You need to invest your money and let it grow to secure your finances. A high-yield savings account is an excellent option if you’re looking for a low-risk investment with good returns. However, finding one such account suitable for your financial goals requires thorough research. We have compiled a list of the top ten high-yield savings accounts available to people in North Dakota so you can make an informed choice. Read to know more.
10 High-Yield Savings Accounts in North Dakota
Here are the 10 best high-yield savings accounts to consider in North Dakota.
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.
| APY Rate | Monthly Fees | Pros | Cons |
| You can find options offering APR as high as 5.00%. | Nil. | High APY. No fees. Savings are FDIC-insured up to $5,000,000. | No physical branches. |
American Express National Bank
American Express National Bank is an extension of the well-known credit card company American Express. Currently, it offers services only online. It offers high-yield savings accounts at a competitive APY and is FDIC-insured.
| APY Rate | Monthly Fees | Pros | Cons |
| Up to 4.25%. | Nil. | 24/7 customer service available. Access your money easily 24/7. No minimum balance required. | No physical branches. |
Bread Savings
Bread Savings is an online-only banking solution. It offers among the best APYs in the market; however, it doesn’t have a physical branch or ATM, so you will have to rely on online banking and mobile tools.
| APY Rate | Monthly Fees | Pros | Cons |
| Up to 5.15% | Nil. | High APY. No monthly fees. Waives common banking fees. | Charge $25 for each outward wire transfer, $15 for each official check request, and $5 for each paper statement request. No ATM service. Minimum deposit of $100 to open an account. |
Barclays Online Savings
One of the largest banks in the United Kingdom, Barclays only offers online banking solutions in the U.S. They offer services such as certificates of deposit and high-yield savings accounts. Barclays savings account offers one of the best APYs in the market, but to access your money, you only have online banking options, as no physical branches are available.
| APY Rate | Monthly Fees | Pros | Cons |
| Up to 4.35%. | Nil. | High APY. No minimum deposit needed. | No physical location. No ATM access. Limited customer service options. |
Read Related Article: High-yield savings account in Maryland.
Ally Savings
Ally Bank offers various financial services, such as credit cards, mortgages, certificates of deposit, savings accounts, and more. It offers services via online and mobile banking only. Ally Savings is a high-yield savings account offered by Ally Bank. It offers an APY above the national average and doesn’t require a minimum balance.
| APY Rate | Monthly Fees | Pros | Cons |
| 4.20%. | Nil. | High APY. FDIC-insured up to $250,000 per depositor. No minimum balance is required. | Charge a $10 excessive transaction fee. |
Marcus By Goldman Sachs
Marcus is an online-only consumer division bank of Goldman Sachs. It offers services such as certificates of deposit and savings accounts. It’s one of the best options with no service fee and low minimum deposit requirement.
| APY Rate | Monthly Fees | Pros | Cons |
| 4.40%. | Nil. | No minimum deposit amount is required. No maintenance fees. | No physical branches. No ATM network. |
Aspire Credit Union
Aspire Credit Union is a credit union regulated by National Credit Union Administration. The union offers a range of financial services, including savings accounts. However, if you seek a higher APY, there may be better options.
| APY Rate | Monthly Fees | Pros | Cons |
| Ranges between 0.10% to 0.50% | Depends on the account. | Personalized customer service. Saving accounts available for different goals. | Requires a membership. Low APYs. |
Rolette State Bank
Rolette State Bank is a full-service bank that offers its customers offline and online banking solutions. It offers passbook savings accounts; however, the APYs aren’t as impressive.
| APY Rate | Monthly Fees | Pros | Cons |
| Offers two passbook savings accounts with APY of 0.35% and 0.45%. | Information not known. | Community-focused banking. Personalized service. | Lower APY compared to online banks. Limited branch locations. |
First Dakota National Bank
First Dakota National Bank focuses on providing banking services to individual, business, and agricultural customers. It offers three different savings accounts: personal, business, and agricultural.
| APY Rate | Monthly Fees | Pros | Cons |
| Offers three different savings accounts: personal, business and agriculture. Respective APYs are 3.29%, 1.00% and 1.00%. | No information available. | No additional fees. Strong regional presence. | Limited branch network. Fewer online banking features. |
Bank of North Dakota
Based in Bismarck, the Bank of North Dakota is a state-owned and run financial institute. It’s also the legal depository for all state funds in North Dakota, and these deposits are used to fund development, agriculture, and small businesses.
| APY Rate | Monthly Fees | Pros | Cons |
| Offers two savings accounts, but APYs aren’t mentioned | Charges a dormant fee of $5. | State-backed stability. Strong local presence. | Limited nationwide access. Charges various fees such as service fees, paper statement fees and dormant fee. |
Conclusion
High-yield savings accounts are a good option for saving and growing money. When choosing a high-yield savings account, compare features such as APY and other factors such as monthly and other associated fees. To simplify your hunt in North Dakota, utilize Beem, where you can compare the offerings by banks and financial institutions. Beem provides a hassle-free solution for growing savings effectively.
Read Related Article: High-yield savings account in New Jersey.
FAQs
How do I open a high-yield savings account in North Dakota?
In North Dakota, opening a high-yield savings account is a simple process. You can visit a local branch or apply online via the bank or credit union website. Typically, you must submit personal data like your Social Security number, identification documentation (such as a driver’s license), and your initial payment. A minimum deposit may be needed to open an account at some banks but not others.
Are high-yield savings accounts in North Dakota insured?
Yes. The Federal Deposit Insurance Corporation insures bank-held accounts up to $250,000 per depositor, each insured bank, for each type of account ownership. The National Credit Union Administration offers the same coverage limitations for accounts held in credit unions.
What are the minimum balance requirements for high-yield savings accounts in North Dakota?
Each institution has a different minimum balance requirement for high-yield savings accounts in North Dakota. Certain banks and credit unions may require a minimum deposit of $0 to $1,000 or more to open an account. Furthermore, to receive the quoted APY or avoid monthly maintenance costs, you might need to keep a minimum balance on several accounts. It’s crucial to review each account’s unique terms and conditions to learn about any minimum balance requirements.
