In Alaska, as with most parts of the U.S., individuals seek ways to maximize their savings for multiple reasons. Although Alaska lacks local banking options, choices for high-yield savings accounts exist. These accounts allow Alaskans to maximize their savings by earning higher annual percentage rates than traditional savings accounts. However, one needs to identify the account best suited for themselves. Join us as we uncover the top high-yield savings accounts in Alaska.
Top 10 High-Yield Savings Account in Alaska
Alaska residents seeking to maximize their savings can explore a variety of online high-yield savings accounts, which offer lucrative savings opportunities. Let’s explore the best options tailored to Alaska’s financial landscape.
Beem
Beem offers a range of financial services. While it doesn’t offer a high-yield savings account on its own, it provides a platform where you can check offers from various banks and financial institutions.
| APY Rate | Monthly Fees | Pros | Cons |
| Depends on the provider. | Depends on the provider. | Access to multiple financial features, from spending to saving money. | No physical branches available. |
Milli Bank Savings
Milli Bank’s high-yield savings account offers better interest rates than regular savings accounts. It is an excellent option for Alaskans. It provides a simple and effective way to save money. The bank focuses on digital services and does not offer physical branches, money market accounts, or certificates of deposit (C.D.s).
| APY Rate | Monthly Fees | Pros | Cons |
| 5.50% with no minimum deposit required. | No monthly fees. | No monthly maintenance fees. No minimum deposit requirement. Offers a high savings APY. | No in-person banking locations. No CD or money market account options. |
BrioDirect High Yield Savings Account
BrioDirect is an online bank providing one of the best savings rates. It’s perfect for those with a few thousand dollars to deposit who do not need full-service banking. BrioDirect offers an APY of 4.25% with a minimum deposit of $1 to earn this rate.
| APY Rate | Monthly Fees | Pros | Cons |
| 4.25% with a minimum deposit of $1 to earn this rate. | No monthly fees. | Competitive APYs for savings. No monthly maintenance fees. CD terms are as short as 30 days. | No checking or money market accounts. Average to below-average CD rates. High $5,000 minimum opening deposit for savings. No physical branches. |
Alaska USA Federal Credit Union
Alaska USA Federal Credit Union offers various banking services, including checking and high-yield savings accounts. It has physical branches and online services, making banking accessible for many customers. It’s an excellent option for those who prefer a blend of online and in-person banking. Alaska USA Federal Credit Union offers a competitive APY for its high-yield savings account.
| APY Rate | Monthly Fees | Pros | Cons |
| Offers a competitive APY for their high-yield savings account. | No monthly fees. | Access to physical branches. No charge for incoming domestic or international wire transfers. No monthly maintenance fees. | No signup bonus.Only available in four states. Higher than average fees for out-of-network ATM transactions. |
Capital One 360 Performance Savings
Capital One 360 Performance Savings offers an easy and efficient way to save money. This high-yield savings account comes with a competitive interest rate and no fees, making it an attractive option for anyone who wants to grow their savings effortlessly.
| APY Rate | Monthly Fees | Pros | Cons |
| 4.25%. | No monthly fees. | Competitive interest rates across all balances. No monthly maintenance fees. No minimum deposit requirement. No limit on monthly withdrawals. | Few physical branch locations. Lower APY for Kids Savings account. Easy access to savings can be tempting for unnecessary withdrawals. |
Popular Direct Select Savings Account
Popular Direct Select Savings Account is an online-only high-yield savings account. It’s part of Popular Bank, a well-established financial services provider. Popular Direct offers competitive interest rates and no monthly fees.
| APY Rate | Monthly Fees | Pros | Cons |
| 5.20%. | No monthly fees. | No monthly fees on the savings account. Competitive rates on savings and CDs. High APY rate. | No ATM card access to savings. High minimum deposit requirements. Fee may apply if you close the account early. |
My Banking Direct High Yield Savings Account
My Banking Direct High Yield Savings Account offers a competitive interest rate and a user-friendly online platform. It provides customers access to a highly rated mobile app and over 55,000 ATMs, making it a convenient option for digital banking.
| APY Rate | Monthly Fees | Pros | Cons |
| 5.55% for balances over $1. | Nil. | High APY of 5.55%. No monthly fees for any accounts. Excellent mobile app. Access to more than 55,000 ATMs. | Only a few account types available. No branch access. High minimum balances for some accounts. |
Digital Federal Credit Union Primary Savings Account
Digital Federal Credit Union (DCU) offers a primary savings account with highly competitive interest rates. To open an account, you need to become a member. Membership is accessible to almost anyone through your employer, residence, or joining a partnering organization.
| APY Rate | Monthly Fees | Pros | Cons |
| 5.13%. | Nil. | Full-service banking, including accounts, loans, and retirement planning. No monthly maintenance fees or minimum balance requirements. Highly competitive interest rates on savings and loans. Membership is available for everyone. | Charges overdraft fees. Requires membership to access services. |
American Express National Bank
American Express National Bank, the personal banking arm of American Express, offers a range of online banking products, including a high-yield savings account. There are no fees or minimum balance requirements for their accounts, making them accessible to many customers. The flexibility of unlimited transactions, zero excessive transaction fees, and no overdraft fees provide unparalleled convenience.
| APY Rate | Monthly Fees | Pros | Cons |
| 4.25%. | Nil. | High APYs on savings and CDs. No minimum deposit requirement to open an account. No recurring fees on any accounts. 24/7 customer support. | No physical branch locations. Checking account is only available to current Amex cardholders. Limited account options compared to other banks |
Barclays
Barclays Bank is an online-only bank that may offer a high-yield savings account with an impressive APY and no minimum deposit or monthly maintenance fees. This account is ideal for new savers looking to start growing their money. Additionally, Barclays bank accounts have come with insurance from the Federal Deposit Insurance Corporation (FDIC). So, you can feel reassured that your deposits are secure, even in the highly unlikely event of a bank failure.
| APY Rate | Monthly Fees | Pros | Cons |
| 4.35%. | Nil. | High-yield savings accounts and CDs with rates far exceeding the national average. No minimum opening deposit requirements. Modest early withdrawal penalties that don’t significantly impact interest. | No checking or money market account options. No physical branch locations. |
Conclusion
High-yield savings accounts in Alaska represent lucrative opportunities for individuals to grow their savings effectively. Alaskans can make informed decisions to secure their financial futures and achieve their savings goals by carefully considering each account’s features, APY rates, and benefits. Read the terms and conditions carefully to check for hidden costs. For those seeking a reliable and accessible option, consider Beem.
Read Related Article: How much money should I have saved by 18?
FAQs
How do I open a high-yield savings account in Alaska?
To open a high-yield savings account in Alaska, simply visit the bank’s website or branch, fill out an application form, provide necessary identification and funding information, and follow any additional steps the bank outlines. Beem’s user-friendly online application process allows you to open a high-yield savings account from the comfort of your home.
Are high-yield savings accounts in Alaska insured?
Yes, high-yield savings accounts in Alaska offered by FDIC-insured banks are protected up to $250,000 per depositor, ensuring your funds are safe and secure.
What are the minimum balance requirements for high-yield savings accounts in Alaska?
Minimum balance requirements for high-yield savings accounts in Alaska vary depending on the bank and account type. Some accounts may have no minimum balance requirement, while others may require a certain amount to earn the advertised APY.
