
Most high-yield savings accounts have minimal fees. Some accounts may have no monthly maintenance fees or minimum balance requirements, but it’s important to read the terms and conditions of each account to be sure.
