Answer:
Several high-yield savings accounts are currently offering very competitive interest rates, around 5% or even higher. Here are some of the frontrunners as of July 17th, 2024:
- Poppy Bank: 5.50% APY [Annual Percentage Yield]
- My Banking Direct: 5.45% APY
- Forbright Bank: 5.30% APY
- Several other banks: Offering rates between 5.25% and 5.10% APY (Vio Bank, North American Savings Bank, BrioDirect, etc.)
It’s important to note that these rates can change, so it’s always a good idea to check the latest rates before opening an account. You can find up-to-date information on high-yield savings accounts from resources like Forbes, NerdWallet, or Investopedia.
Here are some additional things to consider besides just the interest rate:
- Minimum balance requirements: Some accounts require a minimum balance to earn the advertised APY.
- Monthly fees: Make sure there are no monthly maintenance fees or fees for exceeding a certain number of withdrawals.
- Account features: Consider features like mobile banking and ATM access that might be important to you.
By comparing interest rates, minimum balances, and account features, you can choose the high-yield savings account that will help your money grow the most.
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