High-yield savings accounts fetch you higher interest rates on your cash balance. Several Washington, DC banks provide such accounts with free and accessible features. Below is a list of high-yield savings accounts. We have considered the APY, monthly fees, and other essential features for Washington, DC’s ten best high-yield savings accounts.
10 High-Yield Savings Accounts in Washington, DC
A detailed table lists all Washington, DC’s top high-yield savings accounts and compares factors such as APY rates, monthly fees, and their advantages and disadvantages.
| Bank | APY Rate | Monthly Fees | Pros | Cons |
| Beem | 4.75% | $0 | 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. | Lack of physical branches mean inconvenience to customers preferring in-person banking.Customer service hours are limited. |
| PNC Bank | 4.00% | $12 (waivable) | PNC Bank provides fee-free ATMs nationwide, unique savings tools, and the option of in-person banking at branches. | Interest rates are tiered, potentially resulting in lower earnings for customers with lower balances. High monthly fees may be possible, although they can be waived by meeting specific balance requirements. |
| EagleBank | 4.00% | $8 (waivable) | EagleBank offers local branches, vital customer service, and a community focus, providing personalized assistance and support. | A monthly fee of $8 applies unless waived by maintaining a minimum daily balance of $1,000. Has a limited national presence. |
| TAB Bank | 4.35% | $0 | Boasts a high APY of 4.35% and no monthly fees, providing customers with competitive returns and cost-effective banking. | There are very few physical branches and a limited number of ATMs, which would be problematic for clients seeking more face-to-face services or frequently using cash machines. |
| UFB Direct | 5.10% | $0 | UFB Direct offers the highest APY among listed banks, 5.10%, and no monthly fees, which is ideal for maximizing savings potential. Online banking is convenient for managing accounts. | UFB Direct lacks physical branches, and customer service is exclusively available online, potentially limiting accessibility for some customers. |
| Newtek Bank | 4.50% | $5 (waivable) | Newtek Bank offers a competitive APY of 4.50%, business-oriented services tailored to entrepreneurs’ needs, and good customer service. | A monthly fee of $5 may accumulate over time, impacting overall savings. Newtek Bank primarily focuses on business accounts, which may not suit personal banking needs. |
| Chase Bank | 4.00% | $5 (waivable) | Chase Bank has many branches throughout the U.S., a well-developed website and application, and highly qualified and friendly customer service, which are critical advantages. | Chase Bank has a monthly maintenance fee of $5, which could be higher than some online banking facilities and, therefore, might have a lower APY than online-only banks, reducing the opportunity for savings. |
| Bank of America Financial Center | 4.00% | $8 (waivable) | One of Bank of America’s strengths is its large number of branches and the good online and mobile banking it provides its clients. | Some accounts have high service fees without requiring the user to maintain a minimum balance, which affects the cost. Furthermore, the APY could be near average to market rates, which could help prevent the loss of interest income from stagnating. |
| Digital Federal Credit Union (DCU) | 4.10% | $0 | DCU provides a competitive APY of 4.10% with no monthly fees, offering attractive returns on savings without additional charges. Good member benefits and discounts are available. | DCU has a limited branch network and membership eligibility requirements, potentially restricting access for some customers. |
| Synchrony Bank | 4.75% | $0 | Synchrony Bank offers a high APY of 4.75% with no monthly fees, making it an attractive option for earning competitive returns on savings. Online solid presence facilitates convenient account management. | The lack of physical branches and limited customer service options may inconvenience customers who prefer in-person banking or require immediate assistance. |
Conclusion
In any discussion on high-yield savings accounts in Washington, DC, Beem comes out on top. The marketplace Beem is one of the most trusted apps that lets you compare providers offering high APYs. It’s a financial wizard app that guides, tracks, and provides in all financial times. Additionally, Beem’s tools, such as automated savings plans, personalized financial advice and a user-friendly website simplify managing and growing your money. It’s perfect for those who have just started saving and want to get the highest profits from the money they invest. Its easy-to-navigate web application offers you control over your finances.
Read Related Article: High-yield savings accounts in South Wyoming.
FAQs
How do I open a high-yield savings account in Washington, DC?
Follow these steps: Typical forms of identification include a passport or driver’s license, a Social Security number, and evidence of residency. While most banks offer online applications, some may still require a visit to a branch. It’s best to check with your chosen bank for their application process. Move funds from another account to your new one by sending a cheque, transferring electronically, or using direct deposit. If your bank offers it, sign up for online banking so you can manage your account, create alerts, and track your savings.
What are the minimum balance requirements for high-yield savings accounts in Washington, DC?
Every bank has its minimum balance requirement, but no minimum balance is required for specific accounts. Bread Savings and American Express National Bank are two such examples. Some, like those offered by EagleBank and Bank of America, have a minimum daily balance requirement to avoid monthly fees. Check each bank’s specifics to ensure you can meet its requirements and prevent additional expenses.
