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Compare Savings Accounts this July
Looking to earn money on your savings in 2024? Find a savings account that will work for you, including some high-yield savings accounts offering an APY of more than 5%.
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What is a savings account?
A savings account is a bank account designed for saving money and earning interest. Unlike a checking account, which allows you to write checks and make purchases with a debit card, a savings account typically only permits ATM withdrawals and doesn’t support check writing. Additionally, there may be limits on the number of withdrawals or transfers you can make each month before incurring fees. Despite these restrictions, savings accounts are a secure way to grow your money over time.
What is a high-yield savings account?
A high-yield savings account is a special type of savings account that offers a higher interest rate than a regular savings account. These accounts are usually offered by online banks and credit unions, which can give you better rates because they have lower overhead costs than traditional banks.
What is a good savings account interest rate?
The Federal Deposit Insurance Corporation (FDIC) reports that the average interest rate for savings deposit accounts is 0.45%. While anything above this rate is considered decent, the top high-yield savings accounts can offer returns of 3% or more.
Where can I get 5% interest on my money?
Many FDIC-insured savings accounts offer a 5% APY, including Forbright Bank, Laurel Road, Western Alliance, UFB Direct and Bask Bank.
Where can I get 7% interest on my money?
Currently, no savings accounts offer a 7% APY. However, OnPath Federal Credit Union provides a high-yield checking account with a 7% interest rate on balances up to $10,000. Additionally, Landmark Credit Union offers a Premium Checking account that pays 7.5% interest on balances up to $500.
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