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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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Wisconsin school shooter was in contact with California man plotting his own attack, court documents say
The shooter who killed a student and teacher at a religious school in Wisconsin brought two guns to the school and was in contact with a man in California whom authorities say was planning to attack a government building, according to authorities and court documents that became public Wednesday.
Police were still investigating why the 15-year-old student at Abundant Life Christian School in Madison shot and killed a fellow student and teacher on Monday before shooting herself, Madison Police Chief Shon Barnes told the Associated Press Wednesday. Two other students who were shot remained in critical condition on Wednesday.
A Southern California judge issued a restraining order Tuesday under California’s gun red flag law against a 20-year-old Carlsbad man. The order requires the man to turn his guns and ammunition into police within 48 hours unless an officer asks for them sooner because he poses an immediate danger to himself and others.
Carlsbad is located just north of San Diego.
According to the order, the man told FBI agents that he had been messaging Natalie Rupnow, the Wisconsin shooter, about attacking a government building with a gun and explosives. The order doesn’t say what building he had targeted or when he planned to launch his attack. It also doesn’t detail his interactions with Rupnow except to state that the man was plotting a mass shooting with her.
CBS’ San Diego affiliate KFMB-TV reported that law enforcement searched the man’s home Tuesday night after the order was signed by the judge.
Police, with the assistance of the FBI, were scouring online records and other resources and speaking with the shooter’s parents and classmates in an attempt to determine a motive for the shooting, Barnes told the AP.
Police don’t know if anyone was targeted in the attack or if the attack had been planned in advance, the chief said. Police said the shooting occurred in a classroom where a study hall was taking place involving students from several grades.
“I do not know if if she planned it that day or if she planned it a week prior,” Barnes said. “To me, bringing a gun to school to hurt people is planning. And so we don’t know what the premeditation is.”
On a Madison city website providing details about the shooting, police disclosed Wednesday that two guns were found at the school, but only one was used in the shooting. A law enforcement source previously told CBS News the weapon used appears to have been a 9 mm pistol.
Barnes told the AP that he did not know how the suspected shooter obtained the guns and he declined to say who purchased them, citing the ongoing investigation.
No decisions have been made about whether Rupnow’s parents might be charged in relation to the shooting, but they have been cooperating, Barnes told the AP.
Abundant Life is a nondenominational Christian school that offers prekindergarten classes through high school. About 420 students attend the institution.
The Dan County Medical Examiner’s Office identified the two people killed Wednesday as 42-year-old Erin West and 14-year-old Rubi Vergara.
An online obituary on a local funeral site stated Vergara was a freshman who leaves behind her parents, one brother, and a large extended family. It described her as “an avid reader” who “loved art, singing and playing keyboard in the family worship band.”
West’s exact position with the school was unclear.
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