High yield savings account

Interest rates are rising.  If you are earning anything less than 2% APY on your savings account, it might be time to reevaluate your savings account and bank.  According to a recent Wall Street Journal article, many banking customers are pulling their deposits from no-interest accounts.  In total customers withdrew $30B in the past year that ended June 30th.  With many higher-yielding options available it’s no surprise that customers / investors are withdrawing their deposits.

Savings rates

Here are this week’s highest yielding savings rates (souce: bankrate.com and bank websites) for accounts with low minimum deposits:

BankAPYMinimum deposit
MySavingsDirect2.25%$1
CIT Bank2.15%$25,000 or $100/month
Vio Bank2.15%$100
Salem Five Direct2.05%$100
HSBC Direct2.01%$1
Live Oak Bank2.00%$0
Goldman Sachs Bank (Marcus)1.95%$1
Barclays1.90%$0
Synchrony Bank1.90%$0
American Express1.90%$1

What are you earning on your savings account?

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