You are currently viewing 12 High-Yield Savings to open in 2020

Are you looking to save some bucks? Then you’ll want to give high-yield savings accounts a try. This form of an online savings account gives you access to some competitive interest rates. What’s more, these accounts bring the convenience of swift transfers and other transactions to the comfort of your couch.

These savings accounts are also secure and the best option for short-term savings and access to emergency funds. Because of their higher yields, you can reach your financial goals faster. Take a look at some high-interest saving accounts shaping this year;

1. Varo Account


Since its inception in 2015, this San Francisco-based online bank is your go-to option for online or over-the-phone banking services. Varo Savings account offers an APY of 1.41% on all savings accounts.

Is that all? No. The account has no minimum amount requirement and no monthly maintenance fees charged. Their enticing APY will encourage you to save even more. The account also allows transfer from Vero Account to a savings account.

2. UFB Direct

UBF Bank

UFB Direct is yet another incredible high-yield savings accounts. This product pays 1.70% – one of the industry’s best rates. With zero monthly maintenance fees and hidden charges, you get to smile as your savings grow.

The product also comes with money market accounts with impressive rates, even allowing you to write checks. UFB Direct is especially best for those with reasonable amounts looking to hit higher yields. In such a case, you’ll need to maintain a minimum balance of $10,000 for high-yield savings and $25,000 for unbelievably high money market yields.

3. Citi Bank high-savings accounts


This accessible savings account has an excellent product dubbed the Citi Accelerate Savings account, which offers one of the best rates in the market. The account yields an APY of 1.55% in select markets. The account operates on a $0 minimum for opening deposit.

However, the account attracts a monthly service fee of $4.50 if your savings account isn’t linked to a Citi checking account. The product gives you access to over 60,000 free ATMs and a mobile app from which its services are a breeze.

4. Barclays Online Savings


These high-interest saving accounts offer excellent products in the market today. With an amazing APY of 1.30%, the Barclays Online Savings account is your go-to option for higher yields. The account has no minimum balance requirement and attracts no monthly charges and hidden costs.

The savings goal tool on the Barclays account helps you reach your savings goal faster. Barclays also issues you a credit card and CDs in case you need more.

5. CIT Bank high-yield savings accounts

CIT Bank

If you’re looking for high-yield savings accounts with impressive interest rates, CIT Bank is your go-to option. The savings account has an APY of 1.30% – one of the best in the market. However, to earn this, you’ll need to make a $100 deposit or a minimum balance of $25,000. The account also requires a minimum deposit of $100 to open.

The impressive interest rates, zero maintenance fees, or other monthly charges make it an option worth considering.

6. American Express National Bank

American Express

American Express personal savings account is yet another incredible high-yield savings account. The account brings a competitive Annual Percentage yield of 1.30%. With a minimum deposit requirement of zero, it attracts many people looking to save a substantial amount.

The account also charges no monthly maintenance fees and has no minimum balance amount requirement. Further, the bank also offers 24-hour access to the banking services – just in case you’re caught up in a tight fix.

7. HSBC Direct


The HSBC Direct are products of the HSBC Bank of the USA. Products they offer are;

  • Savings account
  • Checking account
  • CDs

The HSBC Direct account offers an APY of 1.60%. It requires a minimum of $1 as the initial deposit amount, which should be new money – investments and deposits for which previous HSBC Group members are not initial owners.

The account attracts a monthly service fee of $10 on savings accounts linked to checking accounts and individuals not meeting the criteria for a waiver.

8. Popular Direct

Popular Bank

The popular Direct savings account is another high-interest saving accounts, offering a competitive rate of 1.70 APY. The account calls for an initial minimum deposit of $5000 and accounts opened via Popular Bank.

9. Betterment


Betterment, or a technology-investing platform as its popularly known, is a go-to option for those looking to maximize their savings. The product carries a yield of 0.40% APY with no required minimum balance or monthly withdrawals.

You’ll need a minimum of $10 as your initial deposit, with no monthly maintenance fees or other charges.

10. Discover Online Savings

Discover Bank

This product from Discover Bank offers one of the market’s best rates of 1.25% APY. The account has no minimum limit for the initial deposit. It attracts daily interest, with zero monthly charges and maintenance fees.

Discover banks offer credit cards, CDs, and incredible cashback debit accounts, providing cash to every purchase.

11. Citizens Access

Citizens Bank

Citizens Access is a product of Citizens Bank that comes with a savings account and Certificate of Deposits. The savings account attracts an incredible APY of 1.30%. However, you need an initial deposit of $5000 and maintain it for higher yields.

Account charges no monthly maintenance fees. Despite the absence of mobile apps, the bank still offers reliable customer support through live calls, social media, and email. You can also perform account-to-account transfers for convenience.

12. PurePoint Financial


PowerPoint Financial is an excellent saving account offering a yield of up to 1.50% APY. To open this, you’ll need a minimum deposit of $10,000 and maintain that as the minimum balance. Anything lower will drop your APY to 0.25%.

The product also offers stable rates on CDs. The savings account attracts no monthly charges. The bank doesn’t have dedicated mobile apps and has few physical locations. However, their online platform is entirely interactive.

Final Thoughts

Opening high-yield savings accounts are a way of doing justice to your hard-earned money. This way, you can watch it grow as you enjoy the market’s competitive yields. However, high-interest saving accounts may not adequately address your financial needs, especially if you make the wrong choice. Be sure to use this to make the right choice.

Wes Durham

Wes Durham is the founder of Develop Your Wealth. He has a long-running career is a mix of financial technology and education. His main goal is to help others develop good saving habits, money earning opportunities, debt balancing and wealth development.

This Post Has 4 Comments

  1. Robbie

    I’ve heard good things about the Citi Bank accounts, but I didn’t know there was a monthly fee of $4.50… still better than BOA’s fee of $10/month!

    1. Wes Durham

      It blows my mind that people would still pay the $10 monthly fee with all of the options on the market today!

  2. L. A. Franc

    HSBC Direct has been awesome so far! Just wanted to share that with anyone who may be looking into savings accounts like this.

    1. Wes Durham

      Glad to hear your experience with them is going well!

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