High yield savings accounts are back. Rates have been rising, as the Fed continues its fight against inflation. Mortgage rates have risen. If you have credit card debt or have tried to finance a car, then you will have noticed rising rates and possibly higher payments. But it’s not all bad news.
If you are holding cash, then now is a good time to put it to work for you. Rates on cash have been nonexistent for years. Thankfully, those days are finally over, and savers can earn a decent return on their cash. Here are a few places where you can earn a high savings rate.
SoFi
SoFi is offering up to 3.75% on their online savings accounts. You can also score a $250 bonus for signing up for direct deposit and making a required amount of transactions. There are no account fees, free overdraft coverage, and cash back on certain purchases. Click the link to learn more.
Barclays
Barclays is offering up to 3.40% on their online account. There are no fees, no minimum balance, and various online tools available to help you budget and save.
Discover
Discover is offering 3.30% and either a $150 or $200 bonus if you deposit a certain amount of money within 30 days of opening an account.
Upgrade
Upgrade is offering 4.13% on $1000 or more. There are no fees, and you can do online transfers between other banks in the same business day.
UFB
UFB has a 4.11% savings rate with no minimum balances and no fees.
Make Your Money Work for You
High yield savings accounts are back. Earning over 4% on cash is once again a reality due to rising rates. The proceeding is just a sampling, as there are countless more places to put cash. Just be sure to do your research. Make sure the company you are considering is reputable, their website is secure, and your money will be FDIC insured.
If you don’t mind tying up some of your money, then you can earn even more with a CD. Rates on CDs are pushing towards 5%, and they will probably go higher. Now is a good time to be a saver.
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Writer and Investor. Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
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