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9 savings accounts that earn 11 times the national average (or more!).

If you don’t have a top-earning high-yield savings account, you’re essentially missing out on free money.

Aldo Ottaviani – Italy/Getty Images

That’s one good thing about high interest rates Savers stand to earn much more For their money – if they choose the right account.

when national average Currently 0.42% APY for regular savings accounts, some High Yield Savings Account Offer rate of 4.75% APY and above. It is 11 times more.

This can make a big difference over time. On a $1,000 balance at 0.42%, for example, you’d earn a measly $4.20 in interest over 12 months. At the highest rate available today (5.15%), you would earn $51.50. The higher your savings and the longer your account is open, the faster this difference will be.

In other words, if you don’t have the highest-earning high-yield savings account, you Basically losing money for free.

Check out today’s top savings accounts here and see how much you can earn

9 Savings Accounts That Earn 11 Times the National Average (or More!)

All accounts on this list have no monthly maintenance fees, so you keep more of the interest you earn They are also protected FDIC InsuranceWhich means your money is safe up to $250,000 per account per bank.

Western State Bank: 5.15% APY

The Western Alliance Bank Savings Account is offered through an exclusive partnership with Raisin, an online savings marketplace. It offers a 5.15% APY and requires a minimum deposit of just $1

Popular Direct: 5.05% APY

The popular Direct Savings account offers an APY of 5.05%, nearly 12 times the national average. You must deposit at least $100 to open the account and you must keep the account open for 180 days. If you do not, you may be charged a $25 initial account closing fee.

Popular Direct is the online division of Popular Bank.

Salem Five Direct: 5.01% APY

Salem Five Direct’s eOne savings account offers a slightly lower APY of 5.01% but only requires a $10 deposit to open. You can deposit up to $1 million (although it’s worth remembering that FDIC insurance only covers up to $250,000 per account per bank).

Salem Five Direct is the online division of Salem Five Bank.

NewTech Bank: 5.00% APY

NewTech Bank may not be as well known as others on this list, but it has been around since 1963. Although it mainly focuses on business banking, its personal high-yield savings account is worth checking out. It offers a 5.00% APY and no minimum deposit requirements

CIT Bank: 4.95% APY

You only need $100 to open a CIT Bank Platinum Savings Account. However, to earn the 4.95% APY, you must maintain a balance of at least $5,000. CIT Bank is a division of First-Citizen Bank and Trust.

Basque Bank: 4.85% APY

The Basque Interest Savings Account pays a 4.85% APY and has no minimum balance requirement. If you are a frequent traveler, you may also want to consider opening a Basque Mileage Savings Account which offers an account suitable for travellers. For every dollar you save in this account each year, you’ll earn 2.5 American Airlines AA Advantage points.

Basque Bank is a division of Texas Capital Bank.

UFB Direct: 4.81% APY

If you want quick, convenient access to your savings anytime, check out UFB Direct’s Premier Savings Account. It has a 4.81% APY, no minimum deposit requirements, and is the only account on this list that comes with a free ATM card.

UFB Direct is a division of Axos Bank.

Bread Savings: 4.75% APY

Bread Savings offers a 4.75% APY and requires a minimum opening deposit of $100. Bread Savings is part of Bread Financial and a division of Community Capital Bank.

BMO Alto: 4.75% APY

Last but not least, the BMO Alto account pays a 4.75 APY. You don’t need to deposit anything to open an account. But it’s worth noting that BMO Alto is the rare online bank that doesn’t have a mobile app, so you’ll need to check your balance on the website and link existing accounts to transfer funds.

Compare your savings account options online now.

Bottom line

If you want to earn more interest on the money you save, the above accounts are a great place to start. That said, rates change regularly, and The best account for your needs You get the most while offering the features you need while also fitting your savings budget. Take time to shop around and compare multiple accounts to find one that hits the sweet spot.

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