5 Best High-Yield Savings Accounts For 2023

You can grow your money faster with a high-yield savings account than with regular savings accounts. As stated by the Federal Deposit Insurance Corporation (FDIC), you can have an annual percentage yield or APY of 0.37% with a typical savings account. However, the APY will be 4% or even more when you have a high-yield savings account. More importantly, some high-yield savings accounts will have user-friendly features, including no monthly maintenance fees and ATM cards for quick withdrawals. The objective is to choose the best one and save more money for the future.

Whether you are saving for a home or an emergency, a high-yield savings account is worth considering for its return benefits. You can also open these accounts to store tax refunds. Moreover, high-yield savings accounts at a credit union or bank are insured federally by the FDIC for up to $250,000 per depositor.

Here are 5 of the best high-yield savings accounts you should consider for 2023:

1. The Bask Bank Interest Savings Account –

The Bask Bank Interest Savings Account is perfect for those who want to earn American AAdvantage miles on savings. It offers 4.85% APY, certainly better than your regular saving account. You will also get live support for six days a week. You can earn American Airlines miles or interest based on your preference. There will be no monthly service charges, minimum balance requirement, or minimum deposits. Many prefer this savings account for the best rates. In addition, you can get more value from your miles while redeeming high-end award flights. You will pay for wire transfers, so keep that in mind.

2. UFB Premier Savings –

You can expect 4.81% APY with the UFB Premier Savings. Consider this high-yield saving account when you want to grow money fast. Also, you will have easy access to your saving. This account will not require any maintenance or service fee. You can start with no minimum deposit. Another benefit of this account is you will get a complimentary ATM card. There will be no monthly hidden charges with this account. Apart from all these, you can access your money online easily. Yes, you can use its mobile banking app for fast and safe usage of your savings.

3. First Foundation Bank Online Savings Account –

You can consider a First Foundation Bank Online Savings account while living in Nevada, Hawaii, California, or Florida. You can visit the bank and inquire more about the benefits. It provides online banking and enables users to access the physical location. When it comes to the APY, it is 4.85%. It has more than thirty branches in the above locations. However, there will be no geographical restrictions for opening an account. In addition, there will be no maintenance fees to keep your account. You can have an ATM card, but the charge will be $20 per ATM visit. You will have to maintain a minimum balance of $1,000 as well.

4. CIBC Agility Online Savings Account –

CIBC Agility Online Savings Account offers a lucrative 4.67 APY rate. However, it will have a minimum deposit requirement. You can open this high-yield saving account when you can afford $1,000 for a deposit. The benefit is no monthly maintenance fee. In addition, it is a full-service bank that has roots in Canada. However, it has a considerable number of customers in the US. You can open a high-yield savings account at this bank only online. You can keep it open without paying any service fee. The downside is its minimum deposit. Once the setup is complete, there will be no such requirements.

5. Laurel Road High-yield Savings –

Laurel Road High-yield Savings is worth having for its attractive APY, like all the above high-yield savings accounts. You can expect 4.80% APY with this account, more than your regular savings accounts. Also, you can open a checking account at this bank. You can expect some benefits as well. There will be no monthly maintenance charges and no minimum deposit requirement. You can open your account and keep it open without additional expenses. This bank has a mobile app that will help with easy access.

Conclusion –

You definitely want to do your research and due diligence when deciding which high-yield savings account is right for you. You have to look at more than just the APY or interest rate because sometimes there are “hidden” fees that you need to know about.

Another good option is to check out your local Credit Union. Credit Unions have been known to have some decent high-yield savings accounts available for their members. Also, if it’s a local credit union, you’ll be able to visit a physical location if need be. The days of stuffing money under a mattress are over. Make sure the savings account that you use is backed by the FDIC. Let your hard-earned money earn more just by sitting in a high-yield savings account!

Disclaimer: The information provided is for informational purposes only. The materials are general in nature, are not offered as advice or guarantee, and should not be relied upon without advice from an attorney or a financial advisor. Reading the information does not constitute a legal contract, consulting, or any other relationship with Advantage Credit Counseling Service.