If you’re looking to find a great high-yield savings account, but want to avoid any pesky fees, you’re in luck. Many savings accounts let you avoid monthly fees while still earning a high rate of return, in some cases over 5%. With a no-fee high-yield savings account, you’ll have the benefit of a high APY, but won’t have to cut into your earnings by offsetting any additional monthly fees.
Plus, overall savings rates have been rising following the series of interest rate hikes from the Fed in its effort to combat high inflation, making these accounts more appealing. At the most recent meeting in September, the Federal Reserve decided to hold interest rates steady, meaning that for most savings accounts, you’ll likely be able to maintain or see a slight increase in your current savings rates. Many experts believe that the Fed is open to raising rates again at the meeting next month, which could bring savings rates slightly higher.