Top 10 High-Yield Savings Accounts in December 2024 – Earn Up to 4.75% APY
By Honey
Are you looking to grow your savings faster? High-yield savings accounts (HYSA) are an excellent option, offering interest rates significantly higher than traditional savings accounts. With some accounts now providing annual percentage yields (APYs) as high as 4.75%, you can achieve your financial goals quicker and more efficiently.
To save you time, we’ve compiled a list of the best high-yield savings accounts for December 2024. These accounts were selected based on APY, fees, features, accessibility, and customer service.
Top 10 High-Yield Savings Accounts for December 2024
1. SoFi High-Yield Savings Account
- APY: Up to 4.00%
- Minimum Deposit: $0
- Monthly Fee: $0
SoFi offers a unique combined checking and savings account with competitive rates. It features no fees, round-up deposits, and multiple savings vaults for budgeting. A new customer bonus of up to $300 makes it even more attractive.
2. Barclays Online Savings Account
- APY: 4.10%
- Minimum Deposit: $0
- Monthly Fee: $0
With an APY nearly 10 times the national average, Barclays is ideal for beginners. The account has no maintenance fees and offers a free savings tool to help achieve your financial targets.
3. Bask Interest Savings Account
- APY: 4.65%
- Minimum Deposit: $0
- Monthly Fee: $0
As an online-only bank, Bask Bank offers a high APY of 4.65% with no fees. Though there are no physical branches, their phone customer support is excellent.
4. Synchrony Bank High-Yield Savings Account
- APY: 4.10%
- Minimum Deposit: $0
- Monthly Fee: $0
Synchrony combines a competitive APY with flexibility, offering an optional ATM card. Daily interest compounding ensures steady growth.
5. UFB Portfolio Savings Account
- APY: 4.31%
- Minimum Deposit: $0
- Monthly Fee: $0
UFB provides a strong APY with easy access through a top-rated mobile app and SMS banking. It also includes an ATM card for quick withdrawals.
6. EverBank Performance Savings Account
- APY: 4.75%
- Minimum Deposit: $0
- Monthly Fee: $0
EverBank stands out with the highest APY on our list. The account requires no opening deposit and compounds interest daily, though customer service is phone-only.
7. Ally Bank Savings Account
- APY: 3.85%
- Minimum Deposit: $0
- Monthly Fee: $0
Ally Bank offers innovative tools like round-ups and surprise savings to maximize your account growth. Its APY is still competitive, though lower than others on this list.
8. American Express High-Yield Savings Account
- APY: 3.90%
- Minimum Deposit: $0
- Monthly Fee: $0
While this account doesn’t include an ATM card, it offers a simple and straightforward savings solution with daily compounding interest and no fees.
9. Marcus by Goldman Sachs High-Yield Savings Account
- APY: 4.10%
- Minimum Deposit: $0
- Monthly Fee: $0
Marcus excels with same-day transfers, no monthly transaction limits, and 24/7 customer support. It’s a solid choice for high-yield savings.
10. TAB Bank Save Account
- APY: 4.52%
- Minimum Deposit: $0
- Monthly Fee: $0
TAB Bank’s competitive APY and FDIC insurance make it a low-risk option. The account is free to open, and there are no maintenance fees.
What Is a High-Yield Savings Account?
A high-yield savings account is designed to grow your money faster by offering higher interest rates than traditional savings accounts. These accounts are perfect for short-term goals or emergency funds.
Key Benefits of High-Yield Savings Accounts:
- Higher Interest Rates: Grow your balance faster with APYs up to 10 times the national average.
- Compound Interest: Daily or monthly compounding adds to your savings.
- No Fees: Most accounts charge no monthly maintenance fees.
- FDIC Insurance: Your money is insured up to $250,000, providing peace of mind.
Tips for Choosing the Right HYSA
- Compare APYs across banks to maximize earnings.
- Look for accounts with no fees and low or no minimum deposit requirements.
- Consider accessibility features like mobile apps or ATM networks.
- Check for new account bonuses or promotions.
Conclusion
A high-yield savings account is a smart choice for growing your savings while maintaining liquidity. Among the options listed, EverBank’s Performance Savings Account leads with the highest APY, but all accounts offer unique benefits. Evaluate your financial needs and choose an account that aligns with your goals.
Author: Honey
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