With the Federal Reserve steadily raising interest rates to fight inflation, high-yield savings account payouts have steadily risen, too.
After years of near-zero returns, the average savings account rate has risen to 0.45%, according to the Federal Deposit Insurance Corp.
Their new High-Yield Savings account offers a 3.5% APY, but you need a hefty $5,000 deposit to open the account.
Unlike some high-yield online savings accounts, you earn a high APY—currently 5%—on every dollar in your account.
You can conduct immediate electronic transfers between your brokerage account and savings account, and manage both savings and investment activities on a single platform.
Persons:
Martha C, it’s, JPMorgan Chase, Wells, Wells Fargo, Ally, Synchrony, UFB, —, Achilles, We’ve, Foster, Alliant, Morgan Stanley, Marcus, Goldman Sachs, Charles Schwab, Charles Schwab Bank Charles Schwab
Organizations:
Federal Reserve, Federal Deposit Insurance Corp, Capital, National, One’s, JPMorgan, JPMorgan Chase JPMorgan Chase &, Chase Savings, Ally, Synchrony, CIT, First Citizens, Bank, Axos Bank, Webster Bank, National Bank, Zelle, Alliance Data Systems, Comenity Capital Bank, FDIC, Foster Care, Navy, Navy Federal, Savings, Morgan Stanley Private, Morgan Stanley Private Bank, Bloomberg, Trade, Charles, Charles Schwab Bank, Best Bank, National Credit Union Administration, dateline
Locations:
Chase, Zelle, Ally’s, Utah, Chicago, U.S, .