Top 5 High-Yield Savings Accounts

Putting away some of your hard-earned cash in a savings account is a wise financial decision, but many traditional accounts offer few opportunities for growth. Due to inflation, people who rely on basic low-interest accounts can lose money from saving each year. Fortunately, you can completely offset the losses from inflation by storing your funds in a high-yield savings account.
 

What Is a High-Yield Savings Account?

A high-yield savings account is similar to the basic savings accounts offered by all banks. Unlike the abysmally low rates offered for traditional savings accounts, however, high-yield accounts offer interest rates that are above 1 percent. 

Like funds deposited in traditional savings accounts, savings in a high-yield account are not invested in stocks or bonds. In short, a high-yield account is a low-risk place to watch your money grow.

These accounts do not offer the large growth opportunities of a well-diversified mutual fund, but high-yield savers benefit from security and accessibility. Your savings can also be retrieved quickly via checking services and wire transfers. 

In general, withdrawing funds from a savings account is much quicker than liquidating stocks and bonds. This feature makes a high-yield savings account a perfect place to store funds used to pay off student loans and other regularly occurring bills.

Here are some of the best high-yield savings accounts available in 2019:
 

Brio Direct

With 2.46 percent APY, Brio Direct is an excellent option for savers who want to avoid losing money to inflation. This account does not have any maintenance fees. It is also insured by the FDIC. You must have an account balance of at least $25 to earn interest. A Brio Direct account with $25,000 earns $615 per year.
 

Betterment Everyday

The Betterment Everyday high-yield savings account is a viable option for a variety of financial situations. Betterment Everyday does not have a minimum balance requirement and Betterment savers also avoid pesky maintenance fees. 

This account currently offers a promotional 2.44 percent APY. However, you must also enroll in Betterment Everyday Checking to qualify for the offer. You can expect to earn $610 per year from an account storing $25,000.
 

Vio Bank

Vio Bank offers an unusually high APY of 2.52 percent. Vio Bank does not have maintenance fees. However, you will be forced to pay a monthly fee of $5 if your account is dormant for 12 months or longer. Vio Bank requires a balance of at least $100 and will earn you $637 per year from $25,000.
 

MySavingsDirect

MySavingsDirect offers 2.40 percent APY. With MySavingsDirect, you don’t have to worry about maintenance fees or balance requirements. However, MySavingsDirect does not offer ATM’s or checking services - you will need to rely on account transfers to withdraw funds. Savers can earn $600 per year from $25,000 stored in a MySavingsDirect account.
 

Citi Accelerate

CitiBank's account offers an APY of 2.21 percent. Citibank does not have balance requirements, but savers with a balance of less than $500 must pay a maintenance fee of $4.50 per month. Expect to earn about $553 from $25,000.
 

The Bottom Line

High-yield savings accounts are safe options to earn cash while preparing for the future. The accounts presented here have a diverse spread of rates, minimum balances, and perks, so you will easily find an account that is suitable for your financial situation.