When it comes to saving money, most people jump at the chance to grow their balances. After all, your savings can act as a safety net when you need to cover an unexpected expense. It can also help you reach other money goals, like paying for a big vacation or putting money down on a home, so it makes sense to try and increase your savings account balance.
And, one easy way to do that is to earn a high rate of interest on the money in your account. There are afor earning interest on your savings, but one of the best ways is by putting your money in a savings account. But not just any old savings account — a .
Regular savings accounts currently earn an average rate of 0.43%, but high-yield savings accounts offer rates that are 10, 11 or 12 times higher than that. So, if you're leaving your money in a , you're passing up on the opportunity to earn hefty returns on your money.
7 savings accounts with the highest rates right now
Want to earn bigger returns on your savings? Here are seven high-yield savings accounts offering high rates on your money now.
Milli Savings Account: 5.25% APY
Milli, an app-based online bank, currently offers an APY of 5.25% on its high-yield savings account. That's one of the highest rates available currently — and unlike many similar accounts, this one doesn't have a minimum deposit requirement to meet in order to earn the highest rate on your savings. Savers will earn that high APY no matter how much — or how little — they deposit into this account.
There are no monthly maintenance fees to contend with, either. It's worth noting, though, that there are no physical bank locations to visit, so if you prefer in-person banking, this may not be the best option.
UFB High Yield Savings: 5.25% APY
UFB Direct is an online bank offering big interest rates on its high-yield savings accounts. With the UFB High Yield Savings account, savers can earn an APY of 5.25% on any balance in the account. There are no minimum balance or deposit requirements to consider.
And, like Milli's account, there are no monthly maintenance fees to be concerned with, either — nor are there any other deposit-related requirements, like direct deposit requirements. The one downside is that UFB doesn't offer brick-and-mortar locations for banking.
Popular Direct High-Rise Savings Account: 5.20% APY
Popular Direct's High-Rise Savings Account offers a competitive APY with a low minimum deposit and balance requirement, making it accessible to most savers. With this account, you can earn an APY of 5.20% — and you only have to have $100 in the account to do it. Plus, there are no monthly maintenance fees.
There is, however, a $25 charge for closing the account within the first 180 days after opening it, so if you're not sure that you want to keep this account open for at least six months, it may be better to look elsewhere.
CIT Bank Platinum Savings Account: up to 5.05% APY
CIT Bank is another online bank that offers big returns to savers in the form of high APYs. With this bank's Platinum Savings account, savers can earn an APY of 5.05% — and the account can be opened with just $100 (CIT also doesn't charge a monthly service fee for this account).
However, if you want to earn the top APY, you'll need to have at leastin the account, so it's typically best for savers who can meet that minimum. If your balance is less than $5,000, you'll earn a much lower APY of 0.25% — which doesn't even compare to the average APY for regular savings accounts.
Salem Five Direct eOne Savings: 5.01% APY
To earn the 5.01% APY with Salem Five Direct, the online division of Salem Five, all you need is $10. If you can deposit at least $10 into the account to meet the minimum deposit requirement, you'll start earning that high rate on your savings without paying any monthly service fees. And that rate is paid on account balances up to $1 million. There are no balance requirements to meet after your initial opening deposit, either.
Bask Interest Savings Account: 5.00% APY
Bask is another online bank offering a high rate of interest on your savings. With the Bask Interest Savings Account, savers can earn an APY of 5.00%, and there are no minimum deposit requirements to consider. There are also no monthly maintenance fees attached to this account, so it can be a smart option for savers who want to earn interest but don't have a lot of money to deposit initially.
It's important to note, though, that you'll need to make a deposit to this account within 15 days of opening it. Otherwise, Bask could close your account.
Bread Savings High-Yield Savings Account: 5.00% APY
Bread Savings is an online bank offering competitive rates on its high-yield savings accounts, and right now, savers can earn an APY of 5.00% on the money they deposit into this account. The minimum deposit requirement for this account is just $100, making it easy to meet for most savers.
You won't pay any monthly service fees with this account, either, but there are small fees for certain account-related features, like wire transfers, so you may want to consider those when comparing account options.
The bottom line
A high-yield savings account is a smart place to stash some or all of your savings, especially right now. Rates on these accounts are a lot higher than they were a year ago, and it's a great time to take advantage of what they offer. But as with any type of financial tool, make sure to read the fine print and know what you're signing up for before you make a decision. That can help keep the surprises to a minimum while maximizing the returns on your savings.
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