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High interest online savings account offers a savvy solution to increase your savings more quickly than conventional ones. Achieve your financial goals faster according to your budget, whether you want to build a house down payment, family vacation fund, or car fund.
Nowadays, many banks offer high-yield online savings accounts with various interest rates. If you need help to find the best bank that promises the best rates, the following list can be a good reference. These hand-picked banks can be an ideal place to keep your money safe for the short term.
Best High-Yield Online Savings Accounts
There are so many banks and credit unions throughout the US that offer high-interest savings accounts but only a few are considered trustworthy. Based on the interest rates, fees, and supporting factors, these banks are the best.
1. Milli Savings Account
Milli Savings Account is an app-based account that can increase your savings with the highest rate of APY at 5.25 percent. This savings account does not charge you monthly fees, allowing you to improve your balance without deduction.
Everyone can open a savings account on Milli because there are no minimum balance requirements. Whether you want to deposit a large amount of money or start small, this savings account has got you covered. Organize your savings for different purposes and goals according to your budgets.
This high-yield savings account is part of the First National Bank of Omaha. The online banking division offers both checking accounts and savings accounts to meet the different needs of customers. Designated as mobile-only banking, it does not have a brick-and-mortar branch.
With the Milli savings account, your interest compounds daily that adds up your balance more quickly. All customers are eligible to earn 5.25 percent APY without a minimums balance or specified tiers. If you don’t mind using an online banking platform, this savings account has you covered.
But if you prefer making transactions in an in-person branch or if you find difficulties in operating online baking from your smartphone, the Milli savings account may not be a good choice.
2. UFB High Yield Savings
The UFB High Yield Savings account is a high interest online savings account that offers the highest earning rates up to 5.25 percent APY. It does not have minimum deposit requirements and won’t charge you a monthly maintenance fee, which makes it an ideal place to grow your money.
When it comes to upsides, this online savings account offers better cash access which stands out among the competitors. Account holders are eligible for a complimentary ATM card that allows convenient, fee-free withdrawal at more than 90,000 ATMs.
UFB savings account is offered by Axos Bank. Despite the balance tiers it has, all balances earn up to 5.25 percent APY without minimum balance requirements or certain activities. Whether you want a savings jar for a new car or a house, this smart savings account is worth your consideration.
Apart from the upsides, the UFB savings account has some downsides. It has no in-person branches so customers must access their accounts through online banking. It also charges excess withdrawal fees of $10 if you exceed six transactions per month.
3. Bask Interest Savings Account
Bask Interest Savings Account offers a competitive APY of up to 5 percent. Account holders won’t be charged monthly maintenance fees and there are no minimum deposit requirements. That means you are eligible to earn interest without maintaining a certain balance.
With an easy account application, it is possible to open multiple accounts for different financial goals. Bask Bank’s savings account can be an amazing option if you prefer simple online banking without monthly deductions. In addition, interest compounds daily that earns you more amount of money.
However, this high interest online savings account is not completely fee-free. It will charge you if you make outgoing wire transfers. It also requires you to make deposits within 15 work days of account opening, unless your account will be closed automatically.
Bask Interest Savings Account is made online only, which means customers can’t find physical branches. It does not support live chat, so you must access email or mobile banking to reach out to customer services or make transactions.
4. M1 High-Yield Savings Account
Earn up to 5 percent annual percentage yield with the M1 Plus membership. Brought to you by the M1 High-Yield Savings Account, it also offers a non-membership option that earns you up to 1.50 APY. No minimum balance is required to earn this higher-than-average interest rate.
Joining M1 Plus membership gives you a lot of benefits. Besides earning higher yields, it includes cash back if you are making transactions using a credit card. You are also eligible for loan discounts and other investing options. In order to join M1 Plus membership, you must pay $10 per month with a 3-month free trial.
All M1 savings account holders are protected by the FDIC insurance with $5 million worth. This high interest online savings account also comes packed with comprehensive banking products like checking, lending, and investing.
Unfortunately, this savings account is not a good option if you want to avoid monthly fees. Interest compounds monthly instead of daily which hinders you from growing money quickly. Besides, the company doesn’t allow check deposits as well as support ACH deposits.
5. Bread Savings High-Yield Savings Account
If you want to earn more than 5 percent APY without a monthly fee, consider choosing Bread savings account to keep your money. This savings account tends to offer the highest interest rates up to 5.15 APY despite the fluctuating rates on the market.
This savings account comes with several advantages such as unlimited mobile access to check your deposits and fee-free wire transfers for incoming transactions. The online division of Bread Financial is ideal for customers who want to meet their financial goals faster.
But there’s a catch. It has a minimum deposit requirement of $100 to earn the highest rate. Besides, it supports neither in-person branches nor live chat customer service.
High interest online savings account helps you plan your finances by growing your deposits faster. With higher-than-average interest rates and flexible withdrawals, it is considered better than conventional savings accounts.
