Read this review to identify the best High-Yield Savings Accounts considering their APY, monthly fees, minimum balance, and maximum transactions per statement cycle:
When you’re ready to grow your savings and put away some money for a rainy day, a high-yield savings account is an excellent place to start.
A high-yield savings account is a savings account that pays a higher interest rate than a standard savings account. With the best high-yield savings account, you can grow your money and earn more interest than locally any other savings account on the market today.
A high-yield savings account can help you save money for the future and ensure that you can deal with unexpected expenses.
Having a healthy amount of money in a high-yield savings account can help you avoid taking on debt and allow you to invest in yourself with things like educational programs, training, or professional certification programs.
What You Will Learn:
High Yield Savings Account – Review
We have reviewed the top high-yield savings accounts considering their APY, monthly fees, minimum balance, and maximum transactions per statement cycle. We will also tell you what they’re best for so that you can determine whether they’re right for you. In addition, we have a comparison table for quick decision-making for those pressed for time.
Expert Advice: According to Bankrate, it is crucial to compare online banks to larger banks when looking for a high-yield account. Online banks have lower minimum balances, no monthly fees, and may pay the same APY on all balances. In many cases, this APY will be higher than that of a traditional bank’s savings account.
Use the national average savings rate as a guideline. You should have no trouble locating a bank that provides an APY that is several times greater than the national average.
To see what higher interest earnings look like, divide the APY of a large bank by the yield of an online bank.
What to Look for in a High Yield Savings Account
A high-yield savings account is not the same for everyone. Factors such as your current financial situation and the amount of money you have access to will all impact your needs when it comes to a high-yield savings account.
When looking for a high-yield savings account, keep the following factors in mind:
#1) Minimum Opening Deposit: You will probably have to deposit into your high-yield savings account. Make sure you understand what the minimum amount is and whether you can afford to do so.
#2) Savings Interest Rates: What savings interest rate are you being offered? If you shop around, you should be able to find a high-yield savings account with a competitive interest rate.
#3) Different Types of Accounts: There are a few different types of high-yield savings accounts. Some high-interest savings accounts allow you to make an unlimited number of deposits while others require you to deposit a certain amount of money at the beginning of each month.
#4) Fees: Every high-yield savings account will come with a fee. Make sure you understand what the fee is and how often it is charged. Ideally, the best high-interest savings account should have low fees.
#5) Customer Support: Consider a bank with a good customer service rating. Also, it’s crucial to look out for those with multiple options, such as phone, messages, email, and chat.
Benefits of High Yield Savings Account
The following are five compelling reasons to consider a high-yield savings account:
- Increase the rate at which your money grows: High-yield savings accounts pay out more interest than standard savings accounts.
- Keep your funds accessible: Withdraw money up to six times per month without penalty.
- Have peace of mind: The federal government ensures high-yield savings accounts up to $250,000 in value.
- Make unrestricted deposits: You can fund your account whenever you want.
- Save regularly: With a high-yield savings account, you can easily set up automatic transfers from your checking account to keep your savings growing at a steady rate.
Frequently Asked Questions
Q #1) Are high-yield savings accounts still worth it?
Answer: Yes, they offer principal protection, the security of federal insurance, and a higher yield than a traditional savings account.
Q #2) What is the highest-yield savings account right now?
Answer: The highest yield savings account falls in the range of 1.65% APY to 2.10% APY. Here are a few: American Express with 1.65% APY, CIT Bank with 2.10% APY, Marcus with 1.70% APY, and Ally Bank with 1.75% APY.
Although rare, it is possible to get a 5% interest savings account (such as Netspend and Aspiration) or even a 7% interest savings account (such as Landmark Credit Union). However, keep in mind that there are some conditions to meet to earn these high savings interest rates.
Q #3) What is a high-yield savings account?
Answer: A high-yield savings account is a savings account that pays a higher interest rate than a standard savings account.
Q #4) How often do savings rates change?
Answer: The Federal Reserve frequently influences interest rates, which can cause them to rise or fall. This means that the APY displayed during a deposit may change at any time. However, rates do not fluctuate on a daily or weekly basis and may remain constant for months.
Q #5) Can you withdraw money from a high-yield savings account?
Answer: Absolutely! What’s interesting is that the law allows savers to move money in and out of high-interest savings accounts up to six times free per statement cycle.
Q #6) How to open a high-yield savings account?
Answer: If you already have a savings account with a reputable brick-and-mortar bank, start by looking at the rates they provide. With this knowledge, you can compare the returns on other places to invest your cash.
Next, research the top high-return savings accounts available on the market. A thorough online search will reveal that, for obvious reasons, online banks offer the majority of high-yield savings account rates. Complete the account application process after choosing the institution with the best savings interest rates.
Fund your new account with money. Keep in mind that throughout the application process, some institutions may need you to pay a minimum initial deposit. Complete further requirements like linking transfer accounts and signing up for internet banking. To avoid difficulties, always abide by your account’s policies.
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Q #7) How do high-yield savings accounts work?
Answer: Although there is less risk, a high-yield savings account gives a higher interest rate. A high-yield savings account will pay interest on the money you hold in a savings account with the bank.
Because the majority of the institutions that offer the highest rewards frequently don’t offer other common banking goods and services, you might need to hold your checking account at a different location.
ATM cards are typically not available in high-yield savings accounts, therefore, all deposits and withdrawals must be made electronically or by mobile check deposit.
Q #8) Can you lose money in a high-yield savings account?
Answer: If you decide to save for a long time, you risk losing your money to inflation. However, the Federal Deposit Insurance Corporation(FDIC) provides insurance for high-yield savings accounts. You are guaranteed up to a total of $250,000 if the institution collapses.
Q #9) How to get the best online savings account rates?
Answer: There are various aspects to consider while choosing the best online savings account rates. You should first examine and contrast several online savings accounts. Think over the APY, the required minimum amount, monthly fees, and account accessibility of each account.
The best high-interest savings accounts will probably have low minimum balance requirements, no monthly fees, a high APY, and simple account access.
List of the Best High Yield Savings Accounts
Popularly known high interest savings accounts list:
- American Express
- Sallie Mae
- Marcus
- Ally Bank
- CIT Bank
- Discover Online Savings
- SoFi
- Barclays
- Axos
- Synchrony
- Citi
- Citizens
Comparison Table of Best High Interest Savings Accounts
| Bank | Best for | APY | Minimum Balance | Max Transactions |
|---|---|---|---|---|
| American Express | Those looking for an online High Yield Savings solution with a high APY account. | 1.65% | None | Up to 9 free withdrawals/transfers per statement cycle |
| Sallie Mae | Access on the go. | 1.65% | None | Up to 6 free withdrawals/transfers per statement cycle |
| Marcus | Those looking for a reliable no fees High Yield Savings account. | 1.70% | $0 to open, $1 to earn | Up to 6 free withdrawals/transfers per statement cycle |
| Ally Bank | Those looking to do all their banking in one place. | 1.75% | None | Up to 6 free withdrawals/transfers per statement cycle |
| CIT Bank | Those who are familiar with online banking and are looking for a competitive APY. | 2.10% | $100.00 | Up to 6 free withdrawals/transfers per statement cycle |
| Discover Online Savings | Those looking to do all their banking in one place. | 1.70% | None | Up to 6 free withdrawals/transfers per statement cycle |
Detailed reviews:
#1) American Express
Best for those looking for an online High Yield Savings solution with a high APY account.
The American Express High Yield Savings Account is a great way to earn interest in your savings. This account offers competitive savings, interest rates and excellent customer service, so you can be sure it’s an investment that will grow over time as your interest compounds daily and is deposited in your account monthly.
American Express is offering 1.65% APY (as of 8/24/2022) with no minimum balance or monthly service fees, making it an attractive option for those who want to save some extra cash in their pocket. This easy-to-open account can be opened in minutes online by visiting their official website.
Multiple deposit options are available: electronic bank transfers, wire transfers, and physical checks. The same options are available for withdrawals.
Additionally, the bank is a Federal Deposit Insurance Corporation (FDIC) insured. The FDIC guarantees that if you put your money in an FDIC-insured bank or savings association, it will be returned to you up to $250,000 per person in case of bank failure.
This means that there are no exceptions for what happens with your money if a bank goes bankrupt—it stays safe with the FDIC until it’s yours again!
Annual Percentage Yield (APY): 1.65%
Minimum Balance: None
Maximum Transactions: Up to 9 free withdrawals/transfers per statement cycle
Monthly Fee: None
Offer ATM Card: No
Overdraft Fees: $0
Pros:
- No minimum or monthly fee requirements
- Easy money access
- Robust APY
- 24/7 customer service
- FDIC insured
- Helpful tips & tools section of the website
Cons:
- No physical access, online only
- No mobile app
- No ATM access or checks
Verdict: American Express offers the best high-yield savings account for those looking to earn above-average returns on a savings account. Opening an account with them is straightforward, and you can start banking in minutes. This account is ideal for those who love banking online and have no plans to visit a local or physical bank.
Website: American Express
#2) Sallie Mae
Best for access on the go.
The Sallie Mae High Yield Savings Account is the most high-interest savings account offered by one of the most popular student loan lenders out there. You do not need any type of checking or savings account with Sallie Mae to get access to their High Yield Savings Account.
Sallie Mae High Yield Savings earns a high-interest rate (1.65% APY as of 8/24/22) and has no minimum balance requirement. When it comes to accessibility, you can easily access your Sallie Mae High Yield Savings Account via a mobile app on both iPhone and Android devices, as well as via a web browser.
There are no monthly fees for the Sallie Mae High Yield Savings Account, however, there are some fees for certain transactions – like $10 for each withdrawal beyond 6 per monthly statement period.
By linking their external bank account to their Sallie Mae account, users of the Sallie Mae High-Yield Savings Account can set up direct deposit or electronic cash transfers. Furthermore, Sallie Mae’s e-deposit is available, allowing customers to deposit checks using their iPhone or Android smartphones remotely.
Annual Percentage Yield (APY): 1.65%
Minimum Balance: None
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: None
Offer ATM Card: No
Overdraft Fees: None
Pros:
- No minimum balance requirement
- No monthly maintenance charges
- No-cost transfers
- FDIC insurance guarantees your security
- Simple online account management
Cons:
- Charge $10 for each excessive transaction
- No ATM access
Verdict: You can accumulate savings with the Sallie Mae High-Yield Savings Account while staying active and busy. There is no minimum deposit requirement for savings, and Sallie Mae’s mobile text banking and mobile text alerts make it easy for customers to keep track of their earnings.
Website: Sallie Mae
#3) Marcus
Best for those looking for a reliable no-fee High-Interest Savings account.
Marcus High Yield Savings Account from Goldman Sachs Bank USA is a no-fee savings account. It provides convenient mobile access to your account as well as a high 1.70% annual percentage yield (APY) as of August 24, 2022, for balances of $1 or more.
The account has no minimum balance requirements and can be opened online in just a few minutes. It’s a great online deal because there are no hassles and FDIC insurance up to $250,000 is available.
Account holders can securely access their funds at any time via the Marcus website and mobile app. ACH or wire transfers can transfer funds from an external bank account to a Marcus account. Same-day transfers are also available, and transfers can be scheduled online, through the Marcus app, or by phone.
The Marcus High Yield Savings Account provides consumers with a safe and simple way to earn more interest on their savings than the national average.
Annual Percentage Yield (APY): 1.70%
Minimum Balance: $0 to open, $1 to earn interest
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: None
Offer ATM Card: No
Overdraft Fees: N/A
Pros:
- No minimum balance
- No monthly fees
- Convenient mobile app
- Calculator to estimate how much you could earn
- No minimum deposit
- Top-of-the-line APY
- 24/7 customer service
Cons:
- No ATMs
- No checking accounts
Verdict: With high savings interest rates and no fees or minimums, the Marcus High Yield Savings Account is an excellent way to save money. The bank’s contact center in the United States is open 24 hours a day, seven days a week for live customer service over the phone or through online chat. It is best for no fees.
Website: Marcus
#4) Ally Bank
Best for those looking to do all their banking in one place.
The Ally Bank High Yield Savings Account pays 1.75% APY as of 8/25/2022. This means that the interest you earn on your account balance can aid in the growth of your savings. An Ally high-yield savings account can be opened with as little as $0.00, making it accessible to everyone.
Ally’s high-interest savings account is a great no-fee account that allows you to withdraw up to six times per month without incurring any fees. Ally Bank’s online savings account balance has three tiers.
- Less than $5000
- Between $5000 and $24999.99
- $25000 or more
There are no monthly or minimum balance fees, so you can keep your money working for you rather than worrying about how much it costs each month. Since your account is fully FDIC insured, your deposits are safe in case anything happens to Ally Bank.
While Ally doesn’t charge for quite a lot, they have fees for expedited delivery, outgoing domestic wires, returned deposit items, excessive transactions, and account research.
Annual Percentage Yield (APY): 1.75%
Minimum Balance: None
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: None
Offer ATM Card: Yes, for those with Ally checking accounts
Overdraft fees: $0
Pros:
- No monthly maintenance fee
- No minimum balance requirements
- Robust APY on all balance tiers
- Option to add a checking account
- Tools to organize your savings
- Tool to analyze any linked checking account for safety
- 24/7 support
- Easy-to-use mobile app
Cons:
- $10 excessive transaction fee
Verdict: Ally Bank offers one of the best online savings accounts in the industry today. If you’re looking to earn 10x more than the national average with $0 monthly maintenance fees and no minimum opening deposit, look no further.
Besides, you can leverage the bank’s optimized features, such as recurring transfers, round-ups, and surprise savings, to accelerate your savings.
Website: Ally Bank
#5) CIT Bank
Best for those who are familiar with online banking and are looking for a competitive APY.
The best savings account for earning interest is one that pays the highest savings interest rates and has the features you require. CIT Bank offers a high-yield savings account that makes it simple to meet your financial objectives.
This high-yield savings account is ideal for anyone saving for a down payment on a home or retirement. As of August 25th, 2022, the annual percentage yield is 2.10%. To open an account, you must deposit at least $100.00.
It takes about five minutes to open a CIT Savings Connect account, according to the company’s website. You must provide your full name, address, phone number, email address, and Social Security number.
CIT Bank also provides online banking, which allows you to manage your accounts 24 hours a day, seven days a week, view and download account activity, make transfers, generate banking reports, manage account alerts, and much more. With the CIT Bank mobile app, you can deposit checks remotely and make transfers quickly.
Annual Percentage Yield (APY): 2.10%
Minimum Balance: $100
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: None
Offer ATM Card: No
Overdraft Fees: $0
Pros:
- Simple online banking
- Access to debit cards
- There are no fees
- FDIC insured up to $250,000
- Easy account opening
- Digital convenience (mobile app & online banking)
- No account opening or maintenance fees
Cons:
- High minimum deposit
- No free ATM
- No local branch
Verdict: CIT Bank is an online-only bank that provides savings accounts with an Annual Percentage Yield (APY) that far exceeds the national average. This is ideal for those who are familiar with online banking and are looking for competitive high-yield savings account rates.
Website: CIT Bank
#6) Discover Online Savings
Best for those looking to do all their banking in one place.
The Discover Online Savings Account is one of the market’s best high-yield savings accounts. There is no minimum balance requirement, and customers can take advantage of market-leading interest rates.
As of 8/25/2022, the Discover savings account has a 1.70% APY, interest compounds daily, and is paid out monthly. There are no monthly fees and no required minimum deposits to open an account.
Customers can access their accounts on the go with the Discover Online Savings Account, which has well-reviewed 24/7 customer support.
Suppose you want to do all of your banking in one place. In that case, Discover stands out because it also offers an online Discover Cashback Debit Account with no monthly fees, cash back on debit card purchases, and access to over 60,000 ATMs nationwide.
Discover offers mobile check deposits, which allow customers to deposit a check into their savings account by photographing it with their smartphone or tablet. They can also use the app to transfer money from one account to another and use Quick View to check the balance of their savings account without having to log in every time.
As required by law, Discover Online Savings account holders may make up to six free withdrawals or transfers per statement cycle.
Annual Percentage Yield (APY): 1.70%
Minimum Balance: None
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: None
Offer ATM Card: Yes, if you have a Discover checking account
Overdraft Fees: $0
Pros:
- Incredible APY
- Top-notch 24/7 customer support
- No monthly maintenance fees
- No minimum balance requirements
- Mobile check deposits are available
- $0 excessive withdrawal fee
- $0 official bank check
Cons:
- No branch access
- Risk of account closure if exceeded withdrawal limit
Verdict: Customers looking for a high-yield savings account should consider a Discover Online Savings account. Discover takes the no-fee concept to new heights by not charging monthly or hidden fees, as some other banks do. Customers can access their savings from almost anywhere thanks to Discover’s highly-rated mobile app.
Website: Discover Online Savings
#7) SoFi
Best for customers looking for a check and high-yield savings account combo.
SoFi Money is a cutting-edge checking and savings account. This is the best high-yield savings account with a bonus and spending account you’ve been looking for, with no hidden fees, no account minimums, and a competitive rate. You can earn a cash bonus ranging from $50 to $300 based on the number of direct deposits you make in 30 days.
SoFi checks offer a high annual percentage yield as well as the ability to receive your paycheck two days early. As long as you set up a direct deposit, SoFi will pay you 2.00% APY on all account balances.
Through your smartphone or tablet device, you can manage your money with SoFi’s mobile app from anywhere, at any time. Using your mobile device, you can easily check your balance, transfer funds, set up bill pay, and make payments. iPhone and Android users can download the SoFi app.
Furthermore, the account includes a debit card with fee-free ATM access through the Allpoint® Network, which has over 55,000 locations nationwide. You will not be charged any fees if you use one of these ATMs.
Simply go to a retail location that provides GreenDot services to deposit money. While using a debit card does not always result in rewards, you can get up to 15% cash back when you use it at certain merchants.
Annual Percentage Yield (APY): 2.00%
Minimum Balance: None
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: $0
Offer ATM Card: 55K+ fee-free ATMs within Allpoint Network
Overdraft Fees: No fees, however, SoFi requires you to make a monthly direct deposit of $1000 to unlock it.
Pros:
- No overdraft fees
- No minimum balance fees
- No monthly fees
- Earn up to 2.00% APY
- Up to 2-day-early-paycheck
- No fee overdraft coverage
- Auto saving features
- Cash backs on debit cards
Cons:
- Lack of out-of-network ATM fee reimbursement
- No physical branches
Verdict: SoFi has one of the highest online savings account rates in the market. All SoFi Checking and Savings accounts are FDIC-insured for up to $250,000 per member and up to $500,000 for joint accounts.
If you want to actively involve yourself in the digital banking space, then SoFi is a great place to start. It is one of the best high-yield savings accounts with a bonus.
Website: SoFi
#8) Barclays
Best for those who want savings assistant tools and don’t mind the lack of a checking account and in-person services.
The Barclays Online Savings Account is one of the best online savings account options for earning interest on your money without worrying about monthly maintenance fees or minimum balances. This high-yield savings account currently offers a 1.80% APY (as of Aug 25th, 2022).
It distinguishes itself by providing tools to help you save, such as a personal Barclays savings assistant when you need assistance reaching your goals.
You can use Barclays’ Deposit Checks feature to deposit checks into your savings account remotely by uploading a picture of your check from your computer, laptop, or mobile device.
Account holders can use the Barclays mobile app to transfer funds to and from their linked external bank accounts, as well as set up direct deposits to help them save. As required by law, savings account holders are entitled to six free withdrawals/transfers per statement cycle.
Annual Percentage Yield (APY): 1.80%
Minimum Balance: None. (However, for interest to be credited to your account, you must maintain a minimum balance of at least $0.01.)
Maximum Transactions: up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: $0
Offer ATM Card: no
Overdraft Fees: no
Pros:
- Strong APY
- No monthly maintenance fees
- No minimum balances required
- Useful Assistance Tool
- The deposit checks feature is available
- Online transfers to & from other banks
- Secure 24/7 access to your funds
Cons:
- No local branches
- No ATM access
- No checking account
Verdict: Barclays Online Savings account is a simple bank account. This no-fee high-yield savings account can help you get your finances back on track. It is best suited for customers who are looking for a high-yield savings account and do not need in-person assistance.
Website: Barclays
#9) Axos
Best for savers with smaller balances.
The Axos Bank High Yield Savings account offers higher interest rates than many traditional banks. This savings account currently earns up to 0.61% APY, placing it among the best online savings accounts.
The highest 0.61% APY on the account is reserved for accounts less than $25,000. Balances between $25,000 and $100,000 receive 0.25% Annual Percentage Yield (APY). More than $100,000 in balance earns 0.15% APY.
A $250 deposit is required to open an account, but there are no additional balance requirements. There are no monthly maintenance fees, either. Customers can even request a free ATM card, which is uncommon among savings accounts.
You can gain access to your cash by using the issued debit card (good for ATM transactions) or by writing checks. You can deposit checks or schedule electronic transfers into your account using Axos Bank’s mobile check deposit feature.
Annual Percentage Yield (APY): 0.61%
Minimum Balance: $250.00
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: $0
Offer ATM Card: Yes, upon request.
Overdraft Fees: $25
Pros:
- High APY for smaller balances
- Zero maintenance fees
- No monthly minimum balance requirements
- A collection of digital money management tools
- Request an ATM card for free
Cons:
- No local branches
- APY for bigger balances is quite low than other market players
- $10 excessive transaction fees
Verdict: Axos Bank offers the best compound interest accounts for savers with smaller balances. With a minimum deposit of $250.00 and no monthly maintenance fees, you can open an account and start saving. However, if you’re looking for a high-yield savings account that doesn’t require a minimum deposit, check out our other recommendations.
Website: Axos
#10) Synchrony
Best for quick access to your cash.
Synchrony Bank is a highly regarded online-only bank that offers higher interest rates than many traditional banks. The Synchrony Bank High Yield Savings Account pays 1.80% APY, which is among the highest rates on the market right now.
There are no minimum balance requirements, deposits, or monthly fees. People who value a high yield on their savings or who want to open an HSA will find the bank especially appealing.
What distinguishes this account is its easy withdrawal options. You can get cash and perform basic transactions at any ATM that displays the Plus or Accel logos, in the United States or abroad, with an optional ATM card that comes with a High Yield Savings account.
The bank does not currently charge a fee to use an ATM, but the ATM owner/operator may charge a fee. Synchrony Bank will reimburse up to $5 in domestic ATM fees charged by other financial institutions per statement cycle. Other withdrawal options include electronic transfer, check, and wire transfers.
Annual Percentage Yield (APY): 1.80%
Minimum Balance: None
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: None
Offer ATM Card: Yes
Overdraft Fees: Not applicable
Pros:
- Robust APY
- No monthly fees
- No minimum balance
- No minimum deposit
- ATM access
- Convenient withdrawal and deposit options
- 24/7 customer service
Cons:
- Risk of account closure upon excessive transactions
- No checking account
Verdict: If you’re looking for a bank with high online savings account rates that will allow you to easily access your funds, look no further. Synchrony Bank provides numerous withdrawal options for its account holders. Besides, the absence of a minimum deposit and balance, and no monthly fees, makes it a good place to start.
Website: Synchrony
#11) Citi
Best for customers who want free access to a vast network of ATMs from nearly anywhere in the United States.
Citibank has many of the benefits you’d expect from a large national bank, such as a diverse product offering and a massive ATM network. While you can open a high-interest savings account with no money down, you must meet one of the following requirements to avoid a monthly service fee.
- Connect a checking account and make one enhanced direct deposit or one qualifying bill payment per statement period.
- Maintain a total monthly average balance of $1500 in eligible linked accounts.
- Maintain an average monthly balance of $500 when not linked.
Citi Savings can be a good place to keep your money safe and easily accessible, but its savings interest rates are generally low. If you have to pay the monthly service fee, you probably won’t get enough value out of the Citi® Accelerate Savings account at 0.05% APY.
Note that Citi’s high-yield savings account rates vary across the US since they offer products and pricing based on peoples’ home addresses.
Annual Percentage Yield (APY): 0.05%
Minimum Balance: None
Maximum Transactions: Up to 6 free withdrawals/transfers per statement cycle
Monthly Fee: $4.50 for those who do not have a checking account or cannot maintain a $500 average monthly balance.
Offer ATM Card: Yes, 65000
Overdraft Fees: $10
Pros
- Broad customer service options
- No minimum opening deposit
- Massive fee-free ATMs across the US
- Easy-to-open account
- 24/7 access to mobile app
- Enhanced customer security
Cons
- APY is relatively low
- Monthly fees if you don’t meet the minimum requirements
- Some states might not be eligible for it
Verdict: Just like many other best high-interest savings accounts, Citi has no minimum opening deposit requirements. However, you might be subject to monthly fees if you fail to maintain the minimum requirements. The APY is quite low and might not be favorable for people with small balances.
Website: Citi
#12) Citizens Access
Best for those looking for competitive savings interest rates and can meet a high minimum opening deposit requirement.
Citizens offer strong online savings accounts with an annual percentage yield of 2.10% (as of Aug 25th, 2022) which is approx. 23x the national rate and no monthly fees in the current rate environment. However, you must be able to deposit at least $5000 for you to earn the stated APY.
As an online-only bank, you have two simple ways to access your savings. Link your Citizens savings account to your other financial institution’s account(s) and set up a one-time or recurring transfer (restrictions apply). Alternatively, request that they mail you a check.
You can fund your Citizens Access Savings account in two easy ways. Either use the online fund’s transfer option or deposit a check.
Annual Percentage Yield (APY): 2.10%
Minimum Balance: $5000
Maximum Transactions: There are no maximums
Monthly Fee: None
Offer ATM Card: N/A
Overdraft Fees: $0
Pros:
- Competitive savings APY
- 24/7 customer service
- No monthly fee
- FDIC insured
- Direct deposit and recurring transfers
Cons:
- High minimum opening deposit ($5000)
- No local branches
Verdict: We’d recommend Citizens Access for those looking for a high-yield savings account. With a rate of 2.10% APY and a minimum deposit of $5000, you can quickly grow your savings in a couple of years.
However, if you are unable to raise the minimum deposit, then try other high-yield savings accounts that offer relatively high-yield savings account rates with no minimum deposit requirements.
Website: Citizens Access
Conclusion
A high-yield savings account can help you save money and grow your savings. However, you must select the best high-yield savings account that is right for you. This can help you make the most of your high-yield savings account and ensure that your money is put to good use.
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We’d recommend American Express for those looking for an online High Yield Savings solution with a high APY and above-average maximum transactions per statement cycle. If you’d like to easily access your high-yield savings account on the go, then Sallie Mae is the best deal for you.
For those interested in the best for no fees and a reliable high-yield savings account, you’ve no better option than Marcus.
Research Process:
- Time is taken to research and write this article: We spent 28 hours researching and writing this article so you can get a useful summarized list of tools with a comparison of each for your quick review.
- Total tools researched online: 30
- Top tools shortlisted for review: 12