Top High Yield Savings Accounts for May 2024
A high yield savings account is a type of savings account offered by banks or financial institutions that typically offers a higher interest rate compared to traditional savings accounts. These accounts are designed to help savers grow their money more quickly while still maintaining easy access to their funds.
The higher interest rates are often achieved by the banks investing the deposited funds in various financial instruments like bonds or loans, and then sharing a portion of the returns with the account holders. High yield savings accounts are popular among individuals who want to earn more on their savings without taking on the risks associated with investments in the stock market or other volatile assets.
In our opinion, everyone who uses a savings account should make sure to sign up for one with high yield benefits. These bank accounts offer a higher APY (Annual Percentage Yield) than traditional savings accounts, meaning that as you save, your money grows! Take a look at our top picks and check out our additional recommendations. We did the research on the basics to save you time and help you make an informed decision.
Note:
- All banks recommended are FDIC insured.
- Rates and special offers listed are subject to change.
Queerency’s Top Picks
BMO Alto
Why we recommend it: BMO Alto Bank offers a 5.1% APY, customer service Monday through Friday until 11pm EST, and a transfer time of 1-2 days.
Ever Bank
Why we recommend it: Ever Bank offers a 5.15% APY for all balances, boasts speedy transfer times of 1 business day, and customer support Monday through Saturday.
BrioDirect
Why we recommend it: BrioDirect offers an APY of 5.35%. Customer support can be accessed Monday through Saturday, and transfer times take up to 3 business days.
Popular Direct
Why we recommend it: Popular Direct offers 5.15% APY and a 1 day transfer time. Customers can receive personal customer service available 7 days a week. Popular Direct requires a $100 minimum balance to sign up.
MyBankingDirect
Why we recommend it: MyBankingDirect offers a 5.55% APY and 3 day transfer time. A $500 minimum balance is required to open an account. Customers can access 24/7 automated customer service or receive personal support 7 days a week during working hours.
Bask Bank
Why we recommend it: Nominated for the #1 Best Banking Award by U.S. News and World Report, Bask Bank offers a 5.1% APY with no minimum balance, a high withdrawal limit, Monday-Saturday customer service, and a generous miles reward program when you refer a friend.
Primis Bank
Why we recommend it: Primis Bank offers a 5.07% APY and requires only a dollar to sign up. Transfer time takes 1 business day, and Primis offers 24/7 customer service
Ally Bank
Why we recommend it: Ally Bank is perfect for those who want to organize their money and reach their savings goals. Rather than opening multiple accounts, Ally’s “bucket” function allows you to categorize your money depending on your savings goals, so you can grow your emergency fund and save for vacation in one account. Ally Bank offers a 4.20% APY, standard transfer time of 3 business days, and 24/7 customer service.
SoFi Bank
Why we recommend it: Sofi Bank offers a 4.6% APY and a $300 sign up bonus when you set up direct deposit! Customers can also take advantage of 15% off estate planning services and access customer support services 7 days a week.
Still Looking? Check These Out:
American Express
APY: 4.25%
Minimum Balance: $1
Transfer Time: 1-3 Days
Customer Service: Mon - Fri: 9 am - 6 pm EST
Capital One
APY: 4.25%
Withdraw Limit:$1,000
Transfer Time: 1-3 Days
Customer Service: 8-11pm EST
CIT Bank
APY: 5.0%
Minimum Balance: $100 to open, $5000 for 5.0% APY
Transfer Time: 2 days
Customer Service: Monday through Friday: 9:00 a.m. - 9:00 p.m. (ET) Saturday: 10:00 a.m. - 6:00 p.m. (ET) Sunday: Closed
Discover Bank
APY: 4.25%
Minimum Balance: 0
Withdraw Limit: $510
Transfer Time: 14 days for initial balance transfer, then 1-4 days
Customer Service: 24/7 Call Center
UFB Direct
APY: 5.25%
Minimum Balance: 0
Withdraw Limit: $500
Transfer Time: 5 days
Customer Service: 24/7 Virtual
Marcus by Goldman Sachs
APY: 4.40%
Minimum Balance: 0
Transfer Time: Same Day if $100,000 or less
*We would like to notify our readers that Marcus by Goldman Sachs bank has been listed as a bank to divest from in the Boycott, Divest, and Sanctions movement. Part of sharing this information is to encourage our readers to make informed decisions when it comes to personal finances.
Barclays
APY: 4.35%
Minimum Balance: 0
Withdraw Limit: 250,000
Transfer Time: next working day
Customer Service: Access your account online 24/7, or call 8:00 am – 8:00 pm ET seven days a week at 888-710-8756.
Extra Offers: General Wealth Planning Services
*We would like to notify our readers that Barclay’s has been listed in the Boycott Divest, and Sanctions movement. Part of sharing this information is to encourage our readers to make informed decisions when it comes to personal finances.
