5 High-Yield Savings Accounts That Beat Your Bank

October 23, 2020

This interest rate that you will get with a high-yield savings account may not be superb for building wealth, but it can be great for your emergency fund or some other savings that you want to keep as liquid as possible. The interest rate for most high-yield saving accounts is often more than 10 times what you will get with the average savings account in America.

Here are the best high-yield savings accounts that are way better than what you will get at your bank:

 

1. Vio Bank

Interest Rate: 0.76% APY

Minimum Opening Deposit: $100

This bank was established in 2018. Vio Bank is the national online division of MidFirst Bank. Established in 1911, MidFirst Bank has been insured by the FDIC since 1934. At Vio Bank, you can choose between a high-yield online savings account or CDs. You have the option of holding both.

 

2. PNC Bank

Interest Rate: 0.80% APY

Minimum Opening Deposit: $0

With around 2,300 branches and over 9,000 ATMs across America, PNC Bank is a brand that many have grown to trust. PNC Bank’s headquarters can be found in Pittsburgh. This financial institution has been around for over 160 years. Eligible markets can access PNC Bank’s high-yield savings accounts. A maintenance fee is not required to keep this account active neither will you have to pay a minimum opening deposit. If you close your PNC Bank high-yield savings account in less than 180 days of opening it, you will face a $25 fee.

 

3. Salem Five Direct

Interest Rate: 0.80% APY

Minimum Opening Deposit: $100

As the online division of Salem Five, Salem Five Direct has a lot of credibility. Salem Five has been around since 1855. It originated in Salem, Massachusetts. The cap for this savings account is $1,000,000 and the rate is very competitive. This account is accessible to residents of all 50 states of America. There is a $9.95 charge if you do a Salem Five Direct transaction at a Salem Five branch.

 

4. Bank5 Connect

Interest Rate: 0.75% APY

Minimum Opening Deposit: $10

BankFive initiated its online division, Bank5 Connect in 2013. BankFive has been in operation since 1855. To open an account with Bank5 Connect, you only need $10; However, to tap into the competitive interest rate, you will need to have at least $100 in the account.

 

5. Popular Direct

Interest Rate: 0.75% APY

Minimum Opening Deposit: $5,000

To enjoy the benefits of this high-yield savings account, you will need at least $5,000. Popular Direct also offers term CDs. The CDs have a minimum opening deposit of $10,000. 

Whether you are building up your emergency fund, saving towards college tuition, or saving for a big family vacation, a high-yield savings account can prove to be a great option. You will notice that the typical high-yield account can be accessed online; therefore, it is very convenient to get started.

Rahul Iyer