A High Yield Savings Account in Delaware is a financial tool designed to help residents grow their savings more efficiently. These accounts offer a distinct advantage over traditional savings options by providing competitive interest rates, often surpassing those of brick-and-mortar banks. This means your money can work harder for you, leading to accelerated wealth accumulation and financial security.
High Yield Savings Accounts in Delaware are typically offered by online banks, local institutions, and credit unions, providing a range of options to suit individual preferences. In this dynamic financial landscape, these accounts represent a smart choice for those looking to optimize their savings. Supercharge your savings with a Beem high yield savings account and watch your hard-earned grow.
The Best High Yield Savings Account in Delaware
| Bank | Features |
| Beem – High Yield Savings | Competitive APY, no minimum balance, no monthly fees, no ATM access, user-friendly mobile app, secure savings platform. |
| 4.30% APY as of 9/27/2023, no minimum balance, no monthly fees, 24/7 customer support, and competitive rates. | 4.30% APY as of 9/27/2023, no minimum balance, no monthly fees, 24/7 customer support, competitive rates. |
| Bread Savings™ | 5.15% APY, $100 minimum balance, no monthly maintenance fees, no ATM or debit card access, $5 paper statement fee, no minimum deposit. |
| CIT Bank | 5.15% APY, $100 minimum balance, no monthly maintenance fees, no ATM or debit card access, $5 paper statement fee, $100 minimum deposit. |
| Barclays | 4.35% APY, $0.01 minimum balance to earn highest APY, no minimum deposit, no monthly service fee, no ATM or debit card access. |
| Marcus by Goldman Sachs | 4.15% APY, no minimum balance or deposit, no monthly fees, no limit on withdrawals or transfers, easy-to-use mobile banking app. |
| All4You Federal Credit Union | Above-average savings rate, in-person banking and personalized service, an all-service credit union with various financial services. |
| Louviers Federal Credit Union | Above-average savings rate, overdraft protection for checking account, an all-service credit union with comprehensive financial services. |
| M&T Bank e-Money Market Account | 4.75% APY, $1 minimum balance to earn APY, no monthly fee, no minimum opening deposit or balance requirements. |
| Bank of Ocean City Statement Savings Account | Low-fee banking experience, $100 minimum balance requirement, limited monthly withdrawals, |
| Fulton Bank Statement Savings Account | Diverse account options, over 200 regional branches, overdraft protection available, low APYs, branches in five states, $6 monthly fee. |
Online High Yield Savings Accounts in Delaware
Delaware residents seeking to maximize their savings can explore a variety of online high-yield savings accounts. These accounts offer competitive interest rates and convenient digital access, allowing savers to achieve their financial goals more efficiently. Whether you prioritize low fees, accessibility, or robust online features, Delaware’s diverse banking landscape has options to suit your needs.
Beem – High Yield Savings
Beem, one of the best high-yield savings account providers, offers residents of Delaware an exceptional opportunity to grow their finances. With Beem, Delawareans can access a secure and rewarding savings platform, ensuring their money grows impressively. Beem is known for its competitive interest rates, often surpassing those of traditional banks, which accelerates the achievement of financial goals.
The user-friendly mobile app is a standout feature, making account management effortless. Additionally, Beem places a strong emphasis on customer security, employing advanced encryption and authentication measures to protect your funds. Beem’s high-yield savings account in Delaware provides a reliable and accessible way to reach your savings objectives, whether for a rainy day, a dream vacation, or a significant life milestone.
American Express® National Bank, Member FDIC
American Express® National Bank, Member FDIC, stands out as the premier choice for the best online high-yield savings account in Delaware. Its compelling features and benefits make it the top pick for savers in the state. Offering an impressive 4.30% APY as of 9/27/2023, American Express outperforms many traditional banks, ensuring your savings grow at an accelerated rate.
Moreover, it requires no minimum balance to open the account and doesn’t burden account holders with monthly fees. The flexibility of unlimited transactions, zero excessive transaction fees, and no overdraft fees provide unparalleled convenience. While there might be slightly higher APYs elsewhere, American Express’s solid financial services make it an excellent choice for those seeking to maximize their savings in Delaware.
- Annual Percentage Yield (APY): 4.30% APY
- Minimum Balance: No minimum balance to open the account
- Monthly Fee: No monthly fees
- Maximum Transactions: No transaction limits
- Excessive Transactions Fee: None
- Overdraft Fee: No overdraft fees
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- 24/7 customer support
- Helpful “Tips & Tools” section
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
- Can’t deposit checks via the mobile app
Bread Savings™
Bread Savings™ emerges as the top choice for the best online high-yield savings account in Delaware. With a remarkable 5.15% Annual Percentage Yield (APY) and a reasonable $100 minimum balance requirement, it outpaces many competitors regarding interest earnings. The absence of monthly maintenance fees ensures your savings stay intact, and the highly-rated, user-friendly banking app simplifies your financial management.
While it may lack ATM or debit card access and has a minor $5 paper statement fee, its focus on high-yield savings makes it ideal for those seeking to grow their money substantially. Bread Savings™ offers a compelling blend of financial advantages that make it a prime option for savers in Delaware.
- APY: 5.15%
- Minimum Balance for APY: $100
- Monthly Maintenance Fees: None
- ATM or Debit Card Access: Not available
- Paper Statement Fee: $5
- Minimum Deposit Requirement: $100
Pros
- High savings interest rates
- No monthly maintenance fees
- Highly rated banking app
Cons
- No ATM or debit card access
- $5 paper statement fee
- $100 minimum deposit requirement
CIT Bank
Citibank, National Association, headquartered in Sioux Falls, SD, is a long-established financial institution with FDIC insurance. Established in 1812, it boasts substantial assets totaling around $1709.73 billion. With an extensive network of 1,097 branches, customers can open various accounts, including savings and online checking accounts. CIT Bank, as a whole, presents a compelling alternative to conventional banking. It combines competitive interest rates with a range of flexible solutions to cater to the diverse banking requirements of most individuals, making it a strong choice for modern banking needs.
- APY: 5.15%
- Minimum Balance for APY: $100
- Monthly Maintenance Fees: None
- ATM/Debit Card Access: Not available
- Paper Statement Fee: $5
- Minimum Deposit Requirement: $100
Pros
- High savings interest rates
- No monthly maintenance fees
- Highly rated banking app
Cons
- No ATM or debit card access
- $5 paper statement fee
- $100 minimum deposit requirement
Barclays
Barclays is the top choice for the best online high-yield savings account in Delaware. Offering a substantial APY of 4.35% – more than five times the national average – this account is designed to grow your savings. It requires no minimum deposit and has zero monthly maintenance fees. Barclays simplifies managing your finances by offering features like direct deposits and online transfers, along with a handy online savings assistant to help you reach your financial goals.
- APY Range: 4.35%
- Minimum Balance to Earn Highest APY: $0.01
- Minimum Deposit: $0
- Withdrawal Limit: $250,000 per transaction
- Monthly Service Fee: $0
Pros
- No minimum deposit or monthly fees
- Competitive interest rates are higher than those of traditional banks
- Online savings assistant and financial management tools
Cons
- No ATM or debit card access
- Interest rates are lower than some online banks
Marcus by Goldman Sachs
Marcus by Goldman Sachs secures its position as the top choice for high-yield savings accounts in Delaware. With a highly competitive 4.15% Annual Percentage Yield (APY) and no minimum balance or monthly fees, Marcus provides a lucrative and cost-effective savings option. You have the freedom to make unlimited withdrawals and transfers from your online savings account without the worry of excessive transaction or overdraft fees. While it lacks checking accounts and ATM access, the user-friendly mobile banking app and the option for no-fee personal loans make it a strong contender.
- APY: 4.15%
- Minimum Balance: None
- Monthly Fee: None
- Maximum Transactions: No limit
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- No limit on withdrawals or transfers
- Easy-to-use mobile banking app
- Offers no-fee personal loans
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
All4You Federal Credit Union
All4You Federal Credit Union is the premier choice for the best online high-yield savings account in Delaware. Available to residents of New Castle, Wilmington, Newark, and surrounding areas, this credit union offers a share builder account with a competitive APY, surpassing local banks and even some online competitors. All4You Federal Credit Union provides the convenience of in-person banking and personalized service while serving as an all-service credit union with offerings spanning savings, checking, lending, and more.
- Regular Savings Minimum Balance to Earn Dividend: $100
- Regular Savings APY: 0.05%
Pros
- Above-average savings rate
- In-person banking and personalized service
- An all-service credit union with various financial services
Cons
- Limited availability to consumers in specific areas
- Deposit and balance requirements for maximum APY
- Share builder account is excluded from dividend earnings
Louviers Federal Credit Union
Louviers Federal Credit Union, headquartered in Newark, shines as the top option for the best online high-yield savings account in Delaware. As the state’s fifth-largest credit union, it caters to over 18,000 residents across four branches. Their Preferred Savings Account stands out with an above-average interest rate, albeit requiring a higher minimum balance of $2,500. This account also offers perks like overdraft protection and monthly dividends for checking accounts.
- Preferred Savings Account Minimum Balance: $2,500
- Above-average savings interest rate
Pros
- Above-average savings rate
- Overdraft protection for checking account
- An all-service credit union with comprehensive financial services
Cons
- $2,500 minimum balance requirement
- High minimum withdrawal amount
M&T Bank e-Money Market Account
The M&T Bank e-Money Market Account takes the spotlight as Delaware’s premier high-yield savings choice. This account skillfully blends the best of both worlds, offering the benefits of a fee-free savings account along with the flexibility of a checking account. It leverages the unique features of money market accounts, providing interest rates akin to savings accounts with the convenience of check-writing abilities.
Notably, the e-Money Market Account comes without monthly fees, minimum opening deposit, or balance requirements. While it lacks a debit card and signup bonus, it offers remote check deposits, making it a strong contender for savvy savers in Delaware.
- APY: 0.02%
- Minimum Balance to Earn APY: $1
- Minimum Opening Deposit: Starting $2.50
Pros
- Available in all 50 states
- Deposit checks remotely
- No monthly fee
- No minimum opening deposit or balance requirements
Cons
- No signup bonus
- Does not provide a debit card
- A monthly service charge may apply
- $12.50 excessive withdrawal fee
Bank of Ocean City Statement Savings Account
The Bank of Ocean City Statement Savings Account is Delaware’s top online high-yield savings account. It provides a low-fee banking experience, requiring a reasonable minimum deposit of $25 to open the account. To avoid a small fee of $0.50, maintaining a $25 balance is advisable. While you’re allowed up to four monthly withdrawals, exceeding that limit results in a $1 fee. The account combines high yield with cost-effectiveness, making it an attractive choice for savers in Delaware.
- Minimum Deposit to Open: $25
- Minimum Balance to Avoid Fee: $25
- Fee for balance Below $25: $0.50
- Monthly Withdrawal Limit: Four
- Fee for Exceeding Withdrawal Limit: $1
Pros
- Low-fee banking experience
Cons
- $25 minimum balance requirement
- Limited four monthly withdrawals
- $0.50 fee if the balance falls below $25
Fulton Bank Statement Savings Account
The Fulton Bank Statement Savings Account emerges as Delaware’s premier online high-yield savings option. Despite a potentially costly monthly fee, this account offers interest earnings. Fulton Bank, a subsidiary of the $25 billion financial services holding company Fulton Financial Corp., serves customers across Pennsylvania, Delaware, Maryland, Virginia, and New Jersey. Offering various personal and business banking products, the account requires a $100 minimum deposit and maintaining a $100 balance to avoid a $6 monthly fee. Linking it to a Fulton Bank checking account provides overdraft protection, reducing overdraft fees.
- Minimum Balance to Avoid Fee: $100
- Fee for balance Below $25: $0.50
- Monthly late fees charges: $6
Pros
- Diverse account options
- Over 200 regional branches
- Overdraft protection available
Cons
- Low APYs
- Branches in five states
- $6 monthly fee below $100 balance
How We Picked: Methodology
In selecting the best online high-yield savings accounts available in Delaware, we meticulously evaluated offerings from various financial institutions, including online banks, local and national banks, and credit unions. Our comprehensive assessment considered a range of critical factors, such as current interest rates, associated fees, account opening requirements, access to ATMs, quality of customer service, and the convenience of online and in-app banking.
Our recommendations are based on the prevailing market conditions, and bank offers at the time of our analysis. Since financial institutions regularly update their rates and features, it’s advisable to verify the latest rates directly with the banks under consideration.
How to Choose a Savings Account in Delaware
To choose the right savings account in Delaware, a thoughtful assessment of various factors can help you make an informed decision. Here’s a comprehensive guide to assist you in this process:
Account Options
Begin your search by considering the range of account options available. Look for high-yield savings accounts that offer the potential for enhanced returns. Some banks provide not only traditional savings accounts but also online savings accounts that can be managed conveniently from your computer or smartphone. Additionally, explore institutions that offer checking accounts alongside savings accounts, which can simplify your everyday financial transactions. Evaluate the availability of certificates of deposit (CDs) and money market accounts as well.
Fees
Fees can significantly impact your savings account’s overall performance, so it’s crucial to evaluate the fee structure of potential accounts. Many banks now offer fee-free savings accounts, but it’s essential to understand the conditions that may apply to enjoy these fee waivers. Some common requirements for fee waivers include enrolling in direct deposit, maintaining a minimum daily balance, or making monthly deposits.
Opening Deposit
The opening deposit requirement varies from one bank to another. While some institutions offer savings accounts with no initial deposit, others may ask for an opening deposit of $500 or more. If you’re considering an account that requires no opening deposit but has a minimum daily balance requirement, find out if there’s a grace period for compliance within one statement cycle.
Access
The method of accessing your funds can significantly impact your banking experience. Some banks provide ATM cards for swift withdrawals, while others may require transfers between accounts for access. Additionally, consider the presence of local branches for in-person transactions, as this can provide added flexibility to your banking experience. Ensure that your chosen bank aligns with your convenience preferences, offering the access options that best suit your needs.
Customer Service
Assess your preferred level of customer support. Some individuals are comfortable with online and mobile assistance, while others prefer face-to-face interactions. Look for a bank that aligns with your customer service preferences. If you desire personal assistance, prioritize banks with strong customer service or accessible local branches.
Interest
The interest rate is pivotal in your overall earnings, so prioritize comparing rates. Evaluate whether the bank employs tiered interest rates, where higher deposits result in more favorable rates, or if a uniform rate applies to all account holders. Additionally, posted rates are subject to change, so ongoing rate monitoring is essential to maximize your savings.
Account Management
Examine the bank’s online platform for robustness and user-friendliness. An easy-to-navigate website ensures seamless account management. If mobile banking aligns with your preferences, verify the existence of an optimized app that can enhance accessibility and convenience. For those who seek personal assistance, prioritize banks with strong customer service or accessible local branches.
Where Can You Open a Savings Account in Delaware?
When searching for a savings account in Delaware, you’ll encounter various choices for where to open an account. Let’s break down the three primary options, allowing you to decide based on your needs.
Traditional banks
Traditional banks, a familiar option for many, maintain physical branch networks for in-person banking services. These for-profit entities may have national or regional presences, with branches spanning the country or catering to specific states or regions. Traditional banks offer a wide range of financial services and are preferred by those who seek face-to-face interactions and the security of brick-and-mortar locations.
Online Banks
Online banks operate exclusively through digital channels, needing physical branch locations. Their advantage lies in reduced overhead costs, often resulting in lower fees and competitive interest rates on savings accounts and loans. This makes them an excellent choice for individuals who value the convenience of 24/7 online and mobile access.
Credit unions
Credit unions present a non-profit alternative to traditional banks. Rather than shareholders, credit unions are owned by their members, fostering a sense of community. Members often benefit from reduced fees, competitive interest rates, and personalized service. Credit unions typically serve specific communities, workplaces, or organizations, and membership may be based on criteria such as location, employment, or affiliation.
Conclusion
In conclusion, Delaware offers a range of high-yield savings account options to help individuals grow their wealth while maintaining financial stability. Online banks, traditional banks, and credit unions present unique advantages, allowing savers to choose the institution that best aligns with their financial goals and preferences. Whether you prioritize competitive interest rates, the convenience of digital banking, in-person interactions, or community-oriented financial services, Delaware’s diverse banking landscape has you covered. By carefully considering fees, accessibility, and customer service, Delaware residents can make well-informed choices and secure the best high-yield savings account to meet their individual financial needs. Meanwhile, check out Beem which offers up to 5.00% APY on your high yield savings account, and watch your money grow.
