US banks are expected to increase their online banking fees in order for the institution to profit from it and be able to keep up with technological advancements. Online savings accounts will continue offering high yields, which is why they remain popular today.

The “best high interest savings accounts” is a list of the best online savings accounts. The list includes banks, credit unions, and online-only banks.

Best High Yield Online Savings Accounts [April 2022]

Best-High-Yield-Online-Savings-Accounts-April-2022

[Comenity Direct has changed its name to Bread Savings as on April 25, 2022.] The Bread Savings account, with an APY of 1.0 percent, presently ranks first on our list. The highest APY in March was 0.80 percent.]

Because the Federal Reserve forecasts rates to climb strongly until the end of 2022, your variable rate online savings account APY should grow as well!

Online savings accounts with high yields are a terrific way to save money for future investments and/or expenses. They’re also excellent emergency funds.

Furthermore, the fact that they can be completely opened and operated online makes them incredibly versatile and low-maintenance.

To guarantee you’re obtaining the greatest account for your personal requirements, you’ll want to focus on a few things. These are they:

  1. APY stands for annual percentage yield. APY is the first. If you’re looking for a high-return savings account, the term “high yield” is certainly crucial. As of April 2022, the most competitive variable rate online savings accounts had APYs ranging from 0.50 to 0.80 percent.
  2. Charges. There should be no hidden costs or monthly maintenance fees in a decent online savings account. To prevent costs, ensure sure the account(s) do not need you to create other accounts with the Institution. Accounts that demand monthly activities, such as direct deposit or a specified amount of transactions, are in the same boat.
  3. Minimum Deposit and/or Balance Requirements You’ll want to make sure your online savings account doesn’t have a high average balance requirement to earn the promised rate, depending on your circumstances and how much money you want to put in it. There are several excellent choices with no minimum deposit or balance limitations.
  4. Obtaining Funding Check to see whether the account permits you to withdraw, deposit, and transfer money in the manner you choose. If you want to use wire transfers, check their fee schedule to determine how much they will cost. Accounts are also restricted to just 6 fee-free transactions each month per federal regulation D.
  5. Changes in Variable Rates Because these accounts have variable rates, their earnings might fluctuate at any moment without warning. However, checking the account’s rate change history is a smart idea. It’s possible that the account you’re considering creating has frequent and/or big rate cuts as a bait and switch rate offer to attract new consumers. New account promotions are usually associated with high payouts, but they don’t last long. Rate changes may be influenced by macro-causes such as the Federal Reserve raising or lowering key rates, therefore be careful to discern whether frequent rate changes are industry-wide (due to macro factors) or limited to one or a few Institutions and accounts.
  6. FDIC protection. Make sure your money is safe and secure by using an FDIC-insured bank. The FDIC guarantees individual deposits up to $250,000 and joint accounts up to $500,000. The NCUA insures credit unions to the same limitations as banks.

This article will teach you:

In comparison to conventional brick and mortar banks, online banks have lower overhead expenses. This enables them to provide larger deposit account yields.

Online banks must also find a means to attract new consumers by grabbing your attention. They attract people online with better returns than their brick and mortar rivals since they don’t have a physical presence in local towns and neighborhoods.

Choosing an FDIC-insured online bank is a simple and convenient method to earn higher-than-average returns while keeping your funds safe and secure.

For the end of April 2022, APYGUY’s top 19 high yield online savings accounts are shown below.

  1. Bread Savings, previously Comenity Direct, offers a 1.00 percent annual percentage yield with no minimum deposit.
  2. Bask Bank offers a 0.80% annual percentage yield with no minimum deposit.
  3. SmartyPig – Earn up to 0.70 percent annual percentage yield with a SmartyPig offers an APY of up to 0.70 percent. – $0 minimum deposit – $10k maximum. minimum commitment and a $10,000 maximum.
  4. LeningClub offers a 0.70 percent annual percentage yield with a $2,500 minimum deposit.
  5. First Foundation Bank offers a 0.65% annual percentage yield with a $1,000 minimum deposit.
  6. TAB Bank offers 0.65% APY with no minimum deposit.
  7. Axos Bank offers a 0.61 percent annual percentage yield on a $250 minimum deposit.
  8. Live Oak Bank offers a 0.60 percent annual percentage yield with no minimum deposit.
  9. Fitness Bank – Earn up to 0.60 percent annual percentage yield with a $100 minimum deposit.
  10. PenFed Credit Union offers a 0.60 percent annual percentage yield on a $5 minimum deposit.
  11. Synchrony Bank offers a 0.60 percent annual percentage yield with no minimum deposit.
  12. Marcus Bank offers a 0.60 percent annual percentage yield with no minimum deposit.
  13. Alliant Credit Union offers a 0.55 percent annual percentage yield on a $5 minimum deposit.
  14. Barclays offers a 0.55 percent annual percentage yield with no minimum deposit.
  15. Ally Bank offers a 0.50 percent annual percentage yield with no minimum deposit.
  16. American Express National Bank offers a 0.50 percent annual percentage yield on a 0.50 percent APY at American Express National Bank – $0 minimum deposit. minimum deposit.
  17. Citibank offers a 0.50 percent annual percentage yield with no minimum deposit.
  18. Discover Bank offers a 0.50 percent annual percentage yield with no minimum deposit.
  19. Vio Bank offers a 0.50 percent annual percentage yield with a $100 minimum deposit.

Bread Savings – 1.0 percent annual percentage yield

1650999128_691_Best-High-Yield-Online-Savings-Accounts-April-2022savings.breadfinancial.com picture credit

As of April 25, 2022, Comenity Direct is now Bread Savings by Bread Financial.

Comenity Direct was founded in 2018. Prior to becoming Bread Savings, they offered exceptionally competitive, FDIC-insured bank accounts.

The Bread Savings account has a minimum deposit of $100 and has a $1 million per account and ten million dollars per user limit.

Bread Savings does not accept debit cards or ATM withdrawals.

Interest is calculated everyday and credited once a month.

Financial Overview of Bread:

Year of Inception: 1983
Headquarters: Columbus (Ohio)
Deposit Accounts Available: CDs and high-yielding savings accounts
Assets Total: 22.5 billion dollars
FDIC member: Yes
Maximum Deposit Amount: ten million dollars

APY of 0.80% at Bask Bank

1650999130_973_Best-High-Yield-Online-Savings-Accounts-April-2022baskbank.com picture credit

Bask Bank, a subsidiary of Texas Capital Bank, first entered the market in collaboration with American Airlines’ AAdvnatage program. Every dollar you save with Bask Bank is converted into a yearly AAdvantage mile with American Airlines.

However, one account that ranks towards the top of this list is Bask Bank’s high interest savings account, which was established in February of this year. They’ve already boosted the APY by 0.10 percent since establishing it, beginning with 0.70 percent and currently offering 0.80 percent.

Through Texas Capital Bank, all monies are FDIC insured. More information is available in our review.

A Quick Look at Texas Capital Bank:

Year of Inception: 1998
Headquarters: TX, Dallas
Deposit Accounts Available: BASK Bank offers high-yield deposits.
Assets Total: 40 billion dollars
FDIC member: Yes
Maximum Deposit Amount: Monthly income of $100,000

SmartyPig offers an APY of up to 0.70 percent.

1650999132_282_Best-High-Yield-Online-Savings-Accounts-April-2022smartypig.com picture credit

SmartyPig is a Sallie Mae subsidiary that offers a savings account to help people save for particular objectives. The account enables you to create goal trackers and track your progress.

It’s free to join, and if you suggest a friend or family member, you’ll get a $10 bonus. It also provides high rewards dependent on balance levels. The following are the tiers:

Balance APY
From $0.01 – $2,500.01 to $2,500 0.70%
$2,500 to $10,000 0.70%
$10,000.00 – $50,000.00 0.55%
$50,000.01+ 0.55%

Sallie Mae Bank insures SmartyPig with the FDIC.

Sallie Mae in a Nutshell:

Year of Inception: 1972
Headquarters: Newark, Delaware
Deposit Accounts Available: CDs and high-yielding savings accounts
Assets Total: 30.7 billion dollars
FDIC member: Yes
Maximum Deposit Amount: $250,000

APY: 0.70 percent LendingClub

1650999133_185_Best-High-Yield-Online-Savings-Accounts-April-2022courtesy of banking.lendingclub.com

LendingClub was the first peer-to-peer lending platform to be registered with the Securities and Exchange Commission, and it was also the biggest in terms of members and loans originating at the time. From 2006 to 2015, it claimed to have originated about $16 billion in loans via its platform.

Since then, LendingClub has expanded its offerings to include more typical personal banking accounts, as well as a variety of deposit accounts that are all FDIC insured.

Their high yield savings account has a 0.70 percent annual percentage rate and a $2,500 minimum deposit requirement. All accounts under $2,500 get just 0.05 percent annual percentage yield.

LendingClub in a Nutshell:

Year of Inception: 2006
Headquarters: San Francisco, California
Deposit Accounts Available: CDs, checking accounts, and high-yield savings accounts
Assets Total: 4.6 billion dollars
FDIC member: Yes
Maximum Deposit Amount: $250,000

APY of 0.65% at First Foundation Bank

1650999135_44_Best-High-Yield-Online-Savings-Accounts-April-2022courtesy of firstfoundationinc.com

First Foundation Bank is a hybrid bank with a physical location and an online presence. They are headquartered in Irvine, Californialifornia, and operate 19 branches and seven advisor offices across California, Nevada, and Hawaii.

All of their personal deposit accounts may be created and maintained online, and if you choose to open a checking account, you’ll have overseas ATM reimbursements of up to $20 per transaction paid to your account. So there’s no reason to be concerned if you don’t reside in one of those three states.

A $1,000 minimum deposit is required for their online savings account.

Interest is calculated everyday and credited once a month.

At a Glance: First Foundation Bank

Year of Inception: 1990
Headquarters: Irvine, California
Deposit Accounts Available: CDs and high-yielding savings accounts
Assets Total: $7 billion in bank assets and $4.9 billion in advisory AUM
FDIC member: Yes
Maximum Deposit Amount: $3,000,000

TAB Bank offers an APY of 0.65%.

1650999136_153_Best-High-Yield-Online-Savings-Accounts-April-2022tabbank.com picture credit

TAB Bank, or Transportation Alliance Bank, is based in Utah’s Ogden, and claims to be the first online bank for truckers.

To receive the claimed APY, there are no minimum deposit or daily balance restrictions in their online savings account.

TAB Bank’s online savings account does not come with a debit card or ATM access.

Interest is calculated everyday and credited once a month.

TAB Bank in a Nutshell:

Year of Inception: 1998
Headquarters: Utah’s Ogden
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: 904 million dollars
FDIC member: Yes
Maximum Deposit Amount: None

Axos Bank offers an APY of 0.61 percent.

1650999138_552_Best-High-Yield-Online-Savings-Accounts-April-2022axosbank.com picture credit

Axos Bank, once known as Bank of the Internet, is a direct bank with three locations in San Diego, California, Las Vegas, NV, and Columbus (Ohio)io.

Their high-yield savings account may be established with as little as $250 and has no minimum monthly balance restriction.

Axos also provides a range of digital money management tools and, upon request, a free ATM card.

Axos Bank in a Nutshell:

Year of Inception: 1999
Headquarters: San Diego, California
Deposit Accounts Available: Checking, savings, and certificates of deposit
Assets Total: 14 billion dollars
FDIC member: Yes
Maximum Deposit Amount: Not included

0.60 percent APY at Live Oak Bank

1650999140_110_Best-High-Yield-Online-Savings-Accounts-April-2022liveoakbank.com picture credit

Live Oak Bank began in 2008 as a small company lender specializing on specialist sectors such as dentistry.

Today, the bank still loans to small companies in specialized areas in all 50 states, but it also offers individuals a variety of personal deposit accounts with competitive rates.

With only $1,000, you may start a Live Oak Bank personal savings account. You may also use their IOS or Android applications to create and maintain an account.

At a Glance: Live Oak Bank

Year of Inception: 2008
Headquarters: Wilmington, North Carolina
Deposit Accounts Available: CDs and savings accounts
Assets Total: 6.94 billion dollars
FDIC member: Yes
Maximum Deposit Amount: $250,000

Fitness Bank offers an APY of up to 0.60 percent.

1650999141_143_Best-High-Yield-Online-Savings-Accounts-April-2022fitnessbank.fit (photo credit)

Fitness Bank is the list’s most distinctive and innovative FDIC-insured bank. Fitness Bank, as you would expect, is all about promoting exercise and movement. In fact, their payouts are graded according on how much activity you do.

They calculate your APY by taking Steps Every Day. The following are the tiers:

Steps Every Day APY
0-4,999 0.15%
5,000-7,499 0.25%
7,500-9,999 0.35%
10,000-12,499 0.45%
12,500 + 0.60%

Affinity Bank has a section called Fitness Bank.

PenFed – 0.60 percent annual percentage yield

1650999143_245_Best-High-Yield-Online-Savings-Accounts-April-2022courtesy of penfed.org

PenFed Credit Union (Pentagon Federal Credit Union) was established in 1935 and is now one of the most stable credit unions in the US, with over 2.1 million members in all 50 states, as well as Washington, D.C., Guam, Puerto Rico, and Okinawa.

Although they used to be more restricted, anybody in the nation may now join PenFed by depositing at least $5.00 into a share savings account. The share savings account is not the same as the one mentioned in this list. The distinctions may be found here.

A $100 minimum deposit is required for their high return online savings account.

Interest is compounded weekly and credited.

PenFed in a Nutshell:

Year of Inception: 1935
Headquarters: Tysons Corner, Virginia
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: $25b
FDIC member: Yes, the NCUA.
Maximum Deposit Amount: $250,000

Synchrony Bank offers a 0.60 percent annual percentage yield.

1650999144_906_Best-High-Yield-Online-Savings-Accounts-April-2022courtesy of synchronybank.com

Synchrony Bank is a significant NYSE-listed banking firm with about $15 billion in sales and over 16,000 employees (per 2018 financials).

Although they were officially established in 2003, its origins can be traced back to 1932, when GE Capital Retail Bank started to assist individuals in financing GE appliances during the Great Depression. Later, GE Capital Retail Bank was split out from its parent corporation and registered with the Securities and Exchange Commission as Synchrony Financial.

To earn the stated APY, there are no minimum deposit or balance restrictions.

Interest is calculated everyday and credited once a month.

Synchrony Bank in a Nutshell:

Year of Inception: 2003
Headquarters: Stamford, Connecticut
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: $107b
FDIC member: Yes
Maximum Deposit Amount: $3,000,000

Marcus by Goldman Sachs – 0.60 percent annual percentage yield

1650999145_526_Best-High-Yield-Online-Savings-Accounts-April-2022courtesy of marcus.com

Marcus is a subsidiary of Goldman Sachs, a well-known international financial firm. It’s an internet direct bank that first opened its doors in 2016.

Marcus is named after Marcus Goldman, a German banker, financier, and businessman who was one of the Institution’s two founders.

To receive the claimed APY, there are no minimum deposit or daily balance restrictions in their online savings account.

They also promise same-day transactions up to $100,000 from and to other banks.

Interest is calculated everyday and credited once a month.

At a Glance: Marcus by Goldman Sachs

Year of Inception: 2016
Headquarters: Utah’s Draper
Deposit Accounts Available: CDs and high-yielding savings accounts
Assets Total: $196b
FDIC member: Yes
Maximum Deposit Amount: $250,000

0.55 percent APY from Alliant Credit Union

1650999146_693_Best-High-Yield-Online-Savings-Accounts-April-2022courtesy of alliantcreditunion.org

With just $5,000 in assets, Alliant Credit Union began in 1935 as the United Airlines Employees’ Credit Union. They now have 500,000 members in all 50 states and assets worth $12 billion.

The majority of its users are from the Chicago, Illinoislinois region, although anybody from anywhere in the nation may join, even if they are not related to the area or have accounts there. You’ll need to join Foster Care 2 Success, their recognized philanthropic organization (FC2S). More information is available here.

To earn the quoted APY, you must maintain an average daily balance of $100.

Interest is compounded weekly and credited.

At a Glance: Alliant Credit Union

Year of Inception: 1935
Headquarters: Chicago, Illinois
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: $12b
FDIC member: Yes, the NCUA.
Maximum Deposit Amount: $250,000

0.55 percent APY from Barclays

1650999148_387_Best-High-Yield-Online-Savings-Accounts-April-2022barclaysus.com

With a 300-year history stretching back to 1690, the British international investment bank Barclays need no introduction. Their internet organization, which is situated in Wilmington (Delaware)laware, is centuries younger.

To earn the claimed APY, the Barclays online savings account has no minimum deposit or balance limitations.

Interest is calculated everyday and credited once a month.

Barclays US in a Nutshell:

Year of Inception: 2012
Headquarters: Wilmington (Delaware)
Deposit Accounts Available: CDs and a savings account online
Assets Total: $51b
FDIC member: Yes
Maximum Deposit Amount: $250,000

0.50 percent APY at Ally Bank

1650999149_184_Best-High-Yield-Online-Savings-Accounts-April-2022picture courtesy of ally.com

GMAC was rebranded as Ally Bank, a well-known online bank, in the wake of the 2008 financial crash. GMAC was GM’s (General Motors) finance arm, which was formed to offer financing to automotive buyers.

All of Ally Bank’s deposit products provide unusually high yields. Their variable rate online savings account and money market account, as well as their fixed rate CDs, have APYs that consistently outperform the national average and rank among the best in the industry.

To receive the claimed APY, there are no minimum deposit or daily balance restrictions in their online savings account.

Interest is calculated everyday and credited once a month.

At a Glance: Ally Bank

Year of Inception: 1919
Headquarters: Detroit, Michigan
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: $180b
FDIC member: Yes
Maximum Deposit Amount: $250,000

0.50 percent APY at American Express National Bank

1650999150_347_Best-High-Yield-Online-Savings-Accounts-April-2022courtesy of americanexpress.com

Although American Express is best known for its credit cards, the bank’s fixed and variable rate accounts provide some impressive returns.

American Express National Bank is a well-known brand’s online subsidiary. If you already have a credit card(s) with them and want to create a savings account or CD, keep in mind that they will be distinct accounts with no connection.

To receive the claimed APY, there are no minimum deposit or daily balance restrictions in their online savings account.

Interest is calculated everyday and credited once a month.

At a Glance: American Express National Bank

Year of Inception: 1989
Headquarters: Ogden, Utah – Salt Lake City
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: $139b
FDIC member: Yes
Maximum Deposit Amount: $250,000

Citibank offers an APY of 0.50 percent.

1650999152_138_Best-High-Yield-Online-Savings-Accounts-April-2022citibank.com picture credit

The Citi Accelerate High Return Savings account is a popular online product that is always in the running for the best yield.

To avoid a $4.50 monthly service cost, you must establish this account with a checking account from their Citi Elevate Account package.

To receive the quoted APY, the Citi Accelerate High Yield Savings account requires no minimum deposit or daily amount.

Interest is calculated everyday and credited once a month.

Citibank in a Nutshell:

Year of Inception: 1812
Headquarters: New York, New York
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: $198b
FDIC member: Yes
Maximum Deposit Amount: $250,000

Discover Bank offers a 0.50 percent annual percentage yield.

1650999153_517_Best-High-Yield-Online-Savings-Accounts-April-2022discover.com picture credit

Discover Bank has been providing affordable, online, FDIC-insured bank accounts for quite some time. Discover Bank is the third biggest credit card issuer in the nation.

There is no minimum deposit or monthly balance requirement for their online savings account.

Interest is calculated everyday and credited once a month.

At a Glance: Discover Bank

Year of Inception: 1985
Headquarters: Riverwoods, Illinois (IL)
Deposit Accounts Available: IRAs, CDs, money market accounts, checking and savings accounts
Assets Total: $93b
FDIC member: Yes
Maximum Deposit Amount: $250,000

Vio Bank offers a 0.50 percent annual percentage yield.

1650999155_263_Best-High-Yield-Online-Savings-Accounts-April-2022viobank.com picture credit

MidFirst Bank’s online business, Vio Bank, is the biggest publicly owned bank with FDIC protection in the United States today.

Standard term CDs and a high interest savings account are available from Vio Bank.

A $100 minimum deposit is required for their online savings account.

Interest is calculated everyday and credited once a month.

At a Glance: Vio Bank

Year of Inception: 2018
Headquarters: OKC (Oklahoma City)
Deposit Accounts Available: CDs and high-yielding savings accounts account
Assets Total: $24 billion MidFirst Bank
FDIC member: Yes
Maximum Deposit Amount: $250,000

Every month, the APYGUY editorial team performs research on the best online savings accounts available. Our rate monitoring technology monitors hundreds of bank and credit union rate sites throughout the nation so that our staff is alerted in near real-time when the Institutions we watch modify their rates.

We evaluate the following factors in addition to rate and APY changes:

  • The year the Institution was established
  • Total assets under management
  • Deposit requirements (minimum)
  • Consumer ratings from organizations such as the Better Business Bureau (Better Business Bureau)
  • NCUA or FDIC insured

Still undecided about whether a high-yield savings account is good for you in 2022? Continue reading below for answers to some of the most commonly asked questions about high-yield savings accounts.

How much interest can you now earn on $10,000?

The greater the annual percentage yield, the quicker your money will increase. Unfortunately, the national average savings rate is only 0.05 percent APY, which means that a $10,000 savings account would only yield $5.00 over the course of a year.

With some of the top earning online savings accounts described above, you may earn 10 times the national average, or 0.50 percent APY.

A $10,000 savings deposit in a high return online savings account like the ones mentioned above will generate a considerably superior yearly interest of $50.00.

What are other High Yield Savings Account alternatives?

If none of the finest high yield online savings accounts on the market appeal to you, there are a few alternatives that are similar in structure but vary in a few critical aspects.

You may wish to think about the following alternatives:

  1. Accounts for Cash Management.
  2. Checking Accounts with Bonuses
  3. Money Market Accounts are a kind of savings account.
  4. Savings Bonds, Series I

FDIC (or NCUA) insurance is available on accounts in all three categories described above. In reality, by combining the FDIC insurance of numerous partner banks, cash management accounts may often give greater FDIC coverage than the standard $250,000. We’ll go over this in detail later.

High Yield Savings vs. Cash Management Accounts

Cash management accounts combine the features of checking, savings, and wealth management accounts into one convenient package. Companies that provide these services are often classified as Fintech firms rather than traditional banks. However, they usually collaborate with reputable Institutions so that your cash amount is covered by the FDIC insurance of the third party bank.

For example, the Affirm Savings Account presently has an APY of 0.65 percent and is partnered with Cross River Bank, a member of the Federal Deposit Insurance Corporation (FDIC), to ensure that your accounts are safe and secure up to the appropriate restrictions.

Cash Management Accounts and APYs to Watch

The top 5 cash management account yields, as well as the banks that support them, are shown below.

High Yield Savings vs. Rewards Checking Accounts

These FDIC and NCUA-insured accounts may provide higher returns than high-yield online savings accounts, but there is always a catch.

First, they’re most often available via credit unions, which may have their own membership requirements.

Second, these accounts normally provide incentives in the form of APY on your balance, but they may also offer cash back. If you have an APY on your balance, it will most likely be paid in stages with a maximum amount you may earn.

If you satisfy the qualifying conditions, you may earn up to 4.09 percent APY on the first $10,000 with Credit Union for Consumers’s Rewards Checking account. If you put more than $10,000, though, you will earn substantially less. You’ll get 0.20 percent APY on accounts between $10,000 and $20,000, and 0.10 percent APY on balances of $20,000 or more.

Third, to receive the promised APY and/or cash back, the accounts almost generally need you to perform a specified number of transactions using the account’s debit card each statement cycle.

Finally, in order to earn the quoted APY, you may be required to set up regular monthly direct deposits, sign up for eStatements, or take other qualifying steps.

Checking Accounts with Special Benefits

The best 5 rewards checking account returns we’ve identified, as well as the banks and credit unions that provide them, are listed below.

Institution Earning APY Requirements APY
Credit Union for Consumers More than 12 debit card transactions 2.09 to 4.09 percent
MONEY AT T-MOBILE Deposits of $200/month and above are required. 1%–4%
Credit Union of Lake Michigan More than ten debit card transactions 3.0%
Credit Union Mecu More than 12 debit card transactions 3.0%
Varo Cash More than 5 debit card transactions 3.0% is possible.

High Yield Savings vs. Money Market Accounts

Money market accounts, similar to online savings accounts, are federally insured, variable rate deposit accounts with higher savings rates than the norm.

Money market accounts provide greater rates on larger quantities of money, but online savings accounts offer excellent rewards on all amounts beginning at Money market accounts generally provide better yields on higher sums of money whereas online savings accounts tend to come with high yields on all sums starting at $0.01..01.

Money market accounts are similar to checking accounts in that they provide faster access to cash. They generally include check writing capabilities and, in some cases, debit cards.

On the other hand, online savings accounts seldom come with debit cards or check writing capabilities, and most of them need you to transfer funds to a checking account in order to use them.

High Yield Savings vs. Series I Savings Bond

The US Treasury issues Series I Savings Bonds directly to customers. These bonds are intended to protect against increasing inflation rates and provide yields that are comparable to current inflation rates. Consumers may establish these accounts, but they are limited to a $10,000 deposit per social security number.

The current yield is 7.12 percent, and it is valid until April 2022. You must go to treasurydirect.gov to acquire this bond online. More information about them may be found in our overview here.

The “high-yield savings account interest rate” is the best way to save money. The current average annual return of high yield savings accounts is about 4%.

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  • high-yield money market
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