There are of course many banks in the U.S that are offering a high Interest Savings Account. But most of them either require a minimum deposit requirement of about $1000+ or their APY is very low (under 3%). So, I was looking for banks that offer a High Yield Savings Account with no minimum deposit requirement and have a more frequent compounding. Here are the banks I found;
Summary List of these High Compound Interest Savings Accounts
| Bank | Interest Rate APY | Compound Frequency |
|---|---|---|
| Discover Online Savings Account | 4.30% | Daily/Month |
| EverBank Performance Savings Account | 5.15% | Daily |
| TabBank High Yield Savings Account | 5.27% | Monthly |
| BMO Alto Online Savings Account | 5.10% | Monthly |
| DCU Advantage Savings Account | 3.56% | Monthly |
| UFB Bank Secure Savings Account | 5.25% | Monthly |
| American Express High Yield Savings | 4.35% | Monthly |
1. Discover Online Savings Account
Interest Rate: 4.30% Annual Percentage Yield (APY)
Compound Frequency: Daily/Month
Monthly Fee: $0
Insufficient Funds Fee: $0
Minimum Opening Deposit: $0
FDIC deposit insurance amount: up to $250,000
2. EverBank Performance Savings Account
Interest Rate: 5.15% Annual Percentage Yield (APY)
Compound Frequency: Daily
Monthly Fee: $0
Insufficient Funds Fee: $0
Minimum Opening Deposit: $0
FDIC deposit insurance amount: up to $250,000
3. TabBank High Yield Savings Account
Interest Rate: 5.27% Annual Percentage Yield (APY)
Compound Frequency: Monthly
Monthly Fee: $0
Insufficient Funds Fee: $0
Minimum Opening Deposit: $0
FDIC deposit insurance amount: up to $250,000
4. BMO Alto Online Savings Account
Interest Rate: 5.10% Annual Percentage Yield (APY)
Compound Frequency: Monthly
Monthly Fee: $0
Insufficient Funds Fee: $0
Minimum Opening Deposit: $0
FDIC deposit insurance amount: up to $250,000
5. DCU Advantage Savings Account
Interest Rate: 3.56% Annual Percentage Yield (APY)
Compound Frequency: Monthly
Monthly Fee: $0
Insufficient Funds Fee: $0
Minimum Opening Deposit: $0
FDIC deposit insurance amount: up to $250,000
6. UFB Bank Secure Savings Account
Interest Rate: 5.25% Annual Percentage Yield (APY)
Compound Frequency: Monthly
Monthly Fee: $0
Insufficient Funds Fee: $0
Minimum Opening Deposit: $0
FDIC deposit insurance amount: up to $250,000
7. American Express High Yield Savings
Interest Rate: 4.35% Annual Percentage Yield (APY)
Compound Frequency: Monthly
Monthly Fee: $0
Insufficient Funds Fee: $0
Minimum Opening Deposit: $0
FDIC deposit insurance amount: up to $250,000
Bottom Line
All of the banks mentioned above have flexible savings withdrawals, meaning; you can access your money anytime you need it. Besides these high interest savings accounts, these banks also offer other services like Certificate of Deposits, Personal Loans, Mortgage Loans, and much more.
Although to the best of my knowledge these Banks are safe, secured, and FDIC insured, you should always do additional due diligence before depositing your hard-earned money.
