February 12, 2024

Most Reliable High Yield Savings Account

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Looking for a reliable high-yield savings account to grow your funds? Read on to learn which ones are worth your time.

High-yield savings accounts are becoming more and more popular today. With so many options to choose from, it is hard to know which one to choose. The key is to have a reliable, trustworthy account with a competitive rate.

With that, let's take a look at the most reliable high-yield savings accounts being offered.

What are the most reliable high-yield savings accounts?
The most trustworthy high-yield savings accounts offered today are:
  1. Capital One 360 Performance Savings
  2. Discover® Online Savings Account
  3. UFB Secure Savings
  4. Ally Savings Account
  5. CIT Bank Savings Connect

Capital One 360 Performance Savings

Founded in the 1990s as a credit card company, Capital One is now a full-service bank with branches and over 70,000 fee-free ATMs in its network.

Capital One 360 Performance Savings offers a 4.35% APY, no minimum account requirements, and no monthly fees. It includes a top-rated mobile app for 24/7 savings management.

They are also an FDIC-member bank which means deposits are protected up to $250,000 for individual accounts and $500,000 for joint accounts.

Discover Online Savings Account

Discover® Bank has been providing online financial products since the 1990s and is now one of the leading online banks in the US.

Despite lacking physical branches, customers get access to over 60,000 fee-free Allpoint® and MoneyPass® ATMs within the U.S. and secure and user-friendly online platforms to make banking convenient.

With the Discover® Online Savings Account, users can earn a 4.30% APY with no monthly fees or account minimums to worry about. It is also covered by FDIC insurance up to $250,000 per depositor, per ownership category.

UFB Secure Savings

UFB Direct is a digital bank under a well-known financial institution called Axos Bank. They follow a branchless model, allowing them to offer competitive rates.

UFB Secure Savings has an impressive 5.25% APY with no monthly fees and no minimum deposits. It also comes with a debit card that allows fee-free withdrawals at 91,000+ ATMs in its network nationwide.

Additionally, deposits are FDIC-insured up to $250,000 per depositor, per ownership category.

How often do you typically check the performance of your high-yield savings account?

Ally Savings Account

Ally is a modern online bank that offers various financial services. They have over $196 billion in assets, serve over 11 million customers, and give free access to 43,000+ Allpoint® ATMs in the US.[1]

Their Ally Savings boasts a 4.35% APY, $0 maintenance fees, and no minimum deposit requirement. It also comes with an easy online banking platform with handy budgeting features.

Lastly, Ally is a member of the FDIC which means deposits are insured up to $250,000 per depositor, per ownership category.

CIT Bank Savings Connect

CIT is an online bank that's part of First Citizens Bank, one of the largest family-owned banks in the U.S. They've earned awards for their social responsibility, excellent customer service, and a strong range of products.

Their CIT Savings Connect has a 4.65% APY with no monthly fees for a minimal opening deposit of $100.

But if you prefer a higher APY, their CIT Platinum Savings boasts a 5.05% APY with a balance of $5,000 or more.

Safety-wise, you don't have to worry as deposits made in both accounts are FDIC-insured up to $250,000 per depositor, per ownership category.


What Is a Reliable High-Yield Savings Account?

There is no set criteria that defines how dependable a savings account is. But, here are some factors that usually affect its reliability:

  • Reputation:
    Your money should be kept at a bank with a track record of financial stability, product quality, accessibility, and customer satisfaction. Find a savings account from a trusted, reputable financial institution.

  • Insurance Coverage:
    For added safety, you'd want to open an account with an FDIC or NCUA member institution. That means your money is federally insured should the bank or credit union fail.

  • Regulatory Compliance:
    Your bank should follow ethical and legal practices to give you some peace of mind. Check if they follow regulatory standards by checking enforcement bodies like the CFPB.

  • Complaint Resolution:
    A reliable institution should have an effective, streamlined process for resolving customer issues. Check bank reviews and customer feedback to see how they fare.

How Much Can You Earn?

If you are saving up for a financial goal, use this savings calculator to see how much you can earn with a specific APY.

Savings Calculator

Are High-Yield Savings Accounts Safe?

As long as the bank that is offering your high-yield savings account is legitimate, there shouldn't be anything to worry about.

Make sure that your chosen online bank or credit union is an FDIC or NCUA member so your deposits will be federally insured.

Ultimately, the key is to do proper research before committing to an account.

How to Choose a High-Yield Savings Account

There are many factors you should consider before choosing a high-yield savings account. Below are just some things to keep in mind as you search:

  • APY:
    Higher APY lets you earn more. But take note that some accounts may have minimum balance requirements for you to get higher APY.

  • Monthly Fees:
    High-yield savings accounts can have no monthly fees or deposit requirements. However, some may have them or require a minimum balance to waive fees.

  • Accessibility:
    For easy access to your money, you'd want a bank with multiple platforms. Check out institutions with a good online website or mobile app, ATM network, and physical branches.

  • Customer Service:
    Look for banks that offer reliable customer service. Luckily, some do have live support available 24/7 via call or online chat.

What is the most important factor for you when choosing a high-yield savings account?

How to Open a High-Yield Savings Account

Most banks will allow you to open a high-yield savings account online. Here's an overview of the steps:

  1. Gather the necessary information and documents.
  2. Visit the bank's official website and choose the account you wish to open.
  3. Answer the online application form and fund your account.

They typically ask you to provide the following details: legal name, birth date, residential address, Social Security or Tax Identification number, and a valid government ID.

Should You Open a High-Yield Savings Account?

If you are looking to grow your money passively for a specific financial goal, opening a high-yield savings account is a good option. It's low-risk and gives you easy access to your funds.

Also, it can be a good choice for building an emergency fund for unexpected expenses, like medical bills or car repairs.

Bottom Line

When choosing a high-yield savings account, it is essential to do your research. How reliable it can be for you can depend a lot on a bank's reputation and services.

To be secure, open an account with an FDIC- or NCUA-insured institution. Aim for competitive rates too for a more rewarding savings experience.

References

  1. ^ Ally. Who We Are, Retrieved 12/27/2023

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Discover Bank
Member FDIC

Online Savings Account - Earn 4.30% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

Best High Yield Savings Accounts

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