6 High-Interest Savings Accounts: Where to Earn Over 3% on Your Money
Have you peeked at your savings account lately and felt your heart sink? With returns still stuck at rock bottom despite raging inflation, watching your cash waste away month after month is brutal. It would help if you worked harder for every dollar to earn nothing in interest.
But what if we told you it doesn't have to be this way? Believe it or not, high-yield savings accounts are still paying inflated returns starting at 3% APY. That means on a $10,000 balance, you'd earn between $300 and $311 annually instead of $6.
This blog post will reveal six high-interest savings accounts perfect for protecting your money from inflation. We'll also reveal who's paying over 15 to 30 times more than regular banks' returns up to 3.11% APY.
Read on to discover where you can finally earn what you deserve on your nest egg. Time to kiss puny interest payments goodbye!
Why Finding a High-Interest Savings Account Matters?
Let’s do some quick math. On a $10,000 balance, a regular savings account at one of the big banks might pay around 0.06% APY. That’s only $6 per year! But with an account earning 3% APY, you’d make $300 annually instead on the same balance.
That's a difference of $294. Sticking with a low-paying account on more significant balances could cost thousands of dollars in potential lost interest.
Here are a few reasons why maximizing savings interest can improve your finances:
● Fight back against inflation eating away at cash savings
● Earn an extra monthly income that adds up over time
● Grow your nest egg faster with hands-off compound interest
But where do you find these unicorns of high-interest savings accounts? Discover six top options that pay over 20 times more than regular accounts.
6 Standout High-Yield Savings Accounts
The high-interest online savings accounts offer way above-average returns compared to old-school banks.
Now, let's explore the juicy details of 6 specific high-yield savings accounts paying inflated returns. Get ready to meet the interest-bearing unicorns you've been waiting for!
From nationally ranked banks to smaller credit unions, these players may offer the solution to fatten your savings.
Let's read on to find out exactly which accounts can help you maximize your cash;
1. XYZ High-Interest Savings - 3.11% APY
This newer online bank may be a household name later, but they're making waves in banking circles by offering one of the top interest rates around over 3% APY!
With no monthly fees or balance minimums, it's easy to start building your savings. You even get free access to over 32,000 ATMs nationwide for free withdrawals when needed. It's hard to beat XYZ Savings for convenience coupled with high returns.
2. ABC Ultimate Savings - 3.09% APY
Next up is ABC Bank's Ultimate Savings account, currently offering 3.09% APY with no monthly maintenance fees. While the minimum to open this account is $100, no ongoing balance requirements exist.
ABC Bank has been around for over ten years and is FDIC-insured for security. Consider the Ultimate Savings account if you want a proven brand paying outsized interest.
3. Big Bucks Savings - 3.05% APY
Are you looking for a large credit union offering high-interest savings without fees? Significant Bucks Savings may be for you. Their current rates are a healthy 3.05% APY.
There are no minimum balance rules, and a $5 monthly membership fee is required. You also get access to 30,000+ shared branches and ATMs around the country. For credit union members seeking maximum returns, it's worth checking out.
4. Money Market Savings - 3.01% APY
Don't let the name throw you off—this savings account from Money Market Bank pays interest just like a high-yield option! Featuring 3.01% APY on balances up to $250,000, you can grow your savings rapidly here.
While there is a $100 opening minimum balance, online statements have no monthly fees; this is an easy way to earn over 15X more interest than regular savings accounts!
5. Wealthy Savings - 3.00% APY
Find out how wealthy your savings can get with this aptly named account from Wealthy Bank! They offer a round 3.00% APY on balances up to $1 million, which is pretty good.
The minimum opening deposit is $500, higher than some banks, but there are zero monthly maintenance fees. It's a solid (and top nationally ranked) savings option.
6. Lucky Savers - 3.00% APY
Last but not least on our list is Lucky Savers from Lucky Bank. As their name suggests, you'll feel fortunate to have gotten 3.00% APY, which they've kept consistent for over two years.
While there is a $25 monthly fee if your balance drops below $300 at any time, there are no opening deposit requirements. Overall, it's an excellent high-return savings choice.
Start Growing Your Money in a High-Interest Account!
As you can see, you have solid options for earning over 15-30 times more interest than traditional low-yield savings accounts. Rates keep climbing above 3% APY but likely won't stay this high forever.
Why delay earning more interest? Start growing your money faster now, whether you're saving for a big purchase, an emergency fund, or retirement.
Rates will drop again, so the time to act is now. We know switching banks sounds intimidating, but technology makes moving your money much simpler these days.
What are you waiting for? Open a high-interest savings account this week! Your future self will thank you when your nest egg stops gathering dust and starts growing nicely to crush inflation instead.
