Wallet Friendly Best High Yield Savings Accounts

A savings account is important when you're trying to accumulate funds. You should know that savings accounts typically offer interest. However, some accounts offer more interest than others. It's in your best interest to find the best high yield savings accounts. This way, you can use your savings to make money for you.

Consumers should be paying attention to the interest rate on their savings account. Savings accounts don't typically offer a very high-interest rate. However, there are savings accounts out there that are considered "high yield". These types of savings accounts offer an interest rate or annual percentage yield (APY) of around 1.50%

The interest rate isn't the only thing to consider when evaluating savings accounts. Other factors to evaluate include minimum balance requirements and service fees. Before you open a high yield savings account, it's important to carefully evaluate a variety of factors.

Importance of Finding the Best High Yield Saving Accounts

When you want to start saving, it's good to know about the tools available to you. A savings account is an important and basic tool. You should always keep your savings in a bank account. Savings are easier to keep track of this way. They're also safely stored in a bank.

A savings account typically makes your funds available whenever you want them.

Even high yield savings accounts don't have interest rates as high as other possible investments. For example, you can often get more returns back from stock market investments or certificates of deposit. However, it's more complicated to access funds you've invested in the market.

You might not be able to just withdraw funds whenever you want. This is especially true when it comes to certificates of deposit. You'll typically be penalized if you try to access a certificate of deposit funds early. Another thing to realize is that savings accounts don't involve the risk that higher yield investment might involve.

High yield savings accounts are therefore good for keeping an emergency fund available. They're good for managing funds that you want to have available but that you don't need right away. It's important to have high yield savings account to get some interest on funds you've put to the side.

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The Best High Yield Savings Accounts Out There Currently

You now should understand why it's good to have a high yield savings account. The next step is to explore your options. There are many high yield savings account possibilities out there. A lot of financial institutions offer this type of account. There are so many options, but you want the best high yield savings accounts. Some financial institutions might have savings accounts labeled as "high yield" that don't really have particularly high interest rates.

When you're evaluating high yield savings accounts, you should understand the possible restrictions. High yield savings accounts sometimes involve restrictions like minimum balances. This means that you'll be required to keep a minimum amount in the account to avoid penalties. Financial institutions put minimum balances on these accounts to get something back for offering more interest.

Consider how much you want to keep in your savings account. If you don't mind keeping a thousand or several thousand dollars in your savings account, this restriction shouldn't be a problem. If you don't want to have to keep a certain amount in your account, look for a high yield savings account without a minimum balance requirement.

The following are nine high yield savings accounts that are among the best available currently.

Citi Accelerate Savings Account

The Citi Accelerate Savings Account is a popular option among high yield savings accounts. One advantage of this account is that it's offered by a huge and widely recognized bank. Citibank is an established bank with many different locations. If you are already banking with Citibank, you definitely should check this savings account out.

The Citi Accelerate Savings Account offers a pretty decent interest rate without many restrictions. The APY on this savings account from Citibank is 0.9%. This means that you'll get $90 in interest in a year on a balance of $10,000.

In addition to this attractive interest rate, you don't have to maintain a minimum balance.
Another huge advantage of the Citi Accelerate Savings Account is that you don't need a minimum initial deposit.

Anyone can open up the Citi Accelerate Savings Account with any amount of money. This account comes along with features like an ATM card as well as mobile check deposit. You can connect a Citi checking account to this savings account. Connecting your accounts can make it faster to transfer money into your savings account.

Vio Bank High Yield Online Savings Account

The Vio Bank High Yield Online Savings Account is another possible option. This high yield savings account features an APY of 0.75%. This means that the Vio Bank High Yield Online Savings Account offers slightly less interest than the Citi Accelerate Savings Account.

However, the Vio Bank High Yield Online Savings Account has the advantage of not having any monthly fee. You don't have to maintain a minimum balance for this account. You also won't have to pay any monthly fees. However, you do need to have at least $100 to open this account. Once you open the account, you can withdraw funds to bring your balance below $100 without any penalties.

Unlike the Citibank account mentioned above, this Vio Bank savings account does not have an ATM card. However, you can take advantage of mobile check deposit with this account. One disadvantage of this account is that you cannot get a checking account. Also, Vio Bank does not have any brick-and-mortar branches and does business solely online. However, Vio Bank does offer certificates of deposit (CDs).

Chime High Yield Savings Account

The Chime High Yield Savings Account is one of the best high yield savings accounts thanks to its high APY. This savings account comes along with an APY of 1.5%. This makes the APY for the Chime High Yield Savings Account 16 times as high as the national average savings account APY.

There are many advantages to the Chime High Yield Savings Account.

For one thing, you won't have to maintain a minimum balance with this account.
You also won't need a minimum opening balance. There are no fees associated with the Chime High Yield Savings Account.
It's also very convenient to sign up. You can sign up for an account in a matter of minutes. Another positive is the app that Chime offers.
Account holders can conveniently access their account from their smartphone with this app. The Chime app routinely gets high reviews and makes banking more convenient for account holders.

Some consumers might not like the fact that they can't open a checking account with Chime. They also won't get an ATM card for their account. This can make it more complicated to withdraw from the account. Another possible drawback is that Chime doesn't offer CDs. This can make saving with other investment products a little more complicated for account holders.

Affirm High Yield Savings Account

Like the Chime High Yield Savings Account, the Affirm High Yield Savings Account also offers an APY of 2.50%. There are really no restrictions when it comes to the Affirm High Yield Savings Account. Account holders don't need to maintain a minimum balance. They don't need to open the account with any minimum opening balance amount.

They also don't have to pay any monthly fees. It's also good to know that the Affirm savings account is available nationwide. That means that you don't need to live in certain states to be eligible.

You won't be able to open up a checking account with Affirm. You also won't be able to use a mobile check deposit with an Affirm High Yield Savings Account. There are no ATM cards available for these accounts. Also, it's worth noting that Affirm does not offer CDs.

If you want to open a high yield savings account and don't mind not having an ATM card, Affirm might be for you. Affirm offers ideal savings accounts for those who simply don't want to pay monthly fees or meet balance requirements.

PNC Bank High Yield Savings Account

PNC Bank offers a high yield savings account. If you are already banking with PNC, it's a good idea to look into this account. With the PNC Bank High Yield Savings Account, you will enjoy an APY of 1.80%. You only need to maintain a balance of $1 to collect interest on balances in this account.

You don't have to pay any monthly fees for this account. You also don't have to meet any minimum opening balance requirement. You get free account statements and don't have to pay anything for incoming wire transfers.

One possible disadvantage is that you won't be able to get assistance in-person. This account is only available in states without physical PNC branches. Therefore, any assistance you get from PNC will be over the phone or the Internet.

Varo Savings Account

The Varo Savings Account is another popular option for those looking for a savings account with a high APY. The APY on the Varo Savings Account is 2%. One of the perks of opening Varo Savings Account is that it also offers checking accounts. This means that consumers can open up a checking account and link it to their Varo Savings Account.

You can use mobile check deposit to deposit funds into your Varo Savings Account. However, Varo does not offer CDs. You can get an ATM card linked to your Varo checking account. There are no monthly fees on Varo Savings Accounts.

The Varo Savings Account is a good option if it's important for you to link your savings with your checking account. The Varo Savings Account is also a good option if you don't want to maintain a minimum balance.

CIBC Agility Savings Account

The CIBC Agility Savings Account is an online-only account. This account features an 2.32% APY. CIBC offers a convenient app to go along with this account. This makes it easy for account holders to track their spending. Those with this account are often impressed by how easy it is to apply. It only takes a few minutes to fill out the application for this account.

You don't have to pay any monthly service fees with the CIBC Agility Savings Account. You also will be able to take advantage of some convenient online tools. CIBC offers online calculators and savings tools that can help you understand your savings.

One possible drawback of the CIBC Agility Savings Account is that you will have to meet an opening balance requirement. You need to open your account with at least $1,000. Another possible drawback is that the app is described by some as being somewhat difficult to use.

Synchrony Bank High Yield Savings Account

If you're interested in an online savings account, Synchrony could be a good option. Synchrony doesn't have any physical locations. However, you can get an ATM card with this account.

This means that you'll be able to conveniently withdraw funds at an ATM. Another advantage of the Synchrony Bank High Yield Savings Account is that you'll be reimbursed $5 per month if you withdraw from ATMs that are out-of-network.

The APY on the Synchrony Bank High Yield Savings Account 2.25%. There is no minimum balance requirement. There is no opening balance requirement. There are also no fees to worry about.

There are many ways to deposit funds in the Synchrony Bank High Yield Savings Account:

Account holders can deposit funds by electronic funds transfer.
They can use mobile check deposit or direct deposit of their paychecks.
They can also deposit funds by wire transfer or at ATMs in the Plus or Accel networks.

Bank5 Connect High Interest Savings Account

When you open up a Bank5 Connect High Interest Savings Account, you will take advantage of 0.80% APY. However, you will also need to maintain a balance of $100. If you maintain this minimum balance, you won't have to pay any monthly fees on your account. If you want a savings account offering an ATM card, the Bank5 Connect account could be a good option. You'll get access to an ATM card and a large network of ATMs with Bank5. You'll also be reimbursed for ATM fees.

There are a few restrictions you'll want to know about.

If you reside in either of these states, you'll need to look elsewhere for a high yield savings account. It's also worth noting that Bank5 doesn't have any physical locations. If you want to be able to visit a financial institution in person, you'll need to look elsewhere.

Bank5 does offer CDs. Therefore, opening an account with Bank5 could be a good idea if you're interested in other investment and savings products.

To Sum Up,

Having a high yield savings account is important when it comes to methods of saving money. A high interest savings account is an easy way to save more. Not only will you save money in your account, but you'll also get interest regularly. Reaching financial goals isn't just about working hard and being frugal. It's also about saving smart. That's why you need to find the best high yield savings accounts. Then, you can choose an account to deposit your savings in.

High yield accounts are great assets when you're saving. It's true that you won't make a fortune in interest. However, you will get more interest than you would with your money in a regular savings account. With a high yield savings account, you keep funds immediately available to you. You can withdraw your savings whenever you want to. While being readily accessible, these funds will also help you accumulate more money through interest.

Explore these savings accounts. Look at the unique characteristics and features of each one. Afterward, you can decide which of these accounts will best meet your needs.