High-yield savings accounts are a great way to jumpstart your earnings, whether you do it online or at a brick-and-mortar institute. High-yield savings accounts earn more interest than the typical savings account, letting your money work for you.
Before you dive headlong into a new savings account, compare these to the current APY on your savings account. Calculate if it is higher than your current savings account, not just by looking to see if it is more than your current APY but factoring in monthly fees and making sure you meet the minimums required for deposit.
Always check to see if the money is insured by the Federal Deposit Insurance Corporation (FDIC) and for our last hot tip: Make sure they have easy user accessibility.
If it is a pain to access your hard-earned money, it might not be worth the benefit of having a higher APY. With these tips in mind, go forth and earn!
It can be overwhelming comparing rates across different banks, so we’ve prepared a list of high-yield savings accounts to help get you started.
BANKS with 1.0% or higher
VARO is an online bank that was founded in 2015 in San Francisco, California. It is run via mobile app. Their current high yield savings account offers up to 1.21% APY, with the potential to increase up to 2.80% if you can meet their three requirements, which you can read here.
They have no overdraft, maintenance or minimum balance fees. You can also access your paycheck up to two days early!
PNC Bank was founded in 1983 with their headquarters located in Pittsburgh, PA. PNC bank is another online institute for go-getters, with their savings account offering a high-yield of 1.00% APY.
It has no minimum to meet, is FDIC insured, boasts no monthly service charges and offers unlimited deposits and transfers into the account.
Banks above 0.85%
Vio Bank, an online division of Midfirst Bank, was established in 1911 in Oklahoma City, OK. It is currently offering up to 0.91% APY for those who open an account with their bank. It is only $100 minimum to open an account.
Vio Bank also boasts no monthly fees. It does, however, have one con: It has no checking or debit card system, so make sure if you use Vio you only use it to put away savings.
Citibank is the consumer division of Citigroup. It is one of the oldest banks on our list, started in 1812. It is headquartered in New York, New York, and has serviced millions of customers over its long run.
Citi savings accounts offer 0.90% APY. Note, however, that Citibank also has monthly service fees which are higher if you have a checking account.
Live Oak Bank was created in February 2005, and is headquartered in Wilmington, North Carolina. Their claim to fame is that they benefit small businesses and specialize in business banking and loans.
Live Oak is currently promising 0.85% APY on its savings accounts. The bank has no minimum balance and no maintenance fees.