It is time for the kids to be heading back to school, we have survived the pandemic, shutdowns, market fluctuations, unemployment, stimulus packages, protest, riots and an election. But some things haven’t changed! There is still a need for emergency funds, home project funds, down payments or remodeling funds for your home, and certainly vacation funds are needed as the country is once again open for business. High Yield Savings Accounts are a secure place in-between your investments and your normal checking account to safely park your money.
High Yield Savings Accounts have an advantage over their lower yielding counterparts because the money grows at a much faster rate. Take for instance your big banks, such as Wells Fargo and Bank of America, have done nothing to help you earn money in your savings account paying 0.10% while requiring a minimum balance and charging a $5.00 to $10.00 banking fee. Maybe it is time to shop around for a better rate on your hard earned money.
We have completed the research and come up with a list of the best online savings accounts to yield a higher interest rate on your money. These accounts compliment your financial goals and habits while lacking hefty fees, minimum balance requirements and easy to reach customer service while offering innovative online and mobile banking technology.
Disclaimer: The savings accounts that appear on this site does not include all savings companies or all savings offers available in the marketplace. Annual percentage yields (APY) and account details are accurate as of July 25, 2021. Teresa D Mitchell is not affiliated with any of the companies listed below, this list is for educational and informational purposes only.
American Express (HYSA) High Yield Savings Account
You can put your finances on solid ground and have a greater peace of mind with an FDIC-Insured Savings Account from American Express.
Organize using buckets with multiple bank accounts or hard math. (Like digital envelopes you can dedicate parts of your savings to whatever you want. You can create up to 10 savings buckets that will peacefully coexist in your online savings account, plus you still earn interest on your total balance.
From your dream vacation to your emergency fund, explore what your Online Savings Account can do for you.
Betterment (HYSA) High Yield Savings Account – Cash Reserve
Sallie Mae Bank – Smarty Pig
A high-yield savings account is a relatively safe place to hold your hard-earned savings and enjoy a competitive yield in the meantime. However, it can’t address all of your financial needs. If you’re looking for an account that can handle your day-to-day finances, many online banks administer free checking and savings accounts that pay interest.
Note: Exceeding the legal limit of six withdrawals per statement period can have sizable penalties. Make sure to do your due diligence and ask the questions. Most of the savings account on this list limit on-demand access to your funds.
Learn More about protecting your retirement savings in a Multi-Year Guaranteed Annuity!