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14 best high-yield savings accounts to open this October
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After years of stubbornly high rates, the wider interest rate environment is shifting. The Fed issued a 50-basis-point cut to the benchmark rate in late September, which led rates on everything from mortgages to home equity loans to drop in tandem, alleviating some of the heavy burden that’s been weighing on borrowers recently. But while the climate of dropping rates may benefit borrowers, it isn’t nearly as beneficial for savers, as rates on deposit accounts typically fall alongside rates on loans and other borrowing products.
That said, there is still a great opportunity for savers to maximize their returns right now by putting some of their savings into a high-yield savings account. Even in today’s shifting rate landscape, many high-yield accounts continue to offer higher-than-average rates, and unlike certificate of deposit accounts (CDs), which generally require you to keep your money locked away until maturity, a high-yield savings account offers the opportunity to earn a great rate and maintain easy access to your funds.
While the rates on high-yield savings accounts are variable, meaning that they can change over time, many currently offer annual percentage yields (APYs) comparable to or even exceeding those of CDs, without you having to sacrifice liquidity. So for those seeking a balance between competitive rates and financial flexibility, exploring these high-yield savings options could be a smart move in today’s market.
See how much more you could earn with one of the best high-yield savings accounts now.
14 best high-yield savings accounts to open this October
The following high-yield savings accounts could be a good bet if you want to maximize the returns on your money this October:
- Pibank — 5.50%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- TIMBR — 5.25%: There is a $1,000 minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- BrioDirect — 5.15%: There is a $5,000 minimum deposit requirement to open this account; there is a $25 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- CloudBank 24/7 — 5.15%: There is a $1 minimum deposit requirement to open this account; there is a$1 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- RBMAX — 5.15%: There is a $10 minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- Elevault — 5.13%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- Bask Bank — 5.10%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- EverBank — 5.05%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- Jenius Bank — 5.05%: There is no minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- Flagstar Bank — 5.00%: There is a $1 minimum deposit requirement to open this account; there is a $25,000 minimum balance required to earn the stated APY; this account charges a $15 monthly service charge (which is waived with a $10,000 average balance)
- Ivy Bank — 5.00%: There is a $2,500 minimum deposit requirement to open this account; there is a $2,500 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- Laurel Road — 5.00%: There is no minimum deposit requirement to open this account; there is a $5,000 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- Bread Savings — 4.95%: There is a $100 minimum deposit requirement to open this account; there is a $100 minimum balance required to earn the stated APY; this account does not charge a monthly service charge
- First Foundation Bank — 4.90%: There is a $1,000 minimum deposit requirement to open this account; there is no minimum balance required to earn the stated APY; this account does not charge a monthly service charge
Explore the top savings rates available to you here.
The bottom line
In today’s changing rate environment, high-yield savings accounts remain a standout option for savvy savers who want to earn a high APY on their money while maintaining access to the funds in their accounts. These accounts provide significantly higher APYs compared to traditional savings accounts, with some reaching up to 5.5% currently. This makes them an attractive choice for emergency funds and short-term savings goals. By choosing the right high-yield savings account, savers can potentially earn hundreds or even thousands of dollars more in interest compared to traditional savings options.
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Gold has been a standout performer in the financial markets this year, with prices climbing rapidly and setting new records. At the start of the year, gold was trading at just above $2,000 per ounce, but its value has soared past multiple milestones in recent months, and, today, gold prices hover above $2,650 per ounce. This upward trend has resulted in big rewards for early investors who saw the precious metal as a safe haven in uncertain economic times. Those who got in before prices surged are now enjoying substantial gains.
For investors who have yet to buy gold, though, the current high prices present a dilemma. Many are hesitant to jump in at a time when the price is near a record high and are instead waiting in hopes that prices will retreat, allowing them to purchase gold at a discount. This cautious approach makes sense in traditional investing logic. After all, buying low and selling high is the golden rule. But in the case of gold, waiting for lower prices may not be as wise as it seems.
While it’s tempting to wait for a price drop, the reality is that this gold investing strategy could be fraught with risks — especially right now. Below, we’ll analyze why.
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3 big risks of waiting for gold prices to fall
Waiting for gold’s price to drop could be a risky bet for the following reasons:
Gold’s price may not drop substantially
One of the primary risks in waiting to buy gold at a lower price is the possibility that the anticipated dip may never happen — or may not be as substantial as you hope. Recent trends in the gold market have shown that while gold’s price may experience short-term fluctuations, these dips have not been drastic. Part of the reason is that gold tends to be highly resilient historically, particularly in times of economic uncertainty, like what we’re facing today. Economic issues tend to push the price of gold higher rather than lower.
Even when gold prices have dipped recently, those drops have been short-lived, bouncing back quickly. In some cases, these dips have been quickly followed by the price of gold reaching new highs. This pattern makes it difficult to predict the market. So, waiting for a significant drop could mean missing out on the chance to buy gold at all. If the price continues to rise — and analysts are already predicting that it will — those waiting for a cheaper entry point could be left empty-handed.
Add gold to your portfolio now.
Your portfolio could be vulnerable without it
Gold has long been considered a hedge against stock market volatility, economic downturns and inflation. And while the stock market has performed well recently, it has experienced heightened volatility in recent months. This matters because when the market underperforms or experiences wild fluctuations, gold tends to shine as a stable store of value. This makes gold an essential component of a well-balanced investment portfolio, providing a level of protection against broader market risks.
If you delay investing in gold while waiting for lower prices, you may leave your portfolio vulnerable to future market shocks, should they occur. Gold provides a critical layer of security during such times, and without it, your portfolio may be overly exposed to short-term market shocks that gold could have helped to cushion.
You could miss out on quick returns
While gold is often viewed as a long-term investment, it also presents opportunities for short-term gains, particularly in today’s rapidly rising market. While the price is currently high, many analysts believe that gold’s price is far from reaching its peak — and some experts predict that it could soon hit $3,000 per ounce or higher. If this upward trend continues, buying now — even at the current high prices — could result in significant profits in the near future.
By waiting for a price drop, though, you may miss out on these potential gains. Market timing is notoriously difficult, and even if gold prices were to dip slightly, the price could quickly rebound, leaving those who waited with no opportunity to benefit from the current rally. Investing in gold now could allow you to take advantage of the potential for short-term profits while also securing a position in a valuable long-term asset. And if gold continues to climb, today’s prices may soon seem like a bargain.
The bottom line
Investing in gold has long been a strategy for preserving wealth and protecting portfolios against volatility, so it makes sense to add it to your portfolio, but if you’re waiting for lower prices to enter the market, that may not be the most prudent approach. The price of gold may not drop substantially and delaying your investment could leave your portfolio vulnerable to stock market fluctuations. You might also miss out on an opportunity for both short- and long-term profits. So, given the current trajectory of gold prices and the uncertain economic environment, now may be the right time to consider investing in gold rather than waiting for a dip that may never come.