Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Milli, a division of First National Bank of Omaha, is offering 5.50% APY on its Savings Account. There is no minimum balance requirement to earn interest. You just need to download the Milli app.
Milli is a mobile-only platform with a Spending and Savings Account. The Spending Account comes with a debit card and is primarily for managing your expenses. This account doesn’t pay interest, though.
Meanwhile, the Savings Account pays a high rate and has a savings tool called Jars. Jars help you save and track up to five specific financial goals, and you’ll earn 5.50% for the balance in each Jar.
Milli Spending and Savings Accounts are provided by First National Bank of Omaha, an FDIC-insured institution. Up to $250,000 for an individual account.
Other financial institutions offering over 5% APY
Savings interest rates have gone up over the last few years as a result of decisions made by the Federal Reserve. The Federal Reserve has raised interest rates several times in 2022 and 2023 to combat inflation.
The average savings account pays 0.46% APY, according to the FDIC. However, many online banks pay significantly more than this. While Milli pays the highest savings rate right now, other banks aren’t far behind:
If you’re looking for a savings account from a popular online bank, you can still find savings rates that are well above the national average. Here are some institutions that offer competitive rates:
Note that there is, in fact, a higher rate available than the 5.50% APY offered by Milli: Digital Federal Credit Union is offering 6.17% APY on $1,000 and 0.15% APY on the remaining balance. However, terms are restrictive. You must become a member of the credit union to open this account, and membership is limited. You also only earn the 6.17% APY on your first $1,000, unlike Milli or similar banks that will pay the high rate on your entire balance.
When choosing a high-yield savings account, you’ll want to pay attention to more than the interest rate. Minimum balance requirements, monthly service fees, and accessibility to the account may also impact your decision. Furthermore, make sure that your account is federally insured by the FDIC or NCUA. These federal agencies protect up $250,000 per depositor for bank accounts.
Milli Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.50%
Minimum Deposit Amount
$0
- High APY on Savings Account and Jar Accounts
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- No ATM fees
- Does not reimburse out-of-network ATM Fees
- Does not accept cash deposits
- No weekend customer support
Product Details
- Mobile-only banking platform and division of National Bank of Omaha
- Earn 5.50% APY on Savings Account and Jar Account
- Access to over 55,000 ATMs through AllPoint network
- Interest compounded daily and credited monthly
- FDIC insured
Customers Bank High Yield Savings Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.30%
Minimum Deposit Amount
$1
- Accounts pay high interest rates
- No fees
- Open accounts you might not be able access outside of Raisin
- Minimum opening requirements are often lower than if you opened an account directly with a bank
- No checking accounts or business accounts
- Only way to deposit or withdraw money is by connecting to an external account
- Can’t connect to third-party budgeting apps, like Mint
Product Details
- Raisin is an online marketplace that partners with banks to offer competitive rates
- Offers high-yield savings accounts, money market accounts, CDs, and no-penalty CDs
- Filter your search by institution, or by type of institution (e.g., minority-led, family-owned, or supports small business)
- Interest is compounded daily and paid monthly
- Deposits are federally insured by the FDIC or NCUA
UFB Secure Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25% (as of 11/16/23)
Minimum Deposit Amount
$0
- High interest rate
- No monthly service fee
- No minimum opening deposit
- ATM card included
- May not be easy to deposit cash (Only cash accepting ATMs)
Product Details
- Earn up to 5.25% APY*.
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit ® Certificate #35546.
- * The Annual Percentage Yield (APY) is accurate as of 11/16/2023. The interest rate and corresponding APY for savings is variable and is set at UFB’s discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
CIT Bank Platinum Savings
Fees
$0 monthly service fees
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
Minimum Deposit Amount
$100
- Competitive APY
- No monthly service fees
- $100 minimum opening deposit
Product Details
- No monthly fees
- $100 to open an account, however must maintain $5,000 daily balance to receive top tier
- Member FDIC
Betterment Cash Reserve Account
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.75% APY (new customers will earn 5.50% APY for three months)
Minimum Deposit Amount
$10
- Competitive APY
- $10 minimum deposit
- No minimum balance requirements
- No monthly service fees
- No transaction limits
- FDIC insured for up to $4 million
- Create savings goals
- The “two-way sweep” moves extra money from checking to cash reserve to help you save
- No physical branch locations
- Mobile check deposit is limited to certain customers
- You can only deposit up to $1,500 in paper checks per day
- No way to deposit cash
Product Details
- By linking to a Betterment Checking Account (Member FDIC), you can set up the “two-way sweep,” which helps you save automatically, earn more interest, and set up overdraft protection
- You can use mobile check deposit if a) you’ve been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
- Interest compounds daily, pays monthly
- FDIC insured through partner banks
CIT Bank Platinum Savings
Earn 5.05% APY on balances of $5,000 or more. The higher your balance, the more you’ll earn. FDIC insured.
Credit: Source link