Best 70 High Yield Interest Savings Accounts February 2024

Best 70 High Yield Interest Savings Accounts February 2024

The best 70 high yield interest bank accounts I found in February 2024 before the Fed cuts rates!

Bank interest yields are probably at their peak in offering 5%+ interest rate across money market, savings, and checking accounts.

When I last did a video about the highest yielding interest accounts in August 2023, many banks were still increasing rates.

Now banks have either plateaued with the interest rates they are offering or are reducing rates (so I’ve had to take some off of my list!).

Since the Federal Reserve has held the Fed Funds Rate to the current range of 5.25% to 5.5%, that’s encouraged banks to give consumers better interest rates. It’s good for savers in banks, but not so good for those buying homes with mortgages of 7%+.

I’ve found high yield accounts that range from as low as 4.4% to as high as 6.25% in annual percentage yield (APY). But beware of some interest rates that seem too good to be true, make sure you understand the fine print with any offering.

None of this content is sponsored nor is it advice, what I’m sharing is just for educational purposes from the research I’ve gathered from various sites like Best Cash Cow, Deposit Accounts, Raisin, and more.

What I like to look for in any high yield bank account is the least amount of fees and strings attached. Ideally I like to make sure there’s no minimums to open or maintain the account, no monthly fees, no overdraft fees, and free ATM access. I also prefer for there to be no cap on how much interest I can earn on my account balances.

With the advent of online banking and mobile banking, there’s a lot less of a need to have brick and mortar banks. But there’s always some fine print you’re going to want to pay close attention to with any bank account offering.

Another important thing you should definitely confirm with any bank or credit union you open an account with, is to make sure it’s FDIC-insured or covered by the US Government’s Federal Deposit Insurance Corporation.

This means your money is secure up to $250,000 and this helps to avoid bank runs like what we saw with the Silicon Valley Bank run in March 2023 or during the Great Depression of the 1930s.

In a way that combines exercise and banking, Fitness Bank offers 5.25% if you go for their combined savings and checking accounts linked with your fitness steps tracker.

So my list of 70 account options show how most bank and credit union accounts are offering APY rates between 4.4% to 6.25% if you meet certain criteria.

I would say the most competitive bank interest rate being offered is at least 5.1% as of February 2024.

The nice thing with some of the credit unions is you don’t have to be from their state of origin to join them. Make sure you understand all the fine print and requirements before you sign up to any of these accounts.

I evaluate some of the high yield offerings and share a minor note on Certificates of Deposit (CDs).

While inflation has significantly retreated, there’s still elevated levels of inflation above the Fed’s 2% target so we will for how long the Fed Funds Rate stays at current rates to slow down the economy and bring inflation back down.

While it’s not likely for my favorite high yield bank to offer 6%, I’m still enjoying my current savings rates until the Fed lowers their rates, which will cause the banks to lower their rates to savers someday.

Happy saving until then! 🙂

If you’re interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide.

I look forward to making more investor friends!

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