Discover the best savings accounts with high APY

  • High-yield savings account rates remain high in December 2023
  • Top 10 high-interest savings accounts offer APY of at least 5.29%
  • Rates have risen due to the Federal Reserve raising interest rates
  • Banks compete for new customers with high-yield savings accounts
  • Average savings account deposit rate has more than doubled in the past year
  • Finding the right savings account depends on individual financial goals
  • 10 best-paying high-yield savings accounts for December 2023

High-yield savings account rates remain high into the final month of the year, with the top 10 accounts offering an APY of at least 5.29%. This increase in rates can be attributed to the Federal Reserve’s efforts to tame rising inflation. Banks have been competing for new customers by offering high-yield savings accounts, which have become popular due to their ease of use and lack of withdrawal restrictions. The average savings account deposit rate has more than doubled in the past year, reaching 0.46% APY. When choosing a savings account, it is important to consider individual financial goals and factors beyond rates. Here are the 10 best-paying high-yield savings accounts for December 2023:

Public Companies: Boeing Employees’ Credit Union (null), Digital Federal Credit Union (null), Andrews Federal Credit Union (null), Popular Direct (null), BrioDirect (null), My Banking Direct (null), Ivy Bank (null), Transfers (null), Customers Bank (null), VyStar Credit Union (null), DR Bank (null)
Private Companies: undefined, undefined, undefined, undefined
Key People: Mark Hamrick (Bankrate Washington bureau chief), Daniel Carey (Senior Vice President, Head of Finance and Accounting at Cambridge Savings Bank)

Factuality Level: 7
Justification: The article provides information about the current high-yield savings account rates and explains why rates have gone up. It also offers tips on how to choose the right savings account. The article includes specific rates and details about different high-yield savings accounts, which adds credibility to the information provided. However, the article could benefit from more context and analysis on the broader economic factors influencing interest rates.

Noise Level: 3
Justification: The article provides information on high-yield savings account rates and why they have increased. It also lists some of the best-paying high-yield savings accounts in December 2023. However, the article lacks depth and analysis, and it mainly focuses on promoting specific savings accounts without providing a broader perspective on savings strategies or potential risks.

Financial Relevance: Yes
Financial Markets Impacted: The article provides information on high-yield savings account rates and how banks are competing for deposits. It also mentions the Federal Reserve’s interest rate hikes and their impact on banks’ offerings.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article focuses on financial topics such as savings account rates and the actions of banks in response to interest rate changes. There is no mention of any extreme events or their impact.

Reported publicly: www.marketwatch.com