Higher rates mean you have the opportunity to earn more on your funds in a savings account.
Is Your Bank Holding You Back?
Got $1,000 in checking?
Thesesmart movescould help you reach your next big savings goal.
What Is a High-Yield Savings Account?
A high-yield savings account allows you to save money and earn higher-than-average interest on it.
Many traditional banks, credit unions, and financial institutions offer high-yield savings accounts.
And because online-only banks have less overhead, they usually offer higher interest rates to customers.
If youre highly organized, a stricter but high-paying account could be a good option.
Axos is an online-only bank, which is a perk for many digital-first users.
Its also FDIC-insured, so your money is secure.
For a full run down of fees and services, check out our completeAxos Bank review.
SoFi Checking and Savings
SoFis online bank account certainly rewards members for spending and saving.
Youll earn up to 3.80% APY on money in savings and 0.50% on checking funds.
Client must maintain $500 by the 30 day mark.
See website for details.
Checking features for the Cash Account are subject to identity verification by Green Dot Bank, Member FDIC.
Cash account is offered by Wealthfront Brokerage LLC (Wealthfront Brokerage;), a Member of FINRA/SIPC.
Wealthfront Brokerage is not a bank.
The APY rate listed is as of 09/19/2024 and is subject to change at any time.
Fees and Eligibility requirements may apply to certain checking features, yo see the Deposit Account Agreement for details.
Limits, fees, and exclusions apply.
All investing involves risk, including the possible loss of money you invest.
New Cash Account deposits are subject to a 2-4 day holding period before becoming available for transfer.
Wealthfront doesnt charge for transfers, but receiving institutions may impose an RTP fee.
Penny Hoarders opinions in this article are their own and are not tied directly to such compensation.
The CIT mobile app provides another way for users to check in on their accounts.
For a full run down of fees and services, check out our completeCIT Bank review.
M1 High Yield Cash Account
M1 is a technology company that offers financial products and services.
The M1 High Yield Cash Account is furnished by B2 Bank, which is FDIC-insured.
you’re free to withdraw, deposit or transfer your money whenever you want.
They offer FDIC insurance up to $5 million.
*As of 12/2/2024, annual percentage yield (APY) is variable and may change without notice.
Marcus also offers debt consolidation and home improvement loans, the opportunity to manage investment portfolios and more.
Customer service is available 24/7 via phone, too.
For a full run down of fees and services, check out our completeMarcus review.
So keep that in mind before you sign up.
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Youll likely need to be at least 18 years old and have identification, for example.
This is pretty standard stuff.
You have options on where to open a high-yield savings account, too.
They can be found at traditional brick-and-mortar institutions, credit unions, and online-only banks.
In fact, the latter may offer you higher interest rates since theres less overhead (i.e.
no physical location to pay bills for, so the savings get passed on to you).
The interest rate may vary depending on where you live.
Bonus: Many companies offer various banking products (loans, checking, etc.
So if you want additional services on top of a high-yield savings account, youre in luck.
We included a variety of online-only and big-name accounts to choose from as well.
You dont have to transfer all your banking needs to an institution that offers a high-interest account.
But the maximum APY can be pretty significant, so these accounts may be worth it.
Another example isGuardian Credit Unionin Alabama, which offers4.50% APY on balances up to $15K.
you might find a list of rewards checking accounts in your state along with current interest rateshere.
It can be a helpful budgeting or learning tool (some parents get them for their kids).
Others may prefer using this financial service over a traditional bank account.
However, these cards typically come with their own set of rules and fees.
Netspendis a prepaid debit card with a savings account option.
Youll have to load the card account and then transfer the money to the savings account.
From there:
Again, you want to be mindful ofassociated fees.
Is Your Paycheck Not Going As Far As It Used To?
We get it.Everythingis more expensive than it used to be, but your paycheck hasnt kept up.
When money is tight,these resourceswill help nearly everyone.
As long as your money is in an FDIC-insured high-yield savings account, its safe.
Rates can change, so look around every now and then to see the latest, highest offers.
But, thats just the way it is in this low-interest-rate environment.
You have to exercise your organizational skills to make some extra money on your high-yield savings accounts.
But the end results can be worth it.
Steve Gillman and Kathleen Garvin are contributors to The Penny Hoarder.
