High-yield savings accounts (HYSA) are an excellent option for individuals looking to grow their savings with competitive interest rates. Unlike traditional savings accounts, HYSAs offer much higher annual percentage yields (APYs), helping your money grow faster. Here are the best high-yield savings accounts in 2024.
Top High-Yield Savings Accounts
1. Marcus by Goldman Sachs
Marcus offers one of the best high-yield savings accounts in the market, with no fees and a competitive APY.
- APY: 4.30%
- Minimum Deposit: No minimum balance requirement
- Perks: No fees, user-friendly interface, and mobile app access.
2. Ally Bank
Ally Bank is a well-known online bank offering a high-yield savings account with no minimum balance requirements or monthly maintenance fees.
- APY: 4.00%
- Minimum Deposit: No minimum balance
- Perks: No monthly fees, robust mobile banking app, and automatic savings tools.
3. Discover Online Savings
Discover’s high-yield savings account offers a competitive APY with no monthly fees and no minimum balance requirement.
- APY: 4.10%
- Minimum Deposit: No minimum balance
- Perks: No fees, mobile app access, and 24/7 customer support.
How to Choose the Right High-Yield Savings Account
When selecting a high-yield savings account, consider the following factors:
- APY: The higher the APY, the faster your money will grow.
- Fees: Look for accounts with no monthly maintenance fees or minimum balance requirements.
- Accessibility: Choose a bank with a user-friendly online or mobile interface that allows easy transfers and withdrawals.
Conclusion
High-yield savings accounts like those offered by Marcus, Ally, and Discover can help you grow your savings faster with competitive interest rates and no fees. By choosing the right account, you can maximize your returns while maintaining easy access to your funds.