We live in a world that’s constantly moving faster. Instead of waiting for a server to place your order and bring your food, you order online in advance. Instead of waiting 3-5 business days for your next delivery, you get it overnight with Amazon Prime.
Why? Because we hate to wait!
And when it comes to building wealth, we don’t have time to wait!
Today I’m going to talk about a simple, free tool that can help you achieve your financial goals even faster: high-yield savings accounts. In fact, I'm going to give you the best high yields savings accounts of 2024.
What is a High Yield Savings Account? (And Why Should You Have One?)
Unlike a traditional savings account, a high yield savings account gives you a higher interest rate (called an annual percentage yield or APY), allowing the money that’s sitting in your account to grow faster and earn interest instead of gathering dust like it would in a traditional savings account.
At the time of publishing, the national average APY on traditional savings accounts is just 0.58%. Whereas you have find HYSA offering over 5% interest. That’s 10x more growth for your money for the same amount of effort!
Plus, since the Fed has been raising interest rates over the past two years to combat inflation, high yield online banks are responding by paying even higher APYs to their customers. So now is a prime time to open a high yield savings account if you don’t already have one and to shop around for the best rates even if you do already have one - it could be a good time to switch.
How to Find a Good High Yield Savings Account
I’m going to give you my recommendations for the best high yield accounts in a minute, but first, let me explain what you should look for when picking the best high yield savings account for you:
APY (Annual Percentage Yield)
The APY or annual percentage yield is the interest rate that your money will get from this account, and will determine how quickly your money will grow.
As you’re comparing different banks, look at the APY to determine how valuable this account could be to you. The higher the APY, the more interest you’ll earn.
Monthly fees
Monthly fees will eat into your savings, and there are plenty of great high yield savings accounts that don’t have any fees, so make sure you find an account with low to no fees.
Withdrawal or transfer fees/limits
Some accounts will charge fees for transferring money between accounts or only allow a certain number of withdrawals per statement cycle.
This isn’t necessarily a bad thing; after all, the goal is primarily to leave your money alone so it can grow. But it is something to pay attention to when considering your options.
Minimum deposit/balance
Some banks require you to deposit a certain amount in order to open a savings account or maintain a certain balance. Again, this isn’t necessarily a negative thing, but it’s something to be aware of. You’ll need to figure out what works for you and your situation.
Now I’m going to highlight the best high yield savings accounts of 2024.
The Best High Yield Savings Accounts of 2024
Quick note - I’m going to share the APYs for these accounts as of publishing, but APYs change frequently, so please double check their current offer before you choose one!
Myself Dow Janes is affiliated with any of these banks. (But...if you work at the bank and are interested in sponsorship - hit us up!)
All right, here are the best high yield savings accounts of 2024:
1. EverBank
EverBank has a 5.15% APY, no minimum balance, and no fees. The account comes with EverBank’s Yield Pledge promise: EverBank adjusts its APY so that it remains within the top 5 percent of accounts.
2. Poppy Bank
A high yield savings account at Poppy Bank offers a 5.5% APY and it guarantees that rate for 3 months after you open your account. It does require a minimum deposit of $1,000.
3. BrioDirect
BrioDirect has a 5.35% APY. It does require a minimum deposit of $5,000 and requires a minimum balance of $25, but there are no fees.
4. FNBO Direct
FNBO Direct has a 5.15% APY and no fees.
5. TAB Bank
TAB Bank is known for offering competitive yields with a current APY of 5.27%. TAB Bank’s High Yield Savings Account doesn’t require a minimum opening deposit and doesn’t have a monthly maintenance fee.
However, there is a $5 paper statement fee if you don’t sign up for paperless communication.
Before you go...
Whatever option you choose, you can’t go wrong.
Opening a high yield savings account is an easy, hands-off way to earn a bit more bang for your buck, so don’t delay - you can open one of these accounts in less than a minute online.
And if you want to learn NEXT-level tools for managing your money effectively and effortlessly, then check out our free masterclass!
In it, we’ll teach you our signature Aligned Money Method – the money management system that thousands of women have used to pay off debt, save for retirement, invest for the first time, and FINALLY achieve the financial goals that always seemed too far out of reach.
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