Every high-yield savings account should have 2 things

Today, a High Yield Savings Account One of the best options for Keep your money safe While you earn a competitive return that can help you grow your balance over time.

After a series Rate hikes by the Federal ReserveOnline banks in particular have raised the rates they offer on savings accounts to keep up — with some Top rates are hovering above 4.5% APY.

If you haven’t already opened a high-yield savings account, you can Great return missed out To help offset the ongoing high prices. To help you get started, we’ve outlined the two most important details of each high-yield savings account on your list.

Start comparing top high-yield savings account rates now.

Every high-yield savings account should have 2 things

As a reminder, any savings account you choose should be from an FDIC-insured bank. This can help you avoid any damage In case of bank failure. Next, these are the two 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 if you’re considering a high-yield savings account.

Today’s best rate Typically between 3.5% and 4.5% APY, although some high-yield accounts earn closer to 5% APY. And after the Fed’s most recent rate hike, some banks may raise rates further.

Choosing an account with a great savings rate today not only allows you to take advantage of rising rates in the short term but can also set you up to maximize interest over the long term. Even as the federal rate rises and rates fall, banks will be competing for your deposits. So, choosing a competitive rate today can help ensure you earn among the best rates available in the future.

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

There is no monthly fee

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 each month, many of the best high-yield savings accounts Online Bank Charge no monthly fee.

Avoiding a monthly fee for using your account each month prevents you from losing any interest on your balance. However, there is Other fees to keep in mind And understand when they can affect how you use your account, too.

Always make sure you check the bank’s fee schedule posted on its website, says Steve Schleupner, CFP, founder of U Tree Financial Planning. Otherwise, “some fees may not be noticed. For example, many banks charge fees for paper statements as a way to operate online services.”

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

Bottom line

Now is one of the best times Earning a great return on the cash you saved in recent memory. 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’re not charged monthly fees that could erode your balance. earnings

Before you open a new account, make sure you consider all account details — FDIC insurance, minimum balance or deposit requirements, account access and withdrawals and transfers are also important. then you can Start saving And contributing to your balance over time.

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