Top High Yield Savings Accounts of 2020
Now in today’s episode, we are going to be looking at the top high-yield savings accounts for 2020. I hope you guys all enjoy the episode and learn something new. If you have any questions ask them in the comments.
The importance of a high-yield savings account is getting a high yield from your bank. When you leave your money in the bank the bank is gonna use your money and invested whether it’s in giving people auto or home loans. So high-yield savings account as you get a little bit of the profit. A good rate these days is around 1%. But the national average for a savings account is 0.01%.
Here is my list of the top high-yield savings accounts to have:
1) Genisys Credit Union
4.06% APY plus Debit Card Rewards
2) Citibank – 0.70% APY (only available in certain states/markets), $0 minimum opening deposit
The Citi Accelerate Savings account has a competitive APY in select markets. It’s not available in some larger states, such as California and New York. The savings account doesn’t require a minimum balance to open the account.
There is a $4.50 monthly service fee if your savings account isn’t linked to a Citi checking account. You can avoid this fee by keeping an average monthly balance of at least $500 in your savings account if it’s not linked to a Citi checking account.
3) Live Oak Bank – 0.70% APY, $0 minimum opening deposit
Live Oak Bank was founded in 2008. The online bank offers a competitive yield on its savings account. Like most online banks, Live Oak Bank’s Online Savings account doesn’t have a monthly service fee. It also doesn’t require you to keep a minimum balance.
In addition to its savings account, Live Oak Bank also offers seven terms of CDs. Live Oak Bank has its headquarters in Wilmington, North Carolina.
High-yield savings accounts have a wide range of uses, but one of the best ones is to save up for big-ticket items. That’s because savings accounts with a decent yield offer accelerated growth of your money.
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