Today, maximizing cash savings is a priority for American individuals. High-interest savings accounts and cash management-induced investment platforms are rising in popularity. High-interest accounts offer excellent annual percentage yields, making them a popular choice for individuals who want to grow their money at negligible risk. Putting money into a high-interest account allows you to no longer worry about making a return on your money. Many of these options allow you to continue to earn a high interest regardless of whether the fed cuts rates or the market changes.

Let’s have a look at various top-performing, high-interest accounts that individuals can consider for maximizing their returns:

Public Bond Account

Public is a solid financial platform, particularly for individuals who wants to invest in stocks, cryptocurrencies etc. It’s also an excellent option for individuals to park their idle cash while waiting to invest their money. A Bond Account on Public outshines the most high-interest savings accounts in the country with its high APY of 6.6% regardless if the fed cuts rates. All that is required is a minimum $1000. The online social investing community on Public.com is another great feature where the accountholders can follow other investors and their investing mechanisms. This, in turn, helps them combine their cash holdings with active investment options. 

CIT Bank Platinum Savings

CIT Bank’s Platinum Savings Account was named the Best High-Yield Savings Account for 2024 by The Ascent for its top-of-market APY of 4.70%. With the provision of instantly opening the account with a minimum deposit of $100, CIT Bank provides swift services and sweet returns in the form of CIT Bank Platinum Savings. It offers a rate of 4.70% APY on account balances of $5,000 or more. With Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000 per depositor, this pure savings account is a favorite among individuals who want to maximize their returns on cash and do not want to spend monthly fees for it.

SoFi Checking and Savings

A one-of-its-kind combination of checking and savings accounts with an APY of up to 4.50% and a welcome offer of earning $300 with direct deposit gives SoFI checking and savings accounts a hotspot in the list of best high-yield savings accounts. To earn the respective APY through this HYSA account, one needs to set up a direct deposit in any amount or make a minimum deposit of $5,000 monthly. Otherwise, the accountholder would earn 1.2% APY on the savings balance, which is still above the national average but much lower than what HYSA can yield. What sets SoFi Checking and Savings accounts apart from other HYSA accounts is that they combine both checking and savings, and the money one keeps in the checking portion would yield 0.50% APY irrespective of the deposit amount. With no minimum account opening balance, nil monthly maintenance fees, no-fee overdraft coverage, and up to $2M of additional FDIC insurance by collaboration through participating banks, this one provides an all-in-one financial solution. 

Ivy Bank High Yield Savings Account

Ivy Bank HYSA provides an over-the-top APY of 5.30%, which is approximately 11 times the national average savings account rate, and it is one of the highest APYs when it comes to offering by digital banks. Every American is eligible to hold an account at Ivy Bank except residents of California state. The minimum opening balance is $2,500, and the same amount needs to be maintained to keep earning the APY of 5.3%. If the minimum balance criteria are unmet, the rate would fall to 0.05%. As soon as somebody opens a savings account with Ivy Bank, they get access to a wide range of financial services and tools, out of which Money Management Tool is the most sophisticated one that helps the accountholder to gain deep and powerful insights into their financial picture. While the rate Ivy Bank offers is attractive, there are restrictions when it comes to withdrawals and transfers, as this account allows only up to six transfers or withdrawals per month.

UFB Portfolio Savings

As the home website rightly mentions, “4.83% APY* Means Making the Most of Your Money.” this account is one such HYSA, which is best for the ones who want easy access to the cash in their savings account as this account has no limits or restrictions on the number of transfers one can make every month. Moreover, suppose an individual has checking account requirements as well. In that case, UFB Direct is the best place as its bundled account feature, i.e., opening a Portfolio Savings Account with a Freedom Checking Account, multiplies the benefit as it boosts savings APY by up to 0.20% subject to certain conditions, along with earning an APY of 2% for checking account. Moreover, interest is compounded daily and credited monthly; every penny deposited into the account adds to a greater yield. 

While those mentioned above are the top 5 picks for High Yield Savings Accounts, there are certain others worth mentioning:

• Lending Club LevelUp Savings Account – up to 5.30% APY
• Bask Interest Savings Account – 5.10% APY
• Brio Direct High Yield Savings Account – 5.15% APY

While the core reason behind choosing a high-interest savings account is the high APY that it provides, one should always consider other factors, such as minimum account opening balance, balance maintenance requirements, transaction fees, and above all, their requirements from that particular account, to choose the best among the list of readily available pool of High Yield Savings Accounts providing bundled benefits to its accountholders and helping in cash management and maximizing the returns. 

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