NEW YORK--(BUSINESS WIRE)--Better Business Advice has published a review of the best high yield savings accounts for 2024, highlighting CIT Bank Platinum Savings and Raisin’s numerous offerings.
Best High Yield Savings Accounts:
- CIT Bank Platinum Savings - competitive 5.05% annual percentage yield (APY) for balances of $5,000 and above with numerous withdrawal and deposit methods for easy access to funds
- Raisin - online platform with various partner banks and credit unions, allowing users to compare and find their ideal deposit option with stellar interest rates and agreeable terms
A high yield savings account offers a higher APY compared to traditional counterparts. These accounts are typically offered by online banks or financial institutions with lower operating costs, allowing them to pass on more favorable interest rates to account holders.
Additionally, high yield savings accounts present a secure and easily accessible method for individuals to save money while earning a more competitive return on their deposits. The elevated interest rates contribute to the gradual growth of account holders' savings, making these accounts an appealing choice for those aiming to optimize the earning potential of their cash reserves.
Better Business Advice recommends CIT Bank and its Platinum Savings account that provides a high APY and easy accessibility to funds, and Raisin for its online platform that connects customers to a variety of banks and credit unions.
Which bank has the best high yielding savings account?
Determining the best high yield savings account depends on various factors, including interest rates, fees, account features and personal preferences.
More often than not, CIT Bank is mentioned for its competitive interest rates and customer-friendly approach. In particular, the CIT Bank Platinum Savings account has been recognized for its attractive rates, transparent terms and multiple withdrawal and deposit methods. For balances of $5,000 or more, it provides a noteworthy 5.05% APY, and there are no monthly maintenance fees either.
On the other hand, Raisin is not a bank but a platform that connects users with savings products from various banks. It allows users to compare and access high yield savings options from different institutions, potentially providing a diverse range of choices to determine which one is the most suitable option for their needs.
Are high yield savings accounts legit?
High yield savings accounts are generally considered safe, particularly when offered by reputable banks or financial institutions. Safety is ensured through mechanisms such as Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insurance in the United States, where deposits are protected up to a specified limit per depositor, per bank. Also, these accounts are subject to regulatory oversight, ensuring compliance with standards and rules to safeguard consumers.
Furthermore, high yield savings accounts provide liquidity, granting easy access to funds, and transparent disclosure of terms, fees and interest rates by reputable institutions further contributes to their safety. However, prospective account holders should conduct thorough research to choose well-established banks with a history of financial stability and positive customer feedback, considering individual financial goals and risk tolerance.
Who should open a high yield savings account?
A high yield savings account can be beneficial for various individuals depending on their financial goals and circumstances. Here are some situations where opening a high yield savings account might be suitable:
Emergency Fund: Individuals looking to build or maintain an emergency fund can benefit from a high yield savings account. The higher interest rates help the fund grow over time, while the liquidity of the account allows for quick access in case of unexpected expenses.
Short-Term Savings Goals: People saving for short-term goals, such as a vacation, down payment on a home, or upcoming major expenses, can use a high yield savings account to earn more interest than a traditional savings account.
Risk-Averse Investors: Those who prefer a low-risk option for their savings but want better returns than a standard savings account may find high yield savings accounts attractive. These accounts provide a balance between safety and yield.
Temporary Holding of Funds: For those who have a lump sum of money that needs to be kept aside temporarily, a high yield savings account offers a secure and interest-earning option.
Diversification of Savings: Investors looking to diversify their savings and explore alternatives beyond traditional savings accounts may use high yield savings accounts as part of their overall savings strategy.
It's important to note that while high yield savings accounts offer better interest rates than traditional savings accounts, they may not provide as high returns as riskier investments. Individuals should carefully consider their financial goals, risk tolerance, and the need for liquidity before deciding to open a high yield savings account.
Sign up now for CIT Bank Platinum Savings to start earning a high interest rate while keeping funds in good hands, or compare deposit options at Raisin’s marketplace and find the best high yield savings account.
For more comprehensive information regarding the CIT Bank Platinum Savings account and the Raisin online platform, please visit the Better Business Advice website.
About Better Business Advice: Better Business Advice is a business advice website dedicated to helping businesses succeed. As an affiliate, Better Business Advice may earn commissions from services mentioned in the links provided. Better Business Advice aims to provide accurate and up-to-date information to assist with research. Double-check with the service provider/institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. The information provided by Better Business Advice does not, and is not intended to, constitute legal advice; instead, all information, content, and materials are for general informational purposes only.
