Best High Yield Savings Accounts In Arizona

In the sun-soaked state of Arizona, financial savvy meets the desert horizon as residents seek the best avenues to grow their savings. Welcome to our guide on High Yield Savings Accounts in Arizona, where we delve into the top financial institutions and strategies to make your money work harder. Whether you’re a local or a newcomer to the Grand Canyon State, this comprehensive exploration of high yield savings accounts will help you make informed decisions to secure your financial future.

The Best High Yield Savings Accounts in Arizona

When managing your finances, a high yield savings account is essential for individuals looking to earn a competitive interest rate while keeping their money accessible. In Arizona, online banks and local institutions offer numerous options for high yield savings accounts. 

Online High Yield Savings Accounts Available in Arizona

Online banks have become increasingly popular due to their competitive interest rates and convenience. They often provide a higher yield compared to traditional brick-and-mortar banks. Let’s take a closer look at some of the top online high yield savings accounts available to Arizona residents.

Beem – High Yield Savings

Beem presents an exceptional opportunity to bolster your savings with an impressive Annual Percentage Yield (APY) of up to 5.00%, 11 times higher than the national average. This means your money can grow significantly faster. Beem offers a fee-free banking experience, ensuring unnecessary charges don’t erode your savings. You’ll also benefit from a seamless digital banking experience accessible at your fingertips. Furthermore, Beem prioritizes the security of your savings, providing FDIC insurance coverage of up to $5,000,000 for added peace of mind regarding your financial future. Embark on your savings journey with Beem today.

Marcus by Goldman Sachs

Marcus by Goldman Sachs offers the ideal savings account for those seeking high yields and minimal hassles. A competitive 4.30% APY outpaces most traditional and online banks. Moreover, this account has no minimum balance requirements and zero monthly maintenance fees, a rarity in banking. Marcus also distinguishes itself with excellent customer service, promising a real, human response during business hours. Rest easy knowing your funds are FDIC insured, providing security up to $250,000 per depositor. Discover high-yield savings made simple with Marcus by Goldman Sachs.

Marcus by Goldman Sachs Pros & Cons

Pros:

1. Competitive APY: Marcus by Goldman Sachs offers a high 4.30% APY, making it one of the most attractive rates available in the market.
2. No Maintenance Fees: Say goodbye to monthly maintenance fees that often consume your savings. Marcus ensures you keep more of your hard-earned money.
3. No Minimum Balance Requirements: You can open and maintain your account without worrying about meeting minimum balance thresholds.

Cons:

1. No ATM Card Access: Marcus by Goldman Sachs does not provide ATM card access, which may not be suitable for those who require frequent cash withdrawals.

More Arizona Savings Accounts

In addition to online banks, local Arizona institutions offer high yield savings accounts. Let’s explore some options, including Goldwater Bank, Metro Phoenix Bank, and Hughes Federal Credit Union.

Goldwater Bank

For a more traditional banking experience in Phoenix, Arizona, consider Goldwater Bank. With multiple physical branches in the city and nationwide offices, it offers in-person and online banking options. While Goldwater Bank provides some of the best savings accounts in the state, it’s important to note that you may earn less interest than with online-only institutions. To access the top Annual Percentage Yield (APY), a higher balance of $25,000 or more is required, specifically available through the Savings Plus Personal account. However, even with a $100 balance, you can still earn interest with a regular Savings Personal account, albeit at a lower APY.

Goldwater Bank Savings

Pros:

1. Full-Service, Branch Banking: Goldwater Bank offers a traditional banking experience with multiple physical branches, providing in-person service.
2. Several Savings Accounts, Including for Kids: Goldwater Bank provides various savings account options, including accounts suitable for children.

Cons:

1. Savings APY Lower than Some Online Banks: While Goldwater Bank offers convenient branch access, its savings account’s annual Percentage Yield (APY) may be lower compared to some online-only institutions.
2. Minimum Deposit on Most Accounts: Many of Goldwater Bank’s savings accounts require a minimum deposit, potentially limiting accessibility.
3. Only 2 Free Withdrawals per Month: Remember that most Goldwater Bank savings accounts allow only two free withdrawals per month, which may impact account flexibility.

Metro Phoenix Bank

Metro Phoenix Bank, a prominent local financial institution in the Phoenix community, primarily caters to real estate and commercial customers. However, it also extends its services to personal checking and savings accounts. The basic requirement for opening a personal savings account at Metro Phoenix Bank is a $100 initial deposit, and you’ll need to maintain a $100 daily balance to start earning interest. While the current interest rates on personal savings may not rival online banks, the Annual Percentage Yield (APY) surpasses the typical offerings from national banks. The merger with Alerus may also bring new account options and terms for Metro Phoenix Bank’s valued customers.

Metro Phoenix Bank Pros & Cons

Pros:

1. Brick and Mortar, Full-Service Bank: Metro Phoenix Bank provides the convenience of in-person banking services with a strong local presence.
2. 6 Free Transactions per Month: Account holders at Metro Phoenix Bank can enjoy up to six free transactions each month, adding flexibility to their banking experience.

Cons:

1. Only One Branch: While providing personalized service, Metro Phoenix Bank has only one branch, which may limit accessibility for some customers.
2. Lower APY than Top Online Savings Accounts Offer: The Annual Percentage Yield (APY) on savings accounts at Metro Phoenix Bank might not match the competitive rates offered by leading online banks.
3. Required Daily Balance: Maintaining a daily balance is essential to earn interest, which may only suit some depositors’ financial needs.

Hughes Federal Credit Union

Hughes Federal Credit Union, established in 1952 to serve the Hughes Aircraft Company employees and their families in Tucson, has evolved into an inclusive member-owned credit union. Now, anyone residing, working, worshiping, studying in Tucson, or a member of an affiliated organization can join this community-focused institution.

Every new member initiates their journey at Hughes Federal Credit Union with a Main Share Savings account, requiring a modest $50 deposit. Additional savings options like Daily Savings, Holiday Club Savings, or You Name It Savings come with the benefit of no fees and offer interest rates surpassing the national average.

Beyond its array of savings accounts, Hughes Federal Credit Union extends a wide range of banking and lending products. Membership also brings exclusive discounts to local businesses, further enhancing the value of being a part of this credit union.

Hughes Federal Credit Union Pros & Cons

Pros:

1. 7 Branches Throughout Arizona: With seven conveniently located branches throughout Arizona, Hughes Federal Credit Union offers a strong physical presence, making in-person banking accessible to its members.
2. Full Spectrum of Banking Products: Hughes Federal Credit Union provides a comprehensive range of banking products, ensuring members can access various financial services.

Cons:

1. Lower APY than Offered for Top Online Savings Accounts: While providing numerous advantages, the credit union’s savings accounts may need to match the high Annual Percentage Yield (APY) leading online banks offer.
2. Membership Required: Membership is a prerequisite for accessing Hughes Federal Credit Union’s services, which may only be suitable for some.

A Look at Local Utah Banks

While we’ve covered several high yield savings account options in Arizona, it’s worth considering options in nearby states, such as Utah. One of the notable options is Prime Alliance Bank.

Prime Alliance Bank

The Prime Alliance Bank Personal Savings account is a strong contender for those seeking an attractive Annual Percentage Yield (APY) and minimal fees or restrictions. With an impressive 4.50% variable APY, it offers a competitive rate, even though it may need to reach the levels of the best online savings accounts. Moreover, this account is free from monthly maintenance fees, regardless of your balance, ensuring your earnings remain intact. Prime Alliance Bank imposes no minimum balance requirements. This allows you to manage your funds as you see fit, with interest earned on balances as low as $1. While the bank lacks physical branches, its online and mobile banking tools, including mobile check deposit, ensure convenient account management from any location.

Prime Alliance Bank Pros & Cons

Pros:

1. Earn Interest on All Account Types: Prime Alliance Bank allows you to earn interest on all their accounts, ensuring your money can grow, regardless of your choice.
2. Competitive APYs: The bank offers competitive Annual Percentage Yields (APYs), allowing you to maximize your savings.
3. No Monthly Fees: There are no monthly fees, guaranteeing that you won’t incur any additional costs that could impact your earnings.
4. No Minimum Balance to Earn Interest: Prime Alliance Bank doesn’t impose a minimum balance requirement to earn interest, making it accessible for various depositors.

Cons:

1. Only One Physical Bank Location: The bank has a single physical branch location, limiting in-person accessibility for some customers.
2. Limited Customer Service Hours: Prime Alliance Bank’s customer service hours are limited, which may affect the level of support available to account holders.

Chevron Federal Credit Union

Chevron Federal Credit Union offers a financial haven marked by convenience and flexibility. With no monthly maintenance fees or term restrictions, banking with them is hassle-free. The absence of a minimum balance requirement for account opening and maintenance further enhances accessibility. While balances below $2,500 will earn the regular Primary Share Savings account dividend rate, you’ll enjoy the ease of accessing your funds through checks or a debit card, ensuring your money is readily available to meet your financial needs. This credit union is committed to providing a seamless and member-centric banking experience.

Chevron Federal Credit Union Pros & Cons

Pros:

1. No Monthly Maintenance Fees: Chevron Federal Credit Union offers the advantage of a savings account with no monthly maintenance fees, ensuring that your savings remain untouched by extra charges.
2. No Minimum Balance: This credit union does not impose a minimum balance requirement to open or maintain your account, providing accessibility for savers of all levels.
3. Easy Access: Enjoy the convenience of accessing your funds through checks or a debit card, simplifying the management of your finances.

Cons:

1. Limited Availability: Membership eligibility criteria may restrict access to Chevron Federal Credit Union, limiting availability to a specific group of individuals.
2. Potentially Lower Dividend Rates: Balances below $2,500 may earn a lower dividend rate than accounts with higher balances, potentially affecting the growth of smaller savings.

How We Chose the Best Savings Accounts: Methodology

To select the best savings accounts in Arizona, we conducted a comprehensive analysis of data from various financial institutions, including online banks and local, regional, and national banks operating within the state. Our evaluation encompassed multiple factors, including current interest rates and Annual Percentage Yields (APYs) across more than 25 online and brick-and-mortar banks in Arizona. We also assessed account opening requirements, associated fees, ATM availability, customer satisfaction levels, and the ease of online and in-app banking. It’s important to note that our top choices reflect the market conditions and bank offerings at the time of our analysis. Still, banks may regularly modify their rates and features. Therefore, conducting independent research is advisable to make informed financial decisions.

Where Can You Open a Savings Account in Arizona? 

Arizona residents have various options when it comes to opening savings accounts. Savings accounts are offered at three primary types of institutions:

Online Banks

Online banks are the go-to choice for securing the most competitive interest rates on savings accounts in Arizona. Renowned institutions like Marcus by Goldman Sachs gained recognition for their high-yield savings accounts, boasting some of the most attractive Annual Percentage Yields (APYs) currently available. Online banks prioritize digital convenience and often outperform traditional brick-and-mortar banks and credit unions regarding interest rates, making them an excellent option for those looking to maximize their savings. If you value convenience and competitive rates, an online bank like Beem or Marcus by Goldman Sachs might be the right choice.

Bank Branches

Bank branches encompass a range of options, from local community banks to national banks. National banks often provide comprehensive resources like advanced mobile apps and additional perks. In contrast, local banks may excel in offering competitive interest rates.

Credit Unions

Member-owned and not-for-profit credit unions often offer higher interest rates on savings accounts. However, eligibility can be restrictive, typically limited to residents in certain areas or employees of specific organizations.

How to Choose a Savings Account in Arizona

Regardless of the type of financial institution you prefer, there are common factors to consider when choosing a savings account:

Opening Deposit

When joining a credit union, you’ll likely need to make a minimum opening deposit to establish your membership, typically ranging from $5 to $50 or more. Banks may also have minimum deposit requirements, but many institutions offer the flexibility to open an account with any amount.

Access

Choosing the ideal institution for your savings account hinges on the accessibility of your funds, notably with online accounts. Factors to consider are a user-friendly mobile app, check deposit options, ATM/debit card availability, and nearby in-network ATMs. These factors underpin a seamless and tailored banking experience.

Interest Rate

The interest rate on your savings account is a crucial factor in your financial planning. National banks typically offer an average rate of around 0.06% APY, whereas credit unions or community banks may provide higher rates. However, for the most competitive rates, online banks, unburdened by the costs of physical branches, tend to offer higher Annual Percentage Yields (APYs). Choosing the right institution can make a substantial difference in the growth of your savings.

Fees

While many banks and credit unions offer fee-free savings accounts, exceptions exist. It’s essential to scrutinize the account terms before opening, as some institutions may impose monthly maintenance or service fees, albeit with the possibility of waiver upon maintaining a designated minimum balance. Careful assessment aligns your choice with your financial goals.

Conclusion

Selecting the best high yield savings accounts in Arizona requires a thoughtful evaluation of your financial goals and preferences. Whether you opt for the convenience of an online bank like Beem or Marcus by Goldman Sachs, the personalized service of a local bank like Goldwater Bank or Metro Phoenix Bank, or the member-focused approach of a credit union like Hughes Federal Credit Union or Chevron Federal Credit Union, there are excellent options available to meet your needs.

Remember to prioritize factors such as interest rates, fees, account access, and security when deciding. By considering these elements and the unique features of each institution, you can make an informed choice that will help you achieve your financial goals and maximize your savings in Arizona. Beem can help you find the best high-yield savings accounts to suit your needs.