No matter where you live, a high-yield savings account is a key part of your financial system. There are several large banks in Kansas. However, the state is home to many regional and community banks that offer savings accounts to locals. If you’re looking to open a new high-interest savings account, these neighborhood banks in Kansas might be your first choice. Beem put together a list of the top ten high-return savings accounts from these banks that are worthy of consideration.
Top 10 High-Yield Savings Account in Kansas
Let’s take a look at 10 of the best high-yield savings accounts to help you save the most money while earning.
Beem
Beem offers a range of financial services. While it doesn’t offer a high-yield savings account, it provides a platform for checking offers from various banks and financial institutions.
APY Rate
Beem boasts a competitive APY rate, currently hovering around 2.25%. This means you’ll earn more interest on your savings than in traditional savings accounts.
Monthly Fees
Beem shines with a no monthly maintenance fee policy. This allows you to keep all the interest you earn on your hard-earned cash.
Pros
- High APY rate, no monthly fees.
- Mobile app for convenient account management.
Cons
- Beem is a relatively new player in the banking scene.
- While FDIC-insured, it might need the established reputation of some competitors.
Barclays
Barclays, a global banking giant, offers a high-yield savings account with the stability of a well-established institution. Here’s what they offer:
APY Rate
Barclays offers a competitive APY rate as well, currently around 2.10%. This allows you to grow your savings steadily.
Monthly Fees
Barclays charges a monthly maintenance fee that can be waived by meeting specific requirements, such as maintaining a minimum balance or setting up a direct deposit.
Pros
- Established brand with a long history.
- Competitive APY rate, and potential to avoid monthly fees.
Cons
- Monthly maintenance fees can eat into your earnings if not waived, with fewer features compared to some online-only banks.
Quontic Bank
Quontic Bank operates solely online, offering a high-yield savings account focusing on transparency and ease of use. Here’s what sets them apart:
APY Rate
Quontic Bank makes a strong case with a high APY rate, currently around 2.40%, translating to maximizing your returns on your savings.
Monthly Fees
Similar to Beem, Quontic Bank has no monthly maintenance fees. You can keep all the interest you earn.
Pros
- The highest APY rate among the three, no monthly fees, focuses on online banking experience.
Cons
- An online bank with limited physical branch availability might be less convenient for those who prefer in-person banking interactions.
CIT Bank
Online banks are known for offering competitive interest rates on savings accounts and certificates of deposit (CDs).
APY Rate
As of today, CIT Bank offers a competitive APY rate of 0.50% for its Savings Builder account. However, it also offers a higher-yield option, the Platinum Savings account, which offers rates up to 0.75% on balances of $5,000 or more.
Monthly Fees
There are no monthly maintenance fees associated with either CIT Bank savings account.
Pros
- CIT Bank boasts competitive APY rates, especially with its Platinum Savings account.
- The absence of monthly fees makes it a budget-friendly option.
- The bank also offers a variety of other banking products, including checking accounts and CDs.
Cons
- The high APY on the Platinum Savings account only applies to balances above a certain threshold.
- CIT Bank doesn’t offer some bells and whistles found with competitors, like mobile check deposits.
Bread Savings
Mobile-first bank offering a high-yield savings account with a focus on saving goals.
APY Rate
Bread Savings currently offers a 0.52% APY on their high-yield savings account.
Monthly Fees
There are no monthly service fees to worry about with Bread Savings.
Pros
- Offers a competitive APY rate with no monthly fees, making it a good option for those seeking a straightforward savings account.
- They also focus on mobile banking convenience with a user-friendly app.
Cons
- Doesn’t offer the tiered APY structure seen with CIT Bank so that you won’t get a higher rate for larger balances.
- They also have a limited product range, focusing solely on savings accounts.
Marcus by Goldman Sachs
Online bank from the reputable financial firm Goldman Sachs, offering high-yield savings accounts and certificates of deposit.
APY Rate
Marcus by Goldman Sachs offers a 0.40% APY on their high-yield savings account.
Monthly Fees
Like the other two options, Marcus doesn’t charge monthly maintenance fees.
Pros
- Marcus by Goldman Sachs is a reputable brand with a user-friendly online platform and mobile app.
- They offer a no-penalty CD option for those seeking additional flexibility.
Cons
- Marcus’s APY rate is currently lower than the other two options on this list.
- However, it also lacks some features, like check-writing capabilities.
Truity Credit Union
Not-for-profit financial cooperatives offer a variety of banking products and services, focusing on member service and community involvement.
APY Rate
Truity Credit Union’s APY rates can vary depending on the specific savings account you choose. They often offer competitive rates on savings accounts and certificates of deposit (CDs). Be sure to check their website for current rates.
Monthly Fees
Truity may or may not charge monthly fees for checking or savings accounts. It depends on the specific account and whether you meet certain requirements, like maintaining a minimum balance.
Pros
- Truity Credit Unions are known for offering competitive rates, lower fees, and a focus on member service.
- They often have a strong presence in local communities.
Cons
- Availability of Truity branches and ATMs might be limited compared to larger national banks.
Sunflower Community Credit Union
Not-for-profit financial institutions are owned by their members. They often offer competitive rates and lower fees than traditional banks.
APY Rate
Like Truity, Sunflower Community Credit Union offers competitive APY rates on savings accounts and CDs. You’ll find current rates displayed on their website.
Monthly Fees
Like Truity, Sunflower may have monthly fees on certain accounts depending on your activity and whether you meet minimum balance requirements. Check their website for details.
Pros
- Sunflower Credit Union prioritizes member service and often offers lower fees than traditional banks.
- It might also offer unique benefits tailored to its local communities.
Cons
- Branch and ATM networks might be limited depending on your location.
Capital One
Sizeable national bank offering a variety of financial products and services, including checking accounts, savings accounts, credit cards, and loans.
APY Rate
Capital One offers a variety of savings account options with varying APY rates. While some accounts have competitive rates, others may have lower rates. It’s important to compare options carefully.
Monthly Fees
Capital One charges monthly fees on some checking and savings accounts if you don’t meet specific requirements, such as maintaining a minimum balance or making a certain number of transactions.
Pros
- Capital One boasts an extensive and convenient network of branches and ATMs nationwide.
- They also offer a variety of digital banking features for easy account management.
Cons
- Some accounts have monthly fees.
- APY rates might not be as competitive as what credit unions can offer.
PNC Bank
Another large national bank offers a comprehensive suite of banking products and services, catering to personal and business banking needs.
APY Rate
PNC Bank offers a range of savings account options with varying APY rates. Similar to Capital One, it’s crucial to compare different accounts to find the one with the best rate for your needs.
Monthly Fees
PNC Bank charges monthly maintenance fees on some checking and savings accounts unless minimum balance requirements are met. Be sure to check their website for details on specific account fees.
Pros
- PNC Bank has a vast network of branches and ATMs nationwide, offering convenient access to your funds.
- They also provide a suite of digital banking tools.
Cons
- Monthly fees can apply.
- APY rates may be less competitive compared to other options.
Read Related Article: High-yield savings account in Indiana.
Conclusion
When choosing a bank to deal with or open a savings account, you must consider its particular benefits and drawbacks. To maximize savings, choose from platforms such as Beem. Consider the annual percentage yield provided by banks and other financial institutions. When choosing, read the terms and conditions carefully to check if there are some hidden costs associated with them. Some savings accounts charge fees if you exceed a withdrawal limit or if your balance falls below a limit.
FAQs
How do I open a high-yield savings account in Kansas?
Certain institutions have minimum deposit requirements to open a HYSA. The value of this deposit can range from $25 to $5,000. You can begin the application procedure as soon as you’ve decided on a financial institution and wish to open a high-yield savings account there.
Are high-yield savings accounts in Kansas insured?
Putting money into a high-yield savings account of up to $250,000 FDIC insured carries no risk. In an emergency, like a bank run, your money is secure. It is there if you ever need to access the money in your high-yield savings.
What are the minimum balance requirements for high-yield savings accounts in Kansas?
Savings bank accounts have minimum balance requirements. While some banks require a minimum balance every month, others have a threshold every quarter. The amount varies based on the branch’s location and the kind of bank account.
