The best high-yield savings accounts
6 best current high yield online savings accounts
What is a high yield savings account?
This is a type of federally insured account that yields rates better than the national average. Being able to earn about 3% APY. The average national savings is 0.30% APY.
How much interest will I earn on $100,000 after a year in a high-interest savings account?
If your amount is in an account that provides a strong rate, your balance will build up faster without any extra stimulus. With an APY of 3%, a savings amount of $100,000 would add up to just over $3000K after one year. With better results than an account with 0.30% APY which would be around $300 USD.
Are the highest APY savings accounts easy to access?
With online banking, you can securely view your account at any time. Online banks, credit unions and non-bank providers offer some of the best rates in the industry, charging less fees than traditional banks. They also make a habit of offering great mobile services that often allow you to deposit checks and pay bills.
How to acquire an account with the best rates on the market
You can purchase an account online or in person. You will need to provide your Social Security number and contact information, with at least one form of identification, such as a driver’s license or passport. Remember that sometimes you will be asked for your first deposit when opening your new account, with cash being your first total balance.
The best high-yield savings accounts help raise funds faster than average accounts. The accounts presented below can help you raise your emergency fund or save on your next purchases.
The best high-yield online savings accounts are:
- Discover Bank Online Savings with 3.30% annual percentage yield.
- Marcus by Goldman Sachs Online Savings Account with 3.30% annual percentage yield.
- American Express High Yield Savings Account with annual percentage yield of 3.30%.
- LendingClub High-Yield Savings with an annual percentage yield of 3.60%.
- Citi Accelerate Savings with annual percentage yield of 3.40%.
- SoFi Checking and Savings with annual percentage yield of 3.50%.
Are High Yield Savings Accounts Safe?
Yes. They are federally insured for up to $250,000 per customer.
How to open a high yield savings account
Once you’ve located an account of your choice, you’ll need to fill out an online application. The bank may ask you for the following information and documents:
- Email address.
- Phone number.
- Birth date.
- Social Security number.
- Your driver’s license number or other government-issued photo ID.
- Funding source account information.