How To Choose Your High Yield Savings Account
There are many high yield savings accounts out there that change their annual percentage yield (APY) according to the Fed rate. When the economy is facing a downturn, the fed will sometimes lower interest rates to make it easier for consumers to borrow or invest their money. This allows people to take out loans and spend more money which helps the economy grow. Basically, the lower the interest rate the better it is for borrowers, but not good for savers. When the economy is doing good, the opposite happens. Nevertheless, in the long run, a high yield savings account is a good no matter how the economy is doing. A high yield savings account is usually better than your normal savings account that gives you around 0.01% APY.
Below Are 10 High Yield Savings Accounts - Updated 12/14/2024
| Name | APY | FDIC Insured | Fees | Minimum Deposit |
|---|---|---|---|---|
|
Apple Savings |
3.90% |
Yes |
No |
No |
|
Marcus by Goldman Sachs High Yield Savings Account |
3.90% |
Yes |
No |
No |
|
Ally Online Savings Account |
3.80% |
Yes |
No |
No |
|
SoFi Checking and Savings |
4.00% |
Yes |
No |
No |
|
LendingClub High Yield Savings Account |
4.75% |
Yes |
No |
$100.00 or more to open account |
|
Western Alliance High Yield Savings Account |
4.46% |
Yes |
No |
$1.00 Minimum Initial Deposit |
|
Citizens High Yield Online Savings Account |
3.90% |
Yes |
No |
$0.01 Minimum Initial Deposit |
|
PNC High Yield Savings |
4.15% |
Yes |
No |
No |
|
Synchrony Bank High Yield Savings |
4.10% |
Yes |
No |
No |
|
American Express High Yield Savings Account |
3.90% |
Yes |
No |
No |
What High Yield Savings Account Should I Use?
It’s important to compare multiple options and consider your individual financial goals and needs before making a decision. You can do your own research to gather more specific information about their high yield savings account offerings. I personally use Apple Savings due to the convenience of having it on my Iphone and linked to my apple account.
What Can You Use A High Yield Savings Account For?
There are many uses for a high yield savings account. You may use it for emergencies such as losing your job, repair bills, medical bills, and rent. It is recommended to save at lease 3-6 months worth of living expenses. High yield savings account is a good way to save and have money available whenever you need it.