Summary of best high-yield online savings accounts for May 2021
| Institution | APY | Fees |
|---|---|---|
| Ally Bank Online Savings Account | 0.50% | None |
| Citibank Accelerate High-Yield Savings | 0.50% | None |
| Marcus by Goldman Sachs High-Yield Online Savings Account | 0.50% | None |
| TAB Bank High Yield Savings | 0.50% | None |
High-yield savings offer zero risk
Despite the variable interest rate, it's still much safer to store your money in a savings account than investing in the stock market. Experts generally advise not relying on market returns — especially when it comes to building up an emergency fund.
With Bank5 Connect, real help is just a phone call, chat message or email away. And as a Depositors Insurance Fund (DIF) member bank, we give our customers the assurance of 100% deposit insurance, meaning all Bank5 Connect customer deposits are insured in full, above FDIC limits.
Certificate of deposit: usually has the highest interest rate among savings accounts and the most limited access to funds.
Is your money stuck in an online savings account? No. Just like a traditional savings account, your money is accessible to you when you need it. With just a few clicks, you can move money in and out of your savings and into another account.
Online transfers between your physical checking account and your online savings account take a few days. So if you need money immediately, you may be out of luck. You can't withdraw money from an ATM or at a physical branch unlike accounts held at brick and mortar banks.
In short, MMAs might be a better option, depending on the rate, if the goal is to park some cash for a short period, or if you don't want to actively manage your savings. MMAs provide access to your money when you need it, pay a higher rate than savings accounts while requiring a minimum amount of effort on your part.
“We may see small gains in high-yield savings account yields in 2022,” Ken Tumin, founder of DepositAccounts.com, said. “Widespread gains are unlikely until at least 2024. Any gains will require a strong and steady economic recovery.”
Here are four ways you may be able to insure more than $250,000 in deposits:
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