When it comes to saving, it is beneficial for retail investors like you and I to get the highest interest rate available without limiting access to our cash. Products that yielded minimal returns are beginning to show signs of life. Certificates of Deposit, or CDs for short, have typically been a safe go-to investment for many seeking to minimize risk while earning a little interest. You, as the saver, simply agree to lock up your cash for a defined length of time and a pre-specified rate of return. At maturity, you receive the interest and your initial deposit back.

Depending on goals, time horizon for needing cash, and available funds on hand, savers should consider high yield savings accounts. One of the major benefits of having a savings account that pays a higher interest rate is the fact that you are able to access your money any time you wish while still collecting interest that is higher than the average savings account. The banks noted below offer high yield saving accounts with no minimum balance or maintenance fees.

CIBC Bank USA (1.90%)
Marcus by Goldman Sachs (1.85%)
Live Oak Bank (1.80%)
American Express National Bank (1.80%)

These are competitive with most CD rates and allow you the flexibility to access your money as you see fit. Prior to opening an account at any financial institution, there some factors that you should consider.

Is the financial institution FDIC insured? - This insurance guarantees that your funds are protected up to $250,000 should the bank default, close, or other extreme event. Knowing the insurance policy is important especially if you tend to put large sums of money to work at a bank or credit union.
Are there any fees associated with the account? - Some banks charge maintenance fees and activity fees depending on how many transactions done within a statement period. The banks noted within this article do not have maintenance fees nor transactional fees. Research the bank and account fees before depositing your funds with any institution. Since this is a savings account, you should maintain a disciplined approach to accessing the money in the account, but in the case that you do need to tap into the funds, you do not want fees to eat away at what has been saved.
What are the balance requirements? - Many financial institutions have balance requirement to open and maintain high yield savings accounts. The banks noted within this article do not have initial deposit minimums nor daily balance requirements. As always look at the fine print to confirm that the account you select does not have balance requirements.
How convenient is it to make deposits and withdrawals? - Technology has made it very easy to open accounts online (if that is something you are comfortable doing). You’ll want to make sure that the financial institution that you select has options that make both deposits and withdrawals convenient. On the deposit side, you do not want to have to jump through hoops when you need to add funds to you account. When you look at withdrawals, you want to have an account that provides a way for you to access the funds any time of day or night. Find an account that fits your lifestyle.

Be strategic while saving and earn as much interest that makes sense for your goals. Find financial institutions and products that fit your lifestyle while letting your money grow and work for you. You’ve worked hard to earn it, now let it work for you.

Note: Interest rates change on a daily basis. Rates and banks specified are as of August 30, 2018. Access BankRate.com to view current data.