Best Online High-Yield Savings Accounts

Looking for a place to stash your cash?

I understand this 100% not many people know of online high-yield savings account

This is generally because they grow up seeing their parents walk into a traditional bank, and they become accustomed to using one themselves for all their checking and savings.

I’m here to show you how you can 10x your savings by swapping to one of the Best Online High Yield Savings Accounts!

Earn Up To $275 With The Best Active Checking Account

First Why An Online Savings Account?

Savvy individuals will use an online savings account to use as an emergency fund.  This is going to help eliminate the need for debt build-up in the future.

Now I myself use USAA, Chase, and my local Credit Union for normal checking, but their rates have always been anywhere from .01% to a whopping .35% in savings.

This is not the case with online savings, and some are offering rates as high as 2.80% (With Conditions) – this is all subject to change from writing this in April 2020.

How Can Online Banks Offer High Yields?

Online banks, don’t have the burden of needing to maintain brick-and-mortar branches, they have the edge over 99% of traditional banks in terms of the perks and interest rates they can offer.  Not every online bank will be a good fit for you, so use your best judgment as we look at 6 of the best online high-yield savings accounts.

1. CIT BANK – Money Market Account

• Interest rates: up to 1.65% APY
• Minimum balance requirement: Only $100 minimum to open
• Monthly fees: $0 No monthly fee
• FDIC insured: $250,000 per depositor

1.5 CIT BANK – No Penalty CD

• Interest rates: up to 1.50% APY
• Minimum balance requirement: Only $1,000 minimum to open
• Monthly fees: $0 No monthly fee
• FDIC insured: $250,000 per depositor

2. VIO BANK

• Interest rates: up to 1.70% APY
• Minimum balance requirement: Only $100 minimum to open
• Monthly fees: $0 No monthly fee
• FDIC insured: $250,000

3. MARCUS

• Interest rates: up to 1.55% APY & 1.70% (No Penalty CD)
• Minimum balance requirement: No Minimum Deposit
• Monthly fees: $0 No monthly fee
• FDIC insured: $250,000 per owner

4. VARO BANK

• Interest rates: up to 1.61% APY
• Minimum balance requirement: No Minimum Deposit
• Monthly fees: $0 No monthly fee
• FDIC insured: $250,000
• Interest rates: Up to 2.80% APY (Meet these three requirements in the same month)
  • Make at least five Varo Visa® Debit Card purchases in each calendar month,
  • Receive total direct deposits of $1,000 or more in the same calendar month, AND
  • Keep a Savings Account balance up to $50,000.
• You read that right. We have a $50,000 maximum to earn our higher APY, but no minimum balance requirement.

5. ALLY

• Interest rates: up to 1.50% APY
• Minimum balance requirement: No Minimum Deposit
• Monthly fees: $0 No monthly fee
• FDIC insured: $250,000 per owner

6. Discover

• Interest rates: up to 1.40% APY
• Minimum balance requirement: No Minimum Deposit
• Monthly fees: $0 No monthly fee
• FDIC insured: $250,000 per depositor, up to $ 1,500,000 per Household.

SO HOW DO YOU CHOOSE THE BEST?

Depending on who you ask, you might get a few different answers to the question.  However, the question you should be asking is: “Which savings account is best for me?”

There are many more accounts out that are not listed, but these 6 are ones I have found most savers reference as their go-to high-yield online savings accounts.  It’s best to write down what features are the most important to you and compare what is available.

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– Investing On The Go