A high yield savings account is a type of savings account that offers a higher interest rate compared to a regular savings account. The higher interest rate allows your money to grow at a faster pace, making it an attractive option for individuals looking to earn more on their savings while still having easy access to their funds. These accounts are typically offered by online banks and financial institutions, allowing them to provide better rates compared to traditional brick-and-mortar banks. Interest rates and specific offerings can change. However, here are three popular online banks that were known for offering high yield savings accounts:
- Ally Bank: Ally Bank is well-known for its high yield savings accounts, offering competitive interest rates with no minimum deposit requirements and no monthly maintenance fees.
- Marcus by Goldman Sachs: Marcus is an online platform by Goldman Sachs that offers high yield savings accounts with competitive interest rates. They are known for their straightforward approach and user-friendly interface.
- American Express National Bank: American Express offers high yield savings accounts with competitive rates. They often have promotional offers and do not require a minimum deposit to open an account.
Before opening any account, it’s crucial to research the most current interest rates, fees, and terms associated with the account to make an informed decision. Additionally, be aware that rates can fluctuate based on market conditions and the policies of the financial institution.