Best High Yield Savings Accounts in U.S. – Money Pacers
Best High Yield Savings Accounts in U.S.

Best High Yield Savings Accounts in U.S.

Banking (MP) Looking for “High Yield Savings Accounts,” maybe the best place to start is with online banking. We use our savings accounts to set aside money we might need for quick use, but ideally we’d like to save. A savings account is great for building an emergency fund or setting aside money for a large purchase or vacation. I always suggest my clients organized their savings in categories. Ideally, you want to park 35% of your funds into high yield savings accounts, 35% into Short-term CDs, another 15% into Long-term CDs and at least 15% in Money Market Accounts.

But, remember if you’re hoping to earn the maximum amount of interest on your savings, you’ll be better off with a CD or money market accounts, which requires that you leave your investment alone for a set amount of time. But, for the benefit of those looking to park money they can easily access a high yield savings account may be right up your alley. First, let’s look at the benefits of banking online with high yield savings accounts.

Why look for high yield savings accounts online?

Because online banks have no physical branches they offer the Best “High Yield Savings Accounts” rates. You get the savings because they have no people and maintenance costs. The result is more money and more high interest savings. Better still, online savings accounts are easy to reach and maintain. You have to manage your account online, but you can get access to your money 24/7 and transfer it between accounts anytime. You can’t talk to a representative in person, but they’re always available online or over the phone. And, if you need to withdraw money or deposit checks, you can always do that via mail, usually for free. By federal law, you’re limited to six withdrawals a month with any savings account, online or otherwise, so you won’t need to worry about that much. In a nutshell if you’re tech-savvy, online savings account is an incredibly convenient way to do your banking.

Best High Yield Savings Accounts in U.S

Banks with best high yield savings accounts rates

1. Ally Bank – Online High Yield Savings – 0.99% APY*

Besides being a pretty shade of purple, Ally’s online banking system has some high yield savings accounts in the business. And as well as sending checks by mail, you can scan and upload them yourself with Ally eCheck Deposit, or just take a picture with your smart phone and deposit the check via Ally’s mobile app. Ally also lets you link to an unlimited number of external bank accounts, for when you happen to have lots of accounts.

2. Capital One 360 – Online High Yield Savings – 0.75% APY*

Capital One 360’s online is a high yield savings accounts option that provides great benefits: a high interest rate, no fees, and easy access via mobile app or online banking. The 360 Savings account also offers some added perks such as the ability to split your account into multiple sub-accounts, give them names like “Vacation Fund”, and transfer money to these automatically. This is perfect for the highly organized super saver.

3. Discover Bank – Online High Yield Savings – 0.90% APY*

Discover makes it easy to manage your high yield savings accounts and Discover card online. The Discover Online Savings account has no monthly fee or minimum balance, however it does require a $500 minimum deposit to open the account. Use their online calculator to determine your interest earnings over a time and compare against national averages. You can get access to both from the same mobile app, too.

4. MyCBB – Personal Money Market – 0.83% APY*

MyCBB is another best option for anyone pissed-off with the state of their current savings. Their Personal Money Market rates are super competitive for a minimum opening deposit of $1,000. And you can get access to your money online or with your smartphone to deposit checks or pay bills. But this high yield savings account doesn’t just stop there – MyCBB’s amazing product lineup also includes a free checking account, which earns 0.79% APY and offers access to 24,000+ free ATMs nationwide.

5. Barclays Bank – Online – 1.00% APY*

Although basically headquartered outside of the U.S., we had to include Barclay’s. The British banking giant has a lot to offer for people across the board. Their high interest savings account rate is one of the best in the nation. There’s no minimum balance requirement or monthly fee. While the Barclay’s online bank accounts stick to the basics, you can still make deposits via online transfer, snail mail or remote deposit capture using your phone or computer.

Don Briscoe
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Don Briscoe

Finance educator, advisor, and leading voice in the global financial literacy movement.Founder and editor of lives and enjoys life with his family in New York.
Don Briscoe
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