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High yield savings accounts are more important than ever.
Saving for the future, protecting your assets, and ensuring your own financial stability are just a few reasons why it’s critical for you to have this type of savings account. A high yield savings account is a means of saving your assets that typically earns rates higher than the national average. They can accrue around .60% APY versus the national saving’s average 0.06% APY. Since they’re also federally insured, they are also more safe than regular savings accounts.
Read below if you’re interested in learning more about the best way to protect your future:
Bread Savings
Minimum Opening Deposit: $100
APY: 1.00%
With one of the highest APY and the lowest minimum opening deposit, Bread Savings is number one on our list for best high yield savings accounts. This savings account is one of many online banks and offers various perks including 5 terms of CDS and customer service that’s ready to support you and answer all of your questions 7 days a week.
Live Oak
Minimum Opening Deposit: $0
APY: .80%
With another high APY, Live Oak Bank has to place alongside Bread Savings in terms of affordability and long-term returns. Live Oak Bank also deserves recognition for having no monthly service fee, so with this savings account, you won’t have to worry about facing expensive bills and difficulties with your account.
Barclays Bank
Minimum Opening Deposit: $0
APY: .70%
Unlike many of the high yield savings accounts on this list, Barclays Bank has actual brick-and-mortar locations throughout the U.S. and internationally. Expect to not have to wait on the phone for hours on end to only reach an automated line, with Barclays Bank you can find someone to help you with all your banking needs for a low price at that.
Quontic Bank
Minimum Opening Deposit: $0
APY: .75%
Quontic Bank makes digital banking worth it. With a low opening deposit fee, access to 10s of 1,000s ATMS, and also money transferring service via commonly used financial platforms like Zelle, Apple pay, Google pay, and Samsung pay, banking with Quontic is banking with the future.
Ally
Minimum Opening Deposit: $0
APY: .60%
With a 2.3 million customer base, Ally Bank is definitely one of the most trusted and reliable saving platforms. In addition to providing high yield savings accounts, this bank also offers no penalty CD, money marketing and checking accounts, term CDS, and more, so if you need more than a secure savings account, Ally will have you covered.
CIBC Bank USA
Minimum Opening Deposit: $1,000
APY: .62%
CIBC Bank USA, formerly The PrivateBank and Trust Co., offers both in-person and online banking, so with CIBC you have the right to choose how you want to bank. Online banking is done through CIBC Agility, which provides users with the Agility Online Savings Account. With CIBC Bank expect to earn a high APY while having as little as $.01 cent in your account. However, be aware that you’ll need at least $1,000 to open an account with the Agility Savings Account.
Lending Club
Minimum Opening Deposit: $100 minimum opening deposit/$2,500 minimum for APY
APY: .70%
Though Lending Club offers a high APY and an ATM card, the minimum $100 balance required to earn interest and the $5 balance needed to keep the High Rate Savings Account open can be a deal breaker for some.
