List of Best High Yield Accounts
If you’re not investing your money, then high yield accounts are the next option. You want your money to grow and earn the best rate possible. Most financial planners recommend storing money for emergencies and short-term goals in high-yield savings accounts. There’s zero risk of losing money as far as the accounts are FDIC insured and it’s easily accessible.
Just keep in mind that interest rates are not fixed forever. They’re subject to change at any time, depending on the government’s interest rate benchmark. So it’s a good idea to continuously check your accounts and the interest rate you are earning. Sometimes when rates are going up, some banks will not automatically increase rates for current customers. In that case you might need to call in and ask for it. Plus you should check this list continuously to see if you can do better at another bank.
Best High Yield Savings Accounts for December 2024
Here’s the list of the best interest rates available for savings accounts or no-penalty CDs that don’t really have many requirements to get the rate. There are often better rates out there, with a cap on deposits and monthly requirements such as purchases or direct deposits. That could work better for those who don’t have huge amounts to deposit and don’t mind doing the work.
These are savings accounts, money market and no-penalty CDs, listed by APY:
Other High Yield Options
You should also look into CDs if you don’t mind having your money tied up for a while. CDs usually offer a better rate than savings accounts. There are also Treasury bills which currently have great rates. Here are some of the best options available:
- Up to 11 Months
- 12-24 Months
What Else Matters Besides APY?
Besides the interest rate, there are other options to consider for each bank. Here’s some things to keep in mind when looking for the best high-yield account for yourself:
- Make sure it’s FDIC insured
- Customer Service
- Monthly fees
- Number of free withdrawals (often limited to 6 per month)
- Minimum opening deposit requirement
- Mobile check deposits
- Website and app design
- If you prefer physical branches, make sure they have one in your area.
Guru’s Wrap-up
You should periodically reevaluate your accounts and see if you are maximizing your returns. Besides high-yield savings accounts (HYSA), you should also check out bank bonuses which give you an even better return for a short period of time. There are also smaller credit unions that offer great rates for smaller amounts, sometimes as high as 10% APY.
Let me know of any other bank accounts that should be listed above!
