High Yield Savings 101, a beginner's course designed to help you maximize your savings with high-yield accounts. Perfect for those new to saving or looking to enhance their financial strategy, this course covers the essentials of high-yield savings accounts, including how they work, their benefits, and how to choose the best one for your needs. You'll learn about interest rates, compounding, and strategies to grow your savings faster than with traditional accounts. High Yield Savings 101 equips you with the knowledge to make informed decisions, ensuring your savings work harder for you and contribute to a secure financial future.
HIGHLIGHTS:
APY + NO month
APY:
5.00%
PLATFORM TYPE
-
HIGH-YIELD SAVINGS
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For balances of at least $5,000, CIT Bank's Platinum Savings account offers an extremely competitive annual percentage yield of 5.00%, which is significantly better than the national average. There is no monthly cost when opening an account with a $100 deposit, but balances under $5,000 only earn 0.25% APY.
Optimal online savings accounts provide lucrative interest rates while ensuring the security of your funds.Because internet banks do not have to maintain branches, they can offer much higher-interest savings rates than the national average of 0.45%*.
INVEST | SAVINGS
BARCLAYS HIGH-YIELD SAVINGS
HIGHLIGHTS:
WIDE RANGE OF POLICIES + ONLINE CLAIMS
APY:
4.35% W/ $0 MIN. BALANCE
PLATFORM TYPE
-
HIGH-YIELD SAVINGS
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Barclays, headquartered in London, serves tens of millions of individuals all over the world. Its online-only banking operation in the United States provides strong annual percentage returns on savings accounts and certificates of deposit, but no checking accounts are available.
Barclays likewise lacks a branch network in the United States, making it best suited for customers who do not require in-person help. However, if you value high savings returns, you may be able to disregard these restrictions.
Best for people who seek high interest rates on savings or CDs with no minimum balance requirement and don't need a checking account or in-person assistance.
INVEST | SAVINGS
APPLE HIGH-YIELD SAVINGS
HIGHLIGHTS:
APPLE CUSTOMERS ONLY + NO MIN BALANCE
APY:
4.40% W/ NO MIN. DEPOSIT
PLATFORM TYPE
-
HIGH-YIELD SAVINGS
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With an amazing 4.50% annual percentage yield (APY), the Apple High-Yield Savings Account outperforms some of the finest savings accounts nationally. The account has no fees, no minimum deposit requirements, and no minimum balance requirements in addition to its high rate. Goldman Sachs Bank offers Apple savings accounts, which are FDIC insured up to $250,000.
INVEST | SAVINGS
AMERICAN EXPRESS HIGH-YIELD SAVINGS
INVEST | SAVINGS
SOFI HIGH-YIELD SAVINGS
INVEST | SAVINGS
CITBANK HIGH-YIELD SAVINGS
HIGHLIGHTS:
NO MONTHLY FEES + NO MIN BALANCE
APY:
4.25% W/ NO MIN. DEPOSIT
PLATFORM TYPE
-
HIGH-YIELD SAVINGS
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A variety of savings options are available from American Express National Bank, Member FDIC, including certificates of deposit (CDs) and a high-yield savings account. You may be wondering how American Express savings rates compare if you're thinking about opening a new account to store your extra cash.If you're just starting to save money, American Express doesn't have any minimum deposit requirements, which can be enticing.
The American Express savings account does not have any monthly fees in addition to minimum deposits. You might have to pay a monthly charge for a savings account at some traditional banks.
American Express deposits interest into your account on a regular basis, compounding it daily on savings. There are no physical American Express locations, but you can manage your account online or via the American Express mobile app.
HIGHLIGHTS:
COMBINED ACCOUNTS + NO MIN BALANCE
APY:
4.60% W/ NO MIN. DEPOSIT
PLATFORM TYPE
-
HIGH-YIELD SAVINGS
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Although the checking and savings amounts in SoFi's Checking and Savings account are merged, they are rewarded with distinct interest rates. You will receive 0.50% (APY is variable and subject to change) on your checking balance whether or not you set up direct deposit. You will receive a better rate on your savings amount if you have direct deposit set up than if you don't.
