Hey all,

I'm looking for a bank that offers a savings account with minimal requirements and a competitive interest rate. What banks offer the best savings account interest yields that also don't come with a lot of catches and conditions?

I am not very financially savvy, so any guidance will be greatly appreciated.

Thanks in advance.

Hey guys, I am an Air Force vet, 25 years old and am banking with USAA currently. I currently have a sizeable amount of stock to where I am comfortable building an emergency-fund (lol I know I should have done this first). This in mind, I want to build a full 6 months emergency fund and put it in a high-yield savings account (I haven't consulted my bank yet to see their rate).

So with this in mind, what do you guys recommend? What banks are offering the best ROI-interest rate for savings accounts? Is there another easily liquid-able way to place my money where I'd get better returns? (not index funds because I don't want to NEED my money and conveniently the market is down during that time).

After doing some research on where to open a HYSA, wealthfront is my #1 pick. However, I have chosen fidelity to manage my roth IRA, and I would love to keep my money in one place so I’m also considering SPAXX. What’s the best option? I would use this money as my emergency fund, or ready to move for anything else.

Hello All,

I have about 5-10k emergency cash I'd like to park into an account and would like to know the best avenue of doing so. I currently have a Barclays Savings which earns 0.90%.

Is there anywhere else that I can do better?

Thanks!

Hi all,

I've just started a job that has boosted my salary considerably. As a result, for the foreseeable future, I'm going to be getting lots more money than I know what to do with, so I want to be smart about where I throw it.

Full disclosure, UK citizen, I live within simple means. I have no debts. No big expenses other than a modest mortgage, and don't see myself as someone who has trouble controlling their spending or giving into lifestyle creep.

So given I'll have a few extra g's coming in each month, I'm looking to store away 20% of it at least into some sort of savings, and then 40 - 60% I'll use for investments, and the rest will be for cool shit. I'm pretty confident investing, and already have a modest, but well performing portfolio, but my question basically is do I need to hamstring liquid throughput into my investments by 20% just to fill a savings account that offers less value? Or can I safely redirect all of that 20% to all go toward investing? Are savings accounts even worth it in this day and age? I'm looking at a lot of them, and their rates seem pretty appalling to me. I'm having a hard time wrapping my head around why anyone in 2021 would take a bank up on this deal. It seems the main draw that the marketing focuses on is to stop people spending their money... Which is a weak as fuck reason to get one, and also doesn't make sense as it's so easy to access... Am I missing something obvious?

Hi! I currently have a checking account with Chase but I want to open a savings account with a high-yield which Chase doesn't offer. Amex looks like a good option but I'm not fully sure if it's the best route for it. What are thoughts on AMEX and if not is there other better options? Also if I go with a different bank than mine would I be able to transfer money from that savings back to my checking? Thank you!

Hey guys,

I was looking for recommendations on a high yield savings account? I have a small chunk of change (20k) I want to do something with besides sit in my bank and do nothing for me. Any suggestions would be great!!

The person at my bank told me to go with Marcus Goldman Sachs. Would you recommend that also or a different one?

I'm sure this is a FAQ but I didn't see anything on the wiki about it, maybe I was looking in the wrong place. Anyways, I'm trying to find the best savings account. Seems like a lot of people invest rather than save when they have a lot of money. I don't have a lot, but I would like to know which one will give me the most bang for my buck. I probably won't be able to add to the account much for about 15 months (besides an initial amount of about 1k), but I would still like a place to dump excess cash to keep it out of sight and out of mind and continue to collect interest.

I'm getting a lot of options through my research but wanted to know what everyone's experience has been with their respective accounts! Any information would be helpful- TIA :)

I opened a high interest savings account last year with Ally and have seen it do nothing but drop with reserve rates decreasing. I tracked all my rate change emails over the last year or so and documented the following:

• 05/21/19 - 2.20%

• 06/26/19 - 2.10%

• 08/05/19 - 1.90%

• 10/10/19 - 1.80%

• 11/13/19 - 1.70%

• 12/20/19 - 1.60%

• 3/13/20 - 1.50%

• 5/12/20 - 1.25%

• 6/11/20 - 1.10%

I'm curious how others are faring with high interest savings accounts. Similar? Different? Thinking about jumping ship into something else.

Looking to deposit some savings to a high-tied savings account that is FDIC insured and also accessible around the US. Does anyone have any recommendations?

title basically accessible, the idea of putting my money into an account that’s only online is kind of nerve-racking to me so I’m just trying to do all my research research before.

Hello,

I’m looking to get an idea on the general consensus of the best high yield savings account in 2021 (Ally vs Vio vs etc?). Due to an ongoing recession etc, many banks and institutions changed terms and agreements for their high-yield savings banks lowering it extensively.

This, however, did not really affect me as I’m stupid. Currently, I have my money parked in BofA savings account with a, whopping, interest rate of .01%. I am now looking to move all my money a high yield savings bank. I will put about $40,000 initially and $550-ish bi-weekly and am also a college student for 2-3 more semesters if the options expand.

It seems like the general high-yield savings bank is from .5% to .6% . Some of the banks, at least of bankrate.com, I don’t recognize. This account would only be used for direct deposits and to pay 4 cc. I would prefer to also have a debit card, for months of more spending (I’m very frugal, live with my parents).

Will the interest rates eventually return to prepandemic rates?

Admittedly, this is a funny question coming from someone on The Money Guy Show. 😂 But here's why I'm asking: while we certainly have accounts we like and use and share, I'm always curious to stay up-to-date on new options and peoples' real-life experiences.

• What are you using?

• Which ones are considered "the best" by the Money Guy family, and why?

• Have you had exceptionally great or truly terrible experiences with certain banks?

• How are we feeling about some of hot picks in the personal finance space, like Sofi?

If you're willing to share, I'd love to discuss it! I know this crew will tell it to me straight and have good insights. ☺️

I’m looking to put my savings in a high yields savings account, but I’m getting mixed reviews on some of the banks on google. I did have one like around 2021, but I had to use the money unexpectedly and I want to use a bank that wouldn’t be a pain in case that were to happen again.

I am 18 and currently living with my parents, i start my first job soon and i’m looking to save as much money as i can. I bank with primeway, however my savings account looks rather basic with a low dividend rate and no info on an APY. I’m looking to save money to purchase a car in say a years time. I’m wondering where/who offers the best overall savings account. I’m thinking about opening one with CapitalOne as they offer no fees, no minimum balance, and a fairly good APY.

As we all know, most people don't really shop around much when it comes to financial products. Even for people who do, it can be kind of confusing. Recently, I was helping a friend pick out a high-yield savings account (after they had made a whopping ~$10.00 after having a Wells Fargo savings account for a decade), and put together a list of what exactly is available on the market today. I figured that other people might find it useful. If you have anything to add, feel free, and I'll try to integrate it.

Highly Recommended

These accounts all have APYs over 2%--generally what one wants to be looking at nowadays--have virtually nonexistent requirements to open and earn interest, and have no hoops to jump through. All are also with well-known, established financial institutions, have generally average-to-superior customer service, and easy to use websites and/or apps.

Look Good, But I Don't Know Enough to Recommend Fully

There are a few high-yield savings account that definitely look good on paper, but, because of a combination of things, primarily lack of information (and the fact that some, like Comenity Direct, haven't even been around for a full month), as well as additional hoops to jump through, I cannot fully recommend at this time.

Note that Comenity Direct and Vio are part of large, well-established financial institutions.

Worth Considering

In addition, there are a few other options out there that, based on your particular situation, may be worth considering. Many of these require large deposits to open, large balances to earn a high APY, or have some sort of gimmick (or, in the case of Bank5 Connect, have an APY that's so low that it isn't really worth it unless you have a checking account with them).

Conclusions

As one can see, there are a lot of different options out there when it comes to high-yield savings accounts. There are a few others that I'm aware of (Banesco USA, Investors eAccess, Rising Bank, UFB Direct, etc) that I can't really find anything about, the information I can find is inconsistent and contradictory, etc.

Regardless, there are plenty of options out there--there's no reason to earn under 2% APY on a savings account.

Note that rates are subject to change, and there are other interest-bearing accounts--money market, checking, etc--as well as other financial instruments such as CDs out there. This is just meant to be a breakdown of basic savings accounts.

I’ve had a bit too much time on my hands as of late so Ive taken to a new obsession: finding the perfect bank. My initial foray lead me to seeking out the perfect checking account. After a brief stint with Simple (you can read more here) I settled on Charles Schwab. Although Schwab is nearly perfect, I realized it was lacking in one thing: a high-yield savings account. Oh, it does have a savings account with that exact name, the Charles Schwab High Yield Investor Savings account, but the actual interest rate is somewhat laughable, a paltry 0.12%. I then focused my obsession on finding a savings account with a more acceptable interest rate. Granted, current interest rates, even on CD’s, are a pittance of what they used to be, but I became determined to make my money work for me.

I turned to nerdwallet.com, bankrate.com, and personalfinance.reddit.com to see what my options were. I quickly realized there were an abundance of choices, so I first needed to narrow down exactly what I was looking for. My ideal savings account had three requirements. First, it needed the highest interest possible (duh). Next, I didn’t want to deal with max-deposit caps, to retain maximum usability so accounts like the Barclay Dream Account (0.95% APY) were ruled out. Lastly, I didn’t want to have to work for my interest, ruling out some credit unions which offered high interest rates if there were a certain amount of deposits / withdrawals a month.

With these constraints in mind, a few front-runners became apparent: Synchrony Optimizer +, Capital One 360, and Ally. So with that, the Savings Account Throwdown began.

Synchrony Optimizer + (0.95% APY)

From my research, Optimizer Plus was the clear front runner in regards to interest, so I decided to start there. I couldn’t find anyone with any actual experience with this bank, but I couldn’t avoid the lure of the high interest rate. The signup process and first deposit was simple. Upon signing into my account for the first time, it became clear the the reason their interest rate was so high is because they skimped on everything else. The website was severely lacking, in terms of features and polish. It was the definition of bare-bones. Which is a shame, as its your only option since they don’t offer an accompanying app (so much for check deposit). But who cares about polish when your bank account can generate all that sweet cash (ok, pennies) off the high interest.

I wanted to test out making some deposits and withdrawals to see how smooth the process was, so after my account was cleared and the ACH was set up, I made my first deposit which went smoothly. The next day, I made a withdrawal and everything came screeching to a halt. I got a notification that my account was locked. So I called the support and got connected to a very friendly girl who explained that my recent change of address had raised a flag. Ill spare you the long story, but after spending hours on the phone both with her and her manager, then her colleagues and their managers (after promised call-backs never came), during a week of attempting to unlock my account (and gain access to the money I had justdeposited), it became clear that something wasn’t right with them. On my final phone call, I was told my account was finally unlocked. I made the person wait on the phone while I attempted a withdrawal which yet again which (surprise) failed. It was at that point that I realized even if I ever got access to my account again, I had lost all faith that this wouldn’t happen again. I can’t afford to go weeks without access to my savings account. I told them to cancel my account and transfer my money (which I finally received a week later).

Interest: 5/5

Customer Service: 1/5

Website: 2/5

App: What app?

Security: 3/5

Capital One 360 (0.75% APY)

After my awful experience with Synchrony, I was leery to try just any savings account so I wanted to try something that was well-known. 360 gets a lot of accolades, and Mint keeps telling me to set up an account. I asked someone to send me a referral and I was up and running. I would be lying if the $25 sign-up bonus wasn’t the main reason I joined (which will probably be way more then I will earn in interest this year anyway so Im already ahead!).

It quickly became apparent that the 360 website was lightyears ahead of Synchrony and seemed designed to work with Mint (which would explain their multitude of ads all over the site). They make it extremely easy to set up auto-transfers (what they call “automatic savings plans”) as well as goals (i.e. “save for a car”), which go nicely with accompanying Mint features. They also support (and encourage) setting up multiple accounts (up to 25) so that each goal can be segregated into its own account. Its perfect for someone trying to save money (that’s why you have a savings account, right?). If you are an ardent Mint user, its a dream. Its clear 360’s focus is on saving for the future, which leads to one minor quibble: their phone support is great and super helpful but they refer to you not by your name, but instead call you “Saver” as in “Hello, Saver, how can I help you today?” Its just….weird.

The security of the site is one thing I’m torn on. One feature I really like, and wish more sites would adopt, is the ability to create read-only access codes you can use with specific sites (cough Mint cough). What I don’t like is that they do not support passwords. Rather, whenever you login you type in your username and then click a 6-digit code into a virtual keypad. In addition to being less secure (I prefer 20-digit random passwords for all my important sites), it means logging in is really annoying and won’t work with programs like 1-Password. I would also love if they supported 2-Factor Authentication but I can’t have everything, can I?

Their iPhone app is also pretty nice. It gets the job done, although it is a bit cluttered as it has buttons all over the place for features I don’t have access to (such as checking). But it gets the job done.

One other bonus for Capital One 360 that is worth mentioning is that, unlike most other High-Yield accounts, they actually have physical branches which means when you need to actually deposit cash, you can.

All in all, 360 is great. If you use Mint, its perfect. But my thirst for the perfect savings account wasn’t quenched. Onto the next one.

Interest: 3/5

Customer Service: 4/5

Website: 3/5

App: 3/5

Security: 3/5

Ally Bank (0.87% APY)

Ally is another bank that kept popping up as a promising option so that seemed like a good place to go for my next bank. After setting up my account (which was easy, as I came to expect), the first thing I realized was that they take their security seriously. They have 3 awesome features that I really like. First, they allow long and complex passwords. Second, they offer (rather, require) 2-Factor Authentication, a feature I have been dreaming of for my bank accounts. Last, and my favorite, is that they ask you to choose a secret question and answer. Normally, banks usually have you choose a secret word they can ask to authenticate you so when you call, if you don’t say the correct word, they will lock the account. Ally takes it one step further and allows you to choose the question that will prompt your secret word. It doesn’t add any extra security but can lead to hilarious consequences. As a result, whenever I call into support now, they have to ask me: “What are you wearing?” (Eugene Mirman fans will appreciate this).

So before I have even logged in, they have me sold. Above all else, when it comes to my life-savings, Security is something I take seriously. Upon actually logging it, I was greeted with a pleasant website. They didn’t skimp on polish. The site is easy to navigate and well designed. One feature I really like is how easy they make it to reach support. On the top, they offer the current wait time to reach someone via phone (I never saw it longer then 3 minutes), as well as a button to reach chat support, which has become my favorite thing ever, since banking with Schwab, since I hate talking on the phone.

The App is equally well designed (the best designed app I have used apart from Simple) and allows you to quickly accomplish anything you would need to do, from transfers to check deposits. No excessive features here.

It seems like I might have actually found my perfect savings account. I can’t really come up with a complaint about them so far (granted I have only had them for a week). My only criticism I can come up with (and I am reaching) is that they don’t offer the Mint-oriented features like access codes that 360 offers.

Interest: 4/5

Customer Service: 5/5

Website: 5/5

App: 5/5

Security: 5/5

TLDR: Ally wins, unless you are a hardcore Mint user and don’t mind sacrificing a tiny chunk of interest in favor of convenience.