These 3 Savings Accounts Will Earn You More Than Citi's 4% APY

Motley Fool11-12 17:30

KEY POINTSThe Citi® Accelerate High-Yield Savings account has a high APY for a brick-and-mortar bank.However, online bank accounts from CIT, Western Alliance Bank, and LendingClub all offer higher ...

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There's no minimum balance requirement to earn the APY, and customers get access to the Citi mobile app, the bank's massive branch network, and more than 65,000 fee-free ATMs in the United States.However, there are some drawbacks. First, there's a $4.50 monthly service fee that applies unless you qualify for a waiver by meeting a minimum balance or other requirements. And perhaps more importantly, a few excellent high-yield savings accounts offered by top-notch banks have even higher APYs, no fees, and some unique features.Let's explore three of the top alternatives.If you're looking to lock in today's high APYs before the Federal Reserve cuts rates again, click here for our up-to-date list of the best CD rates.Our Picks for the Best High-Yield Savings Accounts of 2024Capital One 360 Performance SavingsAPY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0Open Account for Capital One 360 Performance SavingsOn                          Capital One's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0American Express® High Yield SavingsAPY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 12, 2024      Min. to earn$0Open Account for American Express® High Yield SavingsOn                          American Express's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 12, 2024      Min. to earn$0CIT Platinum SavingsAPY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APYOpen Account for CIT Platinum SavingsOn                          CIT's             Secure Website.                                                  Member FDIC.                                              APY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APY1. Best for high balancesThe CIT Platinum Savings account can be an excellent choice if you have a relatively high balance. The account only requires a $100 deposit to open, but it has a 4.70% APY for balances of $5,000 or more. However, the APY is just 0.25% if you don't meet the requirement, so this account is best suited to savers who will always keep at least that much in the account.Unfortunately, there is no ATM access with the account, but there are several ways to move money into and out of the account. You can connect your external bank account, deposit a check through the CIT mobile app, or conduct incoming or outgoing wire transfers.2. Maximum yield with no requirementsTo be completely fair, the Western Alliance Bank High-Yield Savings Premier account isn't the most convenient option out there. It doesn't offer ATM access, and there's only one way to deposit and withdraw money -- via a single linked external account.However, if you can deal with that, it's an excellent savings account for those who want to maximize yield. It has an APY of 4.46%, which is among the highest on our radar. There are no monthly account fees, and no minimum balance requirement to earn the maximum APY. Click here to learn more about it and open an account.3. Best for convenienceI've saved the highest-paying account for last. The LendingClub LevelUp Savings account offers an APY of 5.00% with $250+ in monthly deposits. To be fair, the account's standard APY is lower, but if you make those monthly deposits, you can \"Level Up\" to the higher rate.Not only does the LendingClub LevelUp Savings account have a high APY, but it's also the only one on this list with a free ATM card that can be used at thousands of U.S. ATMs with no fees.Which is best for you?There's no ideal savings account for everyone, but these are three excellent options (four, if you count the Citi account). The best fit for you depends on how much money you plan to keep in and deposit into the account, how often you'll need access to your money, and how important a solid banking app is to you.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482779426"}