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    • A Dozen of These Baker’s Best High-Yield Savings Accounts Pay Up to 5.50%
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    A Dozen of These Baker’s Best High-Yield Savings Accounts Pay Up to 5.50%

    Harry Posted on

    Key Takeaways

    • If you’re not stashing your extra money in a high-yield savings account, you’re losing it. today’s 13 best savings accounts Make it easy to put your cash to work by paying 5.00% or more.
    • The highest savings account interest in the country continues Pibank’s 5.50% APY — that’s just below the 20-year high rate of 5.55% reached in April.
    • Newtek Bank And open bank both offer a 5.25% second-place rate.
    • Our ranking includes 10 more options to earn 5.00% to 5.11% APY.
    • It’s smart (and easy) to move your money from bank accounts that earn little or nothing. Even if rates drop, it’s always smart to make sure you’re earning a competitive APY.

    The full article continues below these quotes from our partners.

    Earn 5.00% to 5.50% with the Nation’s Best Savings Accounts

    Odds high-yield savings accounts It rose to a 20-year high this spring and peaked at 5.55% in April. This is thanks to the Federal Reserve’s aggressive rate hike campaign in 2022-2023; this campaign aimed to bring down the highest level in decades. inflation. Even though the Fed has cut interest rates since then, you can still earn very close to that peak savings rate.5.50% per annum— with today’s leading nationwide savings account.

    This amazing return is available at Pibank, which allows you to unlock 5.50%. Pibank Savings account with any opening deposit (even if there is no starting fund). It also has no minimum ongoing balance requirement and does not charge a monthly maintenance fee. Although Pibank is relatively new to the United States, it is owned by the physical Intercredit Bank, which has been FDIC insured since 1984.

    Pibank is just one of the many great options out there right now that will help you get the highest return on your cash in history. The following accounts offer the highest bids annual percentage returns (APYs) among all savings accounts available nationally. Choosing one of these top 13 accounts will take you to an elite level in terms of savings rates.

    We Update Our Best Savings Account Rates Daily

    You can always find additional details on all the best high-yield savings accounts by checking our page. Daily summary of top APYs. We research rates from more than 100 federally insured institutions every business day to keep our rankings current.

    Best High Yield Savings Account Rates – October 31, 2024

    To qualify for our rankings, a bank or credit union must be federally insured by the FDIC or NCUA.

    Are you worried that it may not be convenient to save at another bank? Don’t worry. online banking It makes interbank transfers extremely easy. Although the transfer process may take one to three days, this is easy to fix by simply not moving. All Transfer your savings to the new account. Instead keep a small reserve in your main bank so you can make instant transfers to checking if needed.

    Will Savings Account Interest Rates Fall?

    Savings accounts have variable rates, meaning bank or credit union may change your interest rate at any time and without warning. One of the main factors that determines how institutions set savings account interest rates is of the Federal Reserve benchmark interest rate, federal funds rate. Although banks and the Fed do not move in lockstep on interest rates, they generally go in the same direction.

    Unfortunately for savers, the Fed began a series of rate cuts, starting with a significant 0.50 percent cut on September 18. Further cuts are expected in 2024 and 2025, and possibly even in 2026. Any Fed cuts will put downward pressure on savings account rates.

    But it’s good to keep some perspective. Although let’s say best savings account rate From 5.50% today to maybe 4.50% by the end of the year, or even going down to 3.50% by the end of 2025, those are still historically high yields. You can easily see this in the chart below, which shows the state of APY in the market in 2022, before the Fed’s interest rate hike campaign. highest paid The nationwide savings account was at a very low 0.70%.

    Consider Guaranteeing Your Price with the Best CD

    Could you live for months or even years without some of your savings? If so, now is the perfect time to open a branch in the nation. best certificates of deposit (CDs). This is because CDs guarantee their APY until the end of the period, regardless of how much the Fed cuts interest rates; This allows you to keep today’s rates stable for longer.

    You can currently secure a rate as high as 5.50%. best 6 month CDor up to 5.00% best 1 year CD. Top CD rates for 2- to 5-year terms range from 4.00% to 4.50% and guarantee your APY at least. 2026 and until 2029.

    But don’t delay! CD offerings could disappear overnight and rates are likely to drop. So lock in a period and APY you like as soon as possible.

    Daily Ranking of the Best CDs and Savings Accounts

    Note that the “peak rates” quoted here are the highest rates available nationally, as determined by Investopedia in its daily rate survey of hundreds of banks and credit unions. This is very different from the national average, which includes all banks that offer CDs by that term, including many large banks that pay a very low interest rate. So national averages are always pretty low, while the highest rates you can find by shopping around are often five, 10, or even 15 times higher.

    How Do We Find the Best Savings and CD Rates?

    Investopedia tracks rate data for more than 200 banks and credit unions offering CDs and savings accounts to customers nationwide each business day and determines daily rankings of the highest-paying accounts. To join our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions) and the account’s minimum initial deposit must not exceed $25,000. Also cannot specify a maximum Deposit amount less than $5,000.

    To be nationally present, banks must be present in at least 40 states. Although some credit unions require you to donate to a specific charity or association to become a member unless you meet other eligibility criteria (for example, you do not live in a certain area or are employed in a certain job), we exclude credit unions with a donation requirement of $40 or more. For more information about how we choose the best odds, Read our full methodology.

    Harry
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