Like the Apple savings account? Then consider these 3 high-yield accounts
High-yield savings accounts are a smart choice for anyone looking to save while boosting their balance with interest earnings. And while a great interest rate may be one of the first things to consider, choosing an account with built-in features that make it easy to set and meet savings goals can also help you out along the way.
The recent release of the Apple high-yield savings account was a great example. The account offers tools to make saving seamless, in addition to its competitive 4.15% APY. For example, you can have your Apple Card Daily Cash rewards automatically transfer to the account and use a built-in dashboard to track savings, interest earned and more.
These may be useful features for some — especially if you're a regular Wallet app user — but Apple's savings account isn't the only one that offers tools you can use to make saving a little easier.
Below, we've outlined a few more high-yield accounts available today with solid interest rates and added online savings features.
Compare high-yield savings options here now to learn more.
High-yield savings accounts with online savings tools
Here are a few high-yield savings accounts that not only offer good rates and terms but also come with online or mobile savings tools to track your progress, set new goals and more.
Ally Bank
Ally Bank's high-yield savings account offers a 3.75% APY with no monthly fees or minimums.
You can use the account's "buckets" feature to allocate the money you have saved toward different purposes (your emergency fund, an upcoming vacation, a big purchase, etc.). Ally refers to these buckets as "digital envelopes" and you can designate up to 10.
Another Ally savings account feature is "surprise savings." This allows you to link any checking account you have to your savings, and Ally will analyze your regular spending and expenses to identify "safe-to-save" money that it will automatically transfer to your savings. If you use your checking account primarily for regular, recurring expenses, this could be a good way to allocate more to your savings each month without having to think about it.
Learn more about today's top savings account options here now.
Sallie Mae
Sallie's Mae's SmartyPig savings account also offers a 3.75% APY with no fees or minimums.
Once you open an account, you can set savings goals along with deadlines by which you aim to reach your goals. You'll even see a progress tracker on your account so you can keep up with how you're doing. In addition, Sallie Mae offers the option to set up automatic monthly or biweekly deposits from your checking account to your savings.
Alliant Credit Union
Alliant's High-Rate Savings account earns a 3.10% APY when you keep a minimum balance of $100, and no monthly fees as long as you opt into eStatements.
The account offers the benefit of an ATM card you can use to access your money at 80,000 ATMs nationwide, in addition to mobile and online transfers. But you can also open up to 19 "supplemental" savings accounts through your online account, which you can designate for different savings purposes and use to track each savings goal individually.
How to choose a high-yield savings account
There are a few different factors you should look for in any new high-yield savings account.
First, you'll want to look at the account terms. With today's high interest rates, a competitive APY is going to help you boost your savings by a large amount over time. Many of today's high-yield accounts offer up to 4% APY or even more.
You should also compare fees and minimum deposit or balance requirements. There are enough great high-yield options out there that you can easily avoid paying fees to maintain your account. And if you already have some money saved, the minimum balance requirements may not be as big a factor. If you're starting from zero though, make sure you have enough money when you open your account to satisfy the requirements.
Finally, any savings account you open should be FDIC-insured (or NCUA-insured if it's a credit union). This will guarantee your deposits up to $250,000 per account type per bank in case of bank failure, so you don't have to worry about losing your money.
After that, the added features and tools that any bank may offer for online or mobile banking is like the cherry on top. Find the combination of account terms and added features that will help you best meet your savings goals so you can start saving and building your balance while rates are high.
The bottom line
Savings features and tools that make saving a little bit easier can be a great way to stay motivated to save. Like the Apple savings account's seamless automatic transfers and account dashboard, these features can help you save more without having to think too much about it.
Still, don't forget to consider these tools alongside an interest rate and other account terms that align with your goals.
If you're ready to start saving, compare today's top high-yield savings rates now.
