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Why get a HYSA now?
As of our most recent data, the national average savings account rate, according to the Federal Deposit Insurance Corporation (FDIC), stands at 0.46%. However, superior rates are offered with high-yield savings accounts from some of the nation’s premier financial institutions. We have scrutinized accounts from over 40 banks and credit unions nationwide. These accounts have been determined as the top choices based on their interest rates, fees, and other relevant factors.
How is a high-yield savings account different from a regular bank account?
High-yield savings accounts function similarly to traditional ones, but they significantly outperform them in terms of earnings. Online banks, due to their lower overhead costs, are more inclined to offer high-yield savings accounts than traditional brick-and-mortar banks.
| Banks | Savings Rate |
| Big banks | 0.01% |
| Online HYSA | 5% |
The average American savings account is losing over $2,500 every year over ten years because their interest rate is so much lower than is available from other banks. If you aren’t sure what your interest rate is today, it’s probably because it’s around 0.01%. That equates to less than $5 per year in total invest earned.
What to look for when choosing a savings account?
Selecting the best high-yield savings account involves considering factors such as interest rate, deposit requirements, account fees, compounding frequency, and the overall pros and cons. It’s important to be aware of any specific requirements to earn the advertised APY.
Ultimately, finding the best rate at a bank you’re comfortable working with is the best approach to finding the best HYSA for you.
Disclaimer: Rates and terms are subject to change. Please verify the latest details with the respective banks before making a decision.
