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Building up your emergency fundౠ? Planning for a vacation? A high-yield savings account has a higher interest rate, helping you reach your financial goals faster.
Traditional savings accounts have of 0.61%, while high-yield savings accounts can offer 5% or more. Th🌳ese accounts are easy to open and often don’t char𝐆ge monthly fees and initial deposits, making them even more attractive.
But where do you find the ? Online banks tend to offer better benefits, including higher APYs, lower fees and easier acces🏅sibility compared to traditio🌄nal banks. Here are seven of our top picks for high-yield savings accounts.
Best high-yield savings accounts
- EverBank: Best for introductory rates
- Laurel Road: Best for earning potential
- Synchrony Bank: Best for ATM withdrawals
- American Express National Bank: Best for customer support
- : Best for combined checking and savings
- Discover Bank: Best for no fees
- Marcus by Goldman Sachs: Best for fast transfers
EverBank: Best for introductory rates
- APY: 5.15%
- Monthly fee: $0
- Opening deposit: $0
- Minimum balance requirement: $0
- Cash deposits: No
- ATM access: No
🅘The Yield Pl🤪edge® Online Savings features an introductory APY of 5.15% on balances up to $250,000. After the first year, you’ll earn an impressive 4.75% on your money.
That’s higher than most other high-yield savings accounts. Everbank regularly reviews competitor rates to ensure they’re among the top 💛5% of competitive accounts.
This account has no minimum initial deposit or monthly maintenance fees. You can deposi𓄧t money via mobile check deposit or move money with internal and 🧔external partners.
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Laurel Road: Best for earning potential
- APY: 5%
- Monthly fee: $0
- Opening deposit: $0
- Minimum balance requirement: $0
- Cash deposits: No
- ATM access: No
If you want to earn some of the highest rates available, Laurel Rᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚoad is a great option.&nb꧂sp;
The Laurel Road High Yield Savings offers a competitive 5% interest rate with no fees or minimum balance requirements. For example, if you deposit $1,000 into this account, you’d potentially earn $50 in in🅰terest per year.
Your money is FDIC-🍸insured up to $250,000, and you can make as many online transfers or withdrawals as you’d like. You can make deposits via online transfer, direct deposit, wire transfer, or mobile check deposit.
However, because Laurel Road is an online bank, you can’t make any cash deposits. You can also deposit checks i🐬nto your savings account or mail checks. ;
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Synchrony Bank: Best for ATM withdrawals
- APY: 4.75%
- Monthly fee: $0
- Opening deposit: $0
- Minimum balance requirement: $0
- Cash deposits: No
- ATM access: Yes
Synchrony Bank High Y🌠ield Savings is another fee-free way to earn a generous return on your money.🐈 This account offers an interest rate of 4.75%, with no minimum initial deposit required. There are also no monthly fees or minimum balance requirements.
Unlike other online banks, there are many ways to deposit money into your account. You c💛an deposit or withdraw cash via online transfer, mobile check d♕eposit, direct deposit, or wire transfer.
You can also request an ATM card to withdraw cash in the U.S. or abroad. ATM fees up to $5 per statement cycle are eligible for reim൲bursement.
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American Express: Best for customer support
- APY: 4.3%
- Monthly fee: $0
- Opening deposit: $0
- Minimum balance requirement: $0
- Cash deposits: No
- ATM access: No
Ameri🥂can Express offers a solid 4.3% APY on its savings account. While that’s not as strong as other top-yielding banks, it offers stellar customer service and easy access to your funds.
One of the standout features of this is its simplicity and ease of use. You can easily make transfers and deposits from your account, which often take less than 24 hours to complete. You can access 24/7 customer support by phone or additional educational resources on the Amer🌟ican Express website.
There are no monthly maintenance fees, so you can save without worrying abꦫout unnecessary charges.
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: Best for combined savings and checking
- APY: 4.3%
- Monthly fee: $0
- Opening deposit: $0
- Minimum balance requirement: $0
- Cash deposits: Yes
- ATM access: Yes
offers an all-in-one banking solut🎉ion that makes it easy to manage all of your finances in one place. When you open a high-yield savings account, you automatically get access to a checking account — and both earn interest. You’ll earn 4.6% on your savings and 0.5% on your checking balance.
also offers several perks that make it easy to manage your money. One standout feature is their round-up feature, which rounds up your debit card purchases to the nearest dollar and deposits the difference into your savings account. You can also set and track goals with SoFi’s “Vaults” feature and make automatic deductions from your paycheck into savings❀.
Because this savings account is connected to a checking account, it’s easy to access your money. You can transfer funds, deposit checks, and access cash via an ATM. SoFi offers you a virtual debit card you can uཧse to make payments or withdraw cash.
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Discover: Best for no fees
- APY: 4.35%
- Monthly fee: $0
- Opening deposit: $0
- Minimum balance requirement: $0
- Cash deposits: No
- ATM access: No
Di𒅌scover is best known for its credit card produc🍃ts, but its high-yield savings account is worth considering.
Like many other high-yield accounts, there are no monthly maintenance fees and minimum opening deposit. But this account also doesn’t include any other common bank fees. You won’t pay fees for insufficient funds, ♊account closure, stop payment orders, excessive withdrawals and more.
Discover offers robust 24/7 support and educational advice on t💮heir online blog. You can access your cash via mobile check deposit or online transfer. You can make up to six free withdrawals or transfers per statement cycle.
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Marcus by Goldman Sachs: Best for fast transfers
- APY: 4.4%
- Monthly fee: $0
- Opening deposit: $0
- Minimum balance requirement: $0
- Cash deposits: No
- ATM access: No
Marcus’ high-yield savings account carries a 4.4% APY on balances up to $1 million. This account makes it easier to move funds swiftly. You can initiate same-day transfers of up to $100,000 between external accounts and Marcus. This accessibility makes this account a good option for an emergency fund.
This account also features n🧔o monthly maintenance fees or minimum deposit requirements. You can set up direct deposit, make transfers, or deposit a check by mail to deposit money.
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The bottom line
There’s a lot to love about high-yield savings accounts. You can earn a return on your money without much effort on your part. Some accounts come with little to no fees and other perks, making them an ideal way to boost your savings. Plus, you’ll earn higher interest than regular savings acc🦋ounts.
💧That said, it’s essential to compare accounts and their unique features to find the right option for you.
Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.