10 best high-yield savings accounts for July 2024

If you haven't noticed much interest accruing in your regular savings account, it's easy to see why. This is because the average savings account interest rate in the United States it is only 0.45% today. This pales in comparison to most Inflation rate recently reported at 3.3%. In fact, once you adjust for inflation, if you're earning 0.45% a year on your savings, you're actually losing 2.85% of your purchasing power a year.

But, it doesn't have to be that way if you do the right moves with your savings dollars One such move is to store it in a high yield savings account.

High-yield savings accounts typically include all the features you'd expect from a traditional savings account with one distinct difference: returns. These accounts are known to pay out significantly more than you could earn for your money with a traditional bank. In fact, current prime accounts are paying 5% or more right now.

But where can you win? better return on your savings? Below, we've rounded up 10 high-yield savings accounts that offer some of the most competitive rates today.

Get more for your money with a high-yield savings account today.

The 10 Best High-Yield Savings Accounts for July 2024

If you want earn more with your savingsConsider opening one of these high-yield savings accounts:

• My Banking Direct – 5.55% APY: While you'll need to open this account with a $500 deposit, there's no minimum balance required to earn the APY listed.
• Brio Direct – 5.30% APY: Brio Direct requires a minimum opening deposit of $5,000. But once you open your account, you only need to maintain a minimum balance of $25 to earn the advertised APY.
• Tab Bank – 5.27% APY: You don't need to meet any minimum deposit requirements to open this account and the minimum balance to earn the APY listed is just $0.01.
• Evergreen Bank Group – 5.25% APY: You will need to make a minimum deposit of $100 to open this account. But once you do, there's no minimum balance required to earn the listed APY.
• Newtek Bank – 5.25% APY: Newtek Bank High Yield Savings Account has no minimum deposit or minimum balance requirements.
• UFB Direct 5.25% APY: There are no minimum deposit or balance requirements to contend with in this high-yield savings account.
• Update – 5.21%: While there is no minimum deposit required to open this account, you will need to have a balance of at least $1,000 to earn the APY listed.
• Laurel Road – 5.15%: Laurel Road has no minimum deposit or minimum balance requirements associated with its High Yield Savings Account.
• Credit Karma: 5.10%: There are no minimum deposit or balance requirements in the Credit Karma High Yield Savings Account. But, there is an added benefit. While most accounts offer FDIC or NCUA insurance on balances up to $250,000, Credit Karma offers insurance on balances up to $5 million. So this can be a strong option if you have a high account balance.
• Varus – 5.00%: Varo has no minimum deposit or balance requirements in its High Yield Savings Account. But, you'll only earn 5% APY on balances up to $5,000. Any balance over $5,000 will earn 3% APY. Therefore, if you open this account, you may want to limit your deposits to a total of $5,000 or less.

Take advantage of competitive APYs on high-yield savings accounts now.

The bottom line

Today's high-yield savings accounts offer APYs ranging from 5% to 5.55%. But when comparing these accounts, be sure to consider things like minimum deposit and balance requirements, FDIC or NCUA insurance maximums and whether or not the APY listed applies to your entire balance or just a portion of it. Open a high-yield savings account now to make your money work harder for you.