Best Savings Account Rates (2023) | High Yield Savings Accounts Over 5%
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- Опубліковано 22 тра 2024
- The best high yield savings account rates today top 5.00%. The problem is most large finance sites don't include them in their lists of the "best" savings accounts. In this video we look at the highest APY savings accounts and how to find them.
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Video Resources
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ufb Direct 5.02%: www.allcards.com/go/ufb-direc...
Best Savings Account Rates: www.allcards.com/best-savings...
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Timestamps
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0:00 Best High Yield Savings Rates
1:06 Large Finance Sites
2:43 Best Savings Rates from Well-Known Banks
4:15: 5 Highest Savings Account APYs
7:23: Where To Find the Best Savings Accounts
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#savings #apy #robberger
ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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Thanks Rob for doing all this research! I've chased the high yielders--at one point Marcus was the highest, then Barclays, and then CIBC. I kept opening new accounts and transferring money out of one into the other. I think the high-yielders generally are so because they are generally new and unheard of--and they are trying to collect capital. Once they've met their targets--the rate goes lower. Sometimes that can be a year and then someone else takes the lead.
Thank you very much.
Great video. I have read lots of bad reviews about ubf so wondering what others know. Lots of good other options.
Great video! 5.02% is a great rate. I wonder how long it will last?
If we are being honest with ourselves, taxes may be a major pain, just like they are for the wealthy. Taxes on income, goods and services, real estate, etc. It's wonderful to pay taxes, but we may also establish our own tax havens. Since stock market appreciation is not taxed, I personally invest most of my money there.
I knw times are uncertain. I and my spouse are wrking on a ballpark estimate of $5M for retirement, and I have a good 6-figs each load/ed up for this, you think we can do it in 5 yrs at most? I'm nearly 55.
I don't see BoC dropping rates even if inflation get's to it's 2% target's or even lower, when BoC did pause home buyer jump into the market faster then supply could keep up making home not only rise but jump in price and bidding, also keeping rates high let's banks and lenders have very high profits do to many home owner paying interest only mortgage payments and adding to they balance for years to come
Great actually. I am one of many private clients under KAYLA TABITHA RODRIGUES, with private invsting I made over 500 grand, 200 is ready to redeploy back into the equity and money mrkts in the ratio as rebalanced by Kayla. You are welcome.
KAYLA TABITHA RODRIGUES, if you care for guidannce, research you’ll find details
@@user-st8rm1ty7gNice recommendation. Lady looks great. Hopefully I can get some insight into my family's portfolio
Rob, what pays more interest per month:
High yield savings account of 3.75% or a money market 7day yield of 4.85% ? I’m confused on the 7day yield. Thank you
Do the rates change often? As in if I open a savings account today could it drop to 3 percent tomorrow?
Great Video Rob. CIT bank platinum savings rate is excellent. They also have a no penalty 11 month CD at 4.8%. All the banks you mentioned are all FDIC insured so risk free. 🤞🤞
Wait until you learn the FDIC barely has enough money to cover the collapse of a single bank. Let alone the whole US. But yeah, “risk free” 😭😭😭😭😭😂
@@tylerwbrown8663% of USA citizens have less than $1000 in savings…there’s $75 Billion in currency circulation, without counting daily printing. Nobody needs paper to pay for almost anything anymore. Take into consideration that the people most likely to make a run on the banks are the folks within said 63%….safe to say you can take your tin foil hat and clown shoes off.
Thanks for the info, very interesting. Is there a way to find the historical rates for a savings account? For example, how often have ufb Direct changed their rates?
Nice key board my guy 👍
Thanks as always Rob for your newsletter, it's must see Sunday read
Hi, what do you think of M1 finance offering 5.0 apy
Would love an exercise like this for business savings.
Thanks for all your hard work!
Btw, CFG Bank @ 5.02% and one yr CD @ 5.20%
Is there a maximum deposit limit for these savings accounts?
Axos link in your description shows 2.35 apy on savings..
We currently have our emergency fund with Bask bank who just increased their apy to 4.65%. Not quite as good as those on the list, but there wasn't any minimum requirements and whatnot
Savebetter is 4.85% this morning. I also purchased 17 week T-bills. The rate is about 4.9% but I see a big advantage in that I don't have to pay state and LA local taxes on the interest.That could be a big tax saving
Why would you pay state? (It's my first year in u.s and idk how this works)
@@sabasudadze9105he means pay taxes on the growth, which I don’t agree with.
Can’t wait for your I Bond video. I’m making a decision on that Friday. Either a 5% 18 month CD at ALLY (assuming it’s still available then) or an I Bond is how I’m leaning.
If your goal is short term then the CD will most likely be the better choice as the I-Bond rates are likely to fall. If you are thinking more long term then I would wait to see what the next I-Bond fixed rate is and likely more than the current 0.4%. While you wait you can always get a 3 or 6 month T-Bill.
I appreciate your awesome
REAL WORLD approach, thanks for sorting through so much chaff so we don’t have to!
Thanks Rob! www.allcards.com is very helpful
Think you ought to comment on the ratings of some of these banks. I applied for an account at one bank and I had to quit because they were so terrible simply in the application process.
Question I have is what banks are safe? How do we determine this?
UA-cam sent your silver button quickly, nice!
VIO bank offers 4.85%APY for their MoneyMarket saving account with no minimum deposit. Their CDs are 5.05%APY for 6 months.
I can’t get the savings open. Requested it twice and got a checking both times. What am I doing wrong?!
Baxter Credit Union Checking 4% APY plus 3.99% dividend. Rainy Day Savings is 2% plus 1.99% dividend
3 month cd vs 10 month cd. Both pay 5%. Is it more lucrative to do the 3 month?
Love this! Can any of these be business savings? Looking for high yield for my S Corp
I’m looking for the same thing for my scorp
Vanguard brokerage CD is 5%. What do you think of this option?
Thanks Rob. Have you reviewed which brokerage firms offer the best money market interest rates?
CFG as of today is 5.02% APY and UFB Direct has gone down now to 4.81%
Rob is trusted advisor. He’s very good!
Best of all there's no annoying instrumental hip-hop music blasting while he's talking.
DCB (Desert Community Bank) Bank is offering 8%. Is this a safe bank for a HY Savings account?
UFB makes you wait 5 business days on an ach transfer in. Most others don’t require that many days.
PNC is 4.5 in my area.
Rob, what are your thoughts on TBill ladders right now due to high interest rates?
Thank you for your insight.
There is also Juno account, they doing mostly crypto and I don't trust it, but they have checking account which pay 5%
I've been with UFB for a few months. Just not going to move around for a few basis points if someone pays a better rate. Tired of my regional bank paying 0.01%, moved all but $100 to UFB.
I have accounts with So Fi and Ally. I like them both. Not changing anytime soon.
Which do you prefer?
@@stanhunt8543 if forced So fi savings rate is better and also budgeting software but you must direct deposit your paychecks . Ally has a better interface.
@@wdeemarwdeemar8739 thanks
Can a non-profit org open a high yield savings account?
Hi Great videos backed by a ton of research. My question is this: If I can get 5% on a savings account why would I want to consider a cd of 6mnth or 1 yr or even longer? When they are around 5% also? Is it because that rate of return would be guaranteed for that term? And if rates are falling for the future it would then make sense to have the money locked in? Going into retirement we are thinking we need 3 years of cash or near cash available just incase the equity markets collapse. In fact if the market is looking jittery as it did in 2021 before the recent collapse we would likely up our cash reserve to 5 years in order to protect it by waiting out a collapse and subsequent rebound.
Because HYSA rates can change at any time. That’s the problem with chasing these rates. CDs will guarantee a rate for a specific period - at the opportunity cost of locking up your liquidity for that same period.
Empower is now 4.25 as of end of March 👍🏻
I Didn’t see PNC 4.3%APY on your list. They only offer it on the High yield savings online account and only in the states they have brick and mortar banks.
CFG Bank currently offers a savings account at 5.11% as of 6/26/23.
Bro please tell me how much taxes do we have to pay on the intrest . Give us the good and the bad so we can make the right decision
Thanks Rob for detailed research and sharing information with us.. Huntington bank offers Relationship Money Market account with promo rate of 5.12% APY guaranteed for 12 months (with min deposit of $25K).. What would you recommend Rob?
Look at Salem five direct.
I'm curious if these banks offer consistently high yields over the years. I would prefer something consistently high over having the highest to avoid having to move money all the time.
They don't...
Can someone let me know if you have used Raisin (renamed from savebetter) and if it is safe and legit?
i recently learned about Consumer's creddit union checking account with 5% apy on up to 10k with a few coonditions. have you heard about them? think they are trustworthy or did i misunderstand their termms? Please let me know what you think, I am seriously cnsidering them
Thanks for the video. Would be nice to have best rates for combined cd and savings together. Seems an offering has a high savings but lower cds. I would be attracted to a high cd rate which I can transfer to a high yield savings account. Possibly if your team could build would be great.
I'll be covering CDs soon.
I see your UA-cam award. Congrats Rob!
Thank you. Neglected to take it out of the wrapper!
M1 will have a HYSA soon. 4.5% I believe. I have a bunch of cash in their checking account at 3.3% for now.
I wonder that’s gonna happen. Been waiting for awhile
@@MikeB4028 I don't see why it wouldn't. I guess we'll see.
Do any of these banks allow an account to be opened up as a trust?
Hi Rob, First time seeing your channel and I appreciate the informative content, however please also let your 118k subscribers know about the reviews as well. Yes the company with 5.02% rate seems great but when I did a google review it was AWFUL and PAINFUL to see what some of the customers are encountering. One called them a SCAM. I'm not sure if you are getting any incentives to promote any one particular bank or institution, but SAVER BEWARE, the reviews on UFB Direct leaves me a bit weary to say the least.
Really
I found the same thing! Lots of complaints out there about UFB Direct, most stating that customer service is abysmal, sign up process is a hassle, and some felt like their money was stuck in limbo - with no help from the bank. I'll take a slightly lower APY for a better customer experience. I'd love to see a comparison video with service/reviews factored in.
I'm suspicious of any of these obscure banks that claim these high interest rates. Look at all the major banks that offer HYSA's, and then there is a handful of obscure, online banks that beat them by .5% or more. I always ask myself, what is the catch? I feel better keeping my cash in an established, well known institution. I personally use Marcus. It's not the best rate out there, but Goldman Sachs is an institution. I have no doubt everything is legit, and their app is simple and to the point. I'm not switching for less than 1%.
Fidelity and Vanguard offer rates in the 4.75% ranges with no hassles. Let's stop back in 3 months and see if they are still higher or if it was a teaser rate. If you had $100k is it worth monkeying around at these banks and credit unions? I don't think so.
M1 finance is offering 5%. Any thoughts on that? I'm thinking about going with them.
It is only 5% if you pay for their premium app. I haven't budgeted it out to see if its worth the price for the high yield though, it could potentially still be a good option.
Ponce Bank 5.05% through Savebetter
Discover Bank has 4.5 % CD rate
I opened a 14 month CD at our primary bank with an APR of 5.0%, FDIC insured of course. Why don’t you mention CDs and talk about I bonds at the end of you video? Thank you for this great information.
I found Vio Bank which is also currently 5.02%
Do any of these banks have a brick-and-mortar presence how can I get a cashier's check or money order the same day?
I can't help but wonder how long the advertised rate remains in place before they drop the rate, making it a kind of teaser rate? And of course someone else will likely come out with a better deal at some point.I remember a time when we thought that we were only getting 5% at local brick and mortar banks. It sure sounds good these days!
I'm suspicious of a lot of these online banks that offer much higher rates than the others. There is always a catch.
Even HYSA's pay interest rates below inflation, so compared to normal savings accounts you lose your money slower. Personally I consider Gold a better place for my savings.
Treasury Bills seem to be a great option at the moment. Looks like 3 month hit 5%.
You don’t have to deal with banks, and local/state tax exempt
Agreed, although a lot of people prefer not to deal with buying T-bills.
@@rob_berger what about vanguard mm at 4,85?
@@rob_berger I believe there's a good way to get around that using bil which is a etf and tax exempt I believe
@@rob_berger why not?
What about M1 finance HYSA at 4.50% when they launch it ?
We'll track it when it's available. Good option for those already using M1.
Citi High Yield is currently at 3.78%
Newtek Bank is offering 5.00%
I know that SoFi isn't a big bank yet but having 2M of FDIC insurance at 4% APY savings with direct deposit set up is really good in my opinion. They striving to get your money right not like all these other banks.
b/c sofi puts your money into different banks.
vio bank 4.77
citi bank 3.85
I worry, the banks offering the best rates, need the most cash because they are illiquid. Or prone to failure. That’s my 2 cents.
Appears the 5% rate is variable? Is it possible that they offer this high rate, get money coming in then lower the rate?
Well, all savings account rates are variable, and that's always a risk.
HSBC is offering 4% if you have a relationship with them. Need to direct deposit at least $5k per month to qualify. But, the account has some nice features.
That's not very good
Betterment offers 4.85 no fee no minimum and unlimited deposits and withdraws via ach. So if you need your money may take 24-48 hours only con I can think of
The only issue with high yield savings and money market accounts I'd they may change at any timr
Bank Of America ML offers a FDIC insured deposit that yield 4.5%, minimun 100k deposit, daily withdrawals allowed
That's what I have...
I cannot find the BofA you mention anywhere. Do you have a link?
Which BofA/ML Account is this? I am not aware of it and cant find anything close to that yield
It's called Preferred deposit. A Merrill Lynch product. Minimum 100k to start. 4.5% currently. Will fluctuate up and down with Fed funds rate.
@@heathmower9396 thanks
Ponce Bank APY 5.05%, Western Alliance Bank APY 5.05%
I wonder about the health of these institutions. Have you done a video on how to determine this? Why are these institutions offering CD rates. Are they over-extended?
I would think that Citi, with their Accelerate Savings account, would count as a "big bank" that's not giving super low rates? They are currently giving 3.85%, which is higher than 4 of the 5 "big banks" you mentioned.
I have that also! I’ll leave it open with $1,000 in it and transfer the rest to the highest yielding account. Then come back when needed.
Steve H
I've been a Citi CC customer since 2016, putting through about $25,000 charges a year. Last June I did two ACH transfers into their high interest savings account from a mid sized US based bank. Citi marked my new savings account deposits as fraudulent and would not discuss it over the phone. And shut down all online access to even my credit cards. They wanted me to come into a branch to validate my identity. The closest branch was 500 miles away. I googled my error code and found it is common for Citi to do this. It took until Feb 2023 for me to get my money back with the help from the US based regional bank. I will never use Citi again!
Some of these major savings accounts will not allow a teenager to setup an account. Where can a teenager find the highest savings rate?
I don’t understand rates like this with UFB. I have an account with them and the rate is 3.16%. Wonder why I’m not getting the 5.02%?
I have issues putting money into a bank i have never heard of.
ROM - SpaceKnight?! You have fine taste in comic books, Sir.
This is fantastic. Are these locked in or do they change month over month? Also are t bills better for dry powder
Savings account rates can change at any time. A very good point. If you want a guaranteed rate for a specific period of time, bonds and CDs are a better option.
Evergreen Bank Group is providing HYSA at 5.25% APY and no minimum balance to maintain. where as UFB direct needs 5K balance to receive the same 5.25% APY other wise 0.25% APY as of now.
Chase actually has a new product with high yield savings
I’m sure you know by now, but M1 Finance at 5% with M1+
Rob loose the cover over the UA-cam subscriber award! Its giving off a ton of glare!
I know! Didn't catch that until after filing the video. It's gone now!
You are wrong, I've been getting 3.85 from CITI for some time now. Check out thier accelerate savings account.
Go Bucks...
Newtek bank has a savings account that is at 5.00%
Thank you. I've sent it over to my team to add to our database.
As of today Marcus is 3.90% ( current depositor)
But can't these rates go lower over night?
Hey Rob, you're incorrect about Citi bank. They're beating most of the banks you mentioned at the beginning of the video, with a 3.85% APY in a High-Yield Savings Account. Still way lower than your top contenders though. Thanks for the video
Steve H
I've been a Citi CC customer since 2016, putting through about $25,000 charges a year. Last June I did two ACH transfers into their high interest savings account from a mid sized US based bank. Citi marked my new savings account deposits as fraudulent and would not discuss it over the phone. And shut down all online access to even my credit cards. They wanted me to come into a branch to validate my identity. The closest branch was 500 miles away. I googled my error code and found it is common for Citi to do this. It took until Feb 2023 for me to get my money back with the help from the US based regional bank. I will never use Citi again!
Western Alliance today 5.10%
UFB customer support sounds sketch! called to ask some questions and their support team is not very reassuring
Citizens Bank is a large bank and is offering 4.5%
It's online only
I’d compare no-penalty CD rates with the online savings. Would stink to open a new savings account just to have the bank drop the rate whenever they feel like it.
Right now the best no-penalty rate I know of is 4.80% via Savebetter. It's for a 12-month CD, so you are guaranteed that rate even if savings rates end up falling. www.allcards.com/best-no-penalty-cd-rates/
I'll stick with vanguard 4.25%
Vanguard is paying 4.50% on their saving account
Hi Rob
When you say "best savings account rates anywhere" do you mean in the US? Or global?