A high-yield savings account is one that pays a higher interest rate than traditional savings accounts. This can be an excellent way to increase the value of your savings, especially if you have a large balance.
The following are the top five high-yield savings accounts for 2023:
- CIT Bank Savings Link
The CIT Bank Savings Connect account has one of the highest APYs in the country at 4.05%. There are no monthly fees or minimum balance requirements. You can also earn up to $5 per month in ATM reimbursements.
- Synchrony Bank’s High Yield Savings Account
The 4.00% APY on the Synchrony Bank High Yield Savings account is one of the highest rates in the country. There are no monthly fees or minimum balance requirements. You can also earn up to $5 per month in ATM reimbursements.
- Cornerstone Money Market Savings at Vio Bank
The 3.95% APY on the Vio Bank Cornerstone Money Market Savings account is one of the highest in the country. There is a minimum balance requirement of $100 and there are no monthly fees. You can also earn up to $10 per month in ATM reimbursements.
- Bask Interest Savings
The Bask Interest Savings account has an APY of 3.90%, which is one of the highest rates in the country. There are no monthly fees or minimum balance requirements. You can also earn up to $15 per month in ATM reimbursements.
- EverBank High Yield Savings Account
The EverBank High Yield Savings account has a 3.85% APY, which is one of the highest in the country. There are no monthly fees or minimum balance requirements. You can also earn up to $5 per month in ATM reimbursements.
How to Select the Best High-Yield Savings Account
There are a few things to consider when selecting a high-yield savings account:
- The interest rate. When selecting a high-yield savings account, the most important factor to consider is the interest rate. To get the best deal, make sure to compare rates from multiple lenders.
- A minimum balance is required. Some high-yield savings accounts require a minimum balance. Choose an account that has a minimum balance requirement that you can meet.
- Monthly charges. Monthly fees are charged by some high-yield savings accounts. Choose an account that has no monthly fees or that has monthly fees that you can waive.
- Reimbursement for ATM transactions. Some high-yield savings accounts reimburse ATM fees. This can be an excellent way to offset ATM fees.
- Customer care. It is critical to select a high-yield savings account with excellent customer service. Examine online reviews to learn what other customers think about the lender’s customer service.
Opening a High-Yield Savings Account
You will typically need to provide your name, address, date of birth, and Social Security number to open a high-yield savings account. You may also be required to provide information about your employment and income.
After you apply for a high-yield savings account, the lender will review it and either approve or deny it. If your application is approved, you will be required to make a minimum deposit into your account.
You can begin earning interest on your savings once your account is funded!
Additional advice on how to use a high-yield savings account
- Set up automatic transfers from your checking to your high-yielding savings account. This will allow you to save money without even thinking about it.
- Save for a specific goal, such as a down payment on a house or a new car, in your high-yield savings account. This will keep you motivated and on track to achieve your goal.
- Remember to compare rates from different lenders on a regular basis. This will assist you in ensuring that you are receiving the highest possible interest rate on your savings.
High-yield savings accounts can help you earn more money from your savings. By following these guidelines, you can select the best high-yield savings account for you and begin earning interest on your savings right away.
Here are a few more hints for using a high-yield savings account:
- As an emergency fund, use your high-yield savings account. An emergency fund is money set aside for unanticipated expenses such as job loss or a medical emergency. Save enough money in your emergency fund to cover three to six months of living expenses.
- Save for short-term goals in your high-yield savings account. Short-term goals are things you want to save for in the coming years, such as a vacation or a new car. Because you can access your money quickly and easily, high-yield savings accounts are a good place to save for short-term goals.
- Make use of your high-yield savings account as a holding area for your investments. If you intend to invest in stocks, bonds, or other securities, your high-yield savings account can serve as a staging ground. This means you can keep your funds in a secure and liquid location until you are ready to invest.
It is important to note that FDIC-insured high-yield savings accounts do not exist. This means that if the bank fails, your money is not protected by the government. High-yield savings accounts, on the other hand, are generally regarded as safe and dependable.
If you are thinking about opening a high-yield savings account, make sure to compare rates from different lenders and select the best account for you.
