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8 high-yield savings accounts to store your emergency fund

With APYs of 4.50% or higher, today's top high-yield savings accounts are all great places to store your emergency fund. Getty Images/iStockphoto

No matter how confident you are in your financial planning, you're setting yourself up for trouble if you don't have a healthy emergency fund. Anything can happen at any time and emergency savings can help you stay afloat if you lose your job, become ill or incur an unexpected, large expense like a home repair.

The easiest way to grow your savings is by putting it into a high-yield savings account. These accounts carry yields up to 10% to 15% higher than regular savings accounts, allowing you to accrue as much interest as possible while your money waits until it's needed.

There are plenty of high-yield savings accounts to choose from. We've made things easier for you by rounding up some of our top recommendations.

See how much you could be earning by viewing today's savings rates here.

High-yield savings accounts ideal for storing your emergency fund

All of the following accounts are FDIC-insured, meaning your money is protected up to $250,000 per account, per bank. They also offer APYs of 4.50% or higher, in addition to features like few or no fees and, in many cases, low or no minimum balance requirements.

Popular Direct: 4.85% APY

Popular Direct Savings offers one of the highest APYs at 4.85%. You must deposit at least $100 when you open the account, but there are no monthly service fees (although you could incur a $25 charge if you close your account within 180 days of opening it). This account also provides easy access through mobile and online banking. Popular Direct is a division of Popular Bank.

CIT Bank: 4.85% APY

If you have significant savings, CIT Bank's Platinum Savings account is worth considering. It offers 4.85% APY but you must deposit at least $100 upon account opening and maintain a balance of at least $5,000 (if you don't meet the minimum balance, you'll only earn 0.25% APY). This account has no ongoing fees. CIT Bank is a division of First-Citizens Bank and Trust.

UFB Direct: 4.81% APY

UFB Direct's Premier Savings account is great for those who value an easy, hassle-free banking experience in addition to high yields. In addition to a competitive 4.81% APY, it has no account minimums or fees. It also provides a free ATM card, mobile check deposit and other online bank features. UFB Direct is a division of Axos Bank. 

TAB Bank: 4.76% APY

TAB Bank's high-yield savings account earns 4.76% APY and has no minimum balance or deposit requirement and no maintenance fees. It also has no maximum balance requirement, which means there's no cap on how much interest you can earn.

Bask Bank: 4.75% APY

Bask Bank's Interest Savings account has the next-best APY on the list at 4.75%. There are no monthly fees or minimum balance requirements, but you do need to deposit something within 15 days of opening your account. Bask Bank is a division of Texas Capital Bank.

Salem Five Direct: 4.61% APY

You'll earn 4.61%  APY with the eOne Savings account from Salem Five Direct. You'll need to deposit at least $10 to open the account, but you'll earn interest on deposits up to $1 million. The account also has no monthly fees or minimum balance requirements. Salem Five Direct is a division of Salem Five Bank.

Bread Savings: 4.61% APY

Bread Savings' high-yield savings account earns a healthy 4.65% APY and has no monthly or maintenance fees. You must deposit a minimum of $100 to open the account. Bread Savings is a part of Bread Financial, formerly known as Comenity Capital Bank.

Citizens Access: 4.50% APY

If you have more than $0.01, you can open a High-Yield Online Savings account with Citizens Access. That's their minimum opening deposit requirement. The account offers 4.50% APY, as well as no monthly fees.

Check out current savings rates online now.

The bottom line

Emergency savings are crucial to ensure your financial security. And with the above high-yield savings accounts, you can make your savings work harder for you with some of the highest APYs on the market today. To find the account that's best for you, carefully compare your options, keeping these key questions in mind.

Whichever account you choose, you can rest easier knowing you have funds to rely on if things get rough.

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