Best High Yield Savings Accounts
Best High Yield Savings Accounts in the United States – August 2024. Top 5 Best High Yield Savings Accounts of August 2024 are American Express High Yield Savings Account, Marcus by Goldman Sachs, Barclays Online Savings Account, BMO Harris High Yield Savings Account, EverBank (now TIAA Bank)
Are you looking for a way to save money and earn more interest? High yield savings accounts can help you do just that. In this guide, we will explore some of the best high yield savings accounts available in the United States as of August 2024. We will look at different banks, their features, and what you need to know before opening an account.
What is a High Yield Savings Account?
A high yield savings account is a type of bank account that offers a higher interest rate than a regular savings account. This means your money can grow faster. These accounts are great for saving money for emergencies, vacations, or big purchases.
Why Choose a High Yield Savings Account?
High yield savings accounts are popular for several reasons:
- Higher Interest Rates: You earn more money on your savings.
- Safety: Most accounts are insured by the FDIC, which means your money is protected.
- Easy Access: You can access your money when you need it.
Now, let’s look at some of the best high yield savings accounts available in August 2024.
1. American Express High Yield Savings Account – Best High Yield Savings Accounts
Overview
American Express is known for its credit cards, but it also offers a great high yield savings account.
Required Opening Deposit
To open an account, you need a minimum deposit of $1.
Minimum Balance Requirements
There is no minimum balance requirement. This means you can save as much or as little as you want.
Monthly Fee
There are no monthly fees. This is a big plus for savers.
Mobile Check Deposit
Yes, you can deposit checks using the mobile app. This makes it easy to add money to your account.
Read this also Unlock Your Financial Future: Discover the Best Savings Accounts for Maximum Growth!
Checking Accounts Available
American Express does not offer checking accounts. However, their savings account is a great option for saving money.
CDs Available
American Express offers Certificates of Deposit (CDs) with competitive rates. CDs are a good choice if you want to lock in your interest rate for a set period.
2. Marcus by Goldman Sachs
Overview
Marcus by Goldman Sachs is another excellent choice for high yield savings. They are known for their customer service and easy-to-use online platform.
Required Opening Deposit
You can open an account with just $1.
Minimum Balance Requirements
There is no minimum balance requirement. You can save at your own pace.
Monthly Fee
Marcus does not charge any monthly fees. This helps you keep more of your money.
Mobile Check Deposit
Yes, you can use the mobile app to deposit checks. This feature is very convenient.
Checking Accounts Available
Marcus does not offer checking accounts. They focus on savings and CDs.
CDs Available
Marcus offers a variety of CDs with different terms. This allows you to choose the best option for your savings goals.
3. Barclays Online Savings Account
Overview
Barclays is a well-known bank that offers a high yield savings account with great features.
Required Opening Deposit
You can open an account with a minimum deposit of $0. This can make it easy or simple for anyone to start saving money.
Minimum Balance Requirements
There are no minimum balance requirements. You can save any amount.
Monthly Fee
Barclays does not charge monthly fees. This is a great benefit for savers.
Mobile Check Deposit
Yes, you can deposit checks using the mobile app. This feature is very helpful.
Checking Accounts Available
Barclays does not offer checking accounts. They focus on savings and investment products.
CDs Available
Barclays offers CDs with competitive interest rates. This is a good option if you want to save for a specific goal.
4. BMO Harris High Yield Savings Account
Overview
BMO Harris is a bank that offers a high yield savings account with good interest rates.
Required Opening Deposit
To open an account, you need a minimum deposit of $100.
Minimum Balance Requirements
You must maintain a minimum balance of $300 to avoid fees.
Monthly Fee
If you do not meet the minimum balance, there is a monthly fee of $5.
Mobile Check Deposit
Yes, you can deposit checks using the mobile app. This makes it easy to add money to your account.
Checking Accounts Available
BMO Harris offers checking accounts. This is great if you want both checking and savings options.
CDs Available
BMO Harris also offers CDs. This allows you to save for the long term with a fixed interest rate.
5. EverBank (now TIAA Bank)
Overview
EverBank, now known as TIAA Bank, offers a high yield savings account with competitive rates.
Required Opening Deposit
You need a minimum deposit of $1,500 to open an account.
Minimum Balance Requirements
You must maintain a minimum balance of $5,000 to avoid fees.
Monthly Fee
If you do not meet the minimum balance, there is a monthly fee of $8.
Mobile Check Deposit
Yes, you can deposit checks using the mobile app. This feature is very convenient.
Checking Accounts Available
TIAA Bank offers checking accounts. This is a good option if you want to manage both checking and savings.
CDs Available
TIAA Bank offers a variety of CDs. This allows you to choose the best option for your savings goals.
Conclusion On Best High Yield Savings Accounts
Before you open an account, think about your savings goals. Consider how much money you want to save and how often you will need to access it. With the right high yield savings account, you can make your money work harder for you. Happy saving!
Learn More https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/