10 best high-yield savings accounts for July 2024
If you haven't noticed much interest accruing on your regular savings account, it's easy to understand why. That's because the average savings account interest rate in the United States is only 0.45% today. That pales in comparison to the most recently reported inflation rate at 3.3%. In fact, once you adjust for inflation, if you're earning 0.45% annually on your savings, you're actually losing 2.85% of your purchasing power per year.
But, it doesn't need to be this way if you make the right moves with your savings dollars. One such move is to store it in a high-yield savings account.
High-yield savings accounts typically come with all of the features you would expect from a traditional savings account with one distinct difference - the yields. These accounts are known for paying significantly more than you could earn on your money with a traditional bank. In fact, today's top accounts are paying 5% or higher right now.
But, where can you earn the best return on your savings? Below, we gathered 10 high-yield savings accounts that are offering some of today's most competitive rates.
Earn more on your money with a high-yield savings account today.
10 best high-yield savings accounts for July 2024
If you want to earn more on your savings, consider opening one of these high-yield savings accounts:
- My Banking Direct - 5.55% APY: While you'll need to open this account with a $500 deposit, there is no minimum balance required to earn the stated APY.
- Brio Direct - 5.30% APY: Brio Direct requires a $5,000 minimum opening deposit. But, once you open your account, you'll only need to maintain a $25 minimum balance to earn the advertised APY.
- Tab Bank - 5.27% APY: You won't have to meet any minimum deposit requirements to open this account and the minimum balance to earn the stated APY is just $0.01.
- Evergreen Bank Group - 5.25% APY: You'll need to make a $100 minimum deposit to open this account. But, once you do, there is no minimum balance required to earn the stated APY.
- Newtek Bank - 5.25% APY: Newtek Bank's high-yield savings account doesn't have any minimum deposit or minimum balance requirements.
- UFB Direct 5.25% APY: There are no minimum deposit or balance requirements to contend with on this high-yield savings account.
- Upgrade - 5.21%: While there is no minimum deposit required to open this account, you will have to have at least a $1,000 balance to earn the stated APY.
- Laurel Road - 5.15%: Laurel Road doesn't have any minimum deposit or minimum balance requirements associated with its high-yield savings account.
- Credit Karma - 5.10%: There are no minimum deposit or balance requirements on the Credit Karma high-yield savings account. But, there is an added perk. While most accounts offer FDIC or NCUA insurance on balances up to $250,000, Credit Karma offers insurance on balances up to $5 million. So, this may be a strong option if you have a high account balance.
- Varo - 5.00%: Varo doesn't have any minimum deposit or balance requirements on its high-yield savings account. But, you'll only earn a 5% APY on balances up to $5,000. Any balances over $5,000 will earn a 3% APY. So, if you open this account, you may want to limit your deposits to a total of $5,000 or less.
Take advantage of competitive high-yield savings account APYs now.
The bottom line
Today's top high-yield savings accounts offer APYs ranging from 5% to 5.55%. But, when you compare these accounts, make sure to consider things like minimum deposit and balance requirements, FDIC or NCUA insurance maximums and whether or not the stated APY applies to your entire balance or just a portion of it. Open a high-yield savings account now to make your money work harder for you.
