From MarketWatch Picks: Are you eligible for these high-paying savings accounts? Find out what’s in the fine print here.
Many savings accounts haven’t paid this much in decades. Although the average national deposit rate for a savings account was just 0.42% as of June 20, according to Federal Deposit Insurance Corporation data, many banks and credit unions now offer high-yield savings accounts with an annual percentage yield in the realm of 5% or higher .
Because rising interest rates make it more costly for consumers to borrow from banks, many financial institutions offer more attractive savings rates to entice borrowers to move over their cash. This ultimately helps banks raise more money to make loans at that higher rate. Most importantly, Cho adds, is to ensure your money is safe. For banks, the FDIC protects depositors against the loss of deposits up to $250,000, while the National Credit Union Share Insurance Fund, or NCUA, is a similar method of insurance to protect up to $250,000 of invested assets at credit unions. “Invest with a bank that will ensure your money is safe and gives you the flexibility to access your cash when you need it,” Cho says.
Adda Bank: 5.15% APY Among the highest rates on this ranking is this high-yield savings account from Adda Bank. This too comes with a low $1 minimum deposit requirement. There are also some limitations for making withdrawals so be sure to read the fine print before getting started. Select Bank: 5.11% APY Like much of the competition, there are little to no hurdles to join Select Bank’s high 5.11% APY savings account. Just have $1 to open the account and that’s it. Like many others on this list, though, there may be some delays making withdrawals or transfers here, so be sure to review all of the details before getting started.
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