Editor's pick: American Express® Personal Savings High Yield Savings
- 1.15% APY
- No monthly fee
- No minimum balance
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Updated . What changed?
With savings account interest rates dropping from 0.9% to 0.6% APY in 2020, it’s more important than ever to look at high-yield savings accounts to earn more. High-yield savings accounts offer rates that are 20 times more than the national average. To make your search easier, we’ve researched and sorted over 80 accounts to bring you the best high-yield savings accounts offering rates over 1.10% APY.
We narrowed down our best high-interest savings accounts by digging into important factors like annual percentage yield (APY), monthly fees, minimum deposit requirements and minimum balance to earn interest. We excluded any accounts that had high interest rates but made you work for it with strict balance requirements or limited availability.
In prior years we focused on bringing you the best savings accounts with the highest rates available today — regardless of secondary features like monthly fees, low minimum deposit requirements and account perks. But in April 2020 we switched gears and focused on on finding the best savings accounts that had high APYs, but also had secondary factors worth bragging about.
Below you can see the savings accounts with the highest interest. In addition to considering their high APY, use the table below to compare account features such as fees or required deposit. Click compare on several products to see an alternative comparison view.
These accounts have high APYs, but they didn’t make our best list because they have limited availability or strict or unusual account requirements. That said, they may still be good options depending on your needs.
|Minimum to earn interest||$100|
|Monthly transaction limit||6|
|Fee per transaction over limit||$10|
There are a few simple steps you can take to ensure that you find the best high-yield savings account that meets your needs:
Not only can you earn money by switching to a high-interest savings account, but you can also save money. If you have money sitting in a low- or no-interest everyday checking account that charges banking and transaction fees, you may actually be losing money.
With so many different high-interest savings accounts available online, there’s no reason to pay fees. The more you deposit into a high-yield savings account, the more interest you’ll earn on your money.
The table below shows how much money you’d earn by switching from a savings account with a 0.01% interest rate to one with a 1%, 2% or 3% rate.
|Account balance||0.01% APY||1% APY||2% APY||3% APY||First-year switch benefit (3% vs. 0.01%)|
If you’re considering a high-interest savings account, consider the following advantages and disadvantages:
A high-yield savings account, also referred to as a high-interest savings account, offers a competitive interest rate for money you keep in your account designed to help you save more money. Typically, these accounts pay compound interest that’s typically calculated daily and paid out monthly. And because many are also online savings accounts not connected to physical bank branches, they come with a free, 24/7 online banking platform to access your funds.
How is interest taxed on my savings account?
Opening a high-yield savings account can help you take advantage of getting the highest return on your money even when the market rates shift. They’re also a good option if you’re looking to earn more money without losing easy access to your savings in case of an emergency. To get the most out of your account, shop around for the terms and conditions that will save you the most.
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