Maximize Your Savings Potential: Top 21 High-Yield Savings Accounts with 4% APY and Higher

In today's low-interest rate environment, it's easy to feel stuck earning a meager return on your savings. However, there are several options available that can help you maximize your savings potential and hit your financial goals faster. According to the FDIC, the national average interest rate for savings accounts is currently 0.42%, but many banks and credit unions offer high-yield savings accounts with an annual percentage yield (APY) of 4% or more. Here's a look at some of the top federally insured high-yield savings accounts available today:

1. Digital Federal Credit Union Primary Savings Account: 5.5% APY This account offers a high APY of 5.5% on balances up to $1,000, with a minimum deposit of $5.00. Balances above $1,000 earn 0.05% APY. There's no monthly maintenance fee or minimum balance required to earn the disclosed APY.

2. Varo Bank High-Yield Savings Account: 5% APY Varo Bank's High-Yield Savings Account offers an attractive 5% APY on balances up to $5,000 (balances over this threshold earn 2.5% APY). There's no minimum balance required and no monthly fees. This account also allows for automatic round-ups to give your savings a boost over time.

3. AlumniFi Savings Account: 4.75% APY The AlumniFi Savings account is a tiered account that pays higher interest on higher balances: Tier 1 (up to $24,999): 4.25% APY; Tier 2 ($25,000 to $99,999): 4.5% APY; Tier 3 ($100,000 and up): 4.75% APY. AlumniFi accounts are held at Michigan State University Federal Credit Union where savings are federally insured to at least $250,000 by the NCUA.

   

There are many other options available as well, including Pibank Savings (4.6% APY), FitnessBank Savings Account (4.55%), LendingClub LevelUp Savings (4.4% APY), Primis Savings Account (4.35% APY), BrioDirect High-Yield Savings Account (4.3% APY), Bread Savings High-Yield Savings Account (4.3% APY), EverBank Performance Savings (4.3% APY), and many others.

How much can you earn with a 4% interest savings account? The amount of interest you can earn depends on how much money you deposit and how long you keep it in the account. The more money you keep in your account and the longer you hold it there, the more you stand to earn thanks to compound interest. For example, if you deposited $1,000 into a 4% interest savings account that compounds interest daily and left the money there for one year, you'd earn a total of $40 in interest (assuming you don't make any additional contributions). If you deposited $10,000, at the end of the year you'd earn $4