Western Alliance Bank’s High-Yield Savings Premier account is now offering a stunning 5.31% APY as of 7/11/2024. This is more than 10 times the average savings rate. It’s making Western Alliance Bank a top choice for the best high-yield savings accounts in 2024.
The world of high-yield savings is changing fast. Many banks are competing for your business. This review will look at the top high-yield savings options. We’ll cover their main features, benefits, and rates to help you save more in the coming year.
Key Takeaways
- The Western Alliance Bank High-Yield Savings Premier account offers an industry-leading 5.31% APY as of 7/11/2024.
- High-yield savings accounts from leading providers like LendingClub, Newtek Bank, UFB, Synchrony Bank, and Marcus by Goldman Sachs are also reviewed.
- Factors like minimum deposit, fees, transaction limits, and ATM access are evaluated to help you find the best high-yield savings account for your needs.
- Mango Savings™ and CIT Bank Platinum Savings are highlighted for their unique features, such as low minimum deposits and high APYs for large balances.
- This article provides a comprehensive comparison of the top high-yield savings accounts, empowering you to make an informed decision about where to park your cash for maximum returns.
The Best High-Yield Savings Accounts
Experts at CNBC Select have found the top high-yield savings accounts. They looked for accounts with a high APY, FDIC insurance, no monthly fees, and easy access. These accounts also have low or no minimum balance requirements.
Key Features to Look for in a High-Yield Savings Account
When picking a high-yield savings account, look for a good interest rate, low fees, and easy access. These features help you grow your savings faster.
Methodology for Selecting Top High-Yield Savings Accounts
The CNBC Select team checked rates, fees, and other details from top banks and credit unions. They picked the best accounts based on these factors. This ensures the top accounts offer great savings benefits.
| Bank | APY | Minimum Deposit | FDIC Insured |
|---|---|---|---|
| Poppy Bank | 5.50% | $0 | Yes |
| Varo | 5.00% | $0 | Yes |
| EverBank (TIAA Bank) | 5.05% | $0 | Yes |
| SoFi | 4.50% | $0 | Yes |
By focusing on these key factors, you can find a high-yield savings account that meets your savings goals. It will also offer a good return on your money.
Western Alliance Bank High-Yield Savings Accounts: A Leading Contender
The Western Alliance Bank High-Yield Savings Account is a top choice for 2025. It offers a competitive 5.20% APY. This makes it one of the best accounts for earning interest.
This account stands out because of its features. It has no monthly fees and only a $1 minimum deposit. This makes it easy to earn more interest without hassle. The account uses the Raisin platform for savings. This platform offers FDIC insurance and strong security for your money.
Even though it doesn’t have a checking account or ATM access, its high interest rate is a big plus. By working with Raisin, Western Alliance Bank offers a smooth online experience. This lets you manage your savings easily from home.
| Feature | Western Alliance Bank High-Yield Savings Account |
|---|---|
| APY | 5.20% |
| Minimum Deposit | $1 |
| Monthly Fees | None |
| FDIC Insurance | Yes, through Raisin platform |
| Checking Account | No |
| ATM Access | No |
If you want a savings account with great interest rates and low fees, consider the Western Alliance Bank High-Yield Savings Account. It’s a top choice for those looking to grow their savings.
LendingClub LevelUp Savings: Standout Account Features
The LendingClub LevelUp Savings account is a top choice for high-yield savings. It offers an impressive annual percentage yield (APY) of up to 5.30%. This makes it a leader in the market.
Benefits of the LendingClub LevelUp Savings Account
This account comes with many benefits for savers:
- Impressive APY: You can earn up to 5.30% APY on your savings. You need to deposit at least $250 monthly to get the highest rate. If you can’t meet this, you’ll still earn 4.80% APY.
- No Minimum Balance: You don’t need to keep a certain amount in the account. This lets you start saving with any amount.
- No Monthly Fees: The account has no monthly fees or hidden charges. This means your savings can grow without any extra costs.
- Free ATM Access: You get a free ATM card. Using over 37,000 MoneyPass and SUM ATMs won’t cost you anything.
The LendingClub LevelUp Savings account is great for growing your savings. It has a competitive interest rate, easy access, and no fees. This makes it a top choice for those looking to save more.
Newtek Bank Personal High Yield Savings: No Minimum Deposit Required
If you’re looking for a savings account with a high return but don’t want to put down a lot of money, the Newtek Bank Personal High Yield Savings account is perfect. It offers a great 5.25% APY with just a $0.01 minimum balance needed to start earning interest. Plus, there are no monthly fees, and you can make up to six free withdrawals or transfers per cycle.
The Newtek Bank personal high yield savings account is special because it’s for business checking customers only. This might not be for everyone, but it’s great for business owners wanting to save more without needing a big deposit.
- Earn a 5.25% APY on your savings
- No minimum deposit required to open the account
- No monthly fees or maintenance charges
- Up to 6 free withdrawals or transfers per statement cycle
- Ideal for business owners seeking a high-yield savings account with no minimum deposit
The Newtek Bank Personal High Yield Savings account is a top choice for growing your savings without needing a big upfront payment. It has a great interest rate, flexible options, and is perfect for business owners.
UFB Portfolio Savings: Best for ATM Access
The UFB Portfolio Savings account from Axos Bank is great for those who want a high-yield savings account with easy ATM access. It offers a 5.15% APY on all savings, with a chance to earn more by linking it with a UFB Freedom Checking account. This account is unique because it comes with a free ATM card for unlimited withdrawals. This means you can get to your money anytime you need it.
Advantages of the UFB Portfolio Savings Account
- Competitive Interest Rates: The 5.15% APY on the UFB Portfolio Savings account is very competitive. It’s much higher than the average savings account rate of 0.46%.
- No Minimum Deposit: You don’t need to put any money in this account to start. It’s open to everyone.
- Convenient ATM Access: You get a free ATM card with this account. This lets you take out money from your high-yield savings account with ATM access whenever you want. It’s a big plus for many people.
- No Monthly Fees: This account doesn’t cost you anything to keep. There are no monthly fees or hidden charges. So, you get to keep all the interest you earn.
The UFB Portfolio Savings account is a top choice for anyone wanting to grow their savings and have easy access to their money. It’s perfect for building an emergency fund or saving for a big goal. Adding this account to your ufb portfolio savings account strategy is a smart move.
Synchrony Bank High Yield Savings: Easy Access to Your Cash
If you’re looking for a high-yield savings account with easy access, consider the Synchrony Bank High Yield Savings account. It offers a competitive 4.65% APY with no minimum balance or deposit. This makes it a great choice for savers at all levels.
The Synchrony Bank High Yield Savings account is easy to use. You can make up to six free withdrawals or transfers per statement cycle. Plus, you can get an optional ATM card for cash access at ATMs across the country.
This account doesn’t come with a checking account. But it’s perfect for growing your savings with easy access to your money. It’s ideal for those who want high-yield savings with easy access to cash.
Here are the main features of the Synchrony Bank High Yield Savings account:
- 4.65% APY with no minimum balance or deposit requirements
- Up to 6 free withdrawals or transfers per statement cycle
- Optional ATM card for nationwide access to your savings
- No checking account, but a focus on high-yield savings with easy access
If you want a high-yield savings account with easy cash access, the Synchrony Bank High Yield Savings account is a great choice.
Marcus by Goldman Sachs® High-Yield Online Savings Account: No Fees
If you’re looking for a savings account with no hidden fees, the Marcus by Goldman Sachs® High-Yield Online Savings Account is a great choice. It offers a competitive 4.40% Annual Percentage Yield (APY). This account is known for its easy-to-use features and no fees.
This savings account doesn’t have monthly fees or require a minimum balance. You can start saving with any amount and watch your money grow. You also won’t worry about fees eating into your savings. Plus, there are no limits on how many times you can withdraw or transfer your money, giving you easy access to your funds.
The Marcus online savings account doesn’t have ATM access or let you link a checking account. But its mobile banking app makes managing your savings easy. The app has high ratings from users, with 4.9 out of 5 stars on the Apple Store and 4.3 out of 5 stars on Google Play.
With a 4.40% APY, Marcus beats the national average of 0.50%. For example, a $10,000 deposit could earn around $440 in interest over a year. This is much better than the average savings account.
If you want a savings account with no fees and easy digital access, consider the Marcus by Goldman Sachs® High-Yield Online Savings Account. It’s a smart choice for your financial planning.
Mango Savings™: Best for Low Deposits
If you’re looking for a high-yield savings account with low deposit requirements, consider the Mango Savings™. It’s part of the Mango Prepaid Mastercard® (issued by Metropolitan Commercial Bank). This account offers a great 6.00% APY on balances up to $2,500. It’s perfect for those with limited funds.
To get the 6.00% APY, you just need to keep a $25 balance and spend at least $1,500 on your Mango Prepaid Mastercard each month. The high APY is only for balances up to $5,000. But, the Mango Savings™ feature lets you earn a good return even with small deposits.
Traditional savings accounts often give you less than $1 per year on a $10,000 deposit. The Mango Savings™ account could give you around $500 per year on the same amount. This means a 5% APY. It’s a great choice for those wanting to grow their mango savings account with low-deposit needs.
| Feature | Mango Savings™ |
|---|---|
| APY | 6.00% on balances up to $2,500 |
| Minimum Balance | $25 |
| Monthly Requirements | $1,500 in signature purchases on Mango Prepaid Mastercard |
| Balance Cap | $5,000 |
The Mango Savings™ feature is a great way for people with low deposits to earn more on their savings. By spending $1,500 a month, you can enjoy the mango savings account features. This helps you grow your money faster.
CIT Bank Platinum Savings: Best for Large Deposits
The CIT Bank Platinum Savings account is great for those with big savings. It offers a 4.85% APY on deposits of $5,000 or more. This rate is much higher than the average of 0.46%.
This account has a special interest rate system. Even if you don’t have $5,000, you’ll still get a 0.25% APY. You only need $100 to start, making it easy for many people to open an account.
There are no monthly fees for the CIT Bank Platinum Savings account. This is great for those who want to earn more interest without extra costs.
This account doesn’t let you use ATMs or link to a checking account. But, its high interest rates for big deposits make it a top choice for saving money.
Key Features of the CIT Bank Platinum Savings Account
- Earn an impressive 4.85% APY on balances of $5,000 and above
- Minimum opening deposit of just $100
- No monthly maintenance fees
- FDIC insurance for up to $250,000 per depositor
- Convenient online and mobile banking experience
If you want to grow your savings or find a great account for your large deposits, the CIT Bank Platinum Savings account is a great choice.
Conclusion: Choosing the Right High-Yield Savings Account for Your Needs
When picking a high-yield savings account, think about the interest rate, fees, and how easy it is to get your money. This article talks about the best high-yield savings accounts for 2025. Banks like Western Alliance Bank, LendingClub, Newtek Bank, UFB, Synchrony Bank, Marcus by Goldman Sachs, Mango Savings, and CIT Bank offer great options.
Think about what you want from a savings account and pick one that fits your goals. Look at the APY, deposit and balance needs, fees, and customer support. To save more, choose accounts with high interest rates, low fees, and easy access to your money.
Choosing the right high-yield savings account depends on your financial needs and goals. By looking at the top accounts, you can make a smart choice and watch your savings grow.
FAQ
What are the key features to look for in a high-yield savings account?
Look for a strong interest rate, low fees, and easy access to your money in a high-yield savings account.
How did CNBC Select identify the best high-yield savings accounts for 2025?
CNBC Select looked at rates, fees, and other details from top banks and credit unions to pick the best for 2025.
What makes the Western Alliance Bank High-Yield Savings Account stand out?
This account has a top 5.20% APY, no monthly fees, and a low $1 deposit. It’s great for earning more interest.
What are the key benefits of the LendingClub LevelUp Savings account?
It offers a 5.30% APY with a $250 monthly deposit or 4.80% APY otherwise. There’s no balance requirement or fee. Plus, it has a free ATM card with no ATM fees.
What makes the Newtek Bank Personal High Yield Savings account stand out?
It has a 5.25% APY with just $0.01 needed to earn interest. There are no monthly fees. It’s perfect for those wanting high returns without a deposit limit.
What are the advantages of the UFB Portfolio Savings account?
It offers up to a 5.15% APY and more with a UFB Freedom Checking account. You can also use an ATM card for unlimited withdrawals.
What are the key features of the Synchrony Bank High Yield Savings account?
It has a 4.65% APY with no balance or deposit requirements. You can make up to six withdrawals or transfers per cycle. There’s also an ATM card for easy access to your money.
What makes the Marcus by Goldman Sachs High-Yield Online Savings Account stand out?
It offers a 4.40% APY with no fees or limits on withdrawals or transfers. The mobile app makes banking easy and free.
What are the key features of the mango Savings feature?
It gives a 6.00% APY on up to $2,500 if you meet certain requirements. It’s ideal for those with limited funds looking for a good return.
What are the benefits of the CIT Bank Platinum Savings account?
It has a tiered rate from 3.00% to 4.30% APY. The $1 deposit and no fees make it great for saving a lot and earning more interest.
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