14 high-yield savings accounts that pay 9 times the national average
`When it comes to maximizing your savings, there are numerous strategies that can help you bulk up what's in your account. But one of the easiest is to earn a high rate of interest on your money.
And, that's especially easy right now. With persistent inflation continuing to impact the economy, savers can earn high rates of interest with the right savings accounts. But the key is finding the right account.
The average interest rate on regular savings accounts is currently just 0.43% — which isn't even close to outpacing inflation. But many financial institutions are currently offering much higher rates on their high-yield savings accounts. And, contrary to popular belief, many of these accounts have very few requirements, making them easy to access — no matter how much or how little you have on hand to deposit.
Find out the top rates you could be earning on your savings now.
14 high-yield savings accounts that pay 9 times the national average
If you're looking for a high-yield savings account that offers interest rates that are 9 times higher than the national average (or more), consider the following accounts:
- UFB Direct High-Yield Savings - 5.25% APY: $0 minimum balance requirement; $0 monthly service fee; $10 monthly maintenance fee (if there's less than $5,000 in the account)
- Milli - 5.25% APY: $0 minimum balance requirement; $0 monthly service fee
- Newtek Bank Personal High Yield Savings - 5.25% APY: $0 minimum balance requirement; $0 monthly service fee
- Valley Direct High Yield Savings - 5.25% APY: $1 opening deposit requirement; $0 monthly minimum balance requirement; $0 monthly service fee
- Evergreen Bank Group High Yield Online Savings - 5.25% APY: $100 opening deposit requirement; $0 monthly balance requirement; $0 monthly service fee
- Western Alliance Bank Savings Account - 5.20% APY: $1 opening deposit requirement; $0 monthly service fee
- Vio Bank Cornerstone Money Market Savings Account - 5.20% APY: $100 opening deposit requirement; $0 monthly balance requirement; $0 monthly service fee
- Popular Direct High-Rise Savings - 5.20% APY: $100 minimum balance requirement; no monthly maintenance fee; $25 fee if account is closed within the first 180 days
- FNBO Direct Online Savings Account - 5.20% APY: $1 opening deposit requirement; $0 monthly service fee
- CIT Bank Savings Connect - 5.05% APY: $100 opening deposit requirement; $5,000 minimum balance requirement (for top APY); no monthly service fee
- TAB Bank High Yield Savings Account - 5.02% APY: $0 minimum balance requirement; $0 monthly service fee
- Bread Savings - 5.00% APY: $100 opening deposit requirement; $0 minimum balance requirement (for APY); $0 monthly service fee
- Varo Savings Account - 5.00% APY: $0.01 balance requirement (for APY); $0 monthly fee
- Bask Mileage Savings Account - 5.00% APY: $0 minimum balance requirement (for APY); $0 monthly service fee
Explore the top savings rate options for you here right now.
The bottom line
If you're searching for ways to maximize your interest earnings, the high-yield savings accounts listed above are a smart place to start. As you narrow down the options, though, just be sure to compare all of the factors — including APYs, deposit requirements, fees and other terms — to ensure you're choosing the best option for your money.
