![]() Others may offer a competitive rate for a limited time - as a teaser rate. Some accounts advertising great rates have a tiered-balance structure and only apply the highest rate available to a limited balance. When searching for a savings account promising ultra-competitive rates, make sure to read the fine print. However, we like that Varo offers more wiggle room to grow your stash with automatic round-ups to move your change from deposits and transactions to your savings. While Varo presents a tempting APY for those with lower balances, once your account balance exceeds $5,000, you’ll drop down to the lower APY. You’ll also need to end each month with a positive balance in both your Varo Bank and Savings account. To qualify for any interest at all, you’ll need to have $1,000 in direct deposits every month. Amounts above $5,000 will earn 3.00% APY. Savings accounts that maintain a maximum daily balance of $5,000 for the entire monthly billing cycle earn 5.00% APY. Varo Bank is the second bank on our list with a tiered savings rate that benefits lower balances. ![]() Minimum of $1,000 in monthly direct deposits required to earn APY.Highest APY available limited to balances up to $5,000.No monthly fees, minimum deposit or balance requirements.If that’s you, compare the savings accounts earning just under 5.00% APY below. **5.00% APY applies to balances up to $5,000Ī below-average APY won’t suit those with more aggressive savings goals - like buying a new car soon or paying for college. Beyond that, your balance only earns 0.16% APY. For instance, Digital Federal Credit Union only applies a 6.17% APY to balances up to $1,000. Savings accounts with 5% APY or higherĪ 5.00% or higher APY is enticing, but an obscure bank or promotional gimmick may give you pause. We narrowed down some of the banks that are offering 5.00% (or close to it) and asked the experts for tips on finding the best savings rate. In fact, some high-yield savings accounts have annual percentage yields, or APYs, around 5.00% - the highest we’ve seen in months.Īnd since there’s no sign of the Fed lowering rates any time soon, there’s still time to take advantage of the high rates to boost your savings - whether you’re looking to grow your emergency savings or work towards a down payment on a home. Rates are going up on everything from credit cards to savings accounts. The Federal Reserve has paused its rate hikes, but banks are still raising consumer interest rates. The competition among high-yield savings accounts is getting exciting. ![]()
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