Quantcast
Tempura/Getty Images

These High-Yield Saving Accounts Offer More Bang For Your Buck

Let us upgrade you.

Finance

Want to learn how to get the most out of your savings? Upgrade your life and your finances by opening a high-yield savings account. According to the FDIC, the average national interest rate on savings accounts is presently 0.04%. This national average includes savings account holders with average to larger account balances. Before the Great Recession, local banks offered rates that were larger than 3%, but that is not the current reality.

These days you're more likely to find a better interest rate for your savings accounts at an online bank, plus these banks usually provide higher interest rates independent of your account balances. Below is a list of 7 online banks that offer some of the highest interest rates and benefits around.

1.Varo

varo-bank-savings

Varo

Varo helps you to save money effortlessly and boasts an insanely high APY of up to 3%, which is higher than the majority of high-yield savings accounts. You don't even need a minimum balance to open an account and there aren't any fees. It's hard to beat Varo's benefits.

Initially, a savings account holder earns 0.2% APY, but that number can quickly rise to a 3% APY when at least five qualifying purchases are made using the Varo Bank Visa Debit Card and account holders receive total direct deposits of $1,000 or more. The only catch is your account balance can not exceed $5,000 for the entire calendar month.

2.Consumers Credit Union

Consumers Credit Union's (CCU) high-yield savings account or "Smart Saver" account gives you the potential to earn 1.50% APY, as long as you have a CCU checking account. But, you're required to deposit a $500 minimum into your CCU checking account every month. If you don't want to be bothered with the checking account, you can still open a CCU checking account and earn 0.25% APY.

Unfortunately, there are a few fees and requirements for their high-yield savings account. The Smart Saver account requires a minimum deposit of $50 and a maximum deposit of $1,000 into your savings account monthly. The fees to become a Consumers Credit Union member and open accounts through their credit union is an extremely low fee of $5 per member.

3.SmartyPig

smartypig-savings

SmartyPig

SmartyPig by Sallie Mae is a free-of-charge piggy bank that helps you to save for financial goals, like retirement, vacays, or holiday gifts. SmartyPig offers great APY rates, so you can crush your savings goals quicker. Earn up to 0.70% APY if you have under $10,000 in your savings account, and 0.45% APY if you have over $10,000 in your account.

The best part is that there are no fees to join, no fees to save, no fees to withdraw, no minimum fee and you can open multiple savings accounts for specific savings goals!

4.Nationwide by Axos Bank

Nationwide by Axos Bank provides a 0.70% APY when you have a "My Savings" account and a checking account through their bank. But, if you don't have a checking account through them, you can still benefit from a 0.40% APY on your savings account.

Fortunately, with Nationwide, you don't have to worry about any pesky fees because the online bank doesn't have any monthly maintenance fees, nor a minimum balance requirement after the initial $100 deposit.

5.Ally Bank

ally-bank-savings

Ally Bank

Ally Bank allows you to divvy up your savings to reach separate financial goals, without the hassle of multiple bank accounts. Also, they offer a 0.50% APY when you have at least $5,000 deposited. Assign portions of your savings for up to 10 savings buckets in your online accounts, while still earning interest on your total balance. Ally Bank makes it easy to save by offering automatic recurring transfers from your checking into your savings account.

Even though Ally Bank provides incredible features, it still offers zero dollars in monthly maintenance fees and doesn't require a minimum opening deposit. Although, it's good to note that you can only make 6 transactions a month before you're charged $10 per transaction.

6.Synchrony Bank

Save for tomorrow with Synchrony Bank's high yield savings account that offers 0.40% APY. They provide convenient withdrawals because they're a bank that never closes, so you can bank anywhere and anytime.

Head over to their website where they have a free calculator that will calculate your high-yield savings earning potential in comparison to other major banks. Synchrony Bank has no minimum balance requirement and no withdrawal fees. If you need to withdraw from an out-of-network ATM, they'll even refund you up to $5.

7.Vio Bank

vio-bank-savings

Vio Bank

Vio Bank currently provides high yield savings accounts with a strong 0.57% APY, but they claim to adjust this to stay competitive. To open a saving account, there is a $100 minimum initial deposit. If you need access to your account frequently, this may not be the account for you, since you're only allowed six withdrawals every month before you're charged $10 for each withdrawal. But, if you're looking for an account with no monthly fee, then Vio Bank could be your perfect match.

Online savings accounts offer higher interest rates to increase your savings, but they lack physical branches. Keep in mind banks that aren't online do not offer rates that can keep up with inflation as online savings accounts can. It's up to you to determine if the trade-off is worth it.

Are you a member of our insiders squad? Join us in the xoTribe Members Community today!

Featured image by Tempura/Getty Images

When I was ten, my Sunday school teacher put on a brief performance in class that included some of the boys standing in front of the classroom while she stood in front of them holding a heart shaped box of chocolate. One by one, she tells each boy to come and bite a piece of candy and then place the remainder back into the box. After the last boy, she gave the box of now mangled chocolate over to the other Sunday school teacher — who happened to be her real husband — who made a comically puzzled face. She told us that the lesson to be gleaned from this was that if you give your heart away to too many people, once you find “the one,” that your heart would be too damaged. The lesson wasn’t explicitly about sex but the implication was clearly present.

That memory came back to me after a flier went viral last week, advertising an abstinence event titled The Close Your Legs Tour with the specific target demo of teen girls came across my Twitter timeline. The event was met with derision online. Writer, artist, and professor Ashon Crawley said: “We have to refuse shame. it is not yours to hold. legs open or not.” Writer and theologian Candice Marie Benbow said on her Twitter: “Any event where 12-17-year-old girls are being told to ‘keep their legs closed’ is a space where purity culture is being reinforced.”

“Purity culture,” as Benbow referenced, is a culture that teaches primarily girls and women that their value is to be found in their ability to stay chaste and “pure”–as in, non-sexual–for both God and their future husbands.

I grew up in an explicitly evangelical house and church, where I was taught virginity was the best gift a girl can hold on to until she got married. I fortunately never wore a purity ring or had a ceremony where I promised my father I wouldn’t have pre-marital sex. I certainly never even thought of having my hymen examined and the certificate handed over to my father on my wedding day as “proof” that I kept my promise. But the culture was always present. A few years after that chocolate-flavored indoctrination, I was introduced to the fabled car anecdote. “Boys don’t like girls who have been test-driven,” as it goes.

And I believed it for a long time. That to be loved and to be desired by men, it was only right for me to deny myself my own basic human desires, in the hopes of one day meeting a man that would fill all of my fantasies — romantically and sexually. Even if it meant denying my queerness, or even if it meant ignoring how being the only Black and fat girl in a predominantly white Christian space often had me watch all the white girls have their first boyfriends while I didn’t. Something they don’t tell you about purity culture – and that it took me years to learn and unlearn myself – is that there are bodies that are deemed inherently sinful and vulgar. That purity is about the desire to see girls and women shrink themselves, make themselves meek for men.

Purity culture isn’t unlike rape culture which tells young girls in so many ways that their worth can only be found through their bodies. Whether it be through promiscuity or chastity, young girls are instructed on what to do with their bodies before they’ve had time to figure themselves out, separate from a patriarchal lens. That their needs are secondary to that of the men and boys in their lives.

It took me a while —after leaving the church and unlearning the toxic ideals around purity culture rooted in anti-Blackness, fatphobia, heteropatriarchy, and queerphobia — to embrace my body, my sexuality, and my queerness as something that was not only not sinful or dirty, but actually in line with the vision God has over my life. Our bodies don't stop being our temples depending on who we do or who we don’t let in, and our worth isn’t dependent on the width of our legs at any given point.

Let’s make things inbox official! Sign up for the xoNecole newsletter for daily love, wellness, career, and exclusive content delivered straight to your inbox.

Featured image by Getty Images

The daily empowerment fix you need.
Make things inbox official.

Jamie Foxx and his daughter Corinne Foxx are one of Hollywood’s best father-daughter duos. They’ve teamed up together on several projects including Foxx’s game show Beat Shazam where they both serve as executive producers and often frequent red carpets together. Corinne even followed in her father’s footsteps by taking his professional last name and venturing into acting starring in 47 Meters Down: Uncaged and Live in Front of a Studio Audience: All in the Family and Good Times as Thelma.

Keep reading...Show less

TW: This article may contain mentions of suicide and self-harm.

In early 2022, the world felt like it slowed down a bit as people digested the shocking news of beauty pageant queen Cheslie Kryst, who died by suicide. When you scroll through her Instagram, the photos she had posted only weeks before her death were images of her smiling, looking happy, and being carefree. You can see photos of her working, being in front of the camera, and doing what I imagine was her norm. These pictures and videos, however, began to spark a conversation among Black women who knew too well that feeling like you're carrying the world on your shoulders and forcing yourself to smile through it all to hide the pain.

Keep reading...Show less

Ironically enough—considering the way the word begins—the love-hate relationship that we have with menstruation is comparable to the way in which we navigate the world of men. It’s very much “can’t live with it, can’t live without it” vibes when it comes to women and their cycles. But the older I get, the more I learn to hate that time of the month a little less. A lot of my learning to embrace my period has come with learning the fun, interesting, and “witchy” stuff while discovering more natural, in-tune ways of minimizing the pain in my ass (those cramps know no bounds) amongst other places.

Keep reading...Show less

SZA is no stranger to discussing her mental health struggles and her experiences with anxiety. In 2021, the “Good Days” singer tweeted about having “debilitating anxiety” that causes her to shield away from the public. Unfortunately, she still has those same struggles today and opened up about it during Community Voices 100th episode for Mental Health Awareness Month. While SZA enjoys making music, she’s not a fan of the spotlight, which may be surprising to many.

Keep reading...Show less
Exclusive Interviews
Latest Posts