High-Yield Savings Accounts Soar: Top Options for Maximizing Your Money in 2023
Staff Editor High-Yield Savings Accounts Offer Competitive Rates Amid Rising Interest Environment
As interest rates continue to climb, savvy savers are turning their attention to high-yield savings accounts and certificates of deposit (CDs) to maximize their returns. With the current landscape offering some of the most competitive rates seen in years, experts advise consumers to closely monitor offerings from banks and credit unions to secure the best possible yields for their savings.
As of February 13, 2025, several financial institutions are offering particularly attractive rates on savings accounts. LendingClub’s LevelUp Savings Account leads the pack with a 5.15% Annual Percentage Yield (APY), closely followed by Valley National Bank’s High Yield Savings Account at 5.10% APY. Other notable offerings include Peak Bank’s Envision Savings Account and Forbright’s Growth Savings, both offering 5.05% APY.
For those looking at CDs, SkyOne Federal Credit Union is offering a compelling 5.00% APY on its 3-month CD, while Barclays provides a 5.25% APY on its 6-month Online CD. Longer-term options are also available, with Discover offering 5.30% APY on its 1-year CD and 5.35% APY on its 18-month CD.
High-interest checking accounts are also gaining popularity, with BCU PowerPlus Checking offering up to 5.00% APY and additional rewards. SoFi® Checking and Savings provides a competitive 4.50% APY, while Discover® Cashback Debit Account offers cash back on debit card purchases.
Financial experts emphasize the importance of understanding the different types of high-yield accounts available. High-yield savings accounts typically offer higher interest rates than traditional savings accounts, with the flexibility of easy access to funds. High-yield checking accounts often come with higher APYs and additional perks but may have specific requirements to earn the advertised rate.
Certificates of Deposit offer guaranteed returns over a fixed term, with penalties for early withdrawal in most cases. No-penalty CDs provide more flexibility, allowing withdrawals without fees. The choice of CD term depends on individual financial goals and liquidity needs, with options ranging from short-term 6-month CDs to long-term 5-year CDs offering varying rates and benefits.
As the interest rate environment continues to evolve, consumers are encouraged to regularly review their savings strategies and consider these high-yield options to maximize their earnings potential.
