Banks with High-Yield Savings Accounts

In today’s financial landscape, where interest rates on traditional savings accounts have remained stubbornly low, savvy savers are turning to high-yield savings accounts at banks like Customers Bank to maximize their returns. These specialized accounts offer significantly higher interest rates than their traditional counterparts, allowing your money to grow faster.

About Customers Bank

Customers Bank with over $22 billion in assets serves customers nationwide with consumer banking services, including checking, savings, money market accounts, home mortgages, consumer loans, and CDs.

Customers Bank’s Ascent Money Market Savings Account is a savings account that provides you with a top-tier rate. Interest on your Ascent Money Market Savings Account will be compounded monthly and posted to your account monthly. This account offers you the following:

• Top-tier APY (which may change at any time) for balances of $25,000 or more
• Convenient online account management
• Maximum balance is unlimited 
• FDIC-insured account

Our new Yield Shield Savings Account automatically adjusts with the Federal Funds Rate, so you get an up-to-date rate. It’s easier to manage and can be opened in minutes with a deposit of $25,000 or more.

Difference Between High-Yield Savings and Regular Savings Accounts

What are high-yield savings accounts, and how do they differ from regular ones? At their core, high-yield savings accounts function similarly to traditional savings accounts, providing a safe and secure place to store your money while earning interest. The key difference lies in the interest rates these accounts offer. While traditional savings accounts may provide interest rates as low as 0.01% or less, high-yield savings accounts can boast annual percentage yields (APYs) of 1% or more, sometimes even reaching 2% or higher.

This higher interest rate is the primary draw of high-yield savings accounts, as it allows your money to compound and grow much faster than a traditional savings account. For example, a $10,000 balance in a traditional savings account earning 0.01% APY would only generate $1 in interest over the course of a year. In contrast, the same $10,000 balance in a high-yield savings account earning 2% APY would generate $200 in interest – a significant difference that can add up quickly.

Conclusion

High-yield savings accounts at Customers Bank are a popular choice for savers looking to maximize their returns. By taking advantage of the higher interest rates, you can watch your savings grow at a faster pace, potentially reaching your financial goals more quickly. Talk to one of our experienced bankers to explore the solutions we offer.