Unlock the Secrets to Scoring the Highest Savings Account Rates in 2024!
In 2024, finding the best rates for savings accounts often leads to online banking options. Experts suggest that, similar to finding better deals in online shopping, online banks offer more competitive rates due to lower overhead costs from not having physical branches. This allows them to offer higher interest rates on savings accounts. (Discover some of the top savings account rates currently available here.)
Traditional brick-and-mortar banks, especially larger ones, typically don’t feel the same urgency to attract new deposits as their online counterparts. Therefore, they often don’t provide rates as competitive as online banks. Online banks, on the other hand, are more actively seeking deposits and are prepared to offer more attractive rates, according to financial experts.
However, David Kline, a certified financial planner and private wealth advisor, emphasizes that there’s no universal solution. The goal is to find the highest rate that aligns with the client’s needs.
When searching for high rates, financial analyst McBride advises considering a few key factors. The best savings accounts available nationwide are currently offering returns of 5% or more. These accounts are federally insured and many require a minimum deposit of $100 or less. This should be the benchmark for evaluating whether your savings account is competitive.
Here are the top 10 high-yield savings accounts as of January 2024. All these accounts are insured by either the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), unless stated otherwise. It’s important to read the terms and conditions carefully before opening an account to understand any limitations or requirements.
Unlock the Secrets to Scoring the Highest Savings Account Rates in 2024!
- Boeing Employees’ Credit Unio*: Offers a 6.17% APY for Member Advantage Savings accounts, but this rate is only for the first $500. Balances above this earn 0.50% APY. Membership is limited to certain regions and employment criteria.
- Digital Federal Credit Union: Provides a 6.17% APY for the first $1,000 balance, with a minimum deposit of $500. Balances exceeding $1,000 earn 0.15% APY. Membership is restricted to certain geographical areas and communities.
- Andrews Federal Credit Union: Offers a 5.75% APY for balances between $0.01 and $1,000. Higher balances earn 0.05% APY. Membership is limited to specific employer groups and regions.
- Milli Bank: This bank offers a straightforward 5.50% APY with no fees, membership requirements, or minimum deposits. Accounts can be opened via their mobile app.
- BrioDirect: With a minimum deposit of $4,000 and a maintenance balance of $25, customers can earn a 5.35% APY.
- North American Savings Bank: Offers a 5.35% APY with a minimum deposit of $25,000. This account is accessible both online and at physical locations in certain areas.
- My Banking Direct: A service of Flagstar Bank N.A., offering a 5.35% APY for a minimum deposit of $500. There are no monthly fees, and all balances over $1 earn the advertised rate.
- Customers Bank: This account requires only $1 to start and offers a 5.32% APY. There are no balance restrictions or monthly fees.
- RBMAX: Offers a 5.32% APY with a minimum opening deposit of $1.
- Ivy Bank: Provides a 5.30% APY for balances up to $1 million, with a minimum opening deposit of $2,500. Balances below this threshold earn 0.05% APY. There are limits on transfers and withdrawals.
It’s crucial to consider your financial situation and needs when choosing a savings account, and to thoroughly understand the terms and conditions of each account.