Best High-Yield Savings Account
A high-yield savings account earns rates much higher than the national average, typically, around 1.5% APY. To compare, in the best high yield savings account, your balance will grow faster without any additional effort. However, after one year, a balance of $10,000 would earn about $10 in an account with a 0.1% APY. That same balance would earn about $150 in an account with a 1.5% APY, and the national savings average is 0.06% APY.
HSBC
HSBC is one of the largest international banks, offering the best high yield savings account with a growing presence in the US. They offer one of the highest rates at 1.6% APY, and there are no minimum balance requirements! Additionally, they offer great bonuses for signing up for their accounts; FDIC insured. The savings account evaluation is based on their annual interest rate, minimum balance, including terms and conditions.
Capital One
Capital One is a credit card company, having extremely competitive online savings accounts with the best high yield rates. Moreover, they have also become known for having top-notch banking products such as Capital One 360. You can earn 1.5% APY, $0 minimum to open, and no monthly account maintenance fees. Now through May 31, 2020, you can get up to a $500 bonus offer if you complete the qualifying deposits! In the same way, use the code SCORE500 when applying! It could be an easy fit.
CITI Bank
The CITI Bank accounts consistently have one of the best high yield interest rates offered to consumers. Although, their platform is incredibly easy to use with either a $25,000 balance or only needing $100 to get started. Right now you can earn up to 1.45% APY on your entire balance. There are no gimmicks with CITI Bank; you must meet the criteria to earn the highest interest rates. They make it easy to get started with a savings account with a $100 per month deposit.
Marcus
Marcus is a great choice for people looking for the best high yield savings account with consistent high-interest rates. There are no fees, and no minimums, plus, they have generous transfer limits to get money in and out of the account. You can earn 1.3% APY on deposits, but they don’t offer a mobile check deposit. This could make it difficult if you have an “old fashioned” check to deposit.
Nationwide
Nationwide also offers banking products. Its MySavings product is one of the best high-yield savings accounts – with a great APY. And no crazy requirements! You can currently earn 1.7% APY with no minimum balance requirements. You only need $100 to open the account, and there are no monthly fees associated with this account. The Nationwide savings account has good mobile banking, mobile deposit, and more.
American Express
American Express is best known as a credit card company. The bank offers Amex Personal Savings, which consistently pays the best interest rates in a savings account. Moreover, it may not be the best on this list, but it is consistently near the top, and that doesn’t change much annually. You can earn 1.50% APY, they only have $1 minimum to open and there are no account maintenance fees. Plus, if you already use American Express for other products, it could be an easy fit in all online transactions.
UFB Direct
UFB Direct is the current market leader for best high yield savings accounts at 1.7% APY, with a $10,000 deposit or more. This is a highly rated savings account, if you have a balance over $10,000, you can get the market-leading APY. Combine their high yield savings account with the $0 monthly maintenance fees for an online high yield savings account. However, if you can’t clear that balance requirement, the account pays 0% APY, if you are less than $10,000.
