May 27, 2024

Best High-Yield Savings Accounts 2023

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A few factors determine your best high-yield savings account, including your credit score and income. A better credit score will help you get a lower interest rate, while a higher income could increase the money you can save over time. A high-yield savings account is a great place to start if you want to save money. These accounts typically offer higher APYs than traditional savings accounts and don’t incur monthly maintenance fees. 

But before opening an account, consider your financial goals and preferences. Also, choose a bank with an online-only option or physical branches.

Primis Bank

Primis Bank is a tech-first financial institution that offers checking, savings, and CDs, among other services. Its banking products are offered through 42 full-service branches in Virginia and Maryland.

The bank’s high-yield savings account offers a top annual percentage yield of 5.03% and a $1 minimum deposit. It’s a good choice for savers looking to earn a higher interest rate who want to avoid paying monthly fees or balance caps.

Before you open a high-yield savings account, it’s important to consider your goals and financial habits. It would help if you also considered factors like the APY, compounding frequency (daily, weekly, monthly), and minimum balance requirements.

Varo Savings Account

Varo Savings Account is a great option for those looking to earn a high-interest rate on their savings. Its FDIC-insured savings accounts have an impressive APY, ranging from 1.20% to 5%.

It also offers a credit-building secured card and emergency cash through Varo Advance, which can help consumers meet emergencies without worrying about overdraft fees. In addition, Varo has an excellent mobile app that is easy to use.

The Varo Bank Savings Account features a competitive 3.00% APY. Still, it also has a unique tiered APY program that can boost the rate to 5.00%. However, to qualify for this APY, you must make at least five purchases using your Varo Visa(r) Debit Card and have direct deposits totaling $1,000 or more monthly.

Ally Bank Online

Suppose you’re looking for a high-yield savings account with a competitive interest rate. In that case, Ally Bank Online may be your best option. This digital bank offers high-yield savings and checking accounts with no minimum balance requirements and no monthly maintenance fees.

Its 3.40% APY applies to all balance tiers, and interest is compounded daily. In addition to no monthly maintenance fees, it doesn’t charge excessive transaction fees, overdraft items paid or returned standard ACH payments, or outgoing domestic wires.

Ally Bank Online also offers savings buckets and Surprise Savings, which help savers organize their finances and visualize progress toward their goals. The buckets feature allows savers to categorize funds into 10 savings buckets for specific financial goals, such as a vacation or house down payment.

Upgrade

A high-yield savings account is a great option for borrowers who want a competitive interest rate and easy access to their money. In addition, these accounts often come with no minimum deposit requirements and no monthly fees. If you’re looking for a high-yield savings account, consider the Everyday Savings account from Upgrade. It pays a 3.5% annual percentage yield, among the industry’s highest rates.

Upgrade offers a Rewards Checking account with no monthly fee and cash back on purchases. These rewards include 2% cash back on purchases at drug stores, restaurants, and gas stations and 1% on debit card transactions.

Marcus Online Savings Account

The Marcus Online Savings Account is a great option for savers who want to maximize their interest in their savings. It offers a high APY and various perks, including same-day transfers.

It also has no monthly maintenance fee and doesn’t require a minimum balance. That’s a big deal for savers concerned about paying fees, which can detract from their interest.

The Marcus Online Savings Account also offers a targeted offer for new customers. You can get a cash bonus of $100 when you deposit $10,000 or more within 90 days.

Blog received on Mail by Jane Du

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