Some believe that if you want to earn a meaningful return on your savings, you’ll need to be willing to take risks with your money – or lock it up for months or years to come. But, that’s not exactly the case. While traditional savings accounts typically offer menial returns – currently averaging just 0.45% annually – high-yield savings accounts could help you earn significantly more. 

High-yield savings accounts are similar to their traditional counterparts in many ways. These accounts typically come with FDIC or NCUA insurance – which helps keep your money safe. At the same time, they’re usually highly accessible. Sure, there may be limits to how many times you can tap into your high-yield savings account monthly, but you don’t have to agree to lock your money up for any preset period of time to take advantage of the returns they offer. 

But, there’s a key difference between traditional savings accounts and high-yield savings accounts – their yields. High yield savings accounts offer a “higher yield than a regular savings,” explains Matt Willer, managing director of capital markets at the financial planning firm, Phoenix Capital Markets. 

Today’s best high-yield savings accounts offer returns ranging from 4.25% to 5.35%, giving you the option to significantly expand your earnings when compared to a traditional savings account. So, where can you find the best high-yield savings accounts this June? Below, we will list some of the top options to consider.   

Open a leading high-yield savings account now. 

12 best high-yield savings accounts for June

If you’d like to earn strong high-yield savings returns, consider opening one of the following accounts. 

• Brio Direct – 5.35% APY: You must deposit at least $5,000 to open your account. Once your account is open, you’ll need to maintain a $25 minimum balance to earn the stated APY. 
• Forbright Bank – 5.30% APY: You don’t need to meet a minimum deposit requirement to open this account and there is no minimum balance requirement to earn the stated APY.
• Tab Bank – 5.27% APY: There is no minimum deposit to open this account. Once your account is open, you’ll need to maintain a $0.01 minimum balance to earn the stated APY. 
• UBF Direct – 5.25% APY: You don’t need to meet a minimum deposit requirement to open this account and there is no minimum balance requirement to earn the stated APY.
• Bread Savings – 5.15% APY: You must deposit at least $100 to open your account. Once your account is open, there is no minimum balance requirement to earn the stated APY. 
• Popular Direct – 5.15% APY: You must deposit at least $100 to open your account. Once your account is open, you’ll need to maintain a $0.01 minimum balance to earn the stated APY. 
• BMO Alto – 5.10% APY: You don’t need to meet a minimum deposit requirement to open this account and there is no minimum balance requirement to earn the stated APY.
• Bask Bank – 5.10% APY: You don’t need to meet a minimum deposit requirement to open this account and there is no minimum balance requirement to earn the stated APY.
• EverBank – 5.05% APY: You don’t need to meet a minimum deposit requirement to open this account and there is no minimum balance requirement to earn the stated APY.
• Salem Five Direct – 5.01% APY: You must deposit at least $10 to open your account. Once your account is open, there is no minimum balance required to earn the stated APY. 
• CIBC Bank – 5.01% APY: You must deposit at least $1,000 to open your account. Once your account is open, you’ll need to maintain a $0.01 minimum balance to earn the stated APY.
• LendingClub – 5.00% APY: You must deposit at least $100 to open your account. Once your account is open, there is no minimum balance required to earn the stated APY. 

Open your high-yield savings account now to tap into these impressive returns. 

The bottom line

When you save money in today’s inflationary environment, it’s important that you produce a strong return – one that’s higher than the current inflation rate. Today’s leading high-yield savings accounts make that possible. Open a high-yield savings account now to earn a higher return on your money.