Choosing the right place to stash your savings is a critical step in achieving your financial goals faster. If your current savings account is barely giving you any returns, it might be time to consider a high-yield savings account (HYSA). Offering interest rates up to 10 times higher than traditional accounts, HYSAs can give your savings a serious boost.

For September 2024, we’ve done the legwork by comparing around 30 federally insured accounts and narrowing it down to the top 10 best options. Each account on our list offers competitive Annual Percentage Yields (APY), minimal fees, and easy access to your money.

What Is a High-Yield Savings Account?

In simple terms, a high-yield savings account works like a regular savings account but with a higher APY. While traditional savings accounts offer low interest rates, HYSAs provide rates between 4% to 5%, helping your money grow faster with minimal risk. These accounts are perfect for short-term goals or emergency funds where liquidity and safety are key.

Top Picks for September 2024

1. SoFi High-Yield Savings Account

   *APY: Up to 4.50% | Fees: $0 | Minimum Deposit: $0*  

   Best all-in-one account, combining checking and savings with cool features like savings round-ups and vaults for goal-based saving. Plus, a $300 welcome bonus!

2. Bask Interest Savings Account  

   *APY: 5.10% | Fees: $0 | Minimum Deposit: $0*  

If you’re looking for a straightforward online bank with no frills but a sky-high APY, this one’s for you.

3. UFB Portfolio Savings Account  

   *APY: 5.15% | Fees: $0 | Minimum Deposit: $0*  

   Offers one of the highest APYs along with handy digital banking tools and mobile app support.

These are just a few of the standout accounts in our top 10 list, each chosen for its blend of high returns, easy access, and minimal costs.

Pros and Cons of HYSAs

While high-yield savings accounts are fantastic for earning more on your savings, they also come with some limitations. Here’s a quick breakdown:

Pros:  

– Higher interest rates compared to traditional savings accounts  

– Low fees and no minimum balances  

– Federal insurance through FDIC or NCUA  

Cons:  

– Rates are variable, meaning they can change  

– Limited to a certain number of withdrawals per month  

– Not ideal for long-term investments like retirement  

How to Choose the Best HYSA for You

While interest rates matter, there are other factors to consider when choosing the right account. Look into fees, minimum deposit requirements, and account access options. Make sure the bank has a robust mobile app and ATM access if those are important to you.

In today’s economy, every extra percentage point counts. With so many excellent high-yield savings accounts to choose from, you can find the perfect fit for your financial goals in 2024.