The 5 Best High-Yield Savings Accounts For Growing Your Money

By growing money with the help of a high-yield savings account, you’ll be able to reach your goals a lot faster, and we at Southwest Title Loans are here to help you find the option that would work best for you.

Below, you will discover a list of the best savings accounts that will reward you with a high-interest rate. We will also discuss whether or not withdrawing funds from your account would make sense in case of an emergency.

The 5 Best High-Yield Savings Accounts For Growing Your Money

According to the Federal Deposit Insurance Corporation, the national average annual percentage yield is just over 0.4%. Unlike traditional savings accounts, high-yield ones reward you with a much higher interest rate that is often more than 10 times higher than the national average!

Here is our list of the best high-yield savings accounts out there that offer not only an over 5% APY but are also FDIC-insured and have minimum balance requirements and monthly fees.

1. Popular Direct High-Rise Savings Account (5.35% APY)

Popular Direct is an online bank that is known for offering highly competitive rates on its savings account. It earns one of the highest APYs available nationwide. Furthermore, there is no monthly service fee. 

However, the account requires a $100 minimum deposit. You also would not receive a physical ATM card with the savings account, so you would have to make an external transfer every time you’d like to access your funds.

2. TAB Bank High-Yield Savings Account (5.27% APY)

Transportation Alliance Bank, or TAB, is mostly an online bank. It pays the same yield on any balance and does not require a minimum opening deposit. You also wouldn’t have to pay any monthly maintenance fees.

Though TAB has only one physical location, you would most likely be able to get all the necessary manipulations done through the bank’s highly-rated mobile application which is incredibly convenient to use.

3. UFB Secure Savings Account (5.25% APY)

Unlike a lot of other online banks, UFB Direct offers ATM access and a 24/7 customer support line. There are two main high-yield savings accounts for you to choose from. Many prefer the UFB Secure Savings account as the UFB Secure Money Market account has a $10 monthly fee for those who do not keep over $5,000 in their account.

4. Western Alliance Bank Savings Account (5.20% APY)

Western Alliance Bank is the largest bank in Arizona and one of the best in the country. It requires only a $1 minimum deposit to open a savings account and charges no monthly maintenance fees. Bear in mind that the bank does not offer ATM access and all the accounts are opened on Raisin.com.

5. Bask Interest Savings Account (5.10% APY)

Bask Bank is a division of Texas Capital Bank that is known for its high-yield savings account and unique Bask Mileage Savings account. The latter allows you to earn American Airlines miles. When it comes to the Interest Savings account, it doesn’t have a minimum opening deposit, but you would be required to fund the account within 2 weeks of opening it.

Should You Withdraw Funds From Your Account In Case Of An Emergency?

Though a high-yield savings account can be used to build an emergency fund relatively quickly, withdrawing funds from your account can incur additional fees and penalties. These fees can easily ‘eat up’ all the interest that you have already earned or even more. That’s exactly why plenty of individuals choose to go for a loan in case of an emergency, instead of withdrawing funds from their savings account.

Benefits Of Using A Loan To Cover An Urgent Expense

With loans offered by Southwest Title Loans, you’d be able to take advantage of the following benefits:

• You might get approved for a loan in just 30 minutes.
• You can get the process started from your home by filling out an inquiry form or calling us directly.
• For most loan amounts, we are ready to consider any credit situation.

We offer different loans and our friendly representatives are committed to helping you find the option that would work best for you. If you don’t own your car outright and you can’t opt for a title loan, you can take out a registration loan.

Get Started Right Now!

Growing money has never been this easy! Simply open a high-yield savings account, and enjoy the high interest rate. The only problem with savings accounts is that getting your hands on your cash in an emergency might become challenging as, in a lot of cases, you would be charged a hefty withdrawal fee.

With a loan offered by Southwest Title Loans, you might be able to get the much-needed money the same or the following bank day without depleting your savings account. Fill out our quick inquiry form right now, and one of our helpful representatives will soon call you back to tell you more about the loan process.

Note:The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.