High-yield savings accounts are a good option if you’re looking to save funds with minimum risks. Such instruments are secure, offer higher returns, and help one quickly create an emergency fund. You might encounter many banks and apps promising higher returns, but be vigilant. This blog will explore high-yield savings accounts in South Virginia and how to begin your investment journey.
10 High-Yield Savings Accounts in South Virginia
Here are the top ten high-yield savings accounts in South Virginia.
Beem
Beem is a super app that works as a marketplace to get quick loan approvals and cash advances for various needs. There are no credit checks on the applicant. It offers flexibility and convenience in terms of cash availability.
APY Rate
One can earn up to 5% APY on a high-yield savings account by using Beem.
Monthly fees
Beem charges a negligible subscription fee of $2.47 for instant cash. However, most of its features are available without subscription.
Pros
- One of Beem’s key advantages is its clear and straightforward fee structure. You won’t have to worry about hidden charges or complicated calculations. This transparency can give you a sense of security, as you’ll know what you’re paying for.
- There will be no credit check regarding your credit history.
Cons
- Infrequent users may find the subscription charge unreasonable.
Ally Bank
Ally Bank is considered among the best banks. It provides better APY and investment opportunities for South Virginia residents. It allows one to make early deposits and offers a better financial growth plan.
APY Rate
The APY is 4.20% on all balance tiers for its savings account.
Monthly fees
The monthly fees are quite affordable as well. Usually, there is no monthly maintenance fee and no minimum balance requirement, and transactions are also not limited.
Pros and cons
Pros
- High APY makes returns higher.
- Great customer service
- No fees or minimum balance requirements
Cons
- No branches
Bank of America
Bank of America is one of the largest and most secure ways to start your savings journey. They provide most of their services via mobile apps and also have offline branches. You can open a savings account and earn cashback and other perks by making direct deposits.
APY Rate
It ranges between 0.01% and 0.04%.
Monthly fees
Bank of America charges a $4.95 fee for account owners under 25. They must also maintain a minimum balance, or a fine will be charged.
Pros and cons
Pros
- Thousands of branches and fee-free ATMs for customers throughout the nation.
- Several ways to waive monthly service charges on checking and savings accounts.
Cons
- Savings accounts generate low interest rates.
Read Related Article: High-yield savings accounts in South Carolina.
CIT Bank
APY Rate
CIT Bank can earn an APY rate of up to 5% on balances of $5,000 or more, and 0.25% on balances below $5,000.
Monthly fees
The monthly fees for CIT bank users are around $45 and a transaction fee of 1% on every transaction.
Pros
- One of the best APYs on the market.
- A low $100 minimum balance is required.
Cons
- Must make $100 in monthly deposits or maintain a balance of at least $25,000 to earn top APY.
Synchrony Bank
Synchrony Bank claims to offer higher returns than the national average. The bank offers excellent customer service and award-winning savings accounts.
APY Rate
4.75%, regardless of the minimum deposits, balance, or monthly fees.
Monthly fees
There is no minimum balance requirement or monthly fees. Users can try atm cards to access funds.
Pros
- Savings account interest rate that crushes the national average.
- No minimum balance requirement to keep a savings account open.
Cons
- No branches are available for offline transactions.
Carter Bank & Trust
Carter Bank and Trust offers great customer service and better banking experience. One can get better returns by offering higher APY to stand in customer rates.
APY Rate
Up to 4%. The APY depends on total deposit, with higher deposits ensuring higher returns.
Monthly Fees
None. However, a $5 fine is charged once per month if the minimum balance is not maintained.
Pros
- Strong community bank.
- 123 branches throughout Virginia and North Carolina.
Cons
- Low APY on savings account.
Briodirect
Briodirect offers high-yield savings accounts and certificates of deposit, and higher returns than most banks in South Virginia. Their app claims to offer services with convenience and security.
APY Rate
One can avail of a maximum APY of up to 5.45% with no maintenance cost.
Monthly fees
None.
Pros
- No monthly maintenance fees.
- Higher return value.
- Safe and secure transactions.
Cons
- You must have a bank account at Webster Bank to use Briodirect’s features.
TAB Bank
TAB Bank offers investment options, including high-yield savings, ABLs, checking accounts, and equipment financing. With these options, one can earn over 11 times the national average in returns.
APY Rate
Around 5.27%.
Monthly Fees
None. Also, the money is FDIC-insured and has no opening deposits.
Pros
- No balance caps.
- No monthly maintenance fees.
- No opening deposits.
- FDIC-insured funds.
Cons.
- No branch for offline transactions is available.
UFB Direct
UFB Direct is another trustworthy name in high-yield savings accounts. They offer great returns, and funds up to $250,000 are FDIC-insured. They also offer free transfers between direct deposit accounts.
APY Rate
Around 5.25%.
Monthly Fees
There are no monthly fees or minimum deposit requirements.
Pros
- No minimum deposit requirement.
- Complimentary ATM card.
- Offers seamless remote banking.
- No maintenance or service fees.
Cons
- APYs fluctuate depending on bank balance.
- There is a fine for insufficient funds of $25.
- Also, a monthly maintenance fee for the bank money market accounts for $8.
Ever Bank
They offer competitive high-yield savings APYs that are higher than most banks. They offer secure transaction methods and best-performing high-yield accounts.
APY Rate
Around 5.05%.
Monthly Fees
None.
Pros
- No maintenance fees.
- FDIC insured funds
Cons
- A minimum Balance is required.
- Transaction fees are also charged.
Conclusion
Emergency funds are one way to secure your future. On your good days, you can prepare for bad days. High-yield savings are your solution to creating a quick emergency fund for such days. The marketplace Beem is one of the most trusted apps that lets you compare providers offering APYs up to 5%. It’s a financial wizard app that guides, tracks, and provides in all financial times.
Read Related Article: High-yield savings accounts in South Dakota.
FAQs
How do I open a high-yield savings account in Virginia?
The first step in opening a savings account is to find the provider where you can open an account. Once you have finalized the bank, you must review its eligibility criteria, such as minimum balance requirements. If you can fulfill the eligibility requirements, you must visit their app or the branch to open a high-yield savings account.
What are the minimum balance requirements for high-yield savings accounts in Virginia?
Some banks require their customers to maintain a minimum balance of $100 or more to maintain their accounts and earn higher returns. If one fails to meet the minimum balance requirement, the bank might shut down the account or not offer the promised APY. The bank can also charge a fine or an additional fee.
