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After over a year of federal rate hikes — and another expected in September — consumers are feeling the pinch of the highest interest rates in over 20 years. This is bad news when it comes to borrowing money, but it’s welcome news to savers.
High interest rates mean you earn more on your savings, especially if you keep it in a high-yield savings account. These accounts often offer rates 10 times the national average or more, which can really add up over time. And the sooner you switch to a high-yield account, the more you’ll earn over the long run, thanks to compound interest.
Check out today’s top savings rates here.
15 high-yield savings accounts paying the highest interest right now
Ready to earn more interest and grow your savings faster? Start by checking out the following top-paying accounts available today.
- UFB Direct High-Yield Savings (5.25% APY): $0 minimum balance requirement; $0 monthly service fee; $10 monthly service fee (for account balances under $5,000)
- Milli Savings Account (5.25% APY): $0 minimum balance requirement; $0 monthly service fee
- Newtek Bank Personal High Yield Savings (5.25% APY): $0 minimum balance requirement; $0 monthly service fee
- Valley Direct High Yield Savings (5.25% APY): $1 opening deposit requirement; $0 monthly minimum balance requirement; $0 monthly service fee
- Evergreen Bank Group High Yield Online Savings (5.25% APY): $100 opening deposit requirement; $0 monthly balance requirement; $0 monthly service fee
- Western Alliance Bank Savings Account (5.20% APY): $1 opening deposit requirement; $0 monthly service fee
- Vio Bank Cornerstone Money Market Savings Account (5.20% APY): $100 opening deposit requirement; $0 monthly balance requirement; $0 monthly service fee
- Popular Direct High-Rise Savings (5.20% APY): $100 minimum balance requirement; $0 monthly service fee; $25 fee if the account is closed within the first 180 days
- FNBO Direct Online Savings Account (5.20% APY): $1 opening deposit requirement; $0 monthly balance requirement; $0 monthly service fee
- CIT Bank Savings Connect (5.05% APY): $100 opening deposit requirement; $5,000 minimum balance requirement (for top APY); $0 monthly service fee
- TAB Bank High Yield Savings Account (5.02% APY): $0 minimum opening deposit requirement; $0.01 monthly balance requirement (for APY); $0 monthly service fee
- Salem Five Direct eOne Savings (5.01% APY): $10 minimum deposit requirement (for APY); $0 monthly balance requirement; $0 monthly service fee
- Bread Savings (5.00% APY): $100 opening deposit requirement; $0 minimum balance requirement (for APY); $0 monthly service fee
- Varo Savings Account (5.00% APY): $0 minimum opening deposit requirement; $0.01 balance requirement (for APY); $0 monthly fee
- Bask Mileage Savings Account (5.00% APY): $0 minimum opening deposit requirement; $0 minimum balance requirement; $0 monthly service fee
Compare current high-yield savings account offers online now.
The bottom line
Putting your money in a high-yield savings account is a quick and easy way to boost your savings today. In addition to comparing interest rates, take the time to read the terms and conditions for each account you’re considering to choose the best account for your needs.
Find your high-yield savings account here!
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(This article is generated through the syndicated feed sources, Financetin neither support nor own any part of this article)
