Known as the “silver state”, Nevada once played a key role in the American economy. Today, Nevada’s citizens are on the look-out for savings instruments that will be central to their financial planning. One such option is the high-yield savings account. However, the key lies in selecting an account that dovetails with one’s needs. This article presents the top 10 high-yield savings account options in Nevada.
10 High-Yield Savings Account in Nevada
Here are the 10 best options you can consider.
Beem
Beem is a smart wallet app which provides its users with a variety of financial services. Although Beem does not offer high yield savings accounts on its own, you can find multiple high yield savings accounts from various banks and financial institutions offering competitive APYs on its platforms. You can check and compare them to find the one that suits your needs.
| APY Rate | Monthly Fees | Pros | Cons |
| Up to 5.00%. | Nil. | High APY. No fees. Savings are FDIC-insured up to $5,000,000. | No physical branches. |
Ally Bank
Ally Bank offers financial services across the U.S. through mobile apps or websites, and doesn’t have physical branches. A savings account from Ally Bank offers a high APY, higher than what traditional banks offer. You can start a savings account with no monthly fee and get a free ATM card if you have a checking account with them.
| APY Rate | Monthly Fees | Pros | Cons |
| Up to 4.20%. | Nil. | Competitive APY. No monthly fees. 24/7 customer support. No minimum deposit required. | No physical branches. Can be slow in processing external transfers. |
Wells Fargo
Wells Fargo is a renowned national bank, offering various savings accounts. Each account offers a different APY and has varying requirements. The base APY offered by Wells Fargo isn’t impressive; however, it can go up with a premium account.
| APY Rate | Monthly Fees | Pros | Cons |
| Base account offers 0.01% and doesn’t require any minimum balance. The Platinum account offers up to 2.50%, but you need to have a minimum of $1,000,000 in your balance. | Nil. | Extensive branch network. Robust customer service. Additional banking products and services. | Low APY rate. To get a higher APY, you need to maintain a higher minimum balance. |
Zions Bank
Zions Bank offers several financial services via physical branches and mobile applications. It may not offer the best returns on saving accounts.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.16%. | $3, which can be waived if you maintain a daily balance of at least $200 or if you make a transaction of at least $25 each month from a Zions-linked checking account into a savings account. | Competitive interest rates. Waivable monthly fees. Good local customer service. | Lower APY compared to top competitors. Limited physical branches. |
CIT Bank
CIT Bank offers competitive rates with its savings builder account. It also has an option to increase the APY under certain conditions.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.40%, which can rise to 1.00% if you fulfil certain requirements. | Nil for the base APY of 0.40%. However, to get 1.00%, you need to have a recurring deposit of $100 each month or hold an account balance of more than $25,000. | Competitive APYs. There are no monthly fees for any accounts. | The amount required to get the highest APY is high. |
WaFd Bank
WaFD Bank is a regional bank offering financial services to the residents of Las Vegas.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.10%. | $4. To open an account, you need a minimum of $25. To earn interest, you need to have a minimum of $100, and if you have $200, then your monthly fees will be waived. | A regional bank with local branches. Waivable monthly fees. Good customer service. | Moderate APY rate. Monthly fees, unless you have $200 in your account. |
Chase Bank
Chase Bank offers its financial services across the U.S. However, when offering high APY, Chase Bank may not be your best option.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.01%, but a minimum deposit of $25 is required. | $5, which can be waived if you maintain a minimum daily balance of $300. | Multiple branches and networks of ATMs across the U.S. Mobile banking app. | Low APY. You need to pay a monthly fee unless you maintain a minimum balance. |
First Security Bank
First Security Bank is a medium-size bank offering financial services to its customers. In addition to its online and mobile banking services, it also provides in-person support to its customers 24/7.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.35%. To open an account, you need to have a minimum deposit of $25. | Nil. | Local bank with personalized service. | Moderate APY rate. Limited branch network. |
Greater Nevada Credit Union
Greater Nevada Credit Union is the largest credit union in Nevada. They offer multiple savings accounts and APY may vary with the account type. However its APYs aren’t high.
| APY Rate | Monthly Fees | Pros | Cons |
| 0.10%. | Nil, but a minimum balance is needed depending on the savings account type. | No monthly fees. Strong local presence. | Fewer online banking features compared to larger banks. Low APY. |
Financial Horizons Credit Union
Financial Horizons Credit Union operates as a financial cooperative. They offer loans, investments, savings accounts and more. Financial Horizons Credit Union offers varying APYs based on the invested amount.
| APY Rate | Monthly Fees | Pros | Cons |
| Varies from 0.40% to 0.75%. The minimum investment amount is $10,000-$24,999.99. | Nil. But to earn APY, you need a minimum of $10,000 in your account, and the minimum amount required increases for higher APYs. | Competitive APY rate. No monthly fees. Localized customer service. | Limited physical locations. Minimum amount to earn base APY is high. |
Conclusion
For Nevada’s residents, there are various options to save and earn high APY. It’s important to compare different options available before choosing a high-yield savings account. Also, check if there are minimum deposit requirements or other associated fees. Monthly maintenance fees or hidden fees can eat up the interest you accumulate on your invested amount. Explore the Beem app to compare the latest and best high-yield savings accounts that align with your priorities.
Read Related Article: High-yield savings account in Montana.
FAQs
How do I open a high-yield savings account in Nevada?
You can apply online through the bank or credit union’s website or visit a local branch. Generally, you’ll need to provide personal information such as your Social Security number, proof of identity (e.g., driver’s license), and your initial deposit. Some institutions may require a minimum deposit to open the account, while others may not.
Are high-yield savings accounts in Nevada insured?
Yes. Banks insure deposits through the Federal Deposit Insurance Corporation up to $250,000 per depositor, per insured bank, for each account ownership category. Credit unions provide similar insurance through the National Credit Union Administration, also up to $250,000 per depositor, per insured credit union, for each account ownership category. This insurance protects your deposits in the event of a bank or credit union failure.
What are the minimum balance requirements for high-yield savings accounts in Nevada?
Minimum balance requirements for high-yield savings accounts in Nevada vary by institution. Some banks and credit unions may require a minimum deposit to open the account, which can range from $0 to $1,000 or more. Additionally, some accounts may require you to maintain a minimum balance to earn the advertised APY or to avoid monthly maintenance fees. It’s important to check the specific terms and conditions of each account to understand any minimum balance requirements.
