13 Best HYSA in the US: High Yield Savings Accounts

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An account type known as a High Yield Savings Account (HYSA) is one that banks and other financial institutions provide. It gives an interest rate that is greater than a typical savings account. A HYSA often has a higher interest rate due to the account’s higher minimum balance requirements or specific withdrawal or deposit limitations.

The Federal Deposit Insurance Corporation (FDIC) guarantees HYSA accounts up to $250,000 per depositor, each insured bank, and as such, they are normally FDIC-insured. Because of this, High Yield Savings Accounts are a risk-free method to store money and earn more interest than standard savings accounts.

high yield savings account, Best HYSA in the US

People who desire to save money for a particular financial objective, such as a down payment on a home or a trip, frequently utilize HYSA accounts. Because the funds are accessible when required, they can also be utilized as an emergency fund.

It’s crucial to keep in mind that even while a HYSA may give a larger interest rate than a conventional savings account, the interest rate is still very modest when compared to other investment alternatives, such stocks or mutual funds. A HYSA is therefore more suited for short-term savings objectives than for long-term investing.

Best HYSA in the US

Here are the 13 Best High Yield Savings Accounts in the United States

1. Ally Bank HYSA

A High Yield Savings Account is one of the many financial products and services offered by Ally Bank, a U.S.-based online bank. (HYSA). In comparison to conventional savings accounts, HYSAs often provide greater interest rates.

Your savings are safeguarded up to $250,000 per depositor, per account ownership type, thanks to the FDIC’s insurance of Ally Bank’s High Yield Savings Account.

The interest rate on Ally Bank’s HYSA is competitive and subject to change depending on the state of the market.

You may simply access your money through online transfers, mobile banking, or ATM withdrawals, and the account has no minimum balance restrictions and neither monthly maintenance fees nor them.

The “bucketing” mechanism, which enables you to define up to 10 separate savings goals inside of a single account, is one special feature of Ally Bank’s HYSA. This may be a helpful tool for managing your finances and monitoring your progress toward various monetary objectives.

2. Goldman Sachs Marcus HYSA

Customers in the United States can open a High Yield Savings Account (HYSA) on the Marcus by Goldman Sachs online banking platform. Your deposits are covered up to $250,000 per depositor, per account ownership type, thanks to the HYSA’s FDIC insurance.

The Marcus by Goldman Sachs HYSA provides a competitive interest rate that may change according to the state of the market. You may simply access your money through online transfers or by using the Marcus mobile app, and the account has no minimum balance restrictions and neither monthly maintenance fees for them.

The transparency of the Marcus by Goldman Sachs High Yield Savings Account is one of its distinctive qualities. Customers may easily grasp the interest rates they are receiving and the fees they are paying thanks to the bank.

Setting up automated savings programs is another element of the Marcus by Goldman Sachs HYSA. For those who wish to routinely save money without having to think about it, this might be a helpful tool.

3. Synchrony Bank HYSA

Financial organization Synchrony Bank provides a range of banking services and products, including a High Yield Savings Account. (HYSA).

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In comparison to a standard savings account, a HYSA often offers a greater interest rate. The HYSA from Synchrony Bank has no minimum balance requirements. It also has no monthly maintenance costs.

The following are some of the main aspects of Synchrony Bank’s HYSA:

High interest rate: According to my understanding, Synchrony Bank’s HYSA had an interest rate of 0.55% APY as of the cutoff date of September 2021. It’s a good idea to check their website for the most recent prices because this rate may vary over time.
No requirement for a minimum balance: To avoid fees or get interest, you are not required to keep a specific amount in your account.
No recurring monthly fees: For simply having the account open, there are no costs.
FDIC-backed insurance covers: Your deposits are protected up to the maximum amount permitted by law ($250,000 per depositor, per insured bank) since Synchrony Bank is FDIC insured.

4. Discover Bank HYSA

A High Yield Savings Account (HYSA) from Discover Bank is a popular option for savers since it offers a reasonable interest rate and a number of useful features. The Discover Bank HYSA has the following salient characteristics:

Competitive interest rates: As of April 2023, Discover’s High Yield Savings Account ‘s APY was 0.40%, which is higher than the average APY for savings accounts in the country.

No monthly expenses: For its HYSA, Discover Bank levies no monthly maintenance fees.

No minimum amount needed: A Discover Bank HYSA can be opened and maintained with no minimum balance.

HYSA is FDIC insured up to $250,000 per depositor, per account ownership type, according to Discover Bank.

Online and mobile banking: To check your balance, make transfers, and deposit checks, you may manage your HYSA online or through the Discover smartphone app.

A customer care representative from Discover Bank is on hand to assist you at all times through phone or online chat.

5. American Express National Bank HYSA

Customers can open high-yield savings accounts (HYSA) with the full-service online bank American Express National Bank. In comparison to standard savings accounts, high-yield savings accounts often provide a greater interest rate. The HYSA at American Express National Bank is an FDIC-insured account, meaning that in the case of a bank failure, deposits are covered up to $250,000 per depositor, per account ownership type.

No monthly fees, no minimum balance restrictions, and simple online account administration are just a few of the benefits of American Express National Bank’s High Yield Savings Account. Through the bank’s website or mobile app, customers may access their accounts whenever they need to and can make deposits and withdrawals as needed.

6. Barclays Bank HYSA

Customers in the US can open a high-yield savings account (HYSA) with Barclays Bank. The Barclays Online Savings Account is the name of the account, and it is FDIC-insured up to the maximum amount permitted by law.

Competitive interest rates, no monthly fees, no minimum balance restrictions, and simple online account administration are just a few of the perks offered by the Barclays Online Savings Account. Through the bank’s website or mobile app, customers may access their accounts whenever they need to and can make deposits and withdrawals as needed.

The “Dream Account” feature from Barclays Bank enables users to establish savings objectives and get bonus interest every six months when they make consistent contributions to their accounts. For individuals trying to save for a particular objective, like a down payment on a house or a trip, this can be a useful tool.

7. Capital One 360 HYSA

Customers at Capital One 360 have access to a High Yield money Account (HYSA) that allows them to accrue money at a competitive interest rate. The Capital One 360 HYSA’s APY (annual percentage yield) was 0.40% as of the knowledge cutoff in 2021, yet this figure is liable to fluctuate over time.

No monthly fees or minimum balance restrictions, online account administration, and simple money transfers to and from other bank accounts are just a few of the primary advantages of the Capital One 360 High Yield Savings Account.

Additionally, customers may create automated savings programs, monitor how far they are from their savings targets, and sign up for email or smartphone notifications for account activity.

8. CIT Bank HYSA

Additionally, CIT Bank provides its clients with the opportunity to earn a competitive interest rate on their savings through its High Yield Savings Account (HYSA). The annual percentage yield (APY) for the CIT Bank HYSA was up to 0.50% as of the knowledge cutoff in 2021, albeit this may vary over time.

No account setup or maintenance costs, no monthly service fees, and simple financial transfers to and from other bank accounts are just a few of the primary characteristics of the CIT Bank High Yield Savings Account. For convenient account administration while on the road, CIT Bank also provides a mobile banking app.

Additionally, customers may create automated savings programs, monitor how far they are from their savings targets, and sign up for email or smartphone notifications for account activity.

9. Varo Bank HYSA

One of the products offered by Varo Bank, a mobile-only institution, is a High Yield Savings Account (HYSA). The HYSA does not have a minimum balance requirement or monthly maintenance fees, and it provides a competitive interest rate.

Customers may feel confident knowing that their money is safe with Varo Bank’s High Yield Savings Account because it is FDIC-insured up to $250,000. Additionally, the account has features like round-up saves, automated savings tools, and the opportunity to establish savings objectives.

Customers may download the Varo Bank app and submit an application immediately from the app to start a Varo Bank HYSA. The procedure for applying is simple and usually just takes a few minutes. Once accepted, clients can immediately begin making deposits into their HYSA and collecting interest.

10. Axos Bank HYSA

Customers who open a High Yield Savings Account (HYSA) with Axos Bank may take advantage of the excellent interest rate on offer. Axos Bank HYSA’s salient characteristics are as follows:

High Yield: In comparison to conventional savings accounts, the Axos Bank HYSA offers a high interest return. The interest rate was up to 0.61% APY as of the cutoff date of September 2021, although this may have changed after then.

Axos Bank does not impose a monthly maintenance cost for its High Yield Savings Account, allowing consumers to preserve a larger portion of their funds.

No minimum balance criteria: Customers can start saving with any amount they choose because there are no minimum balance requirements to create or maintain an Axos Bank HYSA.

FDIC insured: Customers may rest easy knowing their investments are secure since The Axos Bank HYSA is FDIC guaranteed up to $250,000 per depositor.

Customers may manage their Axos Bank High Yield Savings Account online or via the bank’s mobile application, making it simple for them to access their cash and keep track of their savings.

11. Alliant Credit Union HYSA

For consumers wishing to earn a high rate of interest on their savings, Alliant Credit Union provides a High-Yield Savings Account (HYSA). The HYSA of Alliant Credit Union has the following salient characteristics:

High interest rate: Compared to the national average, Alliant Credit Union’s HYSA now provides an interest rate of 0.55% APY as of the knowledge cutoff date.

No monthly maintenance costs: Alliant Credit Union’s HYSA has no monthly maintenance fees, allowing you to keep more of your savings.

Easy access to funds: You have access to your money with only a few clicks via internet banking, mobile banking, or customer service. Additionally, Alliant Credit Union offers an ATM card that enables cash withdrawals.

FDIC-insured: Your money is secured in the case of a bank collapse thanks to Alliant Credit Union’s HYSA, which is FDIC-insured up to $250,000 per depositor.

Required minimum down payment: You must deposit at least $5 into your Alliant Credit Union High Yield Savings Account in order to start an account.

12. Chime Bank HYSA

A High Yield Savings Account (HYSA) is one of Chime Bank’s main products, which is a digital bank. The Chime HYSA is a savings account with a competitive interest rate, which is presently set at 0.50% APY and is subject to fluctuate depending on the state of the market.

There are no hidden fees, minimum balance restrictions, or monthly fees with The Chime High Yield Savings Account. Additionally, it offers simple access to your money via the Chime website or mobile app, with no restrictions on withdrawals or transfers.

Other helpful features offered by Chime High Yield Savings Account include the option to automatically transfer the difference from your debit card transactions to your savings account when they are rounded to the next dollar. Additionally, you may arrange automatic savings transfers on a weekly or monthly basis.

13. FNBO Direct – APY: 0.35%

First National Bank of Omaha Direct High Yield Savings Account is also known as FNBO Direct. It is a First National Bank of Omaha online savings account that provides a high interest rate on deposits with no monthly fees.

The account provides a reasonable interest rate that is greater than the average for the country and can be created and managed fully online. Additionally, there are no minimum balance restrictions or monthly fees for this account.

Additionally, FNBO Direct High Yield Savings Account provides certain practical services including 24/7 customer assistance, online and mobile banking, and online transfers. All things considered, it might be a smart choice for people who wish to earn a higher interest rate on their savings without having to worry about fees or minimum balance requirements.

Conclusion

Choosing the best HYSA High Yield Savings Account can be a smart financial decision as it allows you to earn a higher interest rate on your savings.

Look for a High Yield Savings Account that offers a competitive interest rate, avoid accounts that charge monthly maintenance fees or transaction fees, Look for an account that does not have a minimum balance requirement or has a low requirements, and Make sure the bank you choose is FDIC-insured.