When you have extra money that’s not earmarked for spending, it makes sense to deposit it in an interest-bearing account and let it grow. Once you deposit it, all you have to do is maintain the balance and wait for the interest to come rolling in. But to make it worth your while, you’ll want to choose an account that pays one of the highest annual percentage yields available.
Although the Federal Deposit Insurance Corp. lists the national savings rate at 0.09% APY and the national interest checking rate at 0.05% APY, it’s not difficult to find higher rates between 1% and 2% APY. But when you start trying to find even higher rates, offers are much more scarce. To help, GOBankingRates has gathered a handful of savings and checking offers that pay at least 3% APY.
If you’re wondering how much you could earn, here’s a look at that. Earning 3% APY on a balance of $5,000 will net you $152.57 on top of your original balance in one year. In five years, with a 3% APY, you could earn $809.13 on a balance of $5,000. If you’re interested in making that kind of money doing nothing, here are four high-yield checking and savings offers to consider.
HMBradley Savings Account
- APY: Up to 3%
If you don’t want to sign up in advance, you can wait until the accounts become available on the HMBradley website. Then, you’ll need to open an account online and set up one direct deposit — no minimum required — within the first 60 days. Those accounts are available to receive up to a $500 bonus.
- Tier 1: Save at least 20% of direct deposits, earn 3% APY
- Tier 2: Save from 15% to 20% of direct deposits, earn 2.25% APY
- Tier 3: Save from 10% to 15% of direct deposits, earn 1.50% APY
- Tier 4: Save from 5% to 10% of direct deposits, earn 1.00% APY
Other Options: Best Savings Accounts of 2020
Green Dot Unlimited Cash Back Bank Account
- APY: 3% for attached high-yield savings account
When you open a Green Dot Unlimited Cash Back Bank Account, you’ll also gain access to the bank’s high-yield savings account that pays 3% APY on a maximum balance of $10,000. Interest is paid each year on the account’s opening anniversary as long as the account is open with a positive balance. The account is fee-free and you can access it by using the Green Dot app or logging into your account online at GreenDot.com. To access and spend the money in the savings account, you’ll need to transfer it to your Green Dot Unlimited Cash Back Account.
T-Mobile MONEY Checking Account
- APY: 4%
If you’re a T-Mobile customer with qualifying service, you can earn 4% APY on up to $3,000 and 1% APY after that with the T-Mobile MONEY checking account. All you have to do is register for perks and deposit at least $200 each month. If you maintain an average daily balance of $3,000, you’ll earn about $120 per year.
No fees apply to this online account, and you can access your money via the network of 55,000 fee-free Allpoint ATMs. The account also features mobile check deposit, transfers to and from external banking accounts and a debit card with an EMV chip.
Other Ways To Grow Your Money: Best CD Rates and Accounts of 2020
TAB Bank Kasasa Cash Checking Account
- APY: 4%
With the Kasasa Cash Checking account from TAB Bank, an online-only bank, you can earn up to 4% APY on balances of up to $50,000. To be eligible for the special APY, you must open an account and have at least one direct deposit, bill-pay transaction or ACH transaction and at least 15 debit card purchases of $5 or more each monthly qualification cycle. No minimum deposit is required. The account also pays up to $15 per month in ATM withdrawal fee refunds and includes a mobile check deposit and the ability to transfer funds.
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Last updated: Dec. 16, 2019
Rates and fees are subject to change. This content is not provided by HM Bradley, Green Dot, T-Mobile or TAB Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by HM Bradley, Green Dot, T-Mobile or TAB Bank.