Best High-Yield Savings Account with ATM Card: A high-yield savings account is federally insured, enabling it to earn more than the national average.
This means that money kept in a high-yield savings account will grow faster because the bank pays you to put your money there.
The FDIC will protect your money while the account earns more interest, and you can take your cash out anytime.
High-yield savings account offer significantly higher interest rates than regular savings accounts.
Traditional savings accounts at large national banks may earn as little as 0.01% annual percentage yield (APY), whereas high-yield accounts earn many times more in comparison.
The top high-yield savings accounts offer around 5% APY, substantially higher than the paltry rates paid on regular savings.
Putting your money in a high-yield account is highly beneficial because it grows fast. With a high-yield savings account, the power of a small percentage hike should not be taken for granted when it comes to interest.
In this article, we will explore the top account that earn higher rates with ATM card, keep reading to find out more.
Types of High-Yield Savings Account with ATM Card
Here are some of the top high-yield savings account that also offer ATM access:
Ally Bank Savings Account
Ally Bank is well-known for its high-yield savings account, offering competitive interest rates and ATM Card access through the Allpoint network. They also reimburse up to a certain amount of out-of-network ATM fees each month.
Currently offers 0.50% APY. Ally reimburses up to $10 per statement cycle in out-of-network ATM fees.
Marcus by Goldman Sachs High Yield Savings
Marcus by Goldman Sachs offers a high-yield online savings account with ATM access through the Allpoint network, providing competitive interest rates and no monthly fees.
Currently offers 0.50% APY. No ATM fees and access to over 38,000 Allpoint ATMs.
American Express National Bank High Yield Savings
American Express offers a high-yield savings account with ATM access through the MoneyPass network, along with no monthly fees and competitive interest rates.
Currently offers 0.50% APY. Refunds up to $10 per statement cycle in ATM fees from other banks.
Capital One 360 Performance Savings
Capital One’s high-yield savings account provides ATM access through the Capital One and Allpoint ATM networks, with no monthly fees and competitive interest rates.
Currently offers 0.40% APY. No ATM fees at Capital One or Allpoint ATM networks.
Discover Bank Online Savings
Discover Bank offers a high-yield savings account with ATM access through the Allpoint network, along with no monthly fees and competitive interest rates.
Currently offers 0.50% APY. Refunds up to $10 per statement cycle in fees from non-Discover ATMs.
Synchrony Bank High Yield Savings
Synchrony Bank’s high-yield savings account offers ATM access through the Plus and Accel networks, along with competitive interest rates and no monthly fees.
Currently offers 0.50% APY. Refunds out-of-network ATM fees up to $10 per statement period.
FNBO Direct Online Savings Account
FNBO Direct offers a high-yield online savings account with ATM access through the Plus network, providing competitive interest rates and no monthly fees.
Barclays Online Savings
Currently offers 0.50% APY. Refunds up to $10 per statement cycle in ATM fees from other banks.
All of these accounts are FDIC-insured and have no minimum balance requirements. Just be aware APY rates can fluctuate over time.
What to Know Before Choosing a High-Yield Savings Account
Savings Account: Savings accounts are deposit accounts offered by banks and credit unions that earn interest on deposited funds.
Interest: Interest is a form of payment made by the bank into your savings account periodically. The amount of interest earned is determined by the balance in the account as well as the interest rate the bank offers for that particular savings product.
Compound interest: Compound interest occurs when interest earnings are added to the original deposit amount, generating interest on both the principal and previous interest.
Annual Percentage Yield- The Annual Percentage Yield (APY) represents the total interest earned in a year, factoring in compounding. It is calculated based on the interest rate and compounding frequency
Money Market Account: A Money Market Account (MMA) is a savings product that typically provides higher interest rates than regular savings accounts, though it requires a larger minimum balance, usually $5,000 or more, in exchange for the increased return.
FAQs
What Should I Look Out for When Choosing High Yield Savings Account?
Look for a high annual percentage yield (APY) to maximize the return on your savings. However, also take into account any fees and how easy it is to access your funds.
Choose an account with low or no fees to avoid unnecessary charges that could reduce your returns. Only accept fees if the account’s benefits outweigh the costs.
Select a flexible account that allows deposits and withdrawals as needed to suit your situation. Most banks provide convenient online access through mobile apps to manage your money. Make sure the account meets your requirements for accessing funds.
The key things to prioritize are getting the highest returns possible while keeping fees low and having convenient access options that fit your savings goals and timeline. Comparing multiple accounts can help you find the best fit.
what are the alternatives to high-yield savings accounts?
Here are some alternatives to high-yield savings accounts that can potentially offer higher returns:
- Certificates of deposit (CDs)
- Money market funds
- Treasury bills (T-bills)
- Bonds
- Dividend stocks
- Peer-to-peer lending
What are the benefits and downsides of a high-yield paying account?
Benefits:
- Offers higher interest rates than traditional savings accounts, allowing your money to grow more over time.
- Deposits are insured by the FDIC, just like a regular savings account, which protects against loss of funds.
- Convenient online access makes it simple to open and manage the account without having to visit a physical branch.
Downsides:
- May require a larger minimum deposit amount to open than some basic savings accounts.
- Customer support is typically only available online or by phone since many are online-only with no local bank branches.
- Interest rates can fluctuate over time depending on market conditions, so the yield advantage isn’t guaranteed to always be higher.
Check Out:
- Banks With High Yield Savings Accounts
- High Yield Savings Account Chase
- High Yield Savings Account
- ATM Card Savings Accounts