Best High Yield Savings Accounts
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The best high yield savings accounts pay competitive interest rates and give customers an excellent user experience. The accounts listed below meet those standards and are all FDIC-insured and RBD-recommended.Account Notes: All accounts are FDIC-insured. That means your deposits are protected up to $250,000 per account owner. A few account providers offer higher levels of insurance through a deposit network. ^ M1 Finance: Stated APY is for M1 Plus members and is current as of May 2023. M1 Plus membership is free for the first three months, then costs $95 per year but provides several member benefits. M1 is not a bank. M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 High-Yield Savings Accounts are furnished by B2 Bank, NA, Member FDIC. Insured up to $5,000,000 through B2’s Insured Deposit Network Program. No account balance minimum. ~ Robinhood: FDIC-insured up to $1.5 million. A Robinhood Gold membership is required to get the highest rate. Membership is free for the first 30 days are free, then $5 a month. Gold provides several member benefits. No minimum account balance. * Upgrade: $1,000 minimum deposit. Deposits held at Cross River Bank, Member FDIC, insured up to $250,000.
With interest rates far above the banking industry average, the savings accounts in the table above are suitable for consumers looking for high-yield savings but do not need a physical bank location.
The upside to the Federal Reserve increasing interest rates over the last few years is that consumers don’t have to look far to earn decent yields without taking risks.
Money that isn’t targeted for spending or investing should be held in a high-yield savings account to earn maximum interest while you decide what to do with the money.
Emergency funds and monthly excess cash savings are best held in a high-yield savings account to maximize interest income and help keep up with inflation.
These accounts are a secure place to store your money while you build cash for a vacation, large purchases such as a down payment on a house or car, or for a rainy day.
Above is a list of recommended high-yield savings and money market accounts. Each provides:
- Online and mobile access — Bank your way.
- FDIC Insurance — Your money is protected up to at least $250,000.
- Liquidity — Utilize free ACH transfers to access funds in 1-3 business days.
- Competitive interest rates and low minimum deposits — Must-haves for any new account.
Craig is a former IT professional who left his 20-year career to be a full-time personal finance blogger. He lives in Northern Virginia with his wife and three children. A DIY investor since 1995, he started Retire Before Dad in 2013 as a creative outlet to share his stock and real estate income portfolios. Craig earned a Finance degree from Michigan State University. Read more HERE.
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