Banking » Savings » 7 High Yield Savings Accounts In New York
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7 High Yield Savings Accounts In New York

If you're based in New York and in need of a savings account that stands out in terms of competitiveness, explore our top picks
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

If you live in New York and are looking for the perfect savings account, there are many options out there. Therefore, we've compiled a list of some of the best options available in New York.

These accounts are great for whatever you save up for, like a home improvement, your kids' education, or a down payment for your new house.  They come with awesome interest rates, low or no fees, and super convenient features

Discover Online Savings Account

discover logo
discover logo

Discover Online Savings Account

APY Savings

4.25%

Minimum Deposit

$0

Promotion

$150 – $200 Minimum deposit of $15,000 / $25,000, expired on 03/14/2024

Fees

$0

The Discover Bank Online Savings account is a great option for New Yorkers who want to maximize their savings without needing a physical bank branch. This account allows you to earn a decent amount of interest on your balance, which is calculated daily and added to your account monthly. One of the best features is that you won't have to pay fees to maintain the account.

Additionally, Discover Bank provides a convenient mobile app for Android and Apple devices. The app allows you to easily transfer money, check your balance, review recent account activity, and even deposit checks. If you also have a Discover checking account, you can set up automatic transfers to your savings account, making it even easier to grow your savings.

However, it's important to note that this account doesn't offer some extra features that other online savings accounts do. For example, you won't receive an ATM card, and the provided tools are relatively basic. You can open a Discover savings account via app or online.

Bread Financial Savings

Bread Financial logo
Bread Financial logo

Bread Financial Savings

APY Savings

5.15%

Minimum Deposit

$100

Promotion

None

Fees

$0

For customers who live in New York and looking for an online savings account,  Bread Financial offers a high-yield savings account that offers a competitive APY of 5.15% and comes with several noteworthy features.

Firstly, it requires a minimum initial deposit of $100. Additionally, no monthly maintenance charges alleviate concerns about meeting waiver criteria. Interest is compounded daily and credited monthly to your account. Bread Financial provides a savings calculator to assist you in tracking your progress toward financial goals. 

Established in 1996 and headquartered in Columbus, Ohio, Bread Financial (formerly known as Comenity Direct) is a progressive financial services company. It offers various innovative payment, lending, and saving solutions. With a strong emphasis on technology, Bread Financial aims to deliver efficient and user-friendly financial banking products to its customers.

LendingClub High-Yield Savings

lendingclub_logo svg
lendingclub_logo svg

LendingClub High-Yield Savings

APY Savings

5.00%

Minimum Deposit

$100

Promotion

None

Fees

$0

The Lending Club Savings account provides a decent option for New Yorkers who want to save money. It gives you a high-interest rate on your savings, way better than what most banks offer. Right now, you can get 5.00% on all the money you put in. Also, there are no monthly fees or any rules about keeping a minimum balance once you've made an initial deposit of $100.

Another cool thing is they give you a special card you can use at ATMs. You can take out cash without worrying about ATM fees using MoneyPass and SUM machines. But sometimes, the ATM owner might charge a fee, so that you know.

You can do everything online or on your phone with their app. You can check your account, deposit checks using your phone, and pay bills. They can also help you track your spending and budgets by connecting to your other accounts. You can set up alerts and even get notified when you're traveling. 

CIT Bank Platinum Savings

CIT-Bank-Logo
CIT-Bank-Logo

CIT Bank Platinum Savings

APY Savings

Up to 5.00%

Minimum Deposit

$5,000

Promotion

None

Fees

$0

The CIT Platinum Savings account is an excellent choice for New York residents looking for a high-yield savings account.

By maintaining a minimum balance of $5,000 or more, you can take advantage of one of the market's highest APYs. If your daily balance falls below $5,000, the APY will drop to 0.25%. Compared to other online savings accounts, this rate is highly competitive.

Additionally, there are no monthly fees associated with this account, and you can conveniently manage it through the CIT Bank app. The app enables you to check your balance, transfer funds, and deposit checks effortlessly using the mobile deposit feature. CIT Bank operates as a division of First-Citizens Bank & Trust Company.

Upgrade Savings Account

UpgradeLogo
UpgradeLogo

Upgrade Savings Account

Savings APY

5.21%

Minimum Deposit

$0

Promotion

$200 $200 welcome bonus when you start using a new Rewards Checking account and make 3 purchases with Upgrade OneCard

Fees

$0

The Upgrade savings account is another decent choice for residents of New York. It offers an impressive APY of 5.21% and does not have any monthly fees. The best part is that you can open and fund an Upgrade Premier Savings account independently without needing a checking account.

There are multiple ways to add money to your account, including regular ACH transactions, wire transfers, or setting up direct deposit with your employer. However, it's important to note that while the Premier Savings account is highly regarded, it lacks some mobile-friendly features, such as depositing checks through your phone or transferring money to others.

Upgrade, a fintech company established in 2017, has quickly gained a strong reputation for helping individuals achieve their financial objectives.

USAlliance Financial

USAlliance Financial logo
USAlliance Financial logo

USAlliance Financial

Savings APY

4.55%

Minimum Deposit

$500

Promotion

None

Fees

$0

USAlliance Financial is a non-profit financial institution that provides a wide range of services, such as checking and savings accounts, credit cards, loans, and online banking.

With branches in several states, including New York and New Jersey, USAlliance offers a High Dividend Savings account that provides a competitive APY of 4.55% on your savings. The interest on your savings is calculated daily, allowing your money to grow faster over time.

There are no monthly fees associated with maintaining the account, and your funds are fully insured by the NCUA, ensuring protection up to $250,000. To start earning dividends, you need to maintain a minimum balance of $500 in the account.

My Banking Direct Savings

My Banking Direct review
My Banking Direct review

My Banking Direct Savings

APY Savings

5.55%

Minimum Deposit

$500

Promotion

None

Fees

$0

If you live in New York and want to save more money, you should check out the My Banking Direct savings account.

It offers a good interest rate so your savings can grow faster. Plus, it has some cool features like getting interest paid to you every month, no fees for having the account or maintaining it, and no charges if your balance goes below a certain amount. To open the account, you'll need to deposit a minimum amount.

My Banking Direct calculates your interest based on how much money you have in the account each day, so you'll earn interest on your savings every day. Just remember, if you close the account before they pay you the interest, you won't get that money.

My Banking Direct is a service provided by Flagstar Bank.

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Could You Find Better Savings Account In New York?

Sure! The savings account mentioned earlier is just one of many different types of accounts you can find in New York and across the country. There are lots of options from different banks and credit unions for you to choose from.

When you're opening a savings account, it's always a good idea to compare the interest rates and think about other important things too. If you already have a bank that you work with, it's a good idea to ask them if they have any special offers for you.

But let me tell you, the savings accounts I'm about to mention are definitely some of the best ones out there. They give you good interest rates and usually don't charge you any monthly fees. Each account has its own unique features that are designed for different types of savers.

These options could be really useful for different people. Like if you're a young person living in New York, or if you're a family that wants things to be convenient, or even if you just prefer doing your banking online instead of going to a physical bank.

Opening A Savings Account: Things To Consider

In addition to interest rates and minimum deposit requirements, there are some important factors to consider when choosing a less popular online banking with high yield compared to well-known banks:

  • Customer Service and Support: Consider the quality of customer service provided by the online bank. Look for accessible customer support channels like phone, email, or live chat, so you can address any concerns or issues that may arise.

  • Online Banking Features: Assess the functionality of the online banking platform. Features such as mobile banking, bill payment, and budgeting tools can enhance your banking experience and make financial management easier.

  • Reviews and Reputation: Read customer reviews and check the online bank's reputation to get an idea of other users' experiences. Look for positive feedback on reliability, customer service, and overall satisfaction.

  • Account Accessibility: Evaluate how easily you can access your funds. Make sure the online bank offers convenient options for withdrawals, such as online transfers or ATM access, that meet your needs.

Best Savings Accounts In New York: Ranking Methodology

The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in New York. We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:

  1. Rates And Terms (40%): We examined the savings rates offered by New York-based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
  2. Savings Account Features (30%): This category assessed the range of features tailored to New York savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of New York-centric options earned higher scores.
  3. Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting New York customers. Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
  4. Bank Reputation (10%): We considered the reputation of each New York-based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied New York customers received higher scores.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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