Looking for new insights on high yield savings accounts since yours dropped their rate? If you are anything like us, you may be holding on to cash right now and not sure about the best place to put your hard earned money while you wait for investment opportunities. As of August 2020, here are our top choices for high yield savings accounts.
Our August 2020 High Yield Savings Accounts Choices
#1 Ally Online Savings Account
Ally has been in the high yield savings account game for a while, their current APY is 1.00%. They have a 6 transaction limit per month just like all of the others on our list (except for Amex which has a limit of 9). You can use an ATM card at an Allpoint ATM for free. They also reimburse $10 a month if you use your card at a different ATM.
#2 American Express Online Savings
You can’t go wrong with an American Express account. They are a trusted brand, they have been around forever and everyone knows them. They are currently offering a 1.00% APY on their high yield savings account which is great in today’s market. Note that if you plan on pulling money out of the account frequently this may be a better choice than the others on this list since they have a 9 withdrawal limit each month. They do not have ATM access which is why we dropped them to #2 behind Ally.
#3 Discover Online Savings Account
Discover is the maker of that card you signed up for to get a free statement credit but never actually use because, well, who accepts Discover? Joking (kinda) but really, they have a great savings program which is currently paying 0.95%! They have a 6 transfers limit per month but unlimited ATM withdrawals. You have access to Allpoint and MoneyPass ATMs free.
#4 Marcus High Yield Online Savings
Similar to other accounts on this list, Marcus also has a 6 transaction limit per month. Their current APY is 0.80%. Previously their rate was at 1.05% but on August 5th they dropped it to 0.80% which also dropped Marcus from being our number one choice to number four! Unfortunately Marcus does not provide ATM access.
#5 Capital One 360 Performance Savings
Capital One makes our list given their not-too-shabby-for-today’s-time 0.80% APY. However they also have the 6 transaction limit. They do not provide ATM access at all. You will first need to transfer funds to your checking account and then withdraw it.
Where is Money Minx keeping cash?
This is going to change this week but currently our cash is held in a Wealthfront Cash account, which is not even on our top 5 anymore. When we opened the account with Wealthfront their APY was an outstanding 2.52% APY. We are planning on moving the cash to Ally to take advantage of the higher APY.
Are you currently holding on to a large allocation of cash? If so, where is it held? Let us know in the comments below if you found a better option than the 5 above. If so, maybe we’ll move our cash there, and update our list too.