Ranking the Best High-Yield Savings Accounts (HYSA) in 2024


Many people often ask, “Vincent, where’s the best place to park my cash?” If you’ve been wondering the same, you’re in the right place. I’ve analyzed 16 high-yield savings accounts (HYSA), ranking them across five tiers based on factors like APY (annual percentage yield), fees, account requirements, and unique features. Here’s the breakdown:


  • S-Tier: Outstanding accounts with no significant downsides.
  • A-Tier: Great accounts with minor limitations.
  • B-Tier: Average accounts with room for improvement.
  • C-Tier: Below average, mid-tier accounts.
  • D-Tier: The worst of the worst — avoid these.

1. Bank of America Advantage Savings

  • APY: 0.01%
  • Monthly Fee: $8 (can be waived with specific conditions)
  • Minimum to Open: $100
  • Unique Features: Physical branches available nationwide.

Verdict:

This account is a textbook example of what not to choose for saving. Its APY of 0.01% is laughably low, and the $8 monthly fee is a red flag. While physical branches may appeal to some, the negligible interest rate is a dealbreaker. D-Tier.

2. Laurel Road High-Yield Savings

  • APY: 4.5%
  • Monthly Fee: None
  • Minimum to Open: None
  • Unique Features: Offers student loan forgiveness and refinancing consultations.

Verdict:

Laurel Road is a no-frills account that delivers exactly what you want: a high interest rate with no strings attached. It’s one of my personal favorites, as it offers simplicity and performance. A-Tier.

3. SoFi Checking and Savings

  • APY:
    • 4.2% for savings
    • 1.2% if requirements aren’t met
  • Monthly Fee: None
  • Minimum to Open: None
  • Requirements for 4.2% APY:
    • Set up direct deposit (any amount), or
    • Deposit $5,000 manually every 30 days.
  • Unique Features:
    • FDIC insurance up to $2 million.
    • “Savings Vaults” to organize funds.
    • Roundup feature for automated savings.

Verdict:

SoFi is an excellent choice if you have a steady income and can meet their direct deposit or deposit requirements. The $2 million FDIC insurance is a standout feature, though it’s not necessary for most people. A-Tier.

4. Wells Fargo Way2Save

  • APY: 0.01%
  • Monthly Fee: $5 (waivable under specific conditions)
  • Minimum to Open: $25
  • Unique Features: “Save As You Go” feature, which automatically transfers $1 from checking to savings with each debit card purchase.

Verdict:

While the “Save As You Go” feature is slightly interesting, the abysmal APY and history of regulatory issues make this account a no-go. D-Tier.

5. UFB High-Yield Savings

  • APY: Up to 4.77%
  • Monthly Fee: None
  • Minimum to Open: None
  • Requirements for Boosted APY:
    • Direct deposits of $5,000/month (0.5% boost).
    • Maintain $10,000+ in a UFB checking account (1.0% boost).
    • Use UFB Visa debit card for 10+ monthly transactions (0.5% boost).

Verdict:

UFB offers a competitive baseline rate (4.57%) but requires significant effort to unlock the maximum APY of 4.77%. While it’s solid, the extra steps might not be worth it. A-Tier.

6. Barclays Online Savings

  • APY: 4.2%
  • Monthly Fee: None
  • Minimum to Open: None

Verdict:

Barclays provides a simple, no-frills HYSA with a decent rate. However, it doesn’t offer any standout features compared to competitors. C-Tier.

7. Ally Online Savings

  • APY: 4.0%
  • Monthly Fee: None
  • Minimum to Open: None
  • Unique Features:
    • “Savings Buckets” to organize funds.
    • Roundup feature for automated savings.
    • Automated transfers based on spending patterns.

Verdict:

Ally’s rate is slightly lower than competitors, but its innovative features like “Savings Buckets” and spending analysis make it a top choice for goal-oriented savers. A-Tier.

8. Marcus by Goldman Sachs

  • APY: 4.1%
  • Monthly Fee: None
  • Minimum to Open: None
  • Unique Features: Same-day transfers up to $100,000.

Verdict:

While Marcus offers an okay rate and the convenience of same-day transfers, it lacks features to make it stand out. B-Tier.

9. Discover Online Savings

  • APY: 4.0%
  • Monthly Fee: None
  • Minimum to Open: None
  • Unique Features: No fees for insufficient funds, excessive withdrawals, or account closures.

Verdict:

Discover prioritizes consumer-friendly policies, making it ideal for those prone to over-withdrawing or frequently transferring funds. B-Tier.

10. Apple Savings

  • APY: 4.15%
  • Monthly Fee: None
  • Minimum to Open: None
  • Requirements: Must be an iPhone user with an Apple Card.

Verdict:

Apple Savings offers a decent rate and seamless integration for Apple users. However, it’s inaccessible to non-iPhone users, limiting its appeal. B-Tier.

Why Choosing the Right HYSA Matters

If you’re using traditional big banks like Bank of America or Chase, you’re leaving money on the table. Here’s a quick comparison:

  • $10,000 in a 0.01% APY account (Bank of America): $1/year interest.
  • $10,000 in a 4.5% APY account (Laurel Road): $450/year interest.

That’s a 450x difference, and it’s one of the simplest ways to generate passive income. High-yield savings accounts have been a cornerstone of my financial strategy, earning me thousands of dollars in interest annually.

If you’re ready to optimize your savings, check out the accounts I’ve mentioned. Links are provided below for your convenience.

Final Thoughts

Choosing the right HYSA depends on your goals. Whether you value no fees, innovative features, or the highest possible APY, there’s an option for everyone. Prioritize accounts that align with your financial habits and long-term plans.

For more tips on managing your finances, click here to learn strategies tailored to your net worth.

Comments

Post a Comment

Popular posts from this blog

How to Return an Item to Amazon: A Step-by-Step Guide

Image
Hi friends! In this article, I'm going to show you the step-by-step process for returning an item to Amazon. Many people find this process intimidating, but it's actually pretty easy. Step 1: Access Your Orders Start by going to the Amazon website or app. Navigate to your orders and find the item you want to return. For this example, I'm returning a gym lock. Step 2: Select a Reason for Return Amazon will ask you why you're returning the item. Common reasons include it being damaged, or you simply not needing it. I'll choose "I don't need this." Step 3: Packaging Details You'll be asked if the item is in its original packaging. If it is, select "Yes." Amazon also allows you to return multiple items together, even if they're not from the same order. This can be convenient if you have several returns. Step 4: Choose Your Return Method Next, you can choose to exchange the item, get a refund to your Amazon balance, replace it ...
Read more

Stop Writing for Listverse! 6 Better Platforms That Pay You for Writing

Image
Are you tired of writing articles for Listverse , only to have them rejected or delayed for months ? You're not alone! Many writers struggle to get approved on Listverse , and even those who do wait too long to get paid . But here's the good news: There are better alternatives! In this article, I’ll introduce you to six platforms where you can: ✅ Get your articles approved faster (within 7 to 30 business days) ✅ Earn between $100 and $2,000 per article, depending on the word count ✅ Get paid reliably and on time At the end of this article, I’ll also share a bonus mentorship opportunity to help you increase your approval chances and maximize your earnings . Why Listverse is NOT the Best Choice for Writers While Listverse is a well-known writing platform, it comes with several issues: ❌ Extremely high rejection rates – Many writers submit articles only to get rejected, often without clear feedback. ❌ Long waiting times – Even if your article is approv...
Read more

Is Worm Farming Profitable? The Truth About Selling Worms for $40 a Pound

Image
Selling worms for $40 a pound sounds like a dream come true. After all, worms reproduce quickly, require minimal care, and cater to high-demand markets like fishing, composting, and even scientific research. But how easy—or challenging—is it to turn this dream into reality? Let’s uncover the truths behind worm farming and why it might not be as effortless as it seems. Welcome to the Business Edition of Coffee and Compost . I’m Steve Churchill, and this is The Urban Worm Company . The Allure of Worm Farming It’s easy to see why so many people are drawn to worm farming as a business: High Demand : The markets for worms span multiple sectors. Fishing enthusiasts use worms as bait, composters value them for their role in organic waste decomposition, and even farmers explore their potential as a protein source for livestock. Strong Prices : Worm prices remain elevated, with red wigglers selling for $35–$55 per pound, a trend that started during the pandemic and shows no signs o...
Read more