BEST HIGH YIELD SAVING ACCOUNT

If you've got any extra money lying around in a savings account and it's not paying you at least one percent interest right now, then this article should help you out because there is no reason why you shouldn't be taking full advantage of a high-yield savings account because there's plenty of them online and they're all paying at least one percent interest.

So in this article I'm covering all of the best high-yield savings accounts that I found online, but just keep in mind that in order to make this list they have to have a checking account associated with the savings account and then they're all FDIC insured and they're available to everyone in the United States because I'll be honest if you just do a little bit of research you can find banks out there that are going to have slightly better rates than the ones that I'm talking about but a lot of the time they're not going to have checking accounts and sometimes they don't work in every single state so that's why these ones meet these criteria’s that way they're all the best overall for you guys and we're not going to exclude anyone. Now let's just start talking about the best high-yield savings accounts that I've found.

If you want to know what a high-yield savings account is it's just a fancy way of saying it's a bank account that pays high interest and there's really nothing more complicated about it because if you actually called up your bank today and asked them how much interest you're making on your savings account, they'll probably tell you that it's close to zero and that is a total rip off because there's so many banks out there that will actually pay you a lot more with a lot of the same features and benefits, so there's no reason not to. I mean obviously if you only have a thousand bucks in your bank account it's probably not worth your time to earn about 16 bucks a year in interest but on the flip side if you have $10,000 in your bank account it probably is worth your time to make about a hundred and sixty bucks a year in interest just because you're looking at a high-yield savings account versus one that's not paying you hardly any interest. one thing to keep in mind though is that these rates are all variable so they're going to fluctuate based on the economy and they can go up and they can go down so depending on when you read this article the rates could be slightly different but let's just cross our fingers that they go up rather than down because that's always better for all of us.

Also just be aware that banks can change their terms at any time, so anything that I have written about in this article it can change just based on whatever they want to do but as of now the information is accurate. But I'm just warning you that it can change over time and as far as the list of banks goes I'm going to start with the lowest interest rate and then I'm going to go to the highest interest rate but just keep in mind that these are great banks and they're all really good options so just keep that in mind.

So the first bank that I want to talk about is a very popular one online and they're called Ally Bank and currently they have a savings account rate of 1.0%which is extremely competitive but a lot of the time I've seen them being a little bit more competitive because they have followed them for quite a while but that's what their rate is currently. Ally Bank doesn't require any monthly minimum balances they don't charge any monthly fees and then on top of that if you use their checking account they actually pay an interest rate that's about as high as you can get for a checking accounts. So if you do end up using their checking account they'll actually pay you a tenth of a point for any balance under fifteen thousand dollars and then if you're over fifteen thousand dollars they'll actually pay you half a point which is very very good for a checking account. So if you want to get a really good rate on your savings account and your checking account then definitely check out Ally Bank because they are a very good option for the online space of high-yield bank accounts.

Now the next Bank I want to talk about is actually Discover and I had no idea that credit card companies actually had bank accounts but they do and Discover is actually really competitive and they have a really good checking account as well. Right now their savings account is at 0.95 percent which is really competitive and then on top of that they advertise very heavily that they do not charge any fees, so that means they don't have any monthly fees anything like that and they don't require any minimum balances as well. Now Discovers checking account doesn't currently pay any interest but the cool thing is that they do have a debit card that pays you 1% cash back for up to $3,000 and purchases every single month. So for a debit card connected to a checking account that's about as good as it gets as far as rewards go. Their debit card can also be used at over 60,000 ATM locations and then on top of that Discover also makes it very clear that they're checking doesn't have any fees as well. I'll also mention that Discover has some of the best CD rates as well so if you're willing to lock up at least 2,500 bucks into one of their CD accounts then right now you can earn 0.90% interest on only a 12-month CD and that is really competitive when it comes to CD rates so keep discover in mind if you want to do one of those.

The next bank that made my list is Capital One because they have a savings account right now that pays out 0.80 percent and then on top of that they also don't have any monthly fees and they don't require any minimum balances as well. Capital One also has a checking account that pays out two tenths of a point and that's on any balance, so no matter how much money you have with them you are going to get a very competitive rate when it comes to a checking account and that's just really good all around. Capital One also has physical locations as well so if you're the type of person that likes to go into the bank to take care of things you can do that with Capital One but just keep in mind that they're not located in every state so some of you might be able to do that some of you won't but I'm just letting you know.

Now the last bank of my list of high-yield savings accounts goes to CIT bank but don't get that confused with Citi bank because these are two different entities that we're talking about here and I'm talking about CIT bank. They currently offer a savings account that has a yield of 1.05% but then they also have a money market account that's actually getting 1.0%right now so that's the best you can get through CIT Bank. Now I'll tell you right now that in order to get the best rates from CIT Bank you do have to have a minimum balance of at least $25,000 which honestly I don't think that's very good but the good news is that if you just make a minimum deposit of at least a hundred bucks per month then you can get their highest rates and I don't think that's very hard to do and honestly if your goal in the end is to be making money off of your high-yield savings account then depositing just a hundred bucks a month shouldn't really be that hard to do anyway. CIT bank also pays out a quarter of a point on their checking accounts if you have over $25,000 in them and then if you have less than $25,000 they'll actually pay a tenth of a point and that's really good as well. Overall CIT Bank is a really good option to go with because they've got the best rate that you can get at one point five percent and then just keep in mind that their checking account also pays out a really good rate as well.

Now those are the best high-yield bank accounts that I've found personally that have checking accounts associated with them but if you guys want to do your own research I'm sure there's other banks out there but those are the four that I wanted to tell about.

FAQ

HOW HIGH YIELD SAVING ACCOUNT WORKS?

Here's how It Works: High Yield Savings and APY

You're driving somewhere, you know the faster you go, the sooner you'll get there. But you also know it's not exactly that simple. It's the same way with savings. You want to reach your goals as fast as possible, but without taking undue risk. That's how a high yield savings account works. It's a savings account that offers a higher than average interest rate, and it's sort of like being in the left lane on the highway. You're not caught in the slow lane, but you're also not weaving in and out of traffic like putting your money in the stock market. Instead, you're on cruise control, making a nice clip toward your destination. And how do you check your speed? One way is to look at the Annual Percentage Yield, or APY, of your high-yield savings account. It tells you how fast your money is growing in your account. For instance an account with a one point five percent APY will grow twenty-one times as fast as money in a savings account with an interest rate of point zero five percent. Think of your APY like you would miles per hour on the highway. Over a long drive, going even a little faster can get you where you're going a lot sooner. And that's how it works, for you.