Many of the best available rates come with some big restrictions.
Interest rates for high-yield savings accounts continue to climb, with at least one credit union touting a deposit rate in excess of 6% annual percentage yield, or APY (though admittedly, this has a lot of caveats). What’s more, money pros say the spending climate and action from the Federal Reserve may mean high savings rates are here to stay.
“Money in high yield savings accounts could outpace inflation seeing as they’re now offering up to 6% for saving while inflation is around 3.7%,” says NerdWallet personal finance writer and expert Elizabeth Ayoola. “This could be a great opportunity for consumers looking for passive income to reap the benefits of ongoing interest rate hikes.” You can see some of the highest-paying savings accounts here.
Here’s what to know about the high-yield savings accounts with the best annual percentage yield, or APY, in October 2023, and we list some of our top finds below.Why are rates going up? The pas …