Best High-Yield Savings Account Rates For June 2024

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

High Yield Savings Account Rates

Compare high-yield savings account rates sorted by the highest APY to the lowest interest rate from 462 financial institutions.

As of June 17, 2024, the highest interest savings account rate is 6.17% APY, with Boeing Employees’ Credit Union on the first $500.00.

The following table lists accounts from 475 banks and credit unions, sorted from the highest yield savings account to the lowest.

Disclaimer: High-yield savings rates change daily, and we’re doing our best to keep you updated. Please double-check with your bank or credit union!

What Is A High-Yield Savings Account?

A High Yield Savings Account (HYSA) is a type of savings account that earns a significantly higher interest rate than traditional savings accounts. The ‘high yield’ aspect refers to the annual percentage yield (APY) banks offer, ensuring your savings grow expeditiously. Typically, these accounts are an attractive option for individuals looking to achieve financial goals without exposing themselves to the volatility of riskier investments.

How Does A High Yield Savings Account Work?

A high interest savings account is straightforward in operation. They accrue interest over time based on the balance, just like regular savings accounts. However, the differentiating factor is the ‘high interest.’ The interest compounds daily, monthly, or quarterly and is added to your balance, resulting in exponential growth.

How To Open A High-Yield Savings Account

Starting a HYSA is a simple process:

  • Research: Research which banks or credit unions offer the best APY and customer service. Don’t just focus on the highest savings account rates. Consider factors like minimum balance requirements, fees, and ease of fund access.
  • Application Process: Once you’ve selected your preferred financial institution, you’ll need to provide some standard information (ID, Social Security Number, contact details), like opening any bank account.
  • Fund Your Account: After setting up your account, you can transfer funds to your HYSA and earn high interest.

What Is The Best High Yield Savings Account?

Here are some of the banks with the best high interest savings account:

  • CloudBank 24/7: It is a modern digital bank that offers convenient features and helps you reach your financial goals easily. By choosing this institution, you are providing yourself with the highest level of convenience and security.
  • Western Alliance Bank: Thanks to its outstanding expertise, strong capacity, and excellent customer service, Western Alliance Bank has continued to rank high among the best commercial banks in the US for years. They allow you to hold all your deposit products in one account, adjust the service flexibly to your needs, and ensure that your funds are fully secure.

Our Methodology

Every week, we review high-yield savings accounts from over 400 banks to give you the latest, trustworthy offers. We focus on well-known, reputable banks to avoid scams, considering only those with strong customer feedback.

Our comparison is standardized, looking at factors like interest rates, monthly fees, security, ease of access, customer service, and extra features.

We consistently collect data from each bank’s website and arrange it in spreadsheets for simpler analysis and comparison. This way, we ensure you get the most reliable information.

How To Choose the Best High-Yield Savings Account?

Picking the right online savings account doesn’t have to be tricky. Here’s a simplified guide to finding the one that fits your financial goals:

  • Interest Rate: This is key because it affects how much you earn. Aim for high rates, but be aware of any potential restrictions or fees.
  • Monthly Fees: Watch out for accounts with maintenance or minimum balance charges that could eat into your earnings. Opt for ones with low or no fees.
  • Accessibility: Think about how often you’ll need to withdraw cash and the ease of doing so, whether via ATMs, online, or mobile apps.
  • Safety and Security: Make sure your choice is FDIC or NCUA insured, keeping your money safe even if the bank fails.
  • Customer Service: Good support can make a huge difference. Choose a place that makes you feel valued and understood.
  • Extra Features: Some perks like overdraft protection, alerts, or rewards programs might be crucial for you. If they are, make sure your account offers them.
High Yield Savings Account Rates

Who Should Opt for a High-Interest Savings Account?

A high interest savings account is best suited for individuals who:

  • Seek Higher Returns: Those who want to make the most of their idle funds. Unlike regular savings accounts, these accounts offer significantly higher interest rates, meaning your money works harder for you.
  • Have Financial Cushion: Individuals with a financial cushion are willing to leave a lump sum untouched to accumulate interest. These accounts often yield more when the money is left to grow over time.
  • Plan Big Purchases: People saving for a major goal (like buying a home or car) and wanting to achieve it faster through the power of compound interest.
  • Build Emergency Funds: Anyone building an emergency stash, ensuring it grows steadily and is accessible when needed most.
  • Prefer Low-Risk Investment: Conservative savers seeking a safer way to grow their savings without the exposure to the risks that come with investment options like stocks or real estate.

In essence, if you’re looking for a secure place to grow your savings while maintaining access in case of need, a high-interest savings account could be an excellent tool for your financial strategy.

High Yield Savings Account Calculator

Use this calculator to see how different savings rates affect your choices! You can also compare how saving at the start of the month versus the end impacts your total savings. This way, you’ll know what’s best for growing your savings and meeting your goals.

High Yield Savings Account

Why Would I Be Denied A High-Yield Savings Account?

While high-yield accounts are considered low-risk investments, certain circumstances may result in being denied a high-yield account:

  • Insufficient identification: Your application may be denied if you do not provide the necessary identification documents or if your information does not match the information on file with credit bureaus.
  • Poor credit: Banks and credit unions typically check your credit history when you apply for a high-yield account. The bank may hesitate to approve your application if you have poor credit, as you may be considered a higher risk.
  • ChexSystems report: ChexSystems is a consumer reporting agency that keeps track of bank account history, including damaging information such as unpaid bank fees, outstanding debts, and fraudulent activities. If you have a negative ChexSystems report, your application may be denied.
  • Fraudulent activities: Your application may be denied if you have a history of fraud.
  • Insufficient funds: Some banks may require a minimum deposit to open a high-yield account, so your application may be denied if you don’t meet the minimum deposit requirements.
  • Other outstanding debts: Your application may be denied if you have outstanding debts or unpaid bills.
  • Geography: Some banks may not offer high-yield savings accounts to residents of certain states based on state regulations.
Best High Yield Savings Account

How We Can Help

At The Annuity Expert, we understand the importance of maximizing your savings with the best high-yield savings accounts. Our 15 years of experience as an insurance agency, annuity broker, and retirement planner have equipped us with the knowledge and tools to guide you to the best solutions at the lowest costs.

Your core problem is finding a secure and efficient way to grow your savings. We know that navigating the myriad of options can be overwhelming and stressful. The uncertainty of choosing the right account, coupled with concerns about fees and accessibility, can be daunting.

We stand against the complexity and high costs often associated with savings accounts. Our mission is to simplify your journey, ensuring you find the best rates and features tailored to your needs.

Highest Yield Savings Account

What We Recommend

  • Step 1: Contact Us for a Consultation
    • Reach out for a personalized consultation where we assess your financial goals and current situation.
    • Benefit: You receive tailored advice that aligns with your unique needs.
  • Step 2: Compare Options
    • We will help you compare various high-yield savings accounts, considering factors like APYs, fees, and accessibility.
    • Benefit: You make an informed decision without the hassle of extensive research.
  • Step 3: Open Your Account
    • With our guidance, you will seamlessly open the best high-yield savings account for your needs.
    • Benefit: Start earning high interest immediately, with the peace of mind that you’ve chosen the best option.

Features and Benefits

  • Personalized Advice: Tailored recommendations based on your specific financial situation.
  • Extensive Comparisons: Detailed analysis of multiple accounts to find the best fit.
  • Hassle-Free Setup: Assistance with the account opening process to ensure a smooth experience.

Overcoming Common Objections

Some may hesitate due to perceived complexity or fear of making the wrong choice. We counter this with clear, expert guidance that simplifies the process and ensures you make the best decision.

If you delay opening a high-yield savings account, you miss out on potential earnings, allowing inflation to erode your savings. By acting now, you secure higher returns and financial growth.

Working with us, you will feel confident and secure, knowing your savings are optimized for growth. Our expert support and personalized approach ensure you feel valued and understood.

Contact us today for free advice or a quote and start maximizing your savings with the best high-yield savings accounts.

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Questions From Our Readers

What is the highest-yield savings account right now?

Boeing Employees’ Credit Union has the highest-yield savings account interest rates, offering 6.17% APY on the first $500.00.

Are high-yield savings accounts even worth it?

High-yield savings accounts can be worth it if they offer higher savings rates than traditional ones.

Which bank gives 7% interest on a savings account?

As of June 2024, finding a 7% interest savings account is not likely.

What is the downside of a high-yield savings account?

High-yield savings accounts may have lower liquidity and higher monthly fees than traditional ones.

What bank currently has the highest savings interest rate?

Boeing Employees’ Credit Union offers the highest savings interest rate at 6.17% APY on the first $500.00.

Which bank gives 6% interest in a savings account?

Boeing Employees’ Credit Union offers 6.17% APY interest on savings accounts for the first $500.00.

Why should I look for the highest savings account rate?

Higher savings rates mean more interest earned on deposits, potentially leading to higher returns.

What is the difference between an online savings account and a high-yield savings account?

An online savings account operates digitally, often with lower fees, while a high-yield savings account specifically offers higher interest rates for increased savings growth.

Who protects High-Interest Savings Accounts in banks and credit unions?

High-Interest Savings Accounts in banks and credit unions are insured by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Administration).

Is a high-yield savings account safe?

A high-yield savings account is generally safe, as the FDIC or NCUA insures it.

Can you lose money in a high-yield savings account?

You cannot lose money in a high-yield savings account as the FDIC or NCUA insures it. However, the value of your savings may be impacted by inflation.

Is a high-yield savings account worth it?

While investing daily can be very profitable with high-income savings, it’s not the easiest option for gaining wealth. Inflation is likely to rise more rapidly than yields.

Is having a high-yield savings account with a bank or credit union better?

Whether it’s better to have a high-yield savings account with a bank or a credit union depends on individual factors such as interest rates, fees, accessibility, customer service, and other features. For example, credit unions typically have a higher interest rate than banks.

Can I have multiple high-yield savings accounts?

Yes, you can have multiple high-yield savings accounts.

Is a high-yield savings account better than stocks?

The stock market is typically your best bet for investing long-term. Conversely, savings accounts and other bank products are usually more advantageous when aiming for short-term goals. Take a high-yield savings account as an example; this banking product provides assured growth rates with easy access to your capital whenever desired.

How much should you keep in a high-yield savings account?

Generally, experts recommend having at least three to six months’ worth of income tucked away in case of unexpected life events such as losing your job or needing emergency funds.

What banks have 5% high-yield savings accounts?

The banks that have a 5% high-yield savings account or higher in June 2024 include Boeing Employees’ Credit Union, Andrews Federal Credit Union, Newtek Bank, My Banking Direct, Flagstar Bank, Brio Bank, GreenWood Credit Union, Service Credit Union, Popular Direct, GreenState Credit Union, Mission Valley Bank, Adda Bank, Customers Bank, The State Exchange Credit Union, CIT Bank, TAB Bank and CloudBank 24/7.

Which bank gives 8% interest on a savings account?

As of June 2024, finding a bank that offers 8% interest on a savings account isn’t very likely.

Is it worth putting money into a high-yield savings account?

Whether putting money into a high-yield savings account depends on individual financial goals and situation; high-yield savings accounts can offer higher interest rates than traditional accounts but may not keep pace with inflation. Short-term goals and easy access to funds may be good options, but investing may offer higher long-term returns.

Should I put my money in a high-yield savings account or invest?

Whether to put your money in a high-yield savings account or invest depends on your financial goals, risk tolerance, and time horizon. A high-yield savings account is suitable for short-term financial goals, while investing is better for long-term goals with more risk. Research and consultation with a financial advisor are crucial before making investment decisions.

How does a high-yield savings account differ from a traditional savings account?

A high-yield savings account offers higher interest rates than traditional savings accounts, maximizing earnings on your savings with the same level of security.

How do taxes on high-yield savings accounts work?

The bank where you have your high-yield savings account will send you a form, specifically Form 1099-INT, which delineates the amount of interest you’ve earned during the tax year.

What happens if I don’t report the interest income from my high-yield savings account on my tax return?

Failing to report interest income from a High-Yield Savings Account on your tax return can lead to penalties and interest charges from the IRS. It’s essential to accurately report all taxable income to avoid potential legal issues and financial consequences related to high-yield savings account taxes.

I’m looking for best interest rate for savings funds, but I don’t want to be locked up long-term. What should I buy?

For the best interest rate on savings without a long-term commitment, consider a high-yield savings account, a money market account, or a short-term Certificate of Deposit (CD). High-yield savings accounts offer higher interest rates compared to regular savings accounts and allow easy access to funds. Money market accounts typically offer higher interest rates than traditional savings accounts and sometimes come with check-writing privileges, but might have higher minimum balance requirements. Short-term CDs can offer slightly higher rates for fixed terms like three to six months, but your money is locked in for that term.

Can I open an account without a birth certificate?

Yes, you can open a savings account without a birth certificate. You will need other forms of identification, such as a passport, driver’s license, or state ID. Banks typically require two forms of ID for verification.

Can I open a savings account for my grandchild?

Yes, you can open a savings account for your grandchild. You’ll need to provide identification for both yourself and the grandchild. Some banks may also require the grandchild’s birth certificate and Social Security number.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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