There are stocks, mutual funds, index funds and then there are high-yield savings accounts. While the first category of instruments allows you to grow your savings with associated market risks, the latter offers you peace of mind as your hard-earned money grows steadily. This blog explores the benefits of high-yield savings accounts in South Wisconsin, such as better annual percentage yields. Gear up to know more.
10 High-Yield Savings Accounts in South Wisconsin
Here are the top 10 lenders who offer better savings with minimum hassles:
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
Up to 5%.
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, knowing 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 one of the best banks, providing better APY and investment opportunities for South Virginia residents. Its features allow one to make early deposits and provide a better financial growth plan.
APY Rate
Up to 4.20% on all balance tiers.
Monthly Fees
Usually, there is no monthly maintenance fee or minimum balance requirement, and transactions aren’t limited.
Pros
- High APY makes returns higher.
- Great customer service.
- No fees or minimum balance requirements.
Cons
- No branches.
Marcus by Goldman Sachs
Marcus by Goldman Sachs has a popular image among lenders. It offers better APY on its savings account. One can contact the support team anytime and enjoy same-day transfers from other banks.
APY Rate
4.40%.
Monthly fees
There are no monthly fees or online deposit requirements.
Pros
- Higher returns than other average banks.
- Contact center available 24*7.
- Same days transfer up to $100K.
Cons
- There are several access issues.
- Limited banking products.
Discover Bank
Discover Bank claims to provide maximum savings with minimum problems. There are no withdrawal limits, stopped payment orders, or fines for insufficient funds.
APY Rate
Around 4.25%.
Monthly Fees
No monthly maintenance fees or transaction limits.
Pros
- No fees for withdrawals, official bank checks, or monthly maintenance.
- There is no minimum deposit requirement.
Cons
- Customer service is average.
- There is no ease to obtaining funds via offline sources.
American Express National Bank
American Express National Bank might be famous for its credit cards and other banking features, but it also provides excellent offers in high-yield savings accounts. In a savings account, one can enjoy world-class service from American Express.
APY Rate
Around 4.25%.
Monthly fees
There is no minimum balance requirement and no monthly fees.
Pros
- Savings accounts are FDIC-insured.
- One can access 24*7 world-class services by American Express.
- Easy access to money.
Cons
- Lack of banking access.
- Withdrawal limit.
Read Related Article: How to save money each month.
Synchrony Bank
Synchrony Bank claims to offer higher returns than the national average. The bank offers great customer service and award-winning savings accounts.
APY Rate
4.75%, regardless of the minimum deposits, balances, or monthly fees.
Monthly Fees
None. Can use 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.
CIT Bank
CIT Bank offers its users high-yield savings accounts, CDs, and money-market accounts. One must open a savings account with CIT Bank to obtain personal savings benefits.
APY Rate
Up to 5% on balances of $5,000 or more. And 0.25% on balances below $5,000.
Monthly Fees
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
- Make $100 in monthly deposits or maintain a balance of at least $25,000 to earn top APY.
Barclays Online Savings
Barclays offers FDIC-insured savings accounts that can be transferred to other banks without hassle. The bank also allows simple withdrawals and better access to funds.
APY Rate
4.35% on its online savings account.
Monthly Fees
None.
Pros
- Higher APYs.
- No minimum deposit requirements.
- No additional fees.
Cons
- No ATM access.
- No chat support.
- No physical bank locations.
Vio Bank
Vio Bank interest rates are competitive, and there is a minimum deposit requirement. Customers can also explore CDs and other digital banking features for a better experience.
APY Rate
1.10% for its online savings accounts.
Monthly Fees
Nil, but a $100 minimum balance is essential.
Pros
- FDIC-insured funds.
- Interest rates compound daily.
- Flexibility in their banking services.
Cons
- Minimum deposit requirement.
- Transaction fees are charged.
Alliant Credit Union
Alliant Credit Union is a savings account provider that offers stress-free online banking and helps its members save more. It also offers unlimited cashback without overdraft fees.
APY Rate
They provide an APY of 5.20%.
Monthly Fees
Nil, but they charge transaction fees.
Pros
- Higher interest rates.
- No monthly fees.
Cons
- Transaction fees are charged.
- A deposit fee is charged if the check is drawn from a non-US bank.
Conclusion
A high-yield savings account might seem complicated, but its benefits are easy to understand. Research the right provider and understand the features to get maximum savings. 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 Virginia.
FAQs
How do I open a high-yield savings account in Wisconsin?
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 the app or the branch to open a high-yield savings account.
What are the minimum balance requirements for high-yield savings accounts in Wisconsin?
The minimum balance requirement is usually $100 or less, depending on the type of account you open and the lender’s eligibility criteria. Some banks also fine users who fail to fulfill minimum balance requirements.
