High-yield savings accounts (HYSAs) are still a great option for growing your money, despite recent rate cuts by the Federal Reserve. Unlike traditional savings accounts, which offer only pennies on interest, HYSAs can earn you up to 10 times more in interest over time.
Today’s top savings rates come from banks like Varo, Newtek Bank, and LendingClub, offering APYs of 5%, 4.70%, and 4.75%, respectively. With no minimum deposit requirements and ATM access available, these accounts are perfect for emergency funds or everyday savings.
When shopping for a Hysa, consider factors such as fees, accessibility, and withdrawal limits. Look for banks with physical branches, easy customer service, and FDIC insurance to protect your deposits up to $250,000 per account holder, per category.
CNET evaluated over 50 traditional and online banks, credit unions, and financial institutions to provide the best savings accounts for your area. By switching to a Hysa today, you can boost your bottom line faster and make the most of this opportunity.
Source: https://www.cnet.com/personal-finance/banking/earn-more-than-10x-the-national-average-with-these-accounts-todays-savings-rates-dec-30-2024