Sallie Mae, SmartyPig High Yield Savings Account – APY 0.70%

Minimum initial deposit: $0
Minimum ongoing balance: $0.01
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: No
Checking Account Available: No
CD available: no
Note: The advertised APY applies to the first $10,000 of your account balance, then a lower interest rate applies on amounts above that amount.

Confirmed, Savings Account – APY 0.65%

Minimum initial deposit: any amount
Minimum ongoing balance: any amount
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: No
Checking Account Available: No
CD available: no
Note: Only accessible via mobile app

Fitness Bank, Savings Account – APY 0.65%

Minimum initial deposit: $100
Minimum ongoing balance: $100
Monthly Fees: None have an ongoing balance of $100; otherwise, $10/month
ATM Card: No
Mobile Check Deposit: No
Checking Account Available: No
CD available: no
Note: To get the highest rates, the fitness bank needs to average 12,500 steps per day, which is tracked through its app. However, the additional APY layer provides lower step counts.

ConnectOne Bank, Online Savings Account – APY 0.65%

Minimum initial deposit: $2,500
Minimum ongoing balance: $2500 to get designated APY
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: Yes
Checking Accounts Available: Only Local Branches
CD available: yes

CFG Bank, High Yield Money Market Account – APY 0.62%

Minimum initial deposit: $1,000
Minimum ongoing balance: $25,000 to earn designated APY (or a slightly lower rate with a $1,000 minimum balance)
Monthly Fee: No ongoing balance of $1,000; otherwise, $10/month
ATM Card: No
Mobile Check Deposit: Yes
Checking Account Available: No
CD available: yes
Note: Although this account has “money market” in its name, it doesn’t offer checking-exchange privileges and instead operates like a savings account.

Axos Bank, High Yield Savings – APY 0.61%

Minimum initial deposit: $250
Minimum ongoing balance: $0
Monthly Fee: No
ATM Card: Yes (On Request)
Mobile Check Deposit: Yes
Checking Account Available: Yes
CD available: yes

Prime Alliance Bank, Personal Savings Account – APY 0.60%

Minimum initial deposit: any amount
Minimum ongoing balance: $0
Monthly Fee: No
ATM Cards: Use Link Check Only
Mobile Check Deposit: Yes
Checking Account Available: Yes
CD available: yes

First Foundation Bank, Online Savings Account – APY 0.60%

Minimum initial deposit: $1,000
Minimum ongoing balance: $0
Monthly Fee: No
ATM Card: Yes (On Request)
Mobile Check Deposit: Yes
Checking Accounts Available: Yes, in California, Nevada and Hawaii
CD Available: Yes, in California, Nevada and Hawaii
Note: There is a $20 fee for closing accounts within 90 days of account opening.

BrioDirect, High Yield Money Market Account – APY 0.60%

Minimum initial deposit: $0
Minimum ongoing balance: any amount
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: No
Checking Account Available: No
CD available: yes
Note: Although this account has “money market” in its name, it doesn’t offer checking-exchange privileges and instead operates like a savings account.

Customer Bank, Up Money Market Savings Account – APY 0.60%

Minimum initial deposit: $25,000 (no interest on amounts under $25,000)
Minimum ongoing balance: $25,000 to get designated APY
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: Yes
Available Checking Accounts: Only Link Up Money Market Savings Accounts
Available CDs: Rising Money Market Savings Accounts Only Linked to
Note: Although this account has “money market” in its name, it doesn’t offer checking-exchange privileges and instead operates like a savings account.

Vio Bank, High Yield Online Savings Account – APY 0.57%

Minimum initial deposit: $100
Minimum ongoing balance: $0
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: Yes
Checking Account Available: No
CD available: yes

SFGI Direct Savings Account – APY 0.56%

Minimum initial deposit: $500
Minimum ongoing balance: $1
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: No
Checking Account Available: No
CD available: no

Live Oak Bank, High Yield Online Savings – APY 0.55%

Minimum initial deposit: any amount
Minimum ongoing balance: $0
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: Yes
Checking Account Available: No
CD available: yes

Community Direct, High Yield Savings Account – APY 0.55%

Minimum initial deposit: $100
Minimum ongoing balance: $100
Monthly Fee: No
ATM Card: No
Mobile Check Deposit: Yes
Checking Account Available: No
CD available: yes

What is a High Yield Savings Account?

As the name suggests, high-yield savings accounts pay much higher interest rates than traditional savings accounts. Online banking is usually offered online or in brick-and-mortar. They are based on the idea that it’s wise to put your savings anywhere you can get a competitively high yield, even if that’s a different bank than the one where you hold your checking account.

The difference in interest rates can be huge, with the highest domestic savings accounts typically paying 15 to 20 times the national average. You can still keep your checking account there because it’s easily linked to a high-yield savings account to your main account for easy transfers.

Is my money safe in an online savings account?

The vast majority of banks, whether brick-and-mortar or online, hold FDIC insurance, which protects bank customers in the event of bank failure by insuring deposits at any one institution up to $250,000. Likewise, the U.S. government provides NCUA insurance through the vast majority of credit institutions.

So whether your institution has a branch or an internet-only bank, your deposits are just as safe and protected. Be sure to check out the FDIC or NCUA logos before you start doing business with any new financial institution.

What is the difference between a high-interest savings account and a money market account?

Savings accounts and money market accounts are closely related. Both allow you to move money in and out at your convenience, and their main function is to give you an option to earn interest on your balance while you save. Additionally, federal regulations restrict savings account withdrawals to 6 to 6 per month for both types of accounts.

Traditionally, the difference between savings accounts and money market accounts is that money market accounts include the option to write checks on the account. By contrast, savings accounts typically only allow funds to be withdrawn via electronic transfers, ATM cards (when offered), or at branch visits.

How often does the savings rate change?

The APY paid by the savings account on the day of your first deposit is not guaranteed. The interest rate on the account may change at any time.

Whether interest rates rise or fall, and how often they change, is largely determined by the Fed’s rate of interest. When it adjusts the federal funds rate, banks and credit unions typically follow suit in the same direction.

That said, changes in interest rates between savings accounts are usually not a daily or weekly event. Unless the Fed acts shortly, interest rates typically stay at the same level for weeks or months on end.

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