7 Best High Yield Savings Accounts - Becred
Banking

7 Best High Yield Savings Accounts

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CIT Bank’s Platinum Savings Account

CIT Bank’s Platinum savings account offers a 4.35% APY. There are no gimmicks, no tricks. They’ve proven reliable and consistent over the past two years, maintaining rates near the highest. However, there’s a minimum balance requirement of $5,000 to earn the 4.35% APY; otherwise, you’ll earn 0.25%. Their Savings Connect account offers 4% APY with no minimum balance requirement.

Both accounts are FDIC insured and have no opening or monthly maintenance fees (minimum $100 opening deposit).

Our personal experience has been that the website and app are both user-friendly.

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Basque Bank’s Basque Interest Savings Account

Offering a 4.5% APY, Basque Bank is another consistent performer. No minimum deposit is required to open the account, but it must be funded within 15 business days. FDIC insured up to $250,000.

Basque Bank has been one of the few financial institutions that has continued to offer competitive rates and doing so without fees.

Bread Savings by Bread Financial

Bread Savings offers a 4.4% APY. A $100 minimum deposit is required. A minimum deposit requirement is a sign that the customer base is a good one that will help the financial institution maintain a solid balance sheet. The account is FDIC insured and has no monthly maintenance fees (except for paper statements, official check requests, or outgoing wire fees).

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Bread Financial may close the account if it’s not funded within 60 days or if a positive balance isn’t maintained for 60 days.

BrioDirect High Yield Savings Account

BrioDirect offers a competitive 4.55% APY, but with a $5,000 minimum opening deposit and a requirement to maintain $25 or more to earn the high APY. No monthly maintenance fees. FDIC insured through Webster Bank (BrioDirect is a sub-brand).

Be aware of online complaints about BrioDirect/Webster Bank taking a long time to verify and approve new customers.

Open Bank by Santander Bank

Open Bank offers a 4.75% APY (availability may change). A $500 minimum deposit is required. No fees. Availability may vary by region; check for updates. Important restrictions apply: you can’t already have a Santander deposit account or be a Santander lending customer.

Keep an eye on new high-yield savings accounts, as they are often only competitive for a short time.

Honorable Mentions

Popular Direct (4.5% APY, $100 minimum deposit) and Lending Club (4.5% APY, but requires a $250 monthly deposit).

Other Popular Banks

While Capital One, American Express, and Ally Bank are popular, they generally offer rates around 3.8% – below 4% APY. Consider the top five options for potentially higher returns.

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