Additional Piece: Maximizing Your Savings with High-Yield Accounts
Summary:
High-yield savings accounts have become increasingly popular among savers seeking to maximize their savings. In this article, we will explore different banks and their respective interest rates for balances over $5,000, highlighting the importance of monitoring rates to ensure optimal returns.
UFB Bank:
UFB Bank offers an annual percentage yield (APY) of 4.85% for balances over $5,000, making it an attractive option for savers looking to grow their money. To be eligible for this rate, the daily balance must be maintained at $5,000 or more. However, if the balance falls below this threshold, the APY drops significantly to 0.25%.
CIT Bank:
The Platinum Savings account by CIT Bank offers a similar APY structure to UFB Bank. Savers with balances over $5,000 can earn a competitive 4.85% APY, while those with balances below $5,000 receive a lower rate of 0.25%. This account is an excellent choice for individuals with larger savings balances who want to take advantage of higher interest rates.
SoFi:
SoFi’s high-yield savings account offers up to 4.30% APY for members with direct deposits. This account is advantageous as it does not require a minimum direct deposit amount to access the maximum APY. Non-direct deposit members still enjoy a respectable 1.20% APY on all account balances. SoFi’s rates are subject to change, so it is essential to stay informed to take advantage of any potential rate increases.
Key Takeaways:
1. Balances over $5,000 in high-yield savings accounts generally offer higher interest rates.
2. Monitoring rates and switching to new accounts with higher rates is crucial to maximizing savings.
3. Different banks offer varying rates and terms, making it essential to compare options before opening an account.
4. Consider your savings goals and account requirements when selecting a high-yield savings account.
5. Take advantage of direct deposit options if available to access higher interest rates.
In conclusion, high-yield savings accounts provide an opportunity for individuals to grow their savings more effectively. By monitoring rates and taking advantage of new account offerings, savers can ensure they are maximizing their returns. It is crucial to consider the minimum balance requirements, APY rates, and any additional account features when selecting a high-yield savings account. Start saving today and make the most of your money with the right account.
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4.85% for balances over $5,000; otherwise, 0.25%
Rate information
If an account’s daily balance is $5,000 or more, the APY for the entire balance is 4.85%. However, if the daily balance falls below $5,000, the APY drops to 0.25%. The daily balance is measured at the end of each day.
$100 to open an account, $5,000 for maximum APY
4.81%
Rate information
To ensure you continue to get the highest rate on UFB, you’ll need to keep an eye on their rates. From time to time, the bank launches new accounts with higher rates. Existing accounts should contact their bank to request to be moved to one of these new accounts.
$0
4.60%
Rate information
CIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 4.85% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.
$100
4.25%
$0
4.25%
$100
up to 4.30%
Rate information
SoFi direct deposit members can earn up to 4.30% annual percentage return (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.30% APY for savings. Non-Direct Deposit members will earn 1.20% APY on all account balances in Checks and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 06/09/2023. Further information is available at http://www.sofi.com/legal/banking-rate-sheet
$1
4.00%
$0
4.00%
$1
4.00%
$0
https://www.fool.com/the-ascent/banks/the-highest-savings-account-interest-rates-today-june-15-2023/
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