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The 2 things every high-yield savings account should have

If you haven't yet opened a high-yield savings account, you could be missing out on the benefits of today's rising rate environment. Getty Images

Today, a high-yield savings account is one of the best options for keeping your money safe while you earn a competitive return that can help you grow your balance over time.

After a series of rate hikes by the Federal Reserve, online banks in particular have increased the rates they offer on savings accounts to keep up — with some top rates moving upwards of 4.5% APY

If you haven't opened a high-yield savings account already, you could be missing out on great returns to help offset ongoing high prices. To help you get started, we've outlined two of the most important details every high-yield savings account on your list should have.

Start comparing top high-yield savings account rates now.

The 2 things every high-yield savings account should have

As a reminder, any savings account you choose should be from a bank that's FDIC-insured. This can help you avoid any losses in case of a bank failure. After that, these are two of the most important account details you should look for when opening a high-yield account today:

A great interest rate

Securing a competitive interest rate is probably at the top of your list already if you're considering a high-yield savings account.

Today's best rates typically range between 3.5% and 4.5% APY, though some high-yield accounts earn closer to 5% APY. And after the Fed's most recent rate hike, some banks may increase rates even further. 

Choosing an account with a great savings rate today not only lets you take advantage of rising rates in the short term but can set you up for maximizing interest in the long-term, too. Even when federal rate increases settle and rates go down, banks will remain in competition for your deposits. So, choosing a competitive rate today may help ensure you're earning among the best rates available in the future, too.

Use the table below to compare today's top interest rates and find one that works best for your savings goals.

No monthly fees

While you may be used to paying monthly fees on traditional bank accounts if you don't meet a certain minimum balance or guarantee a certain direct deposit amount each month, many of the best high-yield savings accounts with online banks charge no monthly fees. 

Avoiding a monthly fee simply for using your account each month can keep you from losing any of the interest you earn on your balance. However, there are other fees to keep in mind and understand when they may affect how you use your account, too.

Always make sure you take a look at the bank's fee schedule posted on its website, says Steve Schleupner, CFP, founder of You Tree financial planning. Otherwise, "Some fees may not be noticed. For example, many banks are charging fees for paper statements as a way to drive online services."

Knowing the ins and outs of any account you choose can help you maximize your earnings and avoid paying any fees you don't need to — which will benefit your savings balance over the long run.

The bottom line

Now is one of the best times in recent memory to earn a great return on the cash you put in savings. When choosing a new high-yield account, a competitive rate that allows you to take advantage of today's high rate environment is one of the most important things to look for — as well as making sure you won't be charged monthly fees that may erode your earnings.

Before you open any new account, make sure you consider all the account details — FDIC insurance, minimum balance or deposit requirements, account access and withdrawals and transfers are important, too. Then, you can start saving and contributing to your balance over time.

Get started by exploring today's top high-yield savings account rates.

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