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Friday, July 19, 2024

8 savings accounts offering 5.25% or more on your money

When you’re saving money, it’s important to do whatever you can to maximize what’s in your account. That could mean automating your savings, paying yourself first from each paycheck or rounding up on your purchases and putting the change directly into your savings account.

And, it can also mean earning the highest interest rate possible on your money. This is a great time to do that since the APYs on many savings accounts are higher than they have been in decades.

But a regular savings account, which has an average interest rate of 0.45%, probably won’t cut it. A high-yield savings account is likely the better option when you’re focused on earning the most interest you can on your savings — and the accounts below offer some of the highest rates available today.

Find out what savings rates you could be earning here.

8 savings accounts offering 5.25% or more on your money

If you’re looking for a high-yield savings account that offers a 5.25% APY or higher on your money, these accounts could fit the bill:

Betterment Cash Reserve: 5.50% APY

Betterment’s Cash Reserve account offers a 5.50% APY for new customers who open a Cash Reserve account. And, what’s also attractive about this high-yield account is that it has no monthly service fees and just a $10 minimum deposit amount. The downside is that the top rate is only available to new customers. However, existing customers with this account earn a 4.75% APY standard rate — which is also much higher than the national average.

BluPeak Credit Union Preferred Savings: 5.33% APY

BluPeak Credit Union is offering an APY of 5.33% on its Preferred Savings account right now. You can open this account with just $25, so it’s easily accessible to most savers. However, that top rate is only available to new members, and since it’s a credit union, you’ll have to qualify for membership to open this account.

CloudBank 24/7 Savings Account: 5.26% APY

The CloudBank 24/7 Savings Account, powered by Raisin, currently offers an APY of 5.26% — and the account comes with no extra fees. You can open it with a $1 minimum deposit and the account offers 24/7 online access to funds. But the one downside is that this is a fully online bank, or a digital smart bank, meaning that if you want access to a physical location, you may want to look elsewhere.

UFB Direct High-Yield Savings: 5.25% APY

The UFB Direct High-Yield Savings account offers a 5.25% APY currently with a $0 minimum balance requirement. It also comes with a $0 monthly service fee, which helps you keep more of your money in the account. However, this online bank charges a $10 monthly maintenance fee if there’s less than $5,000 in the account, so unless you have a large amount to deposit, you may be better off with an account that has no minimum balance requirement.

Milli Savings Account: 5.25% APY

You can currently earn a 5.25% APY with a Milli Savings Account. This online bank also has a $0 minimum balance requirement to earn that high APY and charges a $0 monthly service fee. Savers can automate their savings by enabling rules like “Set and Forget” and “Spending Round-ups” to ensure that they’re staying on track with their savings goals. However, Milli, like many of these banks, is fully online, so you won’t get access to a physical bank location.

Newtek Bank Personal High Yield Savings: 5.25% APY

Savers can earn a 5.25% APY with the Newtek Bank Personal High Yield Savings account. This account has a $0 minimum balance requirement and a $0 monthly service fee, too — but you’ll need to be comfortable with managing your money through an online account since that’s the only option with this bank.

Valley Direct High Yield Savings: 5.25% APY

If you have $1 lying around, you can open a Valley Direct High Yield Savings account. That opening deposit requirement is lower than many other options, and it has a $0 monthly minimum balance requirement, too. You’ll also pay $0 in monthly service fees with this account.

Evergreen Bank Group High Yield Online Savings: 5.25% APY

With a $100 opening deposit, you can start earning an APY of 5.25% with the Evergreen Bank Group High Yield Online Savings account. As the name indicates, this bank is fully online, but it has a $0 monthly balance requirement and a $0 monthly service fee.

Explore the top savings rates available to you here.

The bottom line

You don’t have to settle for low interest earnings on your savings. There are lots of options offering rates of 5.25% or more on your money — and in many cases, you won’t have to meet any minimum deposits or pay costly fees for opening an account. That makes these high-yield savings accounts an option for most types of savers, who can reap the benefits of a high APY without facing any frustrating or costly account requirements.

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