Most of us use our checking accounts to save money. However, that’s not the best move. If you want to save money for future goals such as unexpected expenses or emergency funds, consider using a savings account.

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Unlike a checking account, saving accounts offer you great interest rates, allowing your money to grow as you continue to save.

It doesn’t matter if you are super rich or working class – everyone needs a savings account to save money for future events.  And if you want to earn more yield from your savings, opt for a high-yield saving account.

Basically, high-yield saving accounts are just like traditional saving accounts, but with much higher interest rates.  As such, you can earn more money without putting in so much effort.

Since there so many high-yield saving accounts with different interest rates in the market, finding the best one can be difficult. Banks often use confusing language to describe their products which can also make it difficult to pick the right high-yield savings account for your needs.

In this brief article, we’ll cover the best high-yield saving accounts currently available that you can use to grow your money.

Here are the top 5 accounts now available:

1) Citi Accelerate Savings Account by Citibank (Interest Rates–1.05% APY)

Account Overview

Citi Accelerate is a high-yield savings account that was launched in 2019 by Citibank. The account offers users a higher interest rate than the rates offered by some of the nation’s largest banks. You don’t require any minimum balance requirement to open an account or to earn the APY. However, Citi Accelerate is only available in select markets.

Fees

The account fees vary, depending on whether you have other Citibank accounts.  The account also carries a monthly service fee of $4.50 if you don’t link the Citi Accelerate Saving account to a Citi Checking account. Nonetheless, the bank can waive this fee if you keep an average monthly balance of at least $500.

2) T-Mobile Money Savings Account (Interest Rate–4.00% APY)

Account Overview

T-Mobile Money is offering a whopping 4.00% interest on deposits of up to $3,000 right now. To qualify for the 4% interest you must be a T-Mobile wireless customer. This is more than 50x more than you can expect to earn from a traditional bank savings account. Another major benefit is that you can get paid up to 2 days early thanks to their direct deposit feature. With this account you will earn 4% interest on your first $3,000 in savings and 1% on the balance above $3,000.

Fees

There are no fees associated with the T-Mobile Money account. Absolutely no maintenance fees, monthly fees or overdraft fees.

3) PNC High Yield Savings (Interest Rate–1.00% APY)

Account Overview

Just like the other high-yield saving accounts, opening a PNC High Yield Saving Account is easy.  You don’t require any minimum opening deposit and once you open the account, you’ll instantly start earning interest.

Fees

You’ll not incur any monthly charges. But if you close your account within 180 days of opening, then you will pay a $25 fee.  The only downside to this high-yield saving account is that it’s only available in selected regions. So first check if your locality is eligible for PNC.  

4) CIBC Agility Online Savings Account (Interest Rate–0.90% APY)

Account Overview

To use the CIBC Agility Online Savings Account, you need a minimum balance of $1,000. After opening the account, you won’t pay any maintenance fees or monthly fees. Also, you will still earn an interest rate, regardless of the amount in your savings account.

Fees

None

5) Live Oak Bank High-Yield Online Savings (Interest Rate- 0.85% APY )

Account Overview

The Live Oak Bank High-Yield Online Saving account is like a personal savings account, but with great interest rates. Users don’t have to deposit any minimum amount, and the interest gets compounded daily.  What’s even better, users can manage their accounts via a mobile banking app.

Fees

None

How to Pick the Right High-Yield Saving Account

With help of the right high-yield account, your money will grow significantly faster than if you were to leave it sitting in a checking account. This growth will be quite helpful down the road for meeting your future financial needs.

Nevertheless, it’s important to understand that high-yield accounts differ. So you need to research online and compare the different account options offered by banks. Researching will help you find high-yield accounts in your area with competitive interest rates.

Also, to look at the different requirements of saving accounts such as a minimum deposit or minimum balance.  Don’t forget to check the different fees charged as well.

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