Top 10 Highest Yield Savings Accounts Banks Are Currently Offering

Top High-Yield Savings Accounts Available in the U.S. (November 2024)

With savings rates higher than they’ve been in years, consumers are flocking to high-yield savings accounts (HYSAs) to maximize returns on their deposits. As of November 2024, U.S. banks and credit unions are offering competitive annual percentage yields (APYs) on high-yield savings accounts, with rates far exceeding traditional savings accounts. Below is a list of some of the top options currently available, designed to help maximize your savings:

1. Pibank
   • APY: 5.50%
   • Minimum Deposit: None
   • Features: No fees, fully online.
2. DCU (Digital Federal Credit Union)
   • APY: 6.17% (on balances up to $1,000)
   • Minimum Deposit: None
   • Features: Membership required based on location or employer, significant drop in APY for balances over $1,000.
3. TAB Bank
   • APY: 5.27%
   • Minimum Deposit: None
   • Features: Fully online, no monthly fees.
4. Newtek Bank
   • APY: 5.25%
   • Minimum Deposit: None
   • Features: Strong nationwide online presence, no fees.
5. BrioDirect
   • APY: 5.35%
   • Minimum Deposit: $5,000
   • Features: High returns, ideal for those with larger initial deposits.
6. Raisin (Savings Marketplace)
   • APY: 5.26%
   • Minimum Deposit: Varies by account selected within the platform.
   • Features: Enables access to competitive rates across multiple banks.
7. Fitness Bank
   • APY: Up to 5.00%
   • Minimum Deposit: $100
   • Features: APY tied to physical activity (e.g., step counts).
8. Openbank
   • APY: 5.00%
   • Minimum Deposit: $500
   • Features: Linked to Santander, fully digital service.
9. My Banking Direct
   • APY: 4.85%
   • Minimum Deposit: $500
   • Features: Low fees, accessible for moderate deposits.
10. Ivy Bank
    • APY: 5.30%
    • Minimum Deposit: $2,500
    • Features: Excellent rate for balances over $2,500, no monthly fees.
11. Plus many more HYSA’s offered by numerous Banks and financial institutions

These accounts showcase the benefits of online and fintech-driven banking platforms, which often provide higher yields than traditional banks due to lower overhead costs. Most of these accounts are FDIC-insured up to $250,000, ensuring safety while offering exceptional returns. With rising interest rates, these options are increasingly appealing for individuals looking to optimize their savings.

Outlook for High-Yield Savings Accounts

Interest rates for savings accounts remain competitive due to the Federal Reserve’s recent monetary policies, aimed at controlling inflation. While rates may stabilize in the near future, high-yield accounts are expected to maintain an edge over traditional savings accounts, making them a smart choice for savers.

It’s essential to review terms carefully, including minimum balance requirements and any conditions for earning maximum APYs, before selecting an account.

Key Trends Behind Rising Savings Rates

Interest rate increases by the Federal Reserve over the past year have driven yields on savings accounts higher. Online banks, in particular, continue to dominate with their ability to reduce overhead costs, passing those savings on to consumers in the form of higher APYs.

How to Choose the Best Account

• Accessibility: Look for accounts with no or low minimum deposit requirements.
• Fees: Avoid accounts with monthly maintenance or service fees.
• Compounding Frequency: Opt for accounts that compound interest daily for faster growth.
• Perks: Some banks offer additional incentives, such as cash bonuses, for opening accounts.

Outlook

While rates are at their peak, they may stabilize or decline depending on Federal Reserve policy. Savers should monitor changes in rates and consider locking in the best APYs available now.

For detailed comparisons, you can visit resources like Business Insider and Clark to find the right account for your needs.