Comparing APY Rates for various Savings Accounts

Introduction

If you are looking for the best savings account to grow your money, it is essential to compare APY (Annual Percentage Yield) rates offered by different banks. In this article, we will examine the APY rates of several popular savings accounts based on their balance requirements and evaluate their features. We will also provide practical insights to help you make an informed decision when choosing a savings account. So, let’s dive in!

UFB Savings Account

APY Rates

• Balances of $5,000 or more: 5.05% APY
• Balances below $5,000: 0.25% APY

Additional Information

UFB offers a competitive APY rate of 5.05% for balances of $5,000 or more. However, if your balance falls below this threshold, the APY rate significantly drops to 0.25%. To ensure you continue to receive the highest APY rate, it is crucial to monitor UFB’s rates regularly. Occasionally, UFB launches new accounts with higher rates, so existing account holders should contact the bank to request a transfer to these new accounts.

CIT Bank Platinum Savings Account

APY Rates

• Balances of $5,000 or more: 5.05% APY
• Balances below $5,000: 0.25% APY

Additional Information

CIT Bank’s Platinum Savings Account offers a lucrative APY rate of 5.05% for balances of $5,000 or more. However, if your balance falls below $5,000, the APY rate drops to 0.25%. To open this account, a minimum deposit of $100 is required. Make sure to take advantage of the higher APY rate if you meet the balance requirement.

SoFi Savings Account

APY Rates

• Direct deposit members:
  • Savings balances: Up to 4.50% APY
  • Checking balances: 0.50% APY
• Non-direct deposit members:
  • Savings balances: Up to 1.20% APY
  • Checking balances: 0.50% APY

Additional Information

If you opt for a SoFi Savings Account, direct deposit members can earn an impressive APY rate of up to 4.50% on their savings balances. Non-direct deposit members, on the other hand, can earn up to 1.20% APY on their savings balances. There is no minimum deposit requirement for this account. To maximize your APY rate, you can make regular direct deposits or maintain a balance of $5,000 or more every 30 days. SoFi allows you to grow your savings while keeping your funds easily accessible.

Discover Savings Account

Bonus Offer

Apply for your first Discover Savings Account and enter the offer code GC623 to be eligible for a bonus. Deposit a total of at least $15,000 within 30 days of opening your account to earn a $150 bonus, or deposit at least $25,000 to earn a $200 bonus. The deposited amount must be posted to your account within the specified timeframe to qualify.

APY Rate

Discover offers an attractive APY rate of 4.30% for their Savings Account.

Additional Information

If you are a new customer or haven’t had a savings account with Discover before, you can take advantage of the bonus offer. However, please note that this offer is not valid for existing or former Discover savings customers. Make sure to open your account when you intend to avail the bonus, as it will be credited within 60 days of meeting the criteria. The bonus amount is subject to interest and will be reported on Form 1099-INT. This offer expires on 9/14/2023 and may be subject to changes or withdrawal without prior notice.

Conclusion

Choosing the right savings account requires careful consideration of various factors, including APY rates, minimum balance requirements, and any available bonus offers. By analyzing the different savings account options presented in this article, you can make an informed decision to help your money grow. Remember to regularly monitor any changes in interest rates and take advantage of new account offerings to optimize your savings. Happy saving!

Summary

If you want to grow your savings, it’s crucial to choose a savings account with a competitive APY rate. Let’s recap the APY rates and key features of the accounts mentioned above:

• UFB Savings Account:
  • 5.05% APY for balances of $5,000 or more
  • 0.25% APY for balances below $5,000
• CIT Bank Platinum Savings Account:
  • 5.05% APY for balances of $5,000 or more
  • 0.25% APY for balances below $5,000
  • $100 minimum deposit requirement
• SoFi Savings Account:
  • Direct deposit members:
    • Up to 4.50% APY on savings balances
    • 0.50% APY on checking balances
  • Non-direct deposit members:
    • Up to 1.20% APY on savings balances
    • 0.50% APY on checking balances
  • No minimum deposit requirement
• Discover Savings Account:
  • 4.30% APY
  • Bonus offer available – deposit $15,000 or more to earn $150 bonus, or $25,000 or more to earn $200 bonus (terms and conditions apply)

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APY of 5.05% for balances of $5,000 or more

Evaluation information

Circle with the letter I in it.

APY of 5.05% for balances of $5,000 or more; otherwise, 0.25% APY

$100 to open an account, $5,000 for maximum APY

5.25%

Evaluation information

Circle with the letter I in it.

To ensure you continue to get the highest rate on UFB, you’ll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts should contact their bank to request a transfer to one of these new accounts.

$0

5.25%

$1

4.65%

Evaluation information

Circle with the letter I in it.

CIT Bank also offers the Platinum Savings Account. Savers with $5,000 or more can get a 5.05% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.

$100 to open the account

4.50%

$0

4.50%

$100

up to 4.50% APY with direct deposit

Evaluation information

Circle with the letter I in it.

SoFi direct deposit members can earn up to 4.50% annual percentage return (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.50% APY for savings. Non-Direct Deposit members will earn up to 1.20% annual percentage return (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 02/08/2023. There is no minimum balance requirement. Further information is available at http://www.sofi.com/legal/banking-rate-sheet. You can earn the maximum APY by making direct deposits to checks or savings, or by depositing $5,000 or more every 30 days. Learn more at https://support.sofi.com/hc/en-us/articles/4423866727949.

$1

4.35%

$0

4.25%

Evaluation information

Circle with the letter I in it.

4.25% as of August 18, 2023

$1

	Bonus offer details from Discover: “To get your $150 or $200 bonus: What to do: Apply for your first Discover Savings Account Online, online, in the Discover app or by phone. Enter offer code GC623 at Deposit a total of at least $15,000 to your account to earn a $150 bonus or deposit a total of at least $25,000 to earn a $200 bonus. Deposit must be posted to your account within 30 days of the date account opening.Maximum bonus eligibility is $200. What to know: Offer not valid for existing or former Discover savings customers or existing or former customers with co-branded savings accounts or affinity accounts provided by Discover. Eligibility is based on the primary account owner. The account must be opened when the bonus is credited. The bonus will be credited to your account within 60 days of qualifying your account for the bonus. The bonus is subject to interest and is subject to reporting on Form 1099-INT. Offer ends 9/14/2023, 11:59 PM ET. Offer may be changed or withdrawn without notice.”	4.30%	$0
Bonus offer details from Discover: “To get your $150 or $200 bonus: What to do: Apply for your first Discover Savings Account Online, online, in the Discover app or by phone. Enter offer code GC623 at Deposit a total of at least $15,000 to your account to earn a $150 bonus or deposit a total of at least $25,000 to earn a $200 bonus. Deposit must be posted to your account within 30 days of the date account opening.Maximum bonus eligibility is $200. What to know: Offer not valid for existing or former Discover savings customers or existing or former customers with co-branded savings accounts or affinity accounts provided by Discover. Eligibility is based on the primary account owner. The account must be opened when the bonus is credited. The bonus will be credited to your account within 60 days of qualifying your account for the bonus. The bonus is subject to interest and is subject to reporting on Form 1099-INT. Offer ends 9/14/2023, 11:59 PM ET. Offer may be changed or withdrawn without notice.”

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