How to get the best high yield savings account

If you’re looking for an easy way to earn more interest on your current savings account, you should seriously consider switching High Yield Savings Account now

These accounts work similarly to traditional savings accounts Very high interest rates. When the Fed’s Recent interest rate hikes Not only was it great for homebuyers or those looking to refinance, it increased the appeal of high-yield savings accounts. The annual percentage rate (APR) for a regular savings account is currently around 0.33%, but a high-yield account can earn 3.50% to 4.50%. So, if you have $5,000 in a regular savings account, you’re earning about $16.50 per year, but with a high-yield account, you could earn $175 over that same period.

That said, not all high-yield savings accounts are equal. Fortunately, there are some reliable ways to find the best accounts available. You can easily explore your local high-yield options here to see how much you can make or use the table below to get started.

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How to get the best high yield savings account

Consider these recommendations to get the best high-yield savings account.

Shop around

Just like you don’t automatically buy the first one life insurance or Car insurance You cannot immediately open the first high yield savings account to have the policy out.

It is possible that your current bank will offer you the highest interest rate. But it’s also possible that you can find a significantly higher APR with another bank or credit union. You won’t know which one is best for you until you shop around and get an idea of ​​what’s on offer. This doesn’t mean you have to spend an afternoon visiting different banks to see what they have to offer. You can easily do all your research online (many High Yield Savings Account However, online banks will provide).

Just plug in your zip code and the amount you plan to deposit here to find some great local options or use the table below to start shopping.

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Check the fees

Some banks and credit unions will let you use a high-yield savings account for no fee. Others may penalize you if you don’t keep the minimum balance. Or they may skip fees and not pay you the desired APR unless you meet and maintain a minimum balance. Others may charge you a monthly maintenance fee to keep your account in good standing.

Some of these fees may be negligible and others may be more. But fees can eat into your account’s profitability overall so check the fine print before getting an account This will ensure that your account earns as much interest as possible without paying anything back to the bank.

Determine accessibility

If you want to set up a high-yield savings account and leave it alone to earn interest, an online bank or credit union may be best for you. If you want to be able to easily access your account to deposit more cash — or withdraw from it if needed — you may want to go with a brick-and-mortar servicer instead. There’s no wrong or right way to access a high-yield savings account, but it helps to first know what your plan is to find the best account for your needs.

Start shopping for high-yield savings accounts online now!

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Bottom line

High-yield savings accounts offer a rare opportunity for account holders Create more interest with less effort. Those interested in getting the best account should first shop around to find banks that offer the highest interest rates. It also helps to check for fees (hidden or otherwise) that can eat into the APR one earns through these accounts. Finally, those looking for a high-yield savings account should know how they plan to access it because some banks will offer more flexibility and options than others.