Your banking needs will determine which savings account is best for you. Convenience and high interest are key deciding factors, as are maintenance fees that might eat into your profits. For those who wish to save money, South Dakota provides many options from several financial institutions. Consider factors such as minimum balance restrictions and tiered interest rates before opting for one. Here’s all you need to know about high-yield savings accounts in South Dakota.
10 High-Yield Savings Accounts in South Dakota
Let’s look at the top 10 high-yield savings accounts in South 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.
| Feature | Details |
| APY Rate | 5%. |
| Monthly Fees | Varies (may have minimum balance requirement to waive fees). |
| Pros | High potential APY. No physical branches (an advantage for some). |
| Cons | Limited customer service options. Newer bank, less established. |
First Premier Bank
First Premier Bank offers a standard savings account with a nationwide ATM network and FDIC insurance. However, the APY on their savings account is relatively low compared to some online options. Additionally, certain account features may be associated with fees.
| Feature | Details |
| APY Rate | Up to 0.45% (Regular Savings). |
| Monthly Fees | $50 minimum opening balance. |
| Pros | Nationwide ATM network access. FDIC-insured accounts. |
| Cons | Low APY. May have additional fees for certain features. |
First Dakota National Bank
First Dakota National Bank’s eSavings account boasts a high potential APY, making it a competitive choice for those seeking a high-interest savings option. It also offers the convenience of online and mobile banking. However, this account is only available to residents of South Dakota.
| Feature | Details |
| APY Rate | Up to 3.35%. |
| Monthly Fees | Varies (May have minimum balance requirement to waive fees). |
| Pros | High potential APY. Online and mobile banking. |
| Cons | Available only in South Dakota. |
Minnwest Bank
Minnwest Bank prioritizes a local banking experience with in-person branches and a focus on community involvement. This can appeal to those who value building relationships with their bank and supporting local businesses. However, Minnwest Bank doesn’t advertise its APY rates publicly, and it might have monthly maintenance fees.
| Feature | Details |
| APY Rate | Not publicly available. |
| Monthly Fees | May have monthly maintenance fees. |
| Pros | Local branches. Community focus. |
| Cons | May have lower APY compared to online options. Less transparent fee structure. |
Security National Bank of South Dakota
Security National Bank offers the security of FDIC insurance and the convenience of local branches, appealing to those who prioritize safety and in-person banking options. However, this lender keeps their APY rates private, and they might have monthly maintenance fees.
| Feature | Details |
| APY Rate | Rates not publicly available. |
| Monthly Fees | May have monthly maintenance fees. |
| Pros | Local branches. FDIC insured. |
| Cons | May have lower APY compared to online options. Less transparent fee structure. |
Black Hills Federal Credit Union
Black Hills Federal Credit Union offers a high APY on its Bonus Savings account. Additionally, membership has various benefits, like access to other financial products and potential discounts. However, you need to meet eligibility requirements to open an account, and there might be monthly maintenance fees, which can be waived under certain conditions.
| Feature | Details |
| APY Rate | Up to 3.25%. |
| Monthly Fees | May have monthly maintenance fees waived with minimum balance or direct deposit. |
| Pros | High potential APY. Membership benefits (financial products, discounts). |
| Cons | Requires membership eligibility. May have lower APY on standard savings accounts. |
Read Related Article: High-yield savings accounts in Ohio.
Western State Bank
Western State Bank offers the convenience of having local branches and a range of financial services beyond just savings accounts. It can be a good option for those who prefer a one-stop shop for their banking needs. However, the bank does not publicly advertise its APY rates, and it might have monthly maintenance fees.
| Feature | Details |
| APY Rate | Not publicly available. |
| Monthly Fees | May have monthly maintenance fees. |
| Pros | Local branches. Wide range of financial services. |
| Cons | May have lower APY. Less transparent fee structure. |
The First Bank in Sioux Falls
This lender offers the benefits of a local branch and focuses on the community. However, similar to other institutions on this list, The First Bank in Sioux Falls does not publish its APY rates publicly, and it might have monthly maintenance fees.
| Feature | Details |
| APY Rate | Not publicly available. |
| Monthly Fees | May have monthly maintenance fees. |
| Pros | Local branch access. Community focus. |
| Cons | May have lower APY compared to online options. Less transparent fee structure. |
Milli Bank Savings
Milli Bank Savings is an online lender that offers a high potential APY on its savings account. However, it doesn’t advertise its rates publicly, so you must visit its website for current information. The bank also has monthly maintenance fees, which could be waived with specific requirements. Milli Bank Savings may have less established customer service options than more prominent institutions.
| Feature | Details |
| APY Rate | Not publicly available. |
| Monthly Fees | May have monthly maintenance fees. |
| Pros | High potential APY (check website). No physical branches. |
| Cons | Newer bank, less established. Limited customer service options. |
Brio Direct
Brio Direct offers a high APY on their savings account and doesn’t stipulate a minimum balance to avoid monthly fees. This makes it a compelling option for those who prioritize higher interest and are okay with lacking physical branches. However, like other online banks, Brio Direct has limited customer service options and is a newer institution than some established banks.
| Feature | Details |
| APY Rate | Up to 3.00%. |
| Monthly Fees | $0. |
| Pros | High potential APY. No physical branches, advantage for those well-versed with online banking. |
| Cons | Limited customer service options. Newer bank, less established. |
Conclusion
Federal regulations previously allowed customers to make only six monthly withdrawals from bank accounts, but those limits were recently eased partly because of the pandemic. However, banks may set their restrictions. There may be a cost if monthly limits are exceeded. Banks could charge an early withdrawal penalty if money is removed from a CD before it matures. Typically, a percentage of the interest generated is applied as penalty. Utilize the finance app Beem, where you can compare the offerings by banks and financial institutions, and select the right option that suits your needs.
Read Related Article: High-yield savings accounts in South Carolina.
FAQs
How do I open a high-yield savings account in South Dakota?
Banks require identification proof, such as a driver’s license or any other government-issued document, and a social security number to create a savings account. Once the account is formed, you might need to provide funds if the account has a minimum deposit.
Are high-yield savings accounts in South Dakota insured?
Depending on the bank, high-yield savings accounts frequently have higher interest rates than other savings products. They provide a secure haven for your money while collecting interest and are federally insured up to a maximum of $250,000.
What are the minimum balance requirements for high-yield savings accounts in South Dakota?
Certain institutions have minimum deposit requirements. 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.
