Banking
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FAQs
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A bank is an institution where anyone (approved by the bank) can deposit savings and take out loans. Banks are often seen as a convenient and secure way to store money, and some account types also earn interest. Most banks have both online and in-person services.
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An online bank is a financial institution that takes deposits and makes loans online, without any physical branches.
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A credit union is a nonprofit financial institution that exists to serve its members. Unlike banks, credit unions are owned and operated by their members, with a focus on providing affordable financial products and services.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.25%
Rate info
4.25% annual percentage yield as of July 13, 2024
Min. to earn: $1
|
N/A
|
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.50%
Min. to earn: $0.01
|
N/A
|
Keep learning about banking
Recent Articles
View All Articles
July 13, 2024 | By Devon Delfino
2 Times a Regular Savings Account Might Be a Better Option Than a HYSA -- Despite the Low APY
Depending on your circumstances, you may not qualify for a HYSA. Learn more about when a traditional savings account may be a better option.
July 13, 2024 | By Ben Gran
Why You Shouldn't Feel FOMO About Opening a CD at 5% APY
If the Fed cuts interest rates soon, should you open a CD right now? See why staying the course with the best savings accounts could be a better choice.
July 13, 2024 | By Devon Delfino
Got a CD Maturing Soon? Here Are 3 Things You Should Know
You have three options for handling a mature CD: Do nothing, shop around for another CD, or take the money. Read on to learn when to use each option.
July 12, 2024 | By Kailey Hagen
You Only Have a Few Weeks Left to Claim This Bank Account Bonus Worth up to $500
A bank account bonus can be a great incentive to switch to a new bank. Here's one valuable offer that's expiring soon.
July 12, 2024 | By Kailey Hagen
Axos Bank Is Paying New Checking Account Customers up to $500 Until July 31. Here's How to Claim Your Bonus
The Axos Rewards Checking account is offering a lucrative bonus to new checking account customers. Here's how to get it.
July 12, 2024 | By Steven Porrello
5 Outrageously Simple Ways to Make an Extra $650 Before the End of the Year
Want to boost your savings by $650? These five tips can put that much (and more) in your pocket before the end of the year.
July 12, 2024 | By Matt Frankel, CFP®
Should You Keep Your Retirement Savings in a CD?
A CD can be a smart retirement investment in some cases. Here's what to keep in mind.
July 12, 2024 | By Lyle Daly
This Is How Much Money You Can Make With $3,000 in a CD Ladder
A CD ladder is a strategy to earn a competitive interest rate on your savings. Discover how much you could make if you invested $3,000 this way.
July 11, 2024 | By Emma Newbery
This Savings Account Pays Over 6% APY. Is It Too Good to Be True?
Some super savings accounts promise super high APYs on your first $1,000. Find out why that only makes sense for some savers.
July 11, 2024 | By Dana George
Have $700,000 to Spend in Retirement? Here's What You Can Budget per Year
While $700,000 in retirement may seem like a small fortune, it can only take you so far. Here's how much you can expect to spend each year.
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