16 best high-yield savings accounts to open in April 2024
It's important to save money so you have a safety net to fall back on when a financial emergency happens. After all, you never know when you'll be faced with costly home or auto repairs, medical bills or other unforeseen expenses. In fact, most experts agree that you should have between three and six months worth of expenses in emergency savings at all times.
But doing so creates a challenge. Today's high inflation rate means that you need to earn a meaningful return on your idle cash or it's losing buying power. With prices growing at 3.2% annually, you'll need to earn that rate or higher on your savings to offset the devaluation of your dollars. That can be difficult considering that today's average savings account interest rate is about 0.47% annually.
A high-yield savings account can help. In fact, rates on leading high-yield savings accounts for April range from 4.35% to 6.00% - producing a positive inflation-adjusted return. But where do you find today's best high-yield savings accounts?
Make your money work harder for you with a high-yield savings account now.
16 best high-yield savings accounts to open in April 2024
Some of the best high-yield savings accounts to open now don't come with any monthly maintenance fees. Here are the best choices for this April:
- Mango - 6.00% APY: This account has a $25 minimum opening deposit and a $25 minimum balance required to earn the stated interest rate. But, you must have an active Mango card to open this account and you'll need to make $1,500 in purchases per month using your Mango card to access the 6.00% APY on your savings.
- Western Alliance Bank - 5.36% APY: This account has a $500 minimum opening deposit and no minimum balance required to earn the stated interest rate once you've made your initial deposit.
- Jenius Bank - 5.25% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- Newtek Bank - 5.25% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- UFB Direct - 5.25% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- EverBank - 5.15% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- BMO Alto - 5.10% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- Bask Bank - 5.10% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- CIT Bank - 5.15% APY: This account has no minimum deposit requirement but, there is a $5,000 minimum balance required to earn the stated interest rate.
- Lending Club - 5.00% APY: This account has a $100 minimum opening deposit and no minimum balance required to earn the stated interest rate once you've made your initial deposit.
- Synchrony Bank - 4.75% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- SoFi - 4.60% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- Marcus by Goldman Sachs - 4.40% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- American Express - 4.35% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- Capital One - 4.35% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
- Barclays - 4.35% APY: This account has no minimum deposit and no minimum balance required to earn the stated interest rate.
Don't let rates like these slip away. Open a high-yield savings account now.
The bottom line
If your emergency savings is in a safe or a traditional savings account, your money is probably losing buying power. Start earning a positive inflation-adjusted return by taking advantage of one of April's leading high-yield savings accounts. Not sure where to start? Consider opening one of the accounts above now.
