7 Savings Accounts With The Best Yields For July 2023

Savings Calculator Jul 13, 2023 93 Add to Reading List

When you invest in high-yield savings accounts, your money grows faster than regular savings accounts. An account that earns interest while storing money safely might be a good choice during these uncertain economic times. The average interest rate on a savings account (APY) is 0.37%, according to the Federal Deposit Insurance Corporation (FDIC). While the average high-yield savings account offers only about 3% interest, several respected banks offer 4% or higher. Though, calculate your interest rates with the help of Allcalculator.net Interest Calculator.

Many of these savings accounts have no monthly maintenance fee, and many have customer-friendly features such as sophisticated mobile apps and ATM cards. The good thing about high-yield savings accounts is that they don't require much maintenance. This makes them great for saving for a rainy day or a down payment on a house. Using these accounts to store the funds you receive after filing your taxes is also a good idea if you are looking for a place to put them. Many choices are available for high-yield savings accounts, but it can be challenging to choose between them since interest rates and offerings sometimes fluctuate. Make sure to clear your queries about your saving with Savings Calculator. The following are seven high-yield savings accounts of July 2023 that are recommended.

July 2023's Top 7 high-yield saving Accounts

Notably, none of the country's biggest banks made our list of the best high-yield savings accounts. This is because the big banks offered poor rates and charged high fees at the time of writing. We have listed banks that offer high-interest rates and good customer service to entice customers and their deposits. The FDIC provides a minimum of $250,000 in deposit insurance for each depositor, per bank, and per ownership group.

Accounts with interest offered by Bask Bank

Bask Bank American Airlines Miles Savings Accounts are very popular for those looking to earn American AAdvantage miles on their savings. If you'd rather earn money, Bask Bank offers an excellent 4.85% annual percentage yield on its Interest Savings Account.

4.85% APY is strong.
Six days a week, customers can access live support.
Miles or interest can be earned with American Airlines.
Deposit of at least $0.
You do not need a minimum balance.
There are no monthly fees.

Savings with UFB Premier

Its 4.81% APY makes it the top-ranked account on the list for those who want to grow their money but keep access to it easily.

Get an APY as high as 4.81%.
There is no maintenance fee or service fee.
A minimum deposit is not required.
ATM card is complimentary.

ALSO READ: By 2028, interest on the US national debt will be more than defense spending

High Yield Savings at Laurel Road

4.80% APY is one of the highest yields on the market for the Laurel Road High Yield Savings account. Moreover, you can keep your cash in one place with the bank's checking accounts and other financial products.

Get a 4.80% annual percentage yield on your funds.
A minimum deposit is not required.
There is no monthly fee for maintenance.

Savings Connect from CIT Bank

If you're looking for an online-only savings account with prompt customer service, the CIT Bank Savings Connect account is a great choice.

An appealing 4.60% APY.
The first investment is $100.
Check deposits through mobile devices.

First Foundation Bank Online Savings Account

For consumers who prefer traditional brick-and-mortar facilities for their bank, First Foundation Bank offers both physical branches and Internet banking. When writing, the online savings account offers 4.85% APY.

Competitive 4.85% APY.
30+ locations in California, Hawaii, Nevada, Texas, and Florida.
There are no geographical limitations to creating an account.
There are no monthly costs.
ATM card with up to $20 in ATM fees per visit and no monthly limit is available.

ALSO READ: The quickest way to plan your retirement savings

Online Savings Account CIBC Agility

In terms of high-yield savings accounts, the CIBC Agility Online Savings Account offers a competitive 4.52% APY and may be a good option if you have at least $1,000 to deposit.