Top 5 High-Yield Savings Accounts of This Year
If your money is sitting in a traditional savings account, you're likely missing out on significant earnings. High-yield savings accounts (HYSAs) offer interest rates many times higher than the national average, helping your savings grow faster with no risk.
What Makes a Great HYSA?
We evaluated accounts based on these key features:
- Competitive APY (Annual Percentage Yield): The most important factor. We looked for rates well above the national average.
- Low or No Fees: The best accounts have no monthly maintenance fees that eat into your earnings.
- FDIC Insurance: Your money should be insured up to $250,000.
- Accessibility: Easy online and mobile access for transfers and account management.
Many of the top HYSAs are offered by online-only banks. Because they don't have the overhead of physical branches, they can pass those savings on to customers in the form of higher interest rates. Consider opening one for your emergency fund or short-term savings goals to maximize your growth.
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