APY GUY: Maximize Your Savings & Earnings

Online Savings Accounts

SFGI Direct Online Savings Account – 0.56% APY!


image credit: sfgidirect.com

SFGI Direct is the online subsidiary of Summit Community Bank.

Summit Community Bank provides community banking services to residents of Kentucky, Virginia and West Virginia through its 41 branch locations.

Summit Financial Group, Inc. is the parent company that owns both Summit Community Bank and SFGI Direct. They are headquartered in Moorefield, West Virginia and hold $3.1 billion in assets.

While Summit Community Bank operates locally in the three states mentioned above, SFGI Direct allows customers nationwide to open their single product offering; an online savings account.

Their online savings account also happens to be one of the most competitive in the country currently, and can be opened with as little as $500.

SFGI Direct Online Savings Account Details + APY

As mentioned the SFGI Direct online savings account can be opened with as little as $500, but once opened will earn interest on all sums above $1.00.

Min DepositMin BalanceAPY
$500$1.000.56%

To put this yield in perspective, the current national average for a savings account sits at just 0.05% APY according to recent FDIC data. The national average on a money market account is slightly better at 0.06% APY.

The highest yielding online savings accounts still hit the 0.60% APY mark, but just barely.

Like most savings accounts, SFGI Direct’s account features a variable rate that is subject to change at any time without notice.

There are no monthly fees associated with the account.

Account Drawbacks

Although the yield is quite attractive, there are some drawbacks to SFGI Direct and their online savings account.

For starters, this is SFGI Direct’s only account. If you are looking for a checking account for easy access to cash or a fixed rate CD, then you’re out of luck. They also have zero products on the loan side.

Second, as with many online savings accounts, this account comes with no debit card or ATM access.

Depositing, withdrawing and accessing funds can only be done through electronic transfers from or to other connected bank accounts. Paper checks are not even accepted for deposits.

All transfers take up to 2 business days to complete.

How to Open the SFGI Direct Online Savings Account

To sign up, click on the open account button from their homepage.

The process should only take about 10 minutes if you have all the necessary pieces of information handy and ready to go. It’s a 2 step process that starts with verifying your personal information and going over account disclosures, followed by funding the account.

Here’s what you need to complete the process:

  • U.S. Social Security number (have your card handy if you do not know your number)
  • A valid form of identification including: Driver’s license, State ID, Military ID or Passport
  • Previous home address (if you have lived at your current home address less than two years)
  • U.S. checking or savings account to fund your new account(s). For this you will need both your account number and the institution’s routing number.

If you need to stop anywhere in the process, just keep in mind the site will time you out in 30 minutes for security purposes, so it’s best to have all the information you’ll need ready to go before you begin.

How to Contact SFGI Direct

If you have any questions in the application process or about the account in general you may contact SFGI Direct in a few ways.

You can give them a call 6 days per week at (877) 776-9722 within these working hours:

Monday – Friday: 8:00am – 6:00pm
Saturday: 8:00am – 2:00pm

You may also email them at customerservice@summitfgi.com. This is a secure email, however you should never include sensitive information such as your bank account numbers or identity information like your social security number or any tax numbers.

SFGI Direct’s physical address is:

300 North Main Street
Moorefield, WV  26836

FDIC Insurance

Another point to mention about SFGI Direct and their online savings account is that they technically share the same deposit insurance coverage through the FDIC with Summit Community Bank.

Therefore if you already have deposits held with Summit Community Bank AND are looking to open the online savings account with SFGI Direct, the $250,000 in coverage will be spread between all deposit accounts held at both of those institutions.

For example, if you currently have $50,000 in a checking account with Summit Community Bank and open the SFGI Direct online savings account, you’ll only have $200,000 in FDIC coverage left for the online savings.

Final Thoughts

If you’re in the market for a no frills online savings account with a respectable yield then CFGI Direct’s product may be a good fit for you.

You can see how the APY stacks up against other high yield online savings accounts this month.

Citi Accelerate High Yield Savings – Still 0.50% APY!


image credit: online.citi.com
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Update February 2021 APY Update: The Citi Accelerate High Yield Savings account still holds an APY of 0.50%. This is a variable rate account but the rate has remained at this level since December of last year.]

You can read prior APY updates for this account directly below to get an idea of how often the Citi Accelerate account lowers its APY.

[Update September 28, 2020: Citi lowered the rate on their Accelerate Savings account to 0.70% APY. Down from 0.90% APY. This is the first rate decrease in September.]

[Update August 24, 2020: Citi lowered the rate on their Accelerate Savings account to 0.90% APY. Down from 1.05% APY.]

[Update August 5, 2020: Citi lowered the rate on their Accelerate Savings account to 1.05% APY. Down from 1.10% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.10% APY. Down from 1.20% APY.]

[Update: Citi lowered the rate on their Accelerate Savings account to 1.20% APY from 1.35% APY.]

[Update: The Citi Accelerate High Yield Savings Account had its rate lowered to 1.35% APY. Down from 1.40% APY.]

[Update: The Citi Accelerate High Yield Saving Account lowered its rate again at the end of May from 1.55% APY to 1.40% APY.]

Some of the big retail banks are still competing for consumer deposits with better than average APYs despite an abysmal savings rate environment over the last several years. Not to mention the Fed’s commitment to keep rates near zero.

Citibank, the retail banking division of Citigroup, is one in particular that has remained competitive. Although their CD rates are currently lower than what you can find with other online banks, they still have the highest yields of all the big banks (Wells Fargo, Chase, Bank of America and US Bank).

In February of 2019 they launched a noteworthy online savings account dubbed the Citi® Accelerate High Yield Savings Account that still holds a respectable APY compared to its peers in 2020.

Today, the account comes with a standard interest of 0.49% and an APY of 0.50% on minimum monthly balances of at least $500. To put this in perspective the national average on a savings account sits at just 0.05% APY according to recent FDIC data. That said, this account is still lower than some of the top online offers which still hover slightly over 0.60% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% APY!

The Citi Accelerate High Yield Savings account is one of the highest yielding, FDIC-insured accounts available.

Setting up a Citi Accelerate Savings Account

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s five banking packages.

Below are the 6 packages to choose from. All come with the Citi Accelerate Savings Account:

  1. Citigold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citigold clients.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening.

Citibank claims that the APY you receive is determined by a multitude of factors including your physical or residential address and/or deposit amount.

That said, we ran a few search scenarios using their rate comparison widget to “compare savings rates across packages by amount” and found a consistent 0.49% interest and 0.50% APY across multiple zip codes and various deposit amounts.

The only exception to this is when searching states in which the Citi Accelerate Savings Account is not available. In these states you are offered a standard Citi Savings Account as an alternative. This account comes with a lower, but still respectable APY.

If you live in an eligible state and see a different APY for the Citi Accelerate Savings Account based on the criteria you’ve selected then please let us know about it in the comment section.

More on the APY below.

Who’s eligible for the Citi Accelerate Savings Account?

Only residents in the following states are eligible for the Citi Accelerate Savings Account:

  • Alaska
  • Arizona
  • Arkansas
  • Colorado
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Oklahoma
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Citi Accelerate Savings Account APY – 0.50%

As mentioned above, while Citibank stipulates rates and APY will vary depending on region and/or deposit amount, we don’t see that to be the case currently in any eligible state.

Below are a few examples we’ve run to give you an idea. The rates in the screenshots are slightly outdated but you can see that we get the same APY regardless of location. The same is true today with the 0.50% APY offer.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a west coast zip code and deposits under $10,000.

First, we tried a Seattle-area zip code and assumed a deposit of $10,000 or less. Our results – 0.49% standard interest rate and 0.50% APY.

Second, we tried a Detroit-area zip code and assumed a deposit between $100,000 and $499,999.99. Our results – 0.49% standard interest rate and 0.50% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming a mid-west coast zip code and deposits between $100,000 and $499,999.99.

Last, we tried a Charlotte, North Carolina zip code and assumed a deposit of $1,000,000 or more. Our results – 0.49% standard interest rate and 0.50% APY.

Screenshot of Citibank’s “Compare Saving Rates Across Packages” widget. Assuming an east coast zip code and deposits over $1,000,000.

As you can see above, regardless of location, account package types or deposit size, the Citibank Accelerate High Yield Savings Account seems to provide the lucrative 0.50% APY across all variables.

Keep in mind this is a variable rate and is subject to change at any time. Interest is compounded daily and paid out monthly.

Citi Accelerate Fees, Requirements and Account Details

If you can keep a monthly minimum balance of at least $500, then Citi will waive the $4.50 monthly service fee that comes with the account.

You’ll also want to note that there is no check writing with the Citi Accelerate Savings Account and as a customer you’re limited to six outgoing transfers or withdrawals per month (per federal regulations).

The account is FDIC-insured up to $250,000 against bank insolvency.

Accessing your Citi Accelerate Savings Account

Citibank has taken pride in building industry-leading digital banking products and tools. In 2018 Citibank was named (again) as the “World’s Best Digital Bank” by Global Finance.

Once you have your username and password, you can login anytime, anywhere to your account here – https://online.citi.com/US/login.do.

You can also download their native app(s) on IOS or the Google Play Store.

image credit: apple.com

The app has 1.6 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has ~415,000 user reviews on Google Play and holds a 4.7 star rating out of 5.

Final Thoughts

If you don’t feel burdened by linking this account to one of their five Citibank account packages, then the APY alone makes it a decent option.

At 0.50% APY it beats the current national average by a significant margin. The current average savings rate hovers around 0.06% APY nationally to put this in perspective.

Be sure to monitor your average monthly balance closely if you think it could near the $500 mark as a $4.50 monthly service fee could wipe away interest earnings and even parts of the principal.

Best High Yield Online Savings Accounts [February 2021]


If you’re in the market for a high yield savings account that can be opened online then you’ve got several options that earn a significantly better APY (annual percentage yield) than the current national average of 0.05%, according to recent FDIC data.

High yield online savings accounts are a great place to store idle cash for future investments and/or expenditures. They also make for great emergency funds.

Plus, the fact that they can be opened and managed one-hundred percent online makes them quite flexible and extremely low maintenance.

That said, you’ll want to hone in on a few variables to ensure you’re getting the best account for your specific needs. These are:

  1. 📈 APY. The first is APY. If you’re in the market for a high yield saving account, then the “high yield” part is probably important. Current rates for competitive, variable rate, online savings accounts range from 0.30 – 0.60% APY as of the time of this writing.

  2. 💸 Fees. A good online savings account should have no hidden fees or monthly maintenance fees. You should also make sure the account(s) don’t require opening additional accounts with the institution to avoid fees. The same goes for accounts that require monthly activities such as direct deposit or a certain number of transactions.

  3. 💰 Minimum Balance and/or Deposit Requirements. Depending on your individual circumstance and how much money you plan on stashing in your online savings account, you’ll want to make sure it doesn’t come with too high of an average balance requirement to earn the advertised yield. There are many great options available with zero minimum deposit and balance requirements.

  4. 💳 Access to Funds. Make sure that the account allows for withdrawing, depositing and transferring funds in the way you desire. If you plan on using wire transfers be sure to check their fee schedule to see how much these will cost you. Also, per federal regulation D, accounts are limited to just 6 fee-free transactions per month.

  5. 📊 Variable Rate Changes. Because these accounts come with variable rates, their yields can change at any time without notice. That being said, it’s a good idea to check the account’s rate change history. If the account you’re thinking of opening has frequent and/or large rate drops it could be a bait and switch rate promotion to grab new customers. Usually new account promotions tend to come with great yields, but they don’t last long. Macro-factors like the FED increasing or decreasing key rates may also contribute to rate changes, so be sure to distinguish if frequent rate changes are industry wide (likely due to macro factors) or just one or a handful of institutions and accounts.

  6. 🔒 FDIC Insurance. Make sure your funds are safe and secure with an FDIC-insured institution. The FDIC insures deposits up to $250,000 per individual, or $500,000 for joint accounts. Credit Unions are insured by the NCUA for the same applicable limits.

Methodology Used to Publish this List

The APYGUY editorial team conducts research every month into top high yield online savings accounts available on the market. On top of that, our rate tracking system monitors hundreds of bank and credit unions’ rate pages from around the country so that our team knows in near real time when rates have been changed by the institutions we follow.

Beyond rate changes, we also monitor the other five variables listed above to make sure the products we recommend are the best available options.

Online Banks and High Yields

Online banks generally operate with less overhead costs than traditional brick and mortar banks. This allows them to offer higher yields on deposit accounts.

Online banks also need a way to grab your attention and attract new customers. Since they don’t have any physical presence in local communities and neighborhoods, they attract users online with higher yields than their brick and mortar counterparts.

Choosing an FDIC insured online bank is a great, hassle-free way to earn higher than average yields while keeping your money safe and protected.

Best Online Savings Accounts for February 2021

APYGUY’s top 17 high yield online savings accounts for February 2021 are listed below.

  1. TAB Bank – 0.65% APY – $0 minimum deposit.
  2. Comenity Direct – 0.60% APY – $0 minimum deposit.
  3. First Foundation Bank – 0.60% APY – $1,000 minimum deposit.
  4. Vio Bank – 0.57% APY – $100 minimum deposit.
  5. PenFed – 0.55% APY – $5 minimum deposit.
  6. Alliant Credit Union – 0.55% APY – $5 minimum deposit.
  7. Synchrony Bank – 0.55% APY – $0 minimum deposit.
  8. Popular Direct – 0.55% APY – $5,000 minimum deposit.
  9. Ally Bank – 0.50% APY – $0 minimum deposit.
  10. Marcus Bank – 0.50% APY – $0 minimum deposit.
  11. American Express National Bank – 0.50% APY – $0 minimum deposit.
  12. Citibank – 0.50% APY – $0 minimum deposit.
  13. Discover Bank – 0.45% APY – $0 minimum deposit.
  14. CIT Bank – 0.45% APY – $100 minimum deposit + $100/mo ongoing to earn APY.
  15. Barclays – 0.40% APY – $0 minimum deposit.
  16. Capital One – 0.40% APY – $0 minimum deposit.
  17. Citizens Access – 0.40% APY – $5,000 minimum deposit.

TAB Bank – 0.65% APY

image credit: tabbank.com

TAB Bank, or Transportation Alliance Bank, claims to be the first online bank for truckers and is headquartered in Ogden, Utah.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

There is no debit card or ATM access associated with TAB Bank’s online savings account.

Interest is compounded daily and credited monthly.

🔎 TAB Bank at a Glance:

Year Founded:1998
Headquarters:Ogden, Utah
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:~$904 million
Member FDIC:Yes
Max Deposit Allowance:None

Comenity Direct – 0.60% APY

image credit: comenity.com

Comenity has been around since 1986 when they issued their first credit card. The bulk of their credit card business is in co-branding private cards with retailers – of which they claim 50 million consumers carry in their pocket.

Comenity launched Comenity Direct in just 2018 and they’ve been offering highly competitive, FDIC insured, deposit accounts ever since.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

There is no debit card or ATM access associated with Comenity Direct’s online savings account.

Interest is compounded daily and credited monthly.

🔎 Comenity Direct at a Glance:

Year Founded:2018
Headquarters:Wilmington, DE
Deposit Accounts Offered:CDs and high yield savings
Total Assets:~$10 billion
Member FDIC:Yes
Max Deposit Allowance:$10 million

First Foundation Bank – 0.60% APY

image credit: firstfoundationinc.com

First Foundation Bank is a hybrid brick and mortar / online bank. They are based out of Irvine, California and have just 19 branches and 7 advisor offices in California, Nevada and Hawaii.

All of their personal deposit accounts can be opened and managed online and if you opt for a checking account as well, you’ll get foreign ATM reimbursements up to $20 per transaction credited back to your account. So no need to worry if you live outside those three states.

Their online savings account has a minimum deposit requirement of $1,000.

Interest is compounded daily and credited monthly.

🔎 First Foundation Bank at a Glance:

Year Founded:1990
Headquarters:Irvine, CA
Deposit Accounts Offered:CDs and high yield savings
Total Assets:$7b in bank assets, $4.9b in advisory AUM
Member FDIC:Yes
Max Deposit Allowance:$3 million

Vio Bank – 0.60% APY

image credit: viobank.com

Vio Bank is the online division of MidFirst Bank, which is the largest publicly held bank with FDIC insurance in the U.S. today.

Like Comenity, MidFirst Bank hopped on the growing trend of 2018 with the inception of their online bank – Vio Bank. Today, Vio offers just standard term CDs and a high yield savings account.

Their online savings account has a minimum deposit requirement of $100.

Interest is compounded daily and credited monthly.

🔎 Vio Bank at a Glance:

Year Founded:2018
Headquarters:Oklahoma City, OK
Deposit Accounts Offered:CDs and high yield savings account
Total Assets:MidFirst Bank $24b
Member FDIC:Yes
Max Deposit Allowance:$250,000

PenFed – 0.55% APY

image credit: penfed.org

PenFed Credit Union (Pentagon Federal Credit Union) was founded in 1935 and today stands as one of the most stable credit unions in the country with over 2.1 million members in all 50 states plus D.C., Guam, Puerto Rico, and Okinawa.

Although they used to be more exclusive, today anyone in the country can join PenFed by funding a share savings account with a minimum of $5.00. The share savings account is a different account than the one highlighted on this list. You can learn about the differences here.

Their high yield online savings account has a minimum deposit requirement of $100.

Interest is compounded and credited monthly.

🔎 PenFed at a Glance:

Year Founded:1935
Headquarters:Tysons, VA
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$25b
Member FDIC:NCUA, yes.
Max Deposit Allowance:$250,000

Alliant Credit Union – 0.55% APY

image credit: alliantcreditunion.org

Alliant Credit Union was originally founded as the United Airlines Employees’ Credit Union in 1935 with just $5,000 in assets. Today, they have 500,000 members in all 50 states and $12 billion in assets.

Most of their members are in the Chicago, Illinois area, but anyone in the country can join even if not connected to the area or anyone currently banking there. You’ll have to become a member of their designated charitable organization Foster Care 2 Success (FC2S). You can learn more here.

You will have to keep an average daily balance of $100 to earn the advertised APY.

Interest is compounded and credited monthly.

🔎 Alliant Credit Union at a Glance:

Year Founded:1935
Headquarters:Chicago, IL
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$12b
Member FDIC:NCUA, yes.
Max Deposit Allowance:$250,000

Synchrony Bank – 0.55% APY

image credit: synchronybank.com

Synchrony Bank is a large publicly traded financial institution on the NYSE with over 16,000 employees and nearly $15 billion in revenue (per 2018 financials).

Although they were technically founded in 2003, they actually trace their roots back to 1932 when GE Capital Retail Bank began to help people finance GE appliances during the great depression. GE Capital Retail Bank was later spun off from its parent company and later filed with the SEC as Synchrony Financial.

There are no minimum deposit or balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Synchrony Bank at a Glance:

Year Founded:2003
Headquarters:Stamford, CT
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$107b
Member FDIC:Yes
Max Deposit Allowance:$3 million

Popular Direct – 0.55% APY

image credit: populardirect.com

Popular Direct is the online subsidiary of Popular, Inc which does business as Popular Bank in the U.S. and Banco Popular in Puerto Rico and the Virgin Islands.

Popular, Inc got its start back in 1893 in Puerto Rico when the island was still under Spanish authority.

There is a fairly steep minimum deposit requirement of $5,000 to open this account.

Interest is compounded daily and credited monthly.

🔎 Popular Direct at a Glance:

Year Founded:1893
Headquarters:Suan Juan, PR
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:~$40b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Ally Bank – 0.50% APY

image credit: ally.com

Ally Bank, a well known online bank, is the rebrand of GMAC that took place in the aftermath of the 2008 financial collapse. GMAC was the financial arm of GM (General Motors) originally founded to provide financing to automobile customers.

Ally Bank offers exceptionally high yields on all of their deposit products. Their variable rate online savings account and money market account as well as their fixed rate CDs come with APYs that handily beat the national average and regularly place among the top of the pack.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Ally Bank at a Glance:

Year Founded:1919
Headquarters:Detroit, MI
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$180b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Marcus by Goldman Sachs – 0.50% APY

image credit: marcus.com

Marcus by Goldman Sachs is a subsidiary of the well known multinational investment bank. It’s an online, direct bank that began operation in 2016.

The name Marcus comes from Marcus Goldman, one of the two founders of the institution, who was a German banker, financier and businessman.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

They also advertise same day transfers from and to other banks up to $100k per day.

Interest is compounded daily and credited monthly.

💰 BONUS ALERT! 💰

Marcus is offering new account holders a $100 sign up bonus if you deposit $10,000 into the account or more. That’s equivalent to a 1% APY bonus just for signing up! You can learn more in our rundown of the best savings account bonuses.

🔎 Marcus by Goldman Sachs at a Glance:

Year Founded:2016
Headquarters:Draper, Utah
Deposit Accounts Offered:CDs and high yield savings
Total Assets:$196b
Member FDIC:Yes
Max Deposit Allowance:$250,000

American Express National Bank – 0.50% APY

image credit: americanexpress.com

American Express is primarily known for credit cards, but American Express National Bank has some noteworthy yields on their fixed and variable rate accounts.

American Express National Bank is an online subsidiary of the well known brand. If you happen to have a credit card(s) with them AND are looking to open a savings account or CD, please note these will be done with separate accounts and are not connected in any way.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 American Express National Bank at a Glance:

Year Founded:1989
Headquarters:Salt Lake City – Ogden, UT
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$139b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Citibank – 0.50% APY

image credit: citibank.com

The Citi Accelerate High Yield Savings account is a popular online product that is consistently in contention for the highest yield on the market.

That said, you’ll have to open this account with a checking account in their Citi Elevate Account package to avoid a $4.50 monthly service fee.

The Citi Accelerate High Yield Savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Citibank at a Glance:

Year Founded:1812
Headquarters:New York City, NY
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$198b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Discover Bank – 0.45% APY

image credit: discover.com

You may know of Discover as a credit card issuer as its the third largest in the country, however, Discover Bank has been offering competitive, online, FDIC-insured deposit accounts for quite some time.

Their online savings account comes with no minimum deposit or monthly balance requirements.

Interest is compounded daily and credited monthly.

🔎 Discover Bank at a Glance:

Year Founded:1985
Headquarters:Riverwoods, IL
Deposit Accounts Offered:IRA, CDs, money market, checking and savings
Total Assets:$93b
Member FDIC:Yes
Max Deposit Allowance:$250,000

CIT Bank – 0.45% APY

image credit: cit.com

CIT Bank is a subsidiary of CIT Group, a financial holding company incorporated in Delaware but with headquarters in New York City.

The online subsidiary, CIT Bank, is headquartered in Pasadena, California after the 2015 acquisition of OneWest Bank, a regional bank in Southern California.

To earn the advertised APY with CIT Bank’s Savings Builder account you must either:

  • maintain a balance of $25,000 or more OR
  • make at least one monthly deposit of $100 or more

Interest is compounded daily and credited monthly.

🔎 CIT Bank at a Glance:

Year Founded:2000
Headquarters:Pasadena, CA
Deposit Accounts Offered:IRA, CDs, money market, eChecking and savings
Total Assets:$51b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Barclays – 0.40% APY

barclaysus.com

The British multinational investment Barclays needs little introduction with its 300+ year history dating back to 1690. Their online, US-based operation however is centuries newer and based in Wilmington Delaware.

The Barclays online savings account has no minimum deposit or balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Barclays US at a Glance:

Year Founded:2012
Headquarters:Wilmington, DE
Deposit Accounts Offered:CDs and online savings account
Total Assets:$51b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Capital One – 0.40% APY

image credit: capitalone.com

Capital One is perhaps the quickest growing bank on the list with over $420 billion in assets and only being founded in 1994.

Their 360 Performance Savings Account is a part of the 360 product suite which features high yields on all types of deposit accounts – both fixed and variable.

Interest is compounded and credited monthly.

🔎 Capital One at a Glance:

Year Founded:1994
Headquarters:Richmond, VA
Deposit Accounts Offered:checking, savings, CDs, money market, IRA
Total Assets:$421b
Member FDIC:Yes
Max Deposit Allowance:$250,000

Citizens Access – 0.40% APY

image credit: citizensaccess.com

The Citizens Access Simply Smarter Savings account comes with a rather steep minimum deposit requirement of $5,000. You will also need to maintain this amount as your average daily balance or you will earn a lower interest rate and APY.

Interest is compounded daily and credited monthly.

🔎 Citizens Bank at a Glance:

Year Founded:1828
Headquarters:Providence, RI
Deposit Accounts Offered:checking, savings, CDs, money market, IRA
Total Assets:$180b
Member FDIC:Yes
Max Deposit Allowance:$250,000

How Much Interest Can you Earn on $10,000 Currently

The higher the APY you receive, the faster your money will grow over time. Unfortunately savings rates on average sit at a paltry 0.05% APY nationwide – which would only earn you $5.00 over the course of a year on $10,000 in savings.

That said, with some of the highest yielding online savings accounts mentioned above it’s quite possible to earn 10x the national average or 0.50% APY.

With a high yield online savings account like the ones listed above, a savings deposit of $10,000 would earn a much better yield of $50.00 annually.

Alternatives to Online Savings Accounts

If you’re not sold on any of the best high yield online savings accounts on the market, you have a few options that are similar in nature but differ in a few key areas.

Some alternative products you might want to consider are:

  1. Cash Management Accounts.
  2. Rewards Checking Accounts.
  3. Money Market Accounts.

You can find accounts in all three categories listed above with FDIC (or NCUA) insurance. In fact, cash management accounts can generally provide more FDIC coverage than the typical $250,000 by leveraging the FDIC insurance of multiple partner banks. We’ll discuss this more below.

Cash Management Accounts VS Online Savings

Cash management accounts generally combine the features of checking, savings and wealth management accounts all under one roof. The companies that offer these are generally considered Fintech companies and are not banking institutions themselves. That being said, they typically partner with credible banks so that your cash balance can use the 3rd party bank’s FDIC insurance.

For example, the Affirm Savings Account offers an incredible APY of 0.65% currently and partners with Cross River Bank, member FDIC, so that your deposits are safe and secure up to the applicable limits.

Noteworthy Cash Management Accounts and APYs

Below are the top 5 yields we’ve found for cash management accounts and the banks backing them.

AccountPartner Bank(s)APY
Aspiration14 partners1.00%
AffirmCross River Bank0.65%
WealthfrontCitibank, Cross River, more0.35%
RobinhoodGoldman Sachs, HSBC, more0.30%
SoFi6 partners0.25%

Rewards Checking Accounts VS Online Savings

These FDIC and NCUA-insured accounts can offer better yields than high yield online savings accounts, however there is typically a catch.

First, they are most frequently offered through credit unions which may have their own eligibility restrictions to join.

Second, rewards provided on these accounts are usually in the form of APY on your balance, but can also be in the form of cash back. When it’s an APY on your balance, it will likely be paid in tiers with a cap on how much you can earn.

For example, with Consumers Credit Union’s Rewards Checking account you can earn up to 4.09% APY on the first $10,000 if you meet the qualifying requirements. But if you want to deposit more than $10,000 you’ll earn significantly less. On balances between $10k – $20k you’ll earn just 0.20% APY and on balances of $20k or more, just 0.10% APY.

Third, the accounts will almost always require you to make a certain number of transactions with the account’s debit card every statement cycle to earn the advertised APY and/or cash back.

Lastly, in some cases these accounts will also require you to set up a recurring monthly direct deposit(s), sign up for eStatements or other qualifying actions to earn the advertised APY.

Noteworthy Rewards Checking Accounts

Below are the top 5 yields we’ve found for rewards checking accounts and the banks and credit unions offering them.

InstitutionRequirements to Earn APYAPY
Consumers Credit Union12 debit card transactions + more2.09% – 4.09%
T-Mobile MONEY$200/mo in deposits + more.1.0% – 4.0%
Lake Michigan Credit Union10 debit card transactions + more3.00%
Mecu Credit Union12 debit card transactions + more3.00%
Varo Money 5 debit card transactions + more2.80%

Money Market Accounts VS Online Savings

Money market accounts like online savings accounts are federally-insured, variable rate deposit accounts that feature better than average savings rates.

Money market accounts generally provide better yields on higher sums of money whereas online savings accounts tend to come with high yields on all sums starting at $0.01.

Money market accounts function more like a checking account and provide easier access to cash. They usually come with checking writing capabilities and some even come with debit cards.

Online savings accounts, on the other hand, rarely come with debit cards and/or check writing capabilities and tend to require you to transfer money to a checking account for access.

Synchrony Bank CD Rates – Up to 0.80% APY + 0.55% APY Savings Account


image credit: synchronybank.com

Synchrony Bank is an ultra-convenient, online-only bank that you’ve probably seen advertised in various places online over the years.

More than just the result of good marketing, Synchrony has gained a great deal of recognition and praise for regularly having some of the best rates on the market across their product suite. The likes of Nerdwallet, MyBankTracker, and Bankrate have awarded this bank for having the best CD and savings accounts for multiple years.

This bank traces its history all the way back to 1932 when General Electric founded the GE Contracts Corporation for financing appliance purchases. This became the General Electric Capital Corporation or GE Capital in 1943. GE Capital remained in operation for more than a half century before being spun off and rebranded as Synchrony Bank on June 2, 2014.

Synchrony Bank’s current deposit products feature above average rates on a wide range of variable and fixed rate accounts. Synchrony Bank doesn’t offer a checking account at this time however, therefore may not meet all of your banking needs.

Synchrony Bank has a high yield savings account, CDs, IRA CDs, a money market account, and IRA money market accounts in its current lineup. These are all competitive, interest-bearing accounts that can be opened and managed digitally. This can be done online or with the highly-rated MySynchrony mobile app(s) for Apple or Android devices.

All of Synchrony Bank’s deposit products are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

Below is our full review of Synchrony Bank’s deposit products.

Synchrony Bank High Yield Savings Account Rate + Details

The Synchrony Bank High Yield Savings account is a straightforward account that currently earns the same APY across all balances. Interest is compounded daily and credited monthly.

Synchrony Bank High Yield Savings Account Rate

BalanceAPY
$00.55%

In the past, rates have varied by tiers. The average daily balance tiers are broken up into the following groups:

  • <$4,999,
  • $4,999.01 – 24,999, and
  • >$24,999.01

This account does not require a minimum opening deposit or average daily balance and does not come with any monthly maintenance fees. However, your account may be closed if it is inactive for more than 60 days.

Accessing Your Cash With the Synchrony Bank High Yield Savings Account

With this savings product, you will have cash access via:

  • phone,
  • ATM, and
  • online banking.

Though Synchrony does not have any brick and mortar branch locations, it does offer optional ATM cards for savings accounts and will reimburse customers up to $5 in out-of-network ATM fees per statement cycle. Also, customers can use Plus and ACCEL ATMs free of charge.

ATM transactions are unlimited and do not count towards savings account transaction limits of six per statement cycle (per Federal Regulation D).

Synchrony Bank Money Market Rate + Account Details

Synchrony Bank Money Market accounts currently earn a lower APY than the variable rate high yield savings account (above). And like the high yield savings account, their money market rates are also the same across all balance tiers.

Synchrony Bank Money Market Account Rate

BalanceAPY
$0 +0.40%

Interest is compounded daily and credited monthly

MMAs come with check-writing capabilities and cash access via phone, ATM, or online banking. No minimum balance is required and new deposits can be made at any time.

Federal regulation limits the total number of transactions and withdrawals into or from either of these savings accounts to no more than six per month. You won’t be charged an excessive withdrawal fee if you go over, but these transactions may not be approved and your account may be subject to closure if you exceed this limit.

Synchrony Bank CD Rates + Account Details

Synchrony Bank has plenty of CD terms to choose from with competitive rates across the board. All certificates of deposit at Synchrony Bank require a minimum opening deposit of $2,000. Like all other savings accounts with Synchrony, interest is compounded daily and credited monthly.

Synchrony Bank CD Rates

CD TermAPY
3 months0.15%
6 months0.25%
9 months0.35%
12 months0.60%
13 months0.60%
14 months0.60%
15 months0.60%
18 months0.60%
24 months0.65%
36 months0.70%
48 months0.70%
60 months0.80%

To put these offers in perspective the current national average on a 12 month CD sits at just 0.26% APY currently.

15 Day Best Rate Guarantee

A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.

Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.

CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.

Synchrony Bank Perks Program for Deposit Accounts

The Synchrony Perks program rewards customers for a combination of two things:

  1. Loyalty (ie how long you’ve banked with them) and
  2. High balances.

The tiers are set up as follows:

image credit: synchonybank.com/about/

Everyone is automatically enrolled in Synchrony Perks upon opening a deposit account. If you’re new to the bank however, you’ll start at the basic level regardless of your balance.

You have to login and click the “perks” icon to see your exact rewards or to gain access to their travel and leisure discounts. The exact rewards per tier are not currently posted on their website other than the diamond tier. Customers on the diamond tier get:

  • Unlimited ATM reimbursements
  • 3 free wire transfers per statement cycle
  • dedicated phone line to a banker

Opening an account at Synchrony Bank

As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.

To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.

To get started, visit the Synchrony Bank website and select “Open Account.”

You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.

The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.

Funding your deposit account at Synchrony Bank

Fund your Synchrony Bank savings accounts via:

  • ACH transfer from an external account,
  • transfer from a Synchrony account,
  • mobile check deposit,
  • direct deposit from a third party,
  • wire transfer, or
  • personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972

Final Thoughts

Synchrony Bank may not have branch locations or a checking account, but it has pretty much everything you’d expect from a competitive digital bank.

Synchrony Bank’s best product is arguably the high yield savings account but this comes with a variable rate that can change at any time without notice.

If you plan on keeping high balances with Synchrony Bank AND you stick with them over the years, you’ll enjoy perks, privileges and fee exemptions all along the way.

Comenity Direct High Yield Savings – 0.60% APY + 0.90% APY CDs


image credit: direct.comenity.com

[Update January 2021: The APY (annual percentage yield) on Comenity Direct’s variable rate high yield savings account and all of their fixed rate CDs remain unchanged to start the new year. Their last rate drop was in September of last year.]

You may have heard of Comenity – the global credit card services provider with a product range featuring more than 145 retail-branded credit cards – but did you know they do FDIC-insured deposit accounts as well?

This corporation’s online banking services sector, Comenity Direct, offers online CDs and a high yield savings account featuring APYs well above the national average.

Comenity Direct scores high marks across many review platforms for its high-yield savings and certificate of deposit accounts – which require fairly low opening deposits, incur minimal fees and boast big rates.

That said, Comenity Direct isn’t perfect – customer experiences are mixed and other banks are going to have more options for accessing cash – but if high savings rates are what you’re after, the pros seem to outweigh the cons in a significant way.

Comenity Direct High Yield Savings Account APY + Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s high yield savings accounts earn interest up to $10 million.
BalanceAPY
$1000.60%

Recent Rate Drops on Comenity Direct’s High-Yield savings account:

  • dropped from 1.70% to 1.55% APY on May 18
  • and then from 1.55% APY to 1.45% on May 21,
  • and then again from 1.45% to 1.35% APY on May 29th,
  • and then from 1.35% to 1.10% APY on July 1, 2020
  • then again from 1.10 to 1.00% APY around July 23, 2020
  • dropped for the first time in August on the 14th to 0.80% APY (down from 1.00% APY)
  • dropped in September, 2020 to 0.60% APY

The national average, for context, has been hovering around 0.07% for several weeks and doesn’t seem likely to go up any time soon. That said, remember that these online savings account rates are variable and can change at any time without notice. Interest on the Comenity Direct High Yield Savings account is compounded daily and credited monthly back to the account. 

For such a strong rate of return, you might assume that these accounts require a high minimum opening deposit and balance, but this is not the case. As with many online savings accounts the minimum balance required to open and earn interest is quite low – at just $100. You’ll want to note that you won’t earn interest if your balance drops below $100 and if it happens too frequently Comenity Direct may close your account.

There are few fees you should be aware of with the Comenity Direct High Yield Savings account:

  • $25 per outgoing wire transfer,
  • $15 per paper check, and
  • $5 per paper statement (in an effort to encourage fully paperless billing and banking).

As for monthly maintenance, incoming wire transfers, ACH transfers, and online statements, these are all free and there is, again, no low balance fee. In compliance with federal regulation D, you can make up to 6 transactions a month for free. An excessive withdrawal fee is not listed, so Comenity Direct may just prohibit transactions over this limit from going through.

To add funds when you open an account, link an external bank account and make a transfer or set up direct deposit. You cannot deposit cash.

Comenity Direct CD Rates + Account Details

Although FDIC insurance only covers you up to $250k, Comenity Direct’s certificates of deposit earn interest up to $10 million.

Like Comenity Direct’s savings account, their CD accounts are also miles ahead of the national average in terms of APY. You’ll also notice that rates still increase with the terms, which can’t be said for many institutions’ deposit products today.

CD TermAPY
1 year0.60%
2 year0.75%
3 year0.85%
4 year0.85%
5 year0.90%

To give these rates some context, the current national average for a 1 year CD is just 0.22% APY currently.

You can still lock in 12 month CDs above 0.90% APY through some credit unions but the pickings are slim.

These are all standard certificates. There aren’t any special, jumbo, or step-up CDs in their product suite at this time.

With a minimum deposit of $1,500, you can open a Comenity Direct certificate of deposit account under any term. The same fees apply for certificate accounts as with the savings account mentioned above with the only addition being early withdrawal fees.

Early Withdrawal Penalties

Early withdrawal policies with this bank are straightforward.

  • If your term is between 12 months and 3 years in length, you’ll owe 180 days’ interest for an early withdrawal.
  • If it’s greater than or equal to 4 years, you’ll owe 365 days’ interest.

Grace Period

The grace period is 10 days after maturity. You can let your account automatically renew after this period expires or cash out the full balance before the time is up. In other words, when your certificate matures, you’ll have 10 days to either add funds or withdraw funds and close the account.

Interest and Dividends

Interest compounds daily and is credited to your account monthly.

Dividends can be paid out via ACH transfer to a linked external account or to your Comenity Direct High-Yield savings account if you call customer service to make this request at least 3 days before the interest is applied. But unless you put in this request, your account will default to depositing credited interest back into the certificate.

Banking Reviews and Customer Sentiment

If you were to ask 10 different Comenity Direct customers how satisfied they were with their overall banking experience, you’d likely get 10 very different answers. This range is reflected in the thousands of online ratings left for the bank. 

If you go to DepositAccounts, for example, you’ll find a dead-average 2.5-star rating out of 22 reviews. If you go instead to ConsumerAffairs, you’ll see a single star. And over on WalletHub, 16,846 people have given the bank an average score of 3.8 stars. Keep in mind the sheer number of reviews on WalletHub versus the others likely make it the most accurate reading.

Taking customer feedback into account, Comenity Bank scores a little better than what’s normal for a respectable and trustworthy bank or credit union. And because Comenity Direct is an offshoot of Comenity Bank and offers only deposit and savings accounts through this company, these reviews are largely for Comenity Direct accounts.

Understand that many banks and credit unions are receiving harsh feedback from their users at this time amidst the panic of COVID-19 and all of the financial difficulty that has come with it.

The Comenity Direct app has just 2.5 stars on Google Play but 4.4 stars on the App Store. Do with this discrepancy what you will, but it seems like the mobile app performs better on Apple devices. Remember, you can also do your banking online if their apps are underperforming.

The Comenity Direct Customer Care Center is available to take your call from 7 AM to 11 PM (CT) Monday through Friday and from 9 AM to 5 PM on weekends and holidays. The number for this is 1-(833)-755-4354. You can also reach help online through the web banking platform. Unfortunately, there is no live chat feature at this time and no option for those that prefer sending an email or letter. 

There are no Comenity or Comenity Direct branches or ATMs, so ATM access is a no-go. But since there are also no ATM or debit cards offered with these deposit accounts, this shouldn’t be too surprising. This bank does not allow cash deposits, but you’ll be able to make and receive unlimited ACH transfers.

Final Thoughts

All in all, if you’re after respectable rates, there are many reasons to sign up for a Comenity Direct high yield savings or deposit account. What this online-only institution lacks in physical accessibility it makes up for in competitive rates. So as long as you are on board with the basic concept of online-only banking and see at-your-fingertips banking as a benefit of going digital rather than a hindrance, Comenity Direct is a strong choice.

Outside of attractive rates, Comenity Direct doesn’t charge many fees on its highly rewarding savings and deposit accounts. The accounts also compound interest daily and allow for unlimited ACH transfers.

Top 6 Savings Account Bonuses for January 2021


Despite an abysmal interest rate environment for savers in 2021, there are still a handful of banks (and one credit union) offering sign-up bonuses of up to a few hundred dollars that could help make up for lackluster yields.

APYGUY scans hundreds of bonus offers every month by both banks and credit unions. We’ve compiled a list of the best savings account bonuses to start the year (below) and outlined the requirements needed to cash in on them.

These are cash bonuses that are deposited to your account generally after completing a few qualifying actions and/or conditions. Please note that, at the moment, many of these actions require you to ALSO open a checking account in order to receive the cash bonus.

Quick Summary:

Bank or Credit UnionCash BonusTime + Money RequiredEnds
Citibank$70060 days + $50k4/1/21
PNC Bank$40060 days + $5k/mo2/1/21
Regions Bank$10012 months + $10k?
Central Bank of Kansas City$12530 days + $105k1/31/21
Marcus by Goldman Sachs$10090 days + $10k2/2/21
Alliant Credit Union$10012 months + $1,2003/31/21

All of the banks and credit unions featured in this list are member FDIC (or NCUA for credit unions) and your funds are insured up to the applicable limits.

Citibank – Up to $700 for New Checking + Savings Accounts

Earn either a $700 or $300 bonus with a Citibank!

How to get it: Open both a checking and savings account within the Citi Priority Account Package and fund it with a minimum of $50,000.

This money must be new to Citibank and cannot be pulled from other Citi accounts. The funds must enter the account within 30 days, but can be deposited and held in either the checking or savings account. You also must maintain this $50k balance between the two accounts for at least 60 days.

Who can get it: If you have not been a Citibank customer within the last 180 days you are eligible for this bonus.

More details: This is a premium account package that features wealth management and other investment resources. You can also open a standard Citibank Account Package that comes with a checking and savings account but only requires a minimum of $15,000 to fund. The cash bonus featured with that offer is just $300.

Please note that the Citi accelerate savings account is not eligible for this bonus offer. The Citi accelerate savings account currently has the highest APY of any Citibank account.

Fees: Not only is the $50k balance required for your cash bonus, but it is also required to avoid a hefty $30/month fee. For the standard Citibank Account Package featuring the $300 bonus, the minimum balance requirement is just $10,000 spread between both accounts to avoid a $25 monthly service fee.

Offer Ends: April 1, 2021.

PNC Bank – $400 for Virtual Wallet with Performance Select accounts

How to get it: Depends on where you live and which bonus you want to cash in on. There are currently three bonuses available with PNC Bank for new account holders. These are:

  1. The Virtual Wallet with Performance Select. Open the Virtual Wallet with Performance select and set up recurring direct deposit(s) of at least $5,000 per month within 60 days and receive $400. Recurring direct deposits can be from employment, social security, pension, or any recurring monthly payments.
  2. The Virtual Wallet with Performance Spend. Open this account and set up recurring direct deposit(s) of at least $2,000 per month within 60 days and receive $200.
  3. Just the Virtual Wallet. Open this account and set up recurring direct deposit(s) of at least $500 per month within 60 days and receive $50.

Who can get it: If you have not been a PNC Bank customer within the last 90 days AND have not been paid a promotional bonus in the past 12 months by PNC Bank, then you are eligible for this bonus.

More details: The Performance Select account is the premium Virtual Wallet product from PNC Bank. The checking side of this product earns an interest rate as well as the savings side. Both APYs are just 0.01% currently unless you are eligible for relationship rates.

The bonus offer can be redeemed online or in a local branch.

Fees: There are monthly service fees that can be waived on each of these three accounts. The month fees are $7, $15 and $25 for the Virtual Wallet, Performance Spend and Performance Select, respectively. These fees can be waived in a number of ways. Download full PDF details here.

Offer Ends: February 1, 2021.

Regions Bank LifeGreen Savings – $100 Annual Bonus

The Region’s Bank LifeGreen Savings account and bonus is unique in that it is an annual bonus that can be cashed-in repeatedly. There are also no minimum balance requirements or monthly fees.

How to get it: First, you must open a Regions checking account if you do not already have one. Then, to qualify for the annual bonus you must set up and receive automatic transfers of at least $10 per month from the Regions checking account. Regions bank will give you a little wiggle room if you can’t make the transfer every single month, but you must make it at least 10 out of the 12 months following the account opening.

Who can get it: Any Regions Bank checking account holder. LifeSavings accounts cannot be opened without a Regions checking account first.

More details: As mentioned there are no monthly fees or minimum balance requirements. The APY paid on this account is currently 0.01% on all balances. To get started, you’ll have to open the account with at least $5.00. The bonus is 1% of your balance up to $100. Your bonus will be based on the average monthly balance for the 12 calendar months before your account anniversary.

Fees: There are no monthly service fees, but you will need to hold at least $10,000 in the LifeGreen Savings to earn the $100 annual bonus.

Offer Ends: Unknown.

Central Bank of Kansas City – $125 Bonus with High Yield Savings Account

The Central Bank of Kansas City’s High Yield Savings Account is a product that must be opened through SaveBetter similarly to the Ponce Bank High Yield Savings account we covered a little while back. This account features a bonus without the requirement of opening any checking account.

How to get it: Navigate to this product via the SaveBetter website here. You can then open Kansas City’s High-yield Savings product online. You must deposit a minimum of $5,000 to start earning a bonus. You will then receive $25 on your first $5,000 deposit and an additional bonus of $5 for each subsequent $5,000 that you deposit up to $125. When all is said and done, you will have needed to deposit a total of $105,000 into this account to capture the entire $125 bonus.

Who can get it: Anyone over the age of 18 with valid ID.

More details: The bonus cash will be deposited into your account within 30 days of qualifying for the offer.

Fees: There are no monthly service fees, but you will need to deposit a minimum of $105,000 for the full $125 bonus based on the current offer rules.

Offer Ends: January 31, 2021.

Marcus by Goldman Sachs – $100 for new Online Savings Account + 0.50% APY

Even though this savings account bonus isn’t the highest bounty available, it’s probably one of the easiest to attain.

How to get it: Navigate here and open the Marcus Bank online savings account. You will need to deposit at least $10,000 in new funds to the bank and maintain the balance for at least 90 days. Within 14 days after meeting this requirement, Marcus Bank will deposit $100 in cash to your account.

Who can get it: Anyone over the age of 18 with valid ID.

More details: The bonus cash will be deposited into your account within 14 days of fulfilling the requirements. This bonus is also available to current Marcus Bank online savings account holders, however they must deposit at least $10,000 in new funds to the existing account.

Fees: There are no monthly service fees, but you will need to add $10k to a new or existing Marcus Bank online savings account.

Offer Ends: February 2, 2021.

Alliant Credit Union – $100 Bonus Ultimate Opportunity Savings Account

Snag a $100 bonus after depositing just $100/month into this savings account for one year!

Here is another phenomenal savings account bonus that is coupled together with an already extremely competitive APY.

The Alliant Credit Union Ultimate Savings Account is currently providing a $100 bonus for new customers on top of an APY of 0.55%.

How to get it: Navigate here and open an Alliant Credit Union Ultimate Opportunity Savings account. online savings account. Deposit at least $100 a month, for 12 consecutive months, into the account and earn a $100 bonus on top of the 0.55% APY.

Who can get it: Anyone who joins Alliant Credit Union. If you are not eligible through the standard options, Alliant will allow you to join by first becoming a member of Foster Care to Success. You can read more about eligibility here.

More details: The bonus cash will automatically be deposited into your account after completing the 12th consecutive deposit with a total of at least $1,200 in your year old savings account.

Fees: There are no monthly service fees, but you need to join Alliant Credit Union and make 12 months worth of qualifying deposits before earning the bonus.

Offer Ends: March 31, 2021.

Methodology

APYGUY monitors hundreds of federally insured banks and credit unions each month. Our system is pinged any time rates, bonus offers, balance requirements, and TOS changes are made (among other factors). The methodology we used to compile this list takes into account the most recent pings to our system and evaluates three primary variables:

  1. Cash Bonus. How much money can be earned with the savings account bonus?
  2. Time. How much time does it take for you to capture the bonus?
  3. Investment. How much money do you need to commit to capture the full bonus?

Based on these variables, we published this report for January of 2021. We will do our best to update this list at least once per month. The offers are all accurate as per the publish date of this article.