Want to maximize your savings account? Look for this one feature, experts say

Despite the symptoms Prices are coming downThe rate of inflation that Americans have experienced over the past few years is still affecting everything from housing to gasoline and utilities.

One tool you need to protect against high costs is a High Yield Savings Account. After a series of rate hikes by the Federal Reserve designed to reduce inflation, savings interest rates today Around 4% APY or more. And while high-yield savings accounts are great options for your savings emergency fund Or money that you want to set aside for other short-term savings goals, may also have other uses.

Compare today’s top savings rates here to see how much more you could earn.

One way to maximize your savings account

Just putting money you want to save for a specific purpose, like a emergency fundSavings, you can benefit from keeping the bulk of your cash a High-yield savings accounts. By doing this, you can take advantage of higher interest with a larger cash balance, while maintaining the ability to withdraw from your balance when you need it.

“Many banks are no longer imposing caps on the number of transactions in savings accounts,” says Trent Porter, CFP, founder of Priority Financial Partners. “So you can often leave the bulk of your cash in savings rather than in a checking account.”

Not having a cap on transactions means that any time you need to access your money for a monthly payment or bill, you can either set up a payment directly from savings or transfer money elsewhere to make your payment. “For example, most transactions other than checks, such as paying your credit card bill, can come directly from a savings account,” says Porter.

What to know about transaction limits

In the past, the Federal Reserve has enforced transaction limits on certain types of accounts, including savings accounts. Regulation d. The rules limit a maximum of six transfers and withdrawals per month. During the pandemic, the Withdrawal of Fed regulations and later postponed it indefinitely.

Today, banks can decide for themselves whether to keep a six-month transfer limit each month — and many often do. If you want the option of using your savings account like a checking account, check your High Yield Savings AccountTerms of any penalty or fee for making more than six transfers per month. Otherwise, the costs could potentially eat into your interest earnings and negate the benefits.

Explore the top savings account options today

Best high-yield savings account with no transaction limits

Below, we’ve rounded up some high-yield savings account options that offer this charge today No fee or penalty for making more than six monthly transfers.

CIT Bank

CIT Bank is consistently at the top our pick Today for the great high yield savings account, mainly for its very high 4.85% APY. You can earn that rate on balances of $5,000 or more with the bank’s Platinum Savings Account after making a minimum deposit of at least $100. There are no monthly fees and the account terms state that customers are allowed an unlimited number of transactions per month.

Bread storage

Bread Savings offers another solid rate on its high-yield savings account, with a 4.65% APY when you deposit at least $100 to open your account. There are no monthly fees and no fees for exceeding transaction limits.

Access to Citizens

Citizens Access offers a 4.50% APY on its high-yield online savings, no monthly fees and requires only a $0.01 minimum deposit. The bank specifies that it does not limit the number of withdrawals or transfers from your savings balance.

Mitra Bank

Ally Bank is a popular online banking choice that charges no monthly fees and no minimum balance to earn 3.75% APY on savings. Unlike other banks on our list, Ally still limits customers to six transfers per billing cycle. However, there is no cost to you to do so; Mitra is refunding the $10 additional transaction fee it previously charged.

Bottom line

Save any amount today High rate environment Can help you earn more cash over time. But even if you are still working Build your savings balance, there are many ways you can take advantage of interest bearing accounts today If you have recurring monthly payments through electronic transfers like credit card bills or an online rental portal, consider saving your cash and earning interest on that money until you’re ready to use it.

Learn more about how much you can get with today’s top savings rates.