20 Best High-Yield Savings Accounts To Open In 2024
In today’s high-rate market, there are plenty of options to earn substantial income on your investments. Both high-yield savings accounts and certificates of deposit (CDs) presently offer some of the best rates we’ve seen in years, thanks to multiple rate hikes by the Federal Reserve over the past 18 months. Thus, now is a fantastic moment to create an interest-bearing account and begin reaping financial benefits.
However, there’s one significant distinction between high-yield savings accounts and CDs: flexibility. You must deposit funds into a CD account and keep them there for the duration of the account. If not, you will probably have to pay a hefty early withdrawal penalty that reduces your profit. Therefore, even though some CDs have interest rates as high as 5.5% or higher, a CD account won’t be the best option for every saver.
But a high-yield savings account can be the best option if you still want to have access to your money and earn a high APY. High-yield savings accounts, in contrast to CDs, allow you to make deposits and withdrawals as needed. For people who might need to access their money soon, these accounts can be a wise middle ground. To optimize your potential profits, it’s crucial to know which high-yield savings accounts offer the highest rates if you intend to start one in the first half of 2024.
20 high-yield savings accounts to open in 2024
These accounts might be something to think about in the new year if you wish to transfer your funds to a high-yield savings account:
This account has no monthly maintenance fees, no minimum balance requirements, and a $0 starting deposit requirement.
This account has no monthly maintenance fees, but there is a $100 minimum amount to receive the 5.40% APY. If the account is closed within the first 180 days of establishment, there will be a $25 fee.
This account has no monthly maintenance fees, but it does require a $500 minimum starting deposit and a $500 minimum balance to qualify for the APY.
This account has no monthly maintenance fees and has a $5,000 minimum starting deposit. To get the highest annual percentage yield, the minimum balance must be $25.
Blue Peak Credit Union — 5.33% APY:
A $25 minimum initial deposit is required, and to avoid a $5 monthly account charge, you must keep your balance at least $200 every day.
There is no monthly maintenance cost associated with this account, and there is a $100 minimum opening deposit requirement. To qualify for APY, the account must have a $0 balance.
This account has no monthly maintenance fees and just requires a $0 minimum starting deposit and $0.01 minimum balance to qualify for the APY.
Total Direct Bank — 5.26% APY:
To start this account, you must deposit a minimum of $25,000 via ACH. To earn the advertised annual percentage yield (APY), you must maintain a minimum balance of $2,500. There is no monthly maintenance cost for this account.
This account enables ATM access, requires no minimum amount to get the highest APY, and has no monthly maintenance fees.
There is no monthly maintenance fee associated with this account, and there is no minimum amount needed to earn the quoted APY. The minimum deposit requirement for this account is $0.
There is no monthly maintenance cost for this account, and there is no minimum balance needed to receive the APY. The minimum deposit requirement is $0 as well.
This account has no monthly maintenance fees, a $1 minimum starting deposit requirement, and an APY-earning $0.01 minimum balance.
Evergreen Bank Group — 5.25% APY:
This account has no monthly maintenance fees and a $100 minimum starting deposit requirement. To qualify for the APY, there is a $0 minimum balance requirement.
This account has no monthly maintenance fees, but it does require a $1,000 minimum starting deposit and a $1,000 minimum balance to qualify for the APY.
This account has no monthly maintenance fees and a $100 minimum starting deposit requirement. To receive the quoted APY, a $0 minimum balance is needed.
There is no monthly maintenance cost associated with this account, and there is a $1 minimum starting deposit requirement to earn the claimed APY.
This account offers no monthly service or maintenance costs, a $10 minimum opening deposit requirement, an APY of 5.15% paid on accounts up to $249,000, and an APY of between 5.03% and 0.50% paid on accounts exceeding $250,000.
This account has no monthly service fees and has a $100 minimum starting deposit. To qualify for the highest APY, the minimum balance must be $5,000.
This account does not have a monthly maintenance fee, but it does require a $1,000 minimum starting deposit and a $1 minimum balance to receive the claimed APY.
Salem Five Direct — 5.01% APY:
This account has no monthly service or maintenance fees, a $10 minimum opening deposit requirement, and an APY paid on balances up to $1 million. It also has no monthly fees.
The bottom line
A high-yield savings account may be a wise choice to think about if you want to increase the value of your savings without having to keep your money in a certificate of deposit (CD). Additionally, you’ll increase your chances of making significant returns on your investment if you select one of the high-yield savings accounts that are now paying the greatest rates. However, it’s crucial to keep in mind that every account has specific conditions, so before opening one, make sure you can satisfy all of them and grasp the whole picture.