Earn more: These are 7 of the best high-yield savings accounts

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High-yielding savings accounts allow you to grow your money faster than regular savings accounts. A high-yielding savings account is a great way to earn interest while storing money in these uncertain times.

According to the Federal Deposit Insurance Corporation, the average savings account offers an annual percentage return (APY) (annual yield per year) of only 0.37%. According to the Federal Deposit Insurance Corporation (FDIC), as of March 20,23. At the time this article was written, several respectable institutions offered rates of 4% and more on high yield savings accounts. These savings accounts are also equipped with customer-friendly features such as sophisticated mobile apps, ATM cards included and no monthly fees.

A high-yielding savings account can be a great option for saving money to pay down a mortgage or save up for rainy days. You can use these accounts to save your tax refund, if you have just filed your taxes.

It can be difficult to decide which high-yielding savings account to choose, as the offers and rates of interest change regularly. Let's look at seven of the best high yield savings accounts.

Seven great high-yielding savings accounts

There's a common theme in our list of the top ten high-yielding savings accounts. None of the largest banks in the country made it. The reason is that, at the time this article was written, the biggest banks did not offer competitive rates. They also charged high fees and required minimum deposits.

Our list of banks, however, offers high interest rates and excellent customer service to entice depositors and customers. As you might expect, they are backed by the FDIC for up to $250,000. This is per depositor, bank, and ownership category.

Be aware that the APY charged by these accounts can change. We will do our best in order to update these rates. Check the bank's site for the latest APY.

UFB Preferred Savings

Overview: With its high APY of 5.02%, the UFB Preferred Savings Account is a great option for those who want to grow their money and still have easy access to it.

What you need to know

Get a free ATM card

Get a free ATM card

The UFB Preferred Account is a good choice for people who dislike fees.

The mobile banking app has a reliable interface and there are no hidden fees. The free ATM card is also a great option for users who don't want to deal with external transfers.

First Foundation Bank Online Savings Account

First Foundation Bank offers online banking as well as physical branches to customers who prefer a brick-and mortar location for their bank. At the time of this writing, its online savings account offers 4.50% annual percentage yield (APY).

What you need to know

ATM card with a maximum of $20 per transaction and no monthly limit.

First Foundation Bank Online Savings Accounts are a great option for those who want to keep a minimum balance of $1,000. It is a very competitive account due to its simplicity, and its 4.50% annual percentage yield.

The bank also provides ATM cards, and reimburses its customers up to $20 for each transaction. There is no limit on the monthly reimbursement. The bank has 30 branches in California, Nevada Florida and Hawaii.

CIT Bank Savings Connect account

Overview: CIT Bank's Savings Connect account is an excellent choice for those who are looking for a savings account that can be accessed online and offers prompt customer service.

What you need to know

A 4.50% APY is an attractive rate.
$100 initial deposit.
Mobile check deposits.

We like the CIT Bank's Savings Connect account because it allows you to do simple things, like checking your transaction history or moving money between CIT Bank accounts. If you want to speak to a customer support agent, CIT Bank has helpful agents on hand 24/7 via its website or app. You can also talk to an actual person from 9 am to 9 pm. On weekdays, ET is available from 10 am to 6 pm. Saturdays are ET.

CIT offers other savings accounts that offer different interest rates, fees, and features. CIT's Platinum Savings account, for example, offers a higher rate of 4.75%. To get this rate, you need to maintain a minimum balance of $5,000. If you do not, your APY will drop to 0.25%.

Bask Bank offers American Airlines Miles or Cash for your Savings.

Overview: The Bask American Airlines Miles Savings Account allows you to earn American AAdvantage Miles on your savings. If you prefer to earn cash instead, this account offers a 4.45% APY.

What you need to know

No monthly service charge

The best part of this product: It has the highest annual percentage yield in the country, at 4.45%.

You might want to consider the Bask Mileage Account instead if you are saving American AAdvantage Miles for a trip. This account gives you 2 miles for every dollar saved per year, and distributes them monthly. The Points Guy, a travel website, values these miles as 1.77 cents each. This gives you a 3.54% effective annual percentage yield. You can get more mileage if you redeem them for premium award flights. Calculate your mileage and decide what's best for you.

Bask Bank's savings accounts do not have monthly fees or minimum balance requirements. Only if you want to make a wire transfer from your account will you have to pay any fees.

Primis Savings account offers a 4.35% annual percentage yield.

Primis Bank offers a competitive Savings Account with a 4.35% Annual Percentage Yield (APY) at the time this article was written. The bank also has branches in Maryland, Virginia and Washington D.C.

What you need to know

Minimum balance is not required
Zero service fees.

Primis Savings Account, a great online account: Primis Bank is only physically present in two states. However, you can create your account from home.

You can open a new account for as little as $1. It also offers free inbound transfers and does not require a minimum account balance. You can reach customer service via email, phone or chat.

CIBC Agility Online Account

CIBC, one of Canada's largest banks, has limited US operations.

Overview: The CIBC Agility Account is a high-yielding savings account that offers a 4.27% APY rate. It may be suited to you if your deposit amount is at least $1,000.

What you need to know

No monthly fees
$1,000 minimum opening deposit.

What we like most about the CIBC Agility Online Account is that CIBC Bank, a full service bank with roots in Canada, offers US consumers a savings account among other financial products.

The CIBC Agility Account is a savings bank account that can be opened only online. The account is open without any monthly fees. You must deposit a minimum of $1,000 to open an account. Once the account has been set up, there is no minimum balance.

LendingClub High Yield Savings Account

LendingClub’s savings account comes with an ATM card which reimburses ATM surcharges incurred outside of the network.

Overview: LendingClub High Yield Savings Account combines high interest rates with no monthly fee and a modest initial deposit.

What you need to know

We like the LendingClub high-yield savings account because: the APY is 4.25%. This is higher than national average, and is one of the highest rates we have seen. No monthly fees will be charged, and you can do free transfers both internally and externally online or through mobile banking.

LendingClub offers customers a free ATM card and will reimburse them for ATM fees at other banks.

LendingClub does not have physical branches. Customers can withdraw and deposit money using their mobile phones, ATMs, or online banking.