Summary List Placement
High-yield savings accounts can help you earn up to 20 times more interest on money you need in the short term, while still keeping it safe and accessible.
Dozens of banks offer high-yield savings accounts, but we compared three of the most popular: Ally’s online savings account, Goldman Sachs’ Marcus account, and Wealthfront’s cash account.
With no monthly service fees, competitive interest rates, and low or no minimum deposit to open, you really can’t go wrong with any of these high-yield savings accounts.
It’s important to remember that interest rates fluctuate. It’s fine to choose the account with the highest rate today, but be sure it meets your other needs as well.
See Business Insider’s picks for the best high-yield savings accounts »
Just because the Federal Reserve has cut interest rates doesn’t mean it’s a bad time to save money.
Whether you’re building up an emergency fund or saving for a down payment on a house (or both), a high-yield savings account can be a great tool for getting closer to those goals.
There’s no downside to having a high-yield savings account — it grows the money you’re stashing away for a rainy day or a big purchase, while keeping it accessible and safe. But because so many banks offer them, it may seem difficult to choose the one that’s right for you. Here’s the good news: You really can’t go wrong.
High-yield savings accounts are attractive for their competitive rates. Even when the Fed’s benchmark rate fluctuates, these accounts tend to earn up to 20 times more than a traditional savings account, and 200 times more than your typical checking account.
Dozens of banks have high-yield savings accounts and it may come down to where you prefer to bank — an online-only bank, an investment bank, or a robo-advisor, for example — as well as what you’re looking for, whether it’s minimal fees, the highest possible interest rate, the ability to transfer money whenever you want, a connected checking account, 24/7 customer service, or easy access to your account.
To help out, we compared three of the most popular high-yield savings accounts on offer today: the Ally High Yield Savings Account, a favorite among financial planners and super savers; Marcus by Goldman Sachs High Yield Online Savings Account, investment bank Goldman Sachs’ online savings account; and the Wealthfront Cash Account by the popular robo-advisor.
Below you’ll find each of these high-yield savings accounts compared on a variety of metrics.
Type of financial institution
Annual percentage yield (APY)
Minimum opening deposit
Debit card or checks
Transfer or withdrawal limit
Excess transfer charge
FDIC insurance coverage amount
Checking account available
Account has checking features
24/7 by phone, email, or chat
By phone only; M-F 8 a.m.-10 p.m. ET, Sat.-Sun. 9 a.m.-7 p.m. ET
24/7 by email; unspecified phone hours
Ally Ally High Yield Savings Account
Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account
Wealthfront Wealthfront Cash Account
You may notice the interest rates vary among these accounts. …read more
Source:: Businessinsider – Finance