Top 5 High Yield Savings Accounts
Most people that put their money away into their savings never really think to question if their getting the most from their bank. The average interest rate (APY) for savings accounts are 0.09% according to the FDIC. Most banks will offer promotional rates and even extended incentives for you to deposit your money. Here are a few of the best APY you can get for the month of April. It might be something you would want to do with that new tax return money.
For each of these banks we will show you the APY, the minimum balance that you need for you to receive that interest, and the estimated earning amount. They will all be based on if you were to deposit just $1,000, so if you want to see even better returns just add a little extra when you can. Remember this is without you adding or withdrawing from these accounts.
1. Gateway First Bank
They are one of the highest APY at 1.75% with a minimum balance of only $10 required. When a year or more passes the expected return should be around $18.
2. Comenity Direct
This bank offers an APY of 1.70% with a minimum of $0 required. The 0.05% difference from our first bank shows only a dollar less ($17) after a year or more.
3. Vio Bank
Same APY of 1.70% as our previous bank but has a minimum of $100 required in your account to qualify. With the same return of $17 the only difference being bank’s more online features and account opportunities.
4. CIT Bank
Is slightly different in the sense that they do offer good APY rates on their savings accounts but their best APY is in their Money Market Accounts. A money market account or money market deposit account is a deposit account that pays interest based on current interest rates in the money markets. Their APY on these accounts are 1.65% with a minimum deposit of $100 required. At the end of a year you would have made about $17 on interest alone.
5. Live Oak Bank
They are another bank that requires no minimum account balance for you to receive an APY of 1.55%. It is one of the lowest percentages on our list but still brings in a profit of $16 a year.
Again, I want to remind you that these rates have been calculated with just $1000 in mind. If you think that $18 – $16 is just nothing look at your savings account and see how much your making on the amount you have. Its always a good idea to shop around every now and then taking advantage of these rates. Have your money make you money.