CIT Bank is an online-only institution, which means you can easily access your account via your phone, computer or tablet. The CIT mobile app provides another way for users to check in on their accounts. CIT also offers CDs and money market accounts, which is useful if you’re looking for other ways to save and grow your money.
Citi, or Citibank, is an over 200-year-old financial services group. It offers an Accelerate Savings account, which offers an impressive 3.40% APY on your money. Users will have to pay a monthly fee of .50 or to maintain the account, but this fee can be waived if certain criteria is met. There’s no minimum to open the account, and it’s available in most states.
Steve Gillman and Kathleen Garvin are contributors to The Penny Hoarder.
Steve Gillman and Kathleen Garvin are contributors to The Penny Hoarder.
Steve Gillman and Kathleen Garvin are contributors to The Penny Hoarder.
More Information About Marcus Savings
3.40% APY
Low or no monthly fee
$0 to open an account
More Information About Marcus Savings
Only $5 to open the account
2.30% APY
Over 85K ATMs nationwide
More Information About Marcus Savings
3.30% APY
No minimum opening deposit
Popular mobile app
APY
ATM access
ATM access
Here’s an overview of how it works:
Yes
On top of high-yield savings accounts, we found two other types of accounts that will help you bring in more money: rewards checking and debit-card-linked savings accounts.
On top of high-yield savings accounts, we found two other types of accounts that will help you bring in more money: rewards checking and debit-card-linked savings accounts.
Best for a Low Monthly Deposit Requirement
Additional banking products
Yes
What to Consider When Looking for a High-Yield Savings Account
More Information About CIT Bank Savings Builder For a full run down of fees and services, check out our complete Axos Bank review.
A required opening deposit.
A minimum required balance at all times.
A cap on how often you can move money out of the account.
Monthly maintenance fees.
Fees for going over the allotted amount of withdrawals a month.
A high interest rate — but only for X months or Y years for a certain amount of money AND if you follow all the rules. A particular rate may only be available for new account holders, too.
Citi High-Yield Savings
How to Open a High-Yield Savings Account
Amount to open account
A prepaid debit card allows you to load money onto a card without needing a bank account. It can be a helpful budgeting or learning tool (some parents get them for their kids). Others may prefer using this financial service over a traditional bank account. However, these cards typically come with their own set of rules and fees.
Our Criteria for Finding the Top High-Yield Savings Accounts for You
Yes
APY
Additional High-Interest-Earning Accounts That Can Help You Make More Money
While rising rates might not sound like a good thing — and, to be fair, it’s probably not the best news if you have a variable rate on a student loan, for example — it can be a positive sign for your savings account.
With that said, these accounts are a great way to earn more on money you don’t plan on touching for sometime — just read the fine print (and maybe brush up on your organizational skills) first.
Rewards Checking Accounts
Even though they pay higher interest rates, you usually won’t find rewards checking accounts on a typical list of the best checking accounts. They’re in a category of their own, and you can’t simply deposit your money and forget about it; these accounts require a little work and organization.
A minimum deposit of is required, and there’s a monthly maintenance fee for the account, though it can be waived. It’s easy enough to click the button to enroll in e-statements, and once you set up direct deposit for your paycheck, it’s automatic.
Again, you want to be mindful of associated fees.
Have a minimum deposit to open the account.
Keep a required minimum balance at all times.
Pay a monthly maintenance fee.
Hit a certain number of regular deposits or ACH transactions.
Make a fixed number of debit card purchases per month.
Opt into e-statements (paperless statements) or other agreements.
The 5 Best High-Yield Savings Accounts for February 2023
More Information About PenFed Premium Online Savings
You must be a new customer.
You must live in specified counties in the State of New York.
This rate is available on balances up to $15,000.
Yes
Enroll in and receive e-statements.
Have at least one direct deposit or ACH transaction.
Make at least 12 debit card purchases.
APY
We looked at accounts that offered a high APY by today’s standards — that means between the 0.50% and 1.00% interest-rate-and-up mark — and low (or no) fees. We included a variety of online-only and big-name accounts to choose from as well.
Live, worship, go to school in or be retired or active Alabama Army or Air National Guard personnel in specified counties in Alabama.
Have 25 debit transactions a month.
Monthly minimum of $500.
None
Can You Lose Money in a High-Yield Savings Account?
Savings Accounts Linked to Prepaid Debit Cards
You’ll need to meet a few requirements to qualify for these rates as well, but they’ll still give you more bang for your buck.
Best for a High Interest Rate
You have options on where to open a high-yield savings account, too. They can be found at traditional brick-and-mortar institutions, credit unions and online-only banks. In fact, the latter may offer you higher interest rates since there’s less overhead (i.e. no physical location to pay bills for, so the savings get passed on to you). The interest rate may vary depending on where you live.
First, you need to activate and load your Mango debit card.
Then, you can open a savings account with $25.
To qualify for the 6.00% APY, you’ll need signature purchases of $1,500 or more and a minimum balance of $25 at the end of the month.
Citi offers basic checking and savings accounts, CDs, home lending, IRAs and additional banking products. Regarding Accelerate Savings, it’s worth nothing that there are several accounts listed under this savings umbrella with slightly different fees and requirements. However, they all share a 3.40% APY. (Note: APY may vary depending on your location.)
Fees
You can earn up to 5.00% APY on $1,000 or less (the APY drops to 0.50% on any higher amount).
You can set up an auto-save function to transfer money every time you load your Netspend card account with funds.
You can transfer money from your savings account to your card up to six times per month.
Bonus: Many companies offer various banking products (loans, checking, etc.), too. So if you want additional services on top of a high-yield savings account, you’re in luck.
Rates can change, so look around every now and then to see the latest, highest offers.
Available at brick-and-mortar, online-only and hybrid financial institutions
Earn high interest rates on your money
Generally more accessible than other high-interest-earning accounts, like CDs
Sometimes accounts come with a debit card
Lots of traditional banks, credit unions and financial institutions offer high-yield savings accounts. And, due to a lack of overhead, online-only banks usually offer higher interest rates to customers. If you’re in a position to put money away, stay organized and follow an account’s requirements to earn a higher interest rate, a high-yield account could be a better fit for you than a traditional savings account.
There may be fees or minimum balance requirements
Typically, you can only access or move money a set number of times during a statement cycle
You might lose out on the high interest rate if you don’t abide by an account’s rules
Frequently Asked Questions (FAQ) About High-Yield Savings Accounts
Axos Bank
4 out of 5 Overall
Fees
If you prefer to bank with credit unions, PenFed’s Premium Online Savings account could be a solid choice for you. This account is federally insured up to 0K by the National Credit Union Administration, or NCUA (basically the FDIC for credit unions). You only need to get started and there are no monthly maintenance fees. PenFed also offers auto loans and credit cards.
Amount to open account
Yes
Earn More Interest on Your Accounts
Higher rates mean you have the opportunity to earn more on your funds in a savings account. And if you’re a super saver looking for bigger earning potential, you’ll want to check out a high-yield, sometimes called a high-interest, savings account.
Pro Tip
4 out of 5 Overall
Yes
4.5 out of 5 Overall <!–
–> <!–
–>
2.30% Your interest rates may fluctuate or plateau depending on the amount in your account, as well. But the maximum APY can be pretty significant, so these accounts may be worth it. 4 out of 5 Overall
You’ll need to meet additional requirements (check the website for all of them), too.