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Savings
You work hard for your money, but is your money working hard for you? It may be time to move to a high-yield savings account where you could grow your savings at 10x-12x1 higher than the national average savings account. Choose from some of the top high-yield savings account offers from our trusted partners.
MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our partners, that could help you grow your money for the future.
A savings account is a financial account that is used to store cash while typically earning interest on the balance to help you grow your money. Traditional savings accounts typically pay out interest on the initial deposit, but the interest rates are usually lower than other savings products such as high-yield savings accounts.
The type of interest varies between different types of savings accounts: some have a tiered interest rate based on balance, and some offer daily interest, monthly interest, or compound interest. Some of the best savings accounts have high annual percentage yields or APYs, generally called High-Yield or High Interest Savings Accounts. The higher the APY, the more money you’ll earn over time. The APY includes compound interest, which is when you earn interest on the savings and on the interest itself.
With many different types of saving accounts available, choosing the right one for your needs can feel overwhelming.
These are a few important factors to consider when looking for your ideal savings account:
Most financial apps or banks allow you to open savings accounts online.
Mobile financial apps let you access your finances at the click of a button. Some financial services companies tend to use mobile apps as their main platform and offer the benefits of being mobile-first like online and faster application process.
Various financial institutions have different savings account options and different requirements for opening an account. Make sure to do your due diligence before opening your account. In the U.S., most providers require a social security number or taxpayer identification number, and in some cases a physical residential address within the United States.
Fees may vary but all fees will be disclosed to you before opening the account. Be sure to read through all the fees and ask any questions before opening the account.
Some providers may charge a monthly service fee or monthly maintenance fee for having a savings account with them.
That’s totally up to you, but we recommend keeping the money you don’t need for daily spending in your savings account.
Some providers have a minimum balance requirement or a minimum monthly deposit requirement. If your savings account has a minimum balance rule in place, ensure you always have at least that amount in your savings account to avoid any penalty fees.
Some financial institutions offer NCUA or FDIC-insured savings accounts, which means your deposits are protected by up to $250,000 per depositor in the unlikely event of a bank failure.
Also keep in mind that interest rates may change, so you may not always have the same rate throughout the lifetime of the account.
Yes. You can withdraw if you need to tap into your savings account for emergency funds or cover unexpected expenses. There could be an early withdrawal fee or withdrawal penalty for such transactions.
The Federal Reserve limited the number of ATM card withdrawals or transactions you can make from a savings account to six per statement cycle.
Double-check your terms or call the bank to ensure you know of any fees or withdrawal restrictions.
Yes, one of the attractive benefits of having a savings account is earning interest on your money! Different types of savings accounts and banks offer different interest rates. If you want to maximize your earning potential from your savings, look for accounts with a high annual percentage yield (APY).
The APY is the percentage reflecting the total interest paid on your savings account based on the interest rate and frequency of compounding over a year.
High-yield savings accounts have higher interest rates than traditional savings accounts.
Some savings accounts do not earn interest until you have a certain amount of money in the account.
If you decide to open a savings account, be sure to do your research and ask questions to your bank or financial institution.
According to the FDIC1 data, the national average savings account rate is around 0.4% APY. But high yield savings accounts – generally offered by online banks or financial apps – can offer multiple times that.
Browse our savings account comparison table on this page to find accounts with the best rates.
Yes, you can go into your overdraft with a savings account if you transfer or withdraw more funds than you have in the account. Ask your prospective banks about overdraft protections on their savings accounts.
Online high-yield savings accounts are a safe and reliable way to store emergency funds and cash you may want to grow. Some of the other benefits include higher APYs than traditional savings accounts, which means you can earn more interest on your money and maximize your returns. You can also access your funds when you need them, meaning there are typically no lock periods, and you can easily make transfers and withdrawals.
Whether you want to earn interest on your idle cash or uninvested funds or save up for an emergency or your next vacation, online high-yield savings accounts can help you make your money work harder for you.
