You may have read in our previous post that high-yield savings accounts (HYSAs) are fast becoming the preferred to save money.
When you factor in the higher-than-average interest rates that you can earn, no monthly fees, and convenience of online-online banking, it’s easy to see why.
In this post, you will learn about the three best HYSA accounts right now, so you can determine where to start stashing your hard-earned money.
Best HYSAs in 2020
1. Ally Bank Online Savings Account
Ally Bank Online Savings is one of the original online-only HYSAs. The company offers around a 1.0% APY on your deposits and is very well-rated for both customer service and satisfaction.
In fact, the Ally Mobile app clocks in at 4.8 stars in the App Store, and 4 stars in the Google Play Store. Not bad!
What’s more, there is no minimum balance required to open an account and no monthly service fees of any kind.
It’s also important to note that Ally offers more than just savings accounts. They also have an online investing division called Ally Invest, and their holding company, Ally Financial, is one of the largest auto loan lenders in the U.S.
2. Discover Online Savings Account
Discover’s Online Savings Account is right in line with Ally, offering around a 1.0% APY, with no monthly fees or minimum balances.
If you deposit $15,000 in your Discover Online Savings Account, you will earn around $150 over a one year period.
Discover might be a solid choice if you already have a Discover credit card, or
are considering getting one.
3. Vio Bank Online Savings Account
With a Vio Bank Online Savings Account, you’ll earn an industry-leading 1.11% APY on deposits. You’ll also enjoy no monthly fees—unless you opt for paper statements, which costs $5/month.
The downside? You need to deposit at least $100 to open an account.
So, Which HYSA is Right For You?
This is a question that only you can answer. Do you research, and go with the bank that offers the best APY, that also meets your other criteria.
Whichever bank you choose, make sure that your funds are protected by FDIC-insurance. The last thing you want to do is deposit your money with some fly by night online bank. (Side note: all of the HYSAs in this post offer that).
On the journey to financial freedom, a penny saved in your HYSA is a penny earned!
