High Yield Savings Accounts: A Review of the Best High Yield Savings Accounts You Can Save with

Making a savings plan is aimed at securing your money at the same time multiplying your money in the form of interests. Many people who have invested in real estate start it off by keeping their money on a savings plan before cashing them out to invest in such an investment. As you keep your money as savings, you can do it in a High Yield Savings Account that offers relatively high-interest rates than traditional bank accounts.

If you have been looking for the best way you can save your money and still earn great interest rates, then this article is for you. Let’s read together to the end!

What is a High Yield Savings Account?

A High Yield Savings Account is a money-saving account that pays higher interest rates than traditional savings accounts. Here, you can also earn interest on the accumulated interest when you open the High Yield Savings Account. This is possible with their compound interest that allows you to gain interest in the interests accumulated.

The High Yield Savings Account further offers a high annual percentage yield (APY), which means that your money will grow faster than when you keep the money on the traditional savings accounts.

The average annual percentage yield on many savings accounts nationally is about 0.07% of your savings. This is according to the Federal Deposit Insurance Corporation (FDIC). The High Yield Savings Account goes above this and gives you an Annual Percentage Average of about ten times the 0.07% offered by traditional savings accounts.

The Best High Yield Savings Account You Can Save In

Here are the best High Yield Savings Accounts that you can invest with.

Ally Bank Online Savings Account

Ally Bank Online Savings Account is one of the best High Yield Savings Accounts that you can open online at the comfort of your home. As their customer, they allow you to sign up and open a High Yield Savings Account and link your account to your checking account with ease.

Here is its overview;

APY: 0.50%

Required Minimum Balance: None

Overdraft Fees: $25

Checking Account: Yes

ATM Access: Yes! If you have a checking account

Pros

There is no minimum balance required

It guarantees you an option to add a checking account

Allows for ATM access if you have a checking account

You can freely make up to 6 free withdrawals and transfers in every statement cycle

It does not require monthly maintenance fees

Cons

If you make more than six transactions in a statement cycle, you will be required to incur an extra fee of $10.

Alliant Credit Union

The Alliant Credit Union allows you to bank with them on your own terms. After you open an account with them, you can easily and in a convenient way manage your money via their mobile app or even access your account through an ATM through their numerous ATM outlets.

Opening an Alliant Credit Union High Yield Savings Account is simple and straightforward. You can do it in three simple steps:

1. Bring together your personal information, including your identity cards issued by the government and even your social security number.

2. Fill your online application.

3. Wait for your application to be approved. After it is approved, fund your assigned account through online banking or via the Alliant mobile app.

Minimum Deposit: $5

Monthly Maintenance Fee: None

ATN Access: Yes

Checking Account: Yes

APY: 0.55%

Pros

Allows you to access your account 24/7

You can easily and conveniently make deposits to your account through a mobile app.

It allows you to transfer money within the Alliant online savings account

BrioDirect High Yield Savings Account

The BrioDirect High Yield Savings Account gives you an opportunity to give your savings an extra boost. You can open this account easily through an online platform. All you need is to fill an online form with your bio data, including the passport number or state ID, social security number, or even the driver’s license.

After opening the BrioDirect High Yield Savings Account, you can link it to your MasterCard to make it easy for you to access the account anytime.

Here is its overview;

APY: 0.55%

Minimum Deposits: $100

Required Minimum Balance: $0.01

Monthly Fees: None

Checking Account: Yes

CDS Available: Yes

Pros

This account does not require any monthly maintenance fee

You can make up to six transactions without being charged any transaction fees

It allows you to access e-statement allowing you to track all your transactions

The BrioDirect accounts are insured with FDIC making your money safe

Cons

You will be charged transaction fees when you make more than six transactions.

Synchrony Bank High Yield Savings Account

The Synchrony Bank High Yield Savings Account allows you access to an Annual Percentage Yield of 0.50%, and you can start earning the interest as soon as you make your deposit. The best part of Synchrony Bank High Yield Savings Account is that the interest is compounded daily, and you have credited the interest monthly on the statement date.

Accessing your cash in Synchrony Bank High Yield Savings Account is simple; through the ATM card that allows you to make unlimited withdrawals.

APY: 0.50%

Required Minimum Balance: None

Monthly Fees: None

Overdraft Fees: None

Checking Account: No

ATM Access: Yes!

Pros

There is no minimum balance required for the account

It allows you to easily and conveniently access your account through your ATM

There are no monthly fees charged

Cons

If you make more than six transactions in a statement cycle, your account may close.

Lending Club High Yield Savings Account

Lending Club High Yield Savings Account is also among the best high yield savings accounts that you can trust with your savings. Here, you will gain access to a high interest, freedom from monthly fees, and you can easily open this account online by just filling an online form.

Here is its overview;

APY: 0.60%

Minimum Deposits: $100

Required Minimum Balance: $2,500

Monthly Fees: None

Checking Account: Yes

ATM Card: Yes

Mobile Deposits: Yes

CFG High Yield Savings Account

CFG High Yield Savings Account is here to give you the best way to grow your money with different savings options. Depending on your preference, you can choose to save your money for 12 months, 13 months, 18 months, 36 months, and 60 months.

Here is its overview;

APY: 0.59%

Minimum Deposits: $1000

Required Minimum Balance: $2,500

Monthly Fees: None

Checking Account: No

ATM Card: No

CDS Available: Yes

What Should I Consider Before Choosing a High Yield Savings Account?

There are a number of factors that you need to have in mind when deciding on the financial institution or bank to open your high yield savings account with. Some of such factors include;

The Annual Percentage Yield (APY) is the interest you will earn when you make your initial deposit plus the compounded interests on the earned interests. The higher the APY, the higher the interest you will earn.

The Rate Changing Frequency- apart from the APY, you also need to check how often the financial institution changes its rates.

The Required Minimum Deposit is another factor to consider as you try to get the best high yield savings account. Some accounts may require $0, while others may require up to $10000 minimum deposit. Here you need to check on your budget and choose the one that favors you.

Some other factors to consider are the minimum balance required and the withdrawal options the financial institution offers.

Bottom Line

Apart from gaining interest in your saved money, you can choose to open high yield savings account for several reasons, including; keeping an emergency fund, holding your money as you set up an investment plan, and many more. Grow your money easily with a high-yield savings account.