Opening the account will also be significantly streamlined since the bank already has you verified in its system. You'll enjoy the convenience of one online login for both your checking and savings accounts as well as instantaneous transfers between the two accounts. If you're lucky enough to find that the savings rate at your existing bank or credit union competes nicely among the country's best rates, then by all means log in to your institution's website and open a new savings account there. Choose the Institution That's Best for YouĪfter you've identified the rates you can find from the top-paying savings account institutions, it's time to make the right choice for you.
If you have a strong preference for a brick-and-mortar institution, your best bet for finding the top available local rate is to call around or research online among the banks and credit unions that operate branches in your community.Ģ. Consequently, they often pay the most competitive deposit rates in the country. This is because internet-only banks don't carry the overhead costs of building, operating, and staffing physical branches and can draw from customers nationwide. You may notice that many of the top rates are offered by online banks. Every week, our experts scour the rates of hundreds of banks and credit unions to rank which accounts are paying the highest APY right now. Investopedia makes this easy for you with our constantly updated guide to the top national high-yield savings account rates. The next step is to assess the marketplace for how much the best high-yield savings accounts currently pay. With this information in hand, you can comparison shop to find out how much more you might be able to earn on your savings elsewhere. So the smartest first step is always to check what you can earn on a savings account at your existing bank or credit union. That said, you may already bank at a top-paying institution. If you're looking to outpace inflation with your savings, moving to a high-yield savings account that is separate from your primary bank might be necessary. But with the advent of the internet, hundreds of bank and credit union options are now accessible. In fact, it might even be laughable for how insignificant it is. If you hold your checking account at a major brick-and-mortar bank, odds are high that the savings account rate it pays is not especially competitive.
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