The savings account interest rates remain favorable as of July 22, 2024. Some accounts offer rates as high as 5.50% APY. These high-yield savings accounts can help your money grow faster while keeping it safe.
The top rates for savings accounts currently range from 4.5% to 5% APY. Some of the best rates available today are:
1. Institution A – 5.10% APY
2. Institution B – 4.85% APY
3. Institution C – 4.75% APY
However, the national average savings account rate is only 0.45%. The average rate for 1-year CDs is around 1.81%.
This shows how important it is to shop around for the best rates. When choosing a savings account, consider more than the interest rate. Also, minimum balance requirements, fees, customer service, ATM and branch access, and the institution’s financial stability should be considered.
Make sure the FDIC or NCUA insures the account to protect your deposits. 14 high-yield savings accounts offer high returns with no minimum deposit requirements:
1. Peak Bank — 5.30% APY
2. Forbright Bank — 5.30% APY
3. North American Savings Bank — 5.30% APY
4. Evergreen Bank Group — 5.25% APY
5. Jenius Bank — 5.25% APY
6. Newtek Bank — 5.25% APY
7. UFB Direct — 5.25% APY
8. Laurel Road — 5.15% APY
9. RBMAX — 5.15% APY
Savings account interest rates overview
10. Elevault — 5.13% APY
11. Bask Bank — 5.10% APY
12. BMO Alto — 5.10% APY
13. Primis Bank — 5.10% APY
14. EverBank — 5.05% APY
These accounts are accessible to a wide range of savers
However, economic indicators suggest that rates may drop in 2024.
Starting now can help you lock in these high rates and effectively achieve your savings goals. As of July 22, 2024, money market interest rates have remained unchanged. The highest money market rate available is 5.13%.
This is much higher than the national average rate of 0.61%. Money market rates are the interest rates you earn on your money market account balance. These rates can change and are calculated as a percentage of your balance.
More significant balances often earn higher rates. A Money Market Account (MMA) is an interest-bearing deposit account offered by banks and credit unions. MMAs at banks are insured by the FDIC, and those at credit unions are insured by the NCUA, each up to $250,000 per account type.
When opening a money market account, compare options from different banks. Look at minimum balance requirements, monthly fees, withdrawal limits, and APYs. You can usually apply for an MMA online or in person.
A money market account can be a good choice if you want to save money and have easy access to your funds later. These accounts are safe and won’t lose value. However, you might consider other savings options if the requirements or fees are too high.
