High-yield savings accounts have benefited from rising interest rates and high inflation. The only benefit of an economy with rising interest rates is the increased return on savings account funds.
Currently, a small number of high-interest savings accounts are providing an annual percentage yield (APY) of about 5%, which is a major improvement over pandemic rates, which had previously been below 1% and had reached a level not seen since the 1990s.
Discounts From UFB Elite: 5.02% APY
Now that a 5% APY is the highest rate we’re seeing in the market, CNBC Select looked into which FDIC-insured savings accounts are generating a 5% APY or near it, as well as the minimum balances required to obtain that rather acceptable return.
These are the accounts to think about if your only goal is to increase your savings.
There are no deposit or amount restrictions, monthly maintenance fees, or minimum balance requirements for 5.02% APY with a UFB Premium Savings account.
This is the highest rate on the market right now. Just showing up with a valid ID, a permanent address or PO Box, and documentation of your citizenship in the United States will obtain you this account.
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Consumers Credit Union’s Rewards
For balances up to $10,000, Consumers Credit Union’s high-yield checking account offers one of the greatest rates currently available on the high-yield savings market.
It stands out from many other high-yield savings accounts available due to its availability to 30,000 ATMs and 5,000 shared locations nationally. Make use of internet tools and issue as many checks as you like.
In addition to making the required $1,000 in electronic payments for your paycheck, pension, or government benefits from your job or government agency, you must end the month with both a Varo Bank Account and a Savings Account to have a good balance.
In contrast, accounts over $5,000 and those that don’t meet the requirements only earn 3% APY, so be careful to read the fine print. The bank is rated F.
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