Like Apple's new savings account? These 9 accounts are earning more
Last month, Apple announced its new Apple Savings account in partnership with Goldman Sachs. The account offers 4.15% APY on deposits with no fees and no minimums, and it's designed for Apple Card users to take advantage of saving their Daily Cash rewards.
While the Apple Savings interest rate can help you earn a lot of extra money on your balance, it isn't the only option for taking advantage of today's great interest rates — and offset rising costs on loans and credit.
Especially following another Federal Reserve interest rate hike this month, many online banks are offering high-yield savings accounts with rates closer to 4.50% or even 5.00% APY. What's more, many of these accounts offer similar fees, minimum balance requirements and account features that can help you maximize your savings.
Below, we've gathered some top accounts that earn more than Apple today, so you can find the best option for your savings goals.
Start exploring some of today's best savings rates here to see how much more you could be earning.
High-yield savings accounts earning more than Apple Savings
Before you open any new savings account, it's important to make sure your money is safe. Look for "member FDIC" on the website or account agreement of any bank you're considering. FDIC insurance will protect your balance (up to $250,000 per account type per bank) against any potential bank failure. Both the Apple Savings account and the accounts below offer FDIC insurance.
CIT Bank: 4.85% APY
The Platinum Savings account from CIT Bank does require a $5,000 minimum balance (and at least a $100 deposit at opening), but in exchange, you'll earn a whopping 4.85% APY. There are no ongoing fees. However, it's important to make sure you can keep that minimum in your account; otherwise, you'll only earn a 0.25% APY.
Popular Direct: 4.85% APY
Popular Direct Savings, the high-yield account from online bank Popular Direct, offers 4.85% APY on your deposits. It does require a minimum $100 deposit, but there are no monthly fees.
UFB Direct: 4.81% APY
One of today's top-earning savings accounts is the Premier Savings from UFB Direct, with a 4.81% APY. It has no fees or minimums and even comes with an ATM card you can use to make withdrawals when you need to access your savings.
TAB Bank: 4.76% APY
TAB Bank offers a competitive 4.76% APY on its high-yield savings account. Even better, the account has no monthly maintenance fees and doesn't require any minimum balance or deposit.
Bask Bank: 4.75% APY
Bask Bank offers a similar 4.75% APY on its Interest Savings account. There are no monthly fees and no minimum balance requirement, but you will need to make a deposit of some amount within 15 days of the account opening.
Bread Savings: 4.65% APY
The high-yield savings account option from Bread Savings carries a 4.65% APY. You can open the account with a minimum $100 deposit and incur no monthly or maintenance fees throughout the lifetime of the account.
Salem Five Direct: 4.61% APY
Salem Five Direct is another online bank with a competitive high-yield savings account. Its eOne Savings earns 4.61% APY and requires just a $10 opening deposit. Otherwise, there is no minimum balance requirement and no monthly fees.
Citizens Access: 4.50% APY
You can earn 4.50% APY with the high-yield savings option from Citizens Access. It carries no monthly fees and you only need to put down a deposit of at least one cent to open the account.
Lending Club Bank: 4.25% APY
Lending Club Bank has a 4.25% APY on its high-yield savings account. Like a few other account options, you will need a $100 deposit to open the account, but there is no minimum balance requirement after that and no monthly fees.
Compare more top-earning savings accounts today.
The bottom line
The right high-yield savings account can help you maximize your savings to help weather economic uncertainty and rising costs. Given all the great high-yield savings accounts on the market, making the right choice for you can be difficult. Just remember, the most important thing is actually getting started. Choose an account with a high interest rate, FDIC insurance, no fees and minimums that align with your individual savings goals — so you can make the most of high rates as long as possible.
