If you’re looking to make your savings work harder, NerdWallet’s Standout Online Savings Accounts page is a valuable resource. It highlights online savings accounts that offer significantly higher interest rates than the national average of 0.41%, with some accounts offering up to 4.10% APY. NerdWallet: Finance smarter+1NerdWallet: Finance smarter+1
Why Consider These Accounts?
- Higher Returns: Online banks often provide higher APYs due to lower overhead costs.NerdWallet: Finance smarter
- Low or No Fees: Many featured accounts have minimal fees and no minimum balance requirements.
- FDIC Insured: Your money is protected up to $250,000 per depositor, per institution.NerdWallet: Finance smarter+1NerdWallet: Finance smarter+1
Top Picks Include:
- CIT Bank Platinum Savings: 4.10% APY with a $5,000 minimum balance.NerdWallet: Finance smarter+1NerdWallet: Finance smarter+1
- SoFi Checking and Savings: 3.80% APY with no minimum balance and up to a $300 bonus with direct deposit.NerdWallet: Finance smarter+1NerdWallet: Finance smarter+1
- American Express® High Yield Savings Account: 3.70% APY with no minimum balance.
- Discover® Online Savings: 3.70% APY with no minimum balance and a $200 bonus for qualifying deposits.
By choosing one of these high-yield accounts, you can grow your savings more effectively. For instance, a $10,000 deposit in an account with a 4.00% APY would earn approximately $400 in a year, compared to just $41 in a traditional savings account with a 0.41% APY.NerdWallet: Finance smarter+2NerdWallet: Finance smarter+2NerdWallet: Finance smarter+2
To explore these options and find the best fit for your financial goals, visit NerdWallet’s Standout Online Savings Accounts page.