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High-yield online savings accounts offer higher interest rates than the national average, which is the biggest factor that tantalizes prospective customers to open a new account. However, it can be tricky to find the best online savings account interest rates. Which one should you choose?
Many high-interest savings accounts earn you more than 5% APY though some require a higher minimum deposit or monthly balance. If you are looking for the best rates on a high-yield savings account, the following guide can help you make a decision to achieve your financial goals.
Best Online Savings Accounts with the Highest APY
The national average interest rate for savings accounts is 0.45% APY. High-yield savings accounts typically offer between 10 and 12 times the national average, accelerating your process to achieve your goals. Take a look at the best interest rates from the best savings accounts below.
1. BrioDirect
BrioDirect offers the highest interest rates at 5.35% APY. This savings account is ideal for people with a large balance as it requires a minimum deposit of $5,000. To be eligible for stated APY, your minimum ongoing balance must be at least $25.
This savings account is designed to be accessed online and it doesn’t provide you with an ATM card. Use your mobile phone to make transactions and deposit checks but it won’t work to check your savings account.
One good thing about BrioDirect is that it has no monthly maintenance fee. But if you need paper statements, you will be charged as much as $5. If you want to grow your large balance and make it even larger more quickly, this financial institution has a savings account that you need.
2. BluPeak Credit Union
BluPeak has the best online savings account interest rates to improve your funds. Preferred Savings Account holders are eligible for 5.33% APY, around 11 times higher than the national average. Without a minimum balance requirement, you don’t have to maintain a certain amount of balance.
This best high interest savings account promises convenient access with ATM cards. If you prefer online banking, you can take benefit of check deposits from your mobile device. It also gives you an option to open a certificate of deposit to keep your money in a specific term.
BluPeak Credit Union is based in San Diego but citizens throughout the US can open this savings account. To join membership, you will need to make a $25 donation to KPBS and deposit at least $25 to your savings account.
3. Valley Direct
If you are looking for a high-yield savings account with a little opening deposit, Valley Direct is a high-interest savings account to opt for. It offers up to 5.25% annual percentage yield to all account holders without minimum ongoing balance or certain activities.
This savings account is ideal for any customer who needs a savings jar for their financial goals, such as a car fund, health fund, or emergency fund. With a minimum deposit of $1, you can open a new account and be eligible for the highest interest rate. Best of all, it has no monthly maintenance fees.
Valley Direct, offering the best online savings account interest rates, only supports online activities. It doesn’t have ATM cards but it supports mobile check deposits from your smartphone.
4. Milli
Accessible only via mobile application, Milli is among the best online savings accounts that earn you higher interest rates than average. Without a minimum opening deposit, you can gain up to 5.25% APY. No minimum ongoing balance is required so it’s not necessary to maintain a certain balance.
Milli helps you grow your money. There is no monthly maintenance fee, which means you can keep all the money you get. It offers ATM cards that allow customers to withdraw their money conveniently. This savings account supports mobile check deposits as it is built for online only.
If you are a fan of mobile banking, Milli can be a great savings account. There are no physical branches but you will find it easy to access your money.
5. UFB Direct
UFB Direct is part of Axos Bank based in San Diego. This online savings account offers a high interest rate of up to 5.25% APY. In addition to high-yield savings accounts, it has a few other products such as mortgages and money market accounts.
Not only does the Priority Savings account offer a competitive annual percentage yield, but it also promises impressive features. For example, it has no minimum deposit requirements to earn the interest rates and it doesn’t charge you a monthly fee.
ATM cards are available, allowing you to make transactions and withdrawals conveniently. Mobile check deposit is supported without checking accounts.
6. Western Alliance Bank
Western Alliance Bank offers high-yield savings accounts with the best online savings account interest rate. This account is available through Raisin, a digital marketplace where you can find an extensive range of high-interest online savings accounts.
Western Alliance Bank promises up to 5.26% APY, a 12 times higher rate than the national average. The minimum opening deposit is as little as $1 with zero monthly fees, making it a suitable place for individuals who want to build their finances.
This savings account is only accessible online. If you prefer online banking to the traditional method, Western Alliance has you covered. Start with creating a Raisin account before opening a savings account.
7. Bread Savings
Bread Savings is another high-yield savings account for individuals who want to save their money in the short term. With a minimum deposit requirement of $100, it earns you up to 5.15% APY. This interest rate applies to all account holders without a minimum ongoing balance and monthly fee.
Available online only, Bread Savings offers unlimited mobile deposit checks and wire transfers without fees. Being an online division of Bread Financial, it does not have a physical branch or in-person customer service.
All in all, financial institutions are competing with each other to offer the best online savings account interest rate to attract customers. The highest rate is currently 5.35% APY which is around 12 times higher than the national average. Be selective in choosing a saving account that fits your budget.
