High-Yield Savings Accounts Are Finally Earning Consumers Money. Here Are Graham Stephan's Top 5 Account Picks

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

KEY POINTS

  • A high-yield savings account is a secure way to earn more interest on your savings.
  • Account owners should be aware of withdrawal limitations.
  • Graham's favorites include Ally Bank, Marcus by Goldman Sachs, and SoFi.

These accounts will earn you north of 1%.

Gone are the days when a high-yield savings account would net you under a penny on the dollar. Today, high-yield accounts offer significantly higher interest rates, making them a viable way to earn money on your saved cash. Which accounts are experts like Graham Stephan recommending? Read on to find out.

What is a high-yield savings account?

High-yield savings accounts are an alternative to the savings accounts of old. While traditional savings accounts can earn only a fraction of a percent, high-yield accounts have higher interest rates. The best part? High-yield accounts have many of the same benefits as traditional savings accounts.

High-yield savings accounts are a secure way to earn extra interest on your hard-earned savings. The FDIC insures high-yield savings accounts just like traditional savings accounts, up to $250,000 per account holder per bank. You don't need a high balance to save in a high-yield savings account, with some accounts requiring a minimum deposit of only $100. Additionally, most high-yield accounts provide the same excellent customer service offered to traditional bank account holders. And with online banking, it is easy to open and fund an account.

Downsides of a high-yield account

High-yield savings account owners should be aware of a few downsides. Many high-yield accounts limit the number of withdrawals you can make in a month. This isn’t unique to high-yield savings accounts, as most savings accounts charge a penalty for making more than six withdrawals in a month. Frequent money movers beware.

Cash held in a high-yield account may be less liquid than cash held in a traditional savings account. The process can take between 24 and 48 hours from request to withdrawal. Few high-yield accounts offer checks, and even fewer provide users with an ATM card. Savings held in high-yield accounts are considered liquid, but may not move as quickly as account holders are used to.

Graham Stephan's picks

High-yield savings accounts can be a great way to earn extra interest on your savings. But don't just take our word for it! Real estate agent and financial personality Graham Stephan says that high-yield savings accounts are now paying a healthy amount. Here are his top picks:

  • Ally Bank
  • Marcus by Goldman Sachs
  • SoFi
  • CIT Bank
  • Citizens Bank

Each of Graham's picks will earn you over 1% interest, but that's only part of the story. Graham also values customer service when choosing which accounts to recommend. These options are backed by top-notch customer service departments to give savers a great experience. In fact, a top reason for our five star review of Ally Bank is its high customer satisfaction ratings.

When it comes to choosing the best high-yield savings account for you, consider more than just the interest rate being offered. By saving with a bank boasting high customer service ratings, you can be sure to get the most well-rounded experience out of your high-yield savings account.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

Two of our top online savings account picks:

Rates as of Apr 19, 2024 Ratings Methodology
Advertisement
SoFi Checking and Savings Barclays Online Savings
Member FDIC. Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

APY: up to 4.60%

APY: 4.35%

Min. to earn APY: $0

Min. to earn APY: $0

Our Research Expert

Related Articles

View All Articles Learn More Link Arrow