Best High Yield Savings Account

Are you in search of a high-yield savings account that gives the best interest rate on your savings? In this article, we would be exploring the top 10 High-Yield Banks savings account and their interest rate. Given that interest rates change daily, it is advisable to check the table for the list of banks and their current interest rate before making a choice. Currently, the best bank with the highest savings interest rate is Customer Bank. It offers 2.25% APY and tops the list on the table

Top 10 High-Yield Banks saving accounts with interest rates from 2.00% APY and above.

Customers Bank

2.25% APY

Fitness Bank

2.20% APY

CFG Bank

2.15% APY

Element Financial Credit Union

2.10% APY

BrioDirect

2.05% APY

CFG Bank

2.05% APY

Memory Bank

2.00% APY

HSBC Direct

2.00% APY

First Foundation Bank

2.00% APY

State Bank of India (Chicago)

2.00% APY

One America Bank

2.00% APY


Note: Some Banks saving account are often referred to as "money market." The major difference between a money market and a saving account is that the money market allows the writing of check while savings account does not allow this. The banks listed above operate as savings account without the privilege of writing check. Below is a break down of each bank's method of operations and their condition for qualifying for the stipulated interest rates.

Customers Banks. Ascent Money Market

High-Yield Savings Account Interest Rate - 2.25% APY.

Although "money market" is used in the description of this bank, it does not allow the check-writing privilege related to the money market. The 2.25% APY would be guaranteed from 30, June 2020. The customer Bank offers a nationwide checking account. However, this is not available in AZ, AK NM or HI. The conditions for operating this account is stated below:

  • Monthly fee:  None

  • Mobile check deposit: No

  • Availability of CDs: Yes

  • Options for Checking available account: Yes

  • Initial deposit (minimum): $25,000

  • Minimum ongoing balance to be qualified for stated APY: $25,000

  • ATM Card: No

Fitness Bank

High-yield Saving Account Interest Rate - 2.20% APY

The average rate to be qualified for the 2.20% APY is $12,500. This is easily tracked with their smartphone app. However, there are other tiers with lesser interest rates. The conditions for operating an account with the bank are highlighted below:

  • Monthly fee - with the ongoing $100 balance, there is no monthly fee. If otherwise, the monthly fee is $10 per month

  • Mobile check deposit: No

  • Availability of CDs: No

  • Options for checking available accounts: No

  • Minimum ongoing balance to qualify for the stated interest rate: $100

  • Minimum initial deposit: $100

  • ATM card: No


CFG Bank

High-Yield Saving Account Interest Rate - 2.15%

The minimum ongoing balance to qualify for the interest rate is $25,000. Note that although there is a "money market" in the description of this bank, it does not give room for the check-writing privilege available in the money market. Hence it operates as a saving account. The conditions to operate this saving account is highlighted below:

  • Monthly fee: with the minimum initial deposit of $1000, there is no monthly fee. If otherwise $10/month.

  • Mobile check deposit: Yes

  • CDs availability Yes

  • Options for checking available account: No

  • Minimum ongoing balance to qualify for the interest stated above:$25,000

  • Minimum initial deposit:$1000

  • ATM card: No

Element Financial Credit Union

High-Yield Saving account interest rate - 2.10% APY

The 2.10% APY is only available for new customers with at least 12 months' savings. This implies that to be qualified for the interest rate, you should be a new customer with a 12 months statement cycle. Element Financial Credit Union can be joined with a $5 donation. The conditions for operating the account is stated below:

  • Monthly fee: None

  • Mobile check deposit: Yes

  • CDs Availability: Yes

  • Options for checking available accounts: Yes

  • Minimum ongoing balance to qualify for the interest rate stated above: $2,500

  • Minimum initial deposit:$0

  • ATM Card: Yes


BrioDirect

High-Yield Saving Account Interest Rate - 2.05% APY.

Conditions for operating and earning saving interest rate:

  • Monthly fee: No

  • Mobile check deposit: No

  • CDs Availability: Yes

  • Options for checking available accounts: No

  • Minimum ongoing balance to qualify for the interest rate stated above: $25

  • Minimum initial deposit: $25

  • ATM Card: No


CFG Bank

High-Yield Saving account interest rate - 2.05% APY

Although CFG offers a high-interest rate of 2.15% APY, it also offers a 2.05% APY to the top 20 with a minimum ongoing balance of $1,000. As already stated in the above, though this account has "money market" as part of its description, it does not offer the check-writing privilege available in money market. The conditions for operating this account are highlighted below:

  • Monthly fee: with the minimum initial balance of $1000, there are no monthly fees. If otherwise, the required monthly fee is $10

  • Mobile check deposit: Yes

  • CDs Availability: Yes

  • Options for checking available accounts: No

  • Minimum ongoing balance to qualify for the interest rate stated above: $1000

  • Minimum initial deposit: $1000

  • ATM Card: No


MemoryBank

High-yield saving interest rate - 2.00% APY

This bank has in its description "online money market,"  however it does not give room for check writing as prevalent in the money market. This means that it operates like a saving account and not a money market. The condition for operating the account is highlighted below:

  • Monthly fee: None

  • Mobile check deposit: Yes

  • CDs availability: No

  • Options for checking available accounts: Yes

  • Minimum ongoing balance to qualify for the interest rate stated above: $0

  • Minimum initial deposit:$0

  • ATM card: available only with a linked checking



HSBC Direct

High-yield saving account interest rate: 2.00% APY.

Conditions for operating and earning interest rate:

  • Monthly fee: None

  • Mobile check deposit: Yes

  • CDs Availability: Yes

  • Options for checking available accounts: Yes

  • Minimum ongoing balance to qualify for the interest rate stated above:$0

  • Minimum initial deposit: $1

  • ATM Card: No


First Foundation Bank

High-yield saving account interest rate: 2.00% APY

The only saving account type available nationwide in this bank is the online savings account. However, checking accounts and CDs are made available for customers who are residing close to NV, CA or HI. The conditions for operating this saving account is highlighted below:

  • Monthly fee: None

  • Mobile check deposit: Yes

  • CDs availability: Only in NV, CA and HI

  • Options for checking available accounts: Only in NV, CA and HI

  • Minimum ongoing balance to qualify for the interest rate stated above: $1,000

  • Minimum initial deposit:$1,000

  • ATM card: No



State Bank of India (Chicago)

High-yield saving account interest rates - 2.00% APY

Conditions for operating and earning interest rate:

  • Monthly fee: with a $500 ongoing balance, there is no required monthly, however, if otherwise, the required monthly fee is $10/quarter.

  • Mobile check deposit: No

  • CDs Availability: Yes

  • Options for checking available accounts: Yes

  • Minimum ongoing balance to qualify for the interest rate stated above: $0.01

  • Minimum initial deposit: $500

  • ATM card: No


One American Bank

High-yield saving interest rate - 2.00% APY

Conditions for operating and earning interest rates:

  • Monthly fee: None

  • Mobile check deposit: No

  • CDs Availability: Yes

  • Options for checking available details: Yes

  • Minimum ongoing balance to qualify for the interest rate stated above: $25,000

  • Minimum initial deposit:$25,000

  • ATM card: No


Having considered the banks that offered from 2.00% and above, the next questions that would be considered entails:

  1. How much can be earned with a high-yield bank savings account?

  2. The difference between High-Yield bank savings account and regular accounts

  3. Choosing a High-Yield Bank Savings Account

  4. Steps to opening a high-yield bank savings account

  5. Earning more with a high-yield bank savings account


How much can be earned with a high-yield bank savings account

If you are one of those who operate an official savings account, you would notice that the interest rate is very minimal in comparison to the banks analyzed above. This is partly because of the national 0.10% APY average interest for saving accounts enacted by the FDIC. Banking with any of the above high-yield bank gives you the privilege of reaping 25 times the national interest.

With the massive interest gap between official banks saving account and high-yield saving account, it is advisable to open an account with any of the banks stipulated above. In fact, regional banks, credit unions, and local banks offer lesser value than the average national interest. 2.00% APY interest and above on savings account is a lot more than getting 0.05% or 0.10% as interest rates.

Also, the amount that can be earned with a high-yield savings account requires being more flexible and reducing the extent you save in an official bank while increasing your savings with a high-yield savings account. Since it is not uncommon for Americans to have more than one account with the same bank, for instance, an individual can have both a checking and savings account in the same bank. Instead of this, it is good to transfer the savings account to a high-yield bank savings account.

Why does High-yield bank savings account pay so much?

  • Management System

The reason for this is very simple. High-yield banks saving accounts are operated by a separate breed of banks. Except for a handful of high-yield banks, many of them are online only. As a result, they don't have to worry about the expense of constructing a standard edifice for their banks.

  • Product Line

Most high-yield banks only operate a high-yield savings account alone. This limited their product line to a single product unlike the different options available in official banks. In official banks, there are account options: savings, checking, deposit, current, the deposit of certificates, credit cards, loans and many more. Again, streamlining the option to a single one reduces the expense of the high-yield savings account.

  • Limited Features

Another reason why high-yield banks pay so well is that they operate and limited features. For instance, electronic statements are made mandatory if not there would be charged for opting for paper statements. Most high-yield banks saving account don't have ATM. Their method of operation is simply by inflow and outflow by electronic transfer. Very few offer mobile checking deposits. All these and many more are reasons why a high-yield savings account pays very well.

Difference between a high-yield savings account and regular savings account

The major difference between these two types of savings account is in their method of operation examined above and their payout. The huge interest gap between the high-yield banks' savings account and regular bank saving accounts has made a significant impact on the response of people to the banks. The feeling of having two separate accounts at different banks also influences the response of people to the high-yield savings account.

However, regular and high-yield banks can be similar in other ways. For instance, they both operate the federal regulation that restricts withdrawal per six months. In both banks, interest is usually paid in a cycle of per month. But major requirements like minimum initial deposits and balance varies from institution to institution. Both banks also have their withdrawal and deposit option.

Why you should choose a high-yield  saving account

The most obvious reason you should choose a high-yield savings account is the interest rate. Although naturally, the highest interest rate would attract more people than the lowest, this should not be the major reason you should choose a high-yield bank. You may choose to go for the number 5 or 10 on the list considering some other factors explained below.

  • Requirements and Fees

Aside from the interest rate, part of the most common factor to consider when choosing a high-yield saving account is requirements and fees. The minimum initial deposit and the minimum balance to qualify for the interest rate are very vital to choosing a high-yield bank. You would notice that not all the banks operate a given amount for minimum balance and initial deposit, some give room for as low as nothing, in this case, you are free to deposit and withdraw as you want. These vital options usually influence the choice of high-yield banks to choose from.

  • Monthly fee

This is another important thing to take into consideration when choosing any high-yield bank savings account. The monthly fee is usually determined by whether your account falls below the minimum requirements for balance on any day during the monthly billing cycle or not. Also, if the number of your withdrawal in a month exceeds the given number of times, you may be charged an extra fee for your next withdrawal. According to the federal rules and regulations, the standard number of times for withdrawal in a month is six times. After this, any other withdrawal would attract an additional charge. The amount that would be is decided by the bank.

  • Other features

Another point to note when choosing a high-yield savings account is the other features. If for instance, you prefer to do mobile deposits, it is better to choose a bank that gives this option rather than choosing another and encountering difficulties later.

  • Rules and Regulations

Before choosing a high-yield bank, check the bank rules and regulations, especially in relation to linking external banks. Some banks do not give room for more than one external account while others allow up to three accounts. There are others that once you have linked an external account with it, you can't change the account again. It is advisable to check all these before making your choice.

How to open a high-yield banks savings account

For virtually all the high-yield bank saving account, the basic way to open the account is online. Once you are through with going through the requirements, interest rates, features, and characteristics, the next option is to start filling the necessary information online.

Next, if the bank you choose operates with an initial deposit requirement, you might have to first link an external account so that you will have your routing and account number before opening the account. Although some banks would allow you to open the account before making a deposit, this is usually within a stipulated number of days.

Having completed the account opening requirement, you may be enrolled in online banking immediately or be required to wait until you receive a notification containing your account details before using the account. In either, once you have completed your account opening requirement, the next option is to download the banking app on your smartphone and continue your transactions through the app.

Once you login through the app, the next option is to decide which alert option you want to use. The two available option to choose is through email or phone number. Whichever way, when you make a withdrawal, deposit or want to check your statement of account, you can do this through any of these two or both.

Using High-Yield Banks Saving Account to your advantage

The main key to using the high-yield bank savings account to your advantage is saving more than you withdraw.

Finally, opening a high-yield savings account is a very smart move to earn more for your savings. Take your time to do the necessary findings before choosing any of the high-yield banks available online. Note that, the more you save, the more you earn.


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