Having a savings account is imperative, especially if you own a home or want to travel. Saving your money can only help you in the future, but banks have various accounts you can choose from. When choosing a savings account to invest your money in, you want to find one beneficial to you and your life goals. Here are five savings accounts with higher yields.
With a high yield savings account, you can get better interest rates on your savings, which means more money in your pocket. With a high yield account, you’re getting paid more than a traditional savings account. Most of these savings accounts can also be found online, making their overhead low and save you even more dough. Let’s take a look.
1. Discover Bank
Discover has been around for a long time, but they do a whole lot more than just credit cards. With Discover Bank, you can open your own high yield savings account and get a great rate with them.
Their rate is currently 0.70% APY, and they don’t require a minimum balance, and there are no fees.
2. Capital One – 5 Savings Accounts With Higher Yields
Capital One is known for its credit cards and being a top-notch banking branch. Since they are in the competitive side of banking, that means they need competitive rates to secure customers. Their online savings account is great to start using, and if you’re already a Capital One 360 customer, it makes opening your savings account more straightforward.
Capital One has a $0 minimum to open, and they offer no maintenance fees. Currently, their APY is at 0.65%.
3. Barclays Bank
Barclays Bank is a smaller known bank, and their online savings account is standard among others like it. The difference between Barclay and other online banks is they don’t require a minimum balance to open your account. When it comes to banking needs, Barclays is very traditional, and you won’t get charged a monthly fee for working with them.
Right now, their APY is sitting at 0.60%.
4. CIT Bank – 5 Savings Accounts With Higher Yields
High-interest rates are what you want, and you can get that with CIT Bank. They are known for their higher rates to offer consumers, and their platform is incredibly easy to use. You can sign up and start your savings account quickly within minutes, and they are always constant with what they can provide you.
You need to have a minimum to get started with CIT Bank, though, but it is low, and you’ll earn interest in the entire balance in your account.
Currently, their APY is at 0.75%.
MySavings is provided by Nationwide and is a great option when it comes to savings accounts. To get a savings account with Nationwide, you also need to have a MyChecking account with them, which is free to use.
If you have a MyChecking account, you can get an APY of 1.05%, but if you don’t, your APY is still good at 0.90%, which is one of the highest in this list. The account does require $100 to open it, and there are no minimum balance requirements or monthly maintenance fees.
As you can see, there is a variety of great banks out there that can offer you amazing and competitive rates that will only help you increase your savings account.