Inflation is hitting New Jersey hard, amid high food, real estate and utility costs. Keeping the budget down is difficult, but intelligent savings strategies can help you. Various high-yield savings accounts with appealing annual percentage yields can boost your savings compared to other options.
This blog will delve into the top ten high-yield savings accounts accessible in New Jersey and analyze them. Whether you’re seeking the highest interest rates or accounts without fees, there’s a suitable option for every saver. Let’s explore!
10 High-Yield Savings Accounts in New Jersey
Here are the top 10 high-yield savings accounts in New Jersey.
Beem
Beem is a wallet app that provides its users with various financial services. Although Beem doesn’t offer high-yield savings accounts alone, its platform offers multiple high-yield savings accounts from banks and financial institutions offering competitive APYs. You can compare them to find the one that suits your needs.
| Feature | Details |
| APY Rate | Up to 5.00%, which is 11 times higher than the national average. |
| Monthly Fees | Nil. |
| Pros | High APY. No hidden or unnecessary fees. User-friendly mobile app for a seamless banking experience. FDIC-insured up to $5,000,000 for peace of mind. |
| Cons | Some services may require a higher minimum balance. |
LendingClub
LendingClub’s High-Yield Savings account stands out for its high rate and flexible features. With the added benefit of no required minimum balance for earning interest and no monthly fees, it offers an excellent option for savers. A minimum initial deposit of $100 is required to open the account.
| Feature | Details |
| APY Rate | Up to 4.50%. |
| Monthly Fees | Nil. |
| Pros | High APY. No minimum balance required after the initial $100 deposit. 24/7 mobile banking and complimentary ATM card. Free internal and external transfers (with some limitations). |
| Cons | Requires a $100 minimum initial deposit. Doesn’t offer the highest APY. Limited in-person banking options. Some transfer limitations may apply. |
Bask Bank
The Bask Interest Savings Account offers a high APY of 5.10%, no minimum balance requirement, and zero monthly fees. It’s a solid choice for those looking for an online-only savings account with few barriers to enrollment.
| Feature | Details |
| APY Rate | Up to 5.10%. |
| Monthly Fees | Nil. |
| Pros | High APY. No minimum balance requirements. Zero monthly account fees. Easy enrollment with online account management. |
| Cons | Online-only, no physical branches. Limited ATM access. New accounts must be funded within 15 days. |
UFB Preferred saving
UFB Preferred Savings offers a great way to save with an APY of 5.25% and no minimum balance required. Enjoy saving without worrying about fees, and access your funds easily with a free ATM card. However, some users have reported mixed customer service experiences.
| Feature | Details |
| APY Rate | 5.25%. |
| Monthly Fees | Nil. |
| Pros | High APY. No minimum balance requirement. No monthly maintenance fees. Free ATM card included. |
| Cons | Mixed customer service reviews. Limited ATM access. No physical branches. Customer service feedback not stellar. |
Quontic
Quontic provides a high-yield savings option with an impressive APY of 4.50%. With just a $100 minimum balance requirement, it’s accessible to many. What’s more, Quontic offers unparalleled convenience with access to over 90,000 fee-free ATMs, ensuring easy access to your funds whenever needed.
| Feature | Details |
| APY Rate | 4.50%. |
| Monthly Fees | Nil. |
| Pros | Competitive APY. Access to 90,000+ fee-free ATMs. Online banking convenience. Offers various financial products. |
| Cons | Minimum balance requirement is $100. Limited physical presence. Mixed customer service reviews. Some account features may have restrictions. |
CFG Bank High
CFG Bank’s High Yield Money Market Account offers a competitive APY of 5.25% and a minimum daily balance requirement of $1,000. It provides features akin to checking accounts, including paper check-writing capabilities.
| Feature | Details |
| APY Rate | 5.25% (if $1,000+ balance maintained). |
| Monthly Fees | $10 if the balance falls below $1,000. |
| Pros | High APY for money market accounts. Check-writing capabilities. Various withdrawal methods are available. Flexible deposit options. |
| Cons | High minimum initial deposit requirement. Monthly fee if balance drops below $1,000. Funds may be held for 30 days after account setup. Fewer monthly withdrawals. |
Varo
Varo Savings Account offers an impressive APY rate, ranging from 3.00% to 5.00%. With no monthly fees and features like automatic transaction round-ups, Varo provides an excellent option for maximizing your savings. However, there are direct deposit requirements and balance limitations.
| Feature | Details |
| APY Rate | 3.00% – 5.00%. |
| Monthly Fees | None. |
| Pros | Highest APY rate available. No monthly fees. Automatic transaction round-ups. Flexible direct deposit requirements. |
| Cons | Top APY applies only to balances below $5,000. Need to open both checking and savings accounts. Direct deposit requirements may not be suitable for all. Limited physical presence. |
SoFi
SoFi Checking and Savings offers a competitive APY range of 1.20% to 4.60% for qualifying direct deposit recipients, making it an attractive option for those seeking combined checking and savings accounts. With no monthly fees and bonus offers for new account holders, SoFi provides a convenient banking solution.
| Feature | Details |
| APY Rate | 1.20% – 4.60%. |
| Monthly Fees | None. |
| Pros | Convenience of combined checking and savings accounts. Competitive APY for qualifying direct deposit recipients. No monthly fees. Bonus offer for new account holders. |
| Cons | Lower APY for those not receiving direct deposits. Limited time availability for the bonus offer. Must open both checking and savings accounts. Limited physical branch presence. |
Upgrade
Upgrade Premier Savings offers a robust APY rate of 5.21%, making it a competitive choice for savers. It’s user-friendly, with no monthly fees and an array of fee waivers. However, that interest only applies to balances over $1,000.
| Feature | Details |
| APY Rate | 5.21%. |
| Monthly Fees | Nil. |
| Pros | High APY of 5.21%. No account fees. No overdraft, annual, or transfer fees. Stellar online user reviews. |
| Cons | Interest applies only to balances over $1,000. A second savings account is limited. FDIC or NCUA insurance is available through a partner bank. Limited physical branch presence. |
Ally
Ally’s Online Savings Account offers a competitive APY of 4.25%, no monthly fees, and the ability to divide savings into multiple “buckets.” It’s ideal for goal-oriented savers. However, it’s subject to the standard six-withdrawal limit.
| Feature | Details |
| APY Rate | 4.25%. |
| Monthly Fees | Nil. |
| Pros | Various savings tools like “buckets” and “Surprise Savings.” Competitive APY with no minimum balance. No monthly fees. Option for automatic round-up transfers. |
| Cons | APY isn’t currently the highest. Limited to six monthly withdrawals. No physical branches. Lower APY compared to top-reviewed accounts. |
Conclusion
Choosing the right high-yield savings account requires weighing factors such as APY rates, fees, and additional features. Each account reviewed offers unique benefits and considerations. For those seeking additional savings tools and organizational features, the Ally Online Savings Account stands out. Explore the Beem app to compare the latest and best high-yield savings accounts that align with your priorities. Beem provides a hassle-free solution for growing savings effectively. Ultimately, the best account depends on individual preferences and financial goals, so it’s essential to carefully evaluate options before deciding.
Read Related Article: High-yield savings account in Maryland.
FAQs
How do I open a high-yield savings account in New Jersey?
Visit the bank’s website or branch. Then, provide personal information such as your name, address, and social security number and fund the account with an initial deposit.
Are high-yield savings accounts in New Jersey insured?
Yes. Most banks are members of the FDIC or NCUA, which insure deposits up to $250,000 per depositor, per bank, in case of bank failure.
What are the minimum balance requirements for high-yield savings accounts in New Jersey?
They vary depending on the bank. Some accounts may have no minimum balance requirement, while others may require a certain amount to open the account or earn interest. It’s essential to check with the specific bank for their requirements.
