What is a High-Yield Savings Account?

A high-yield savings account is a type of savings account that typically pays 20-25 times the national average of a standard savings account. Given the difference between high-yield savings account rates and the national average, the increase in earnings is significant. If you’re holding $5,000 in savings, for instance, and the national average is 0.10 percent APY, you would return just $5 over the course of a year. If you instead put that same $5,000 in an account earning 2 percent, you’d earn $100.

A savings account for when you really need to save. The features are:

• Monthly fee $50
• Minimum Deposit $5000
• APY: 0.05%
• Our highest savings APR
• Platinum Debit Card
• Free Online and Mobile Banking