FAQs
Preferred Savings is the perfect choice for those who have a Preferred Banking checking account and want a high-yield savings account.
What is a preferred savings account? ›
Preferred Savings is an interest-bearing account that offers no minimum balance requirement. No monthly service charge. Interest earned on all collected balances. Six free withdrawals per monthly statement cycle* No minimum deposit to open account.
What is the best savings account option? ›
Summary of Best High-Yield Savings Accounts of 2024
| Account | Forbes Advisor Rating | Annual Percentage Yield |
|---|
| TAB Bank High Yield Savings | 4.5 | 5.27% APY |
| EverBank Performance℠ Savings | 4.5 | 5.15% APY |
| Varo Savings Account | 4.5 | 3.00% to 5.00% APY |
| Laurel Road High Yield Savings® | 4.5 | 5.15% APY |
6 more rowsYes, to open a Statement Savings Account, an opening balance of $50.00 is required. Is there a minimum daily balance requirement? There is a $200 minimum daily balance. Are there any maintenance fees?
What is S&T bank ranked? ›
S&T was ranked as number 39 on the America's Best Banks list. S&T Bancorp Inc. is a $9.5 billion bank holding company that is headquartered in Indiana, Pennsylvania, and trades on the NASDAQ Global Select Market under the symbol STBA.
Who has the highest paying high-yield savings account? ›
Best High-Yield Savings Account Rates
- Evergreen Bank Group – 5.25% APY.
- CFG Bank – 5.25% APY.
- Upgrade – 5.21% APY.
- EverBank – 5.15% APY.
- RBMAX – 5.15% APY.
- Bread Savings – 5.15% APY.
- Popular Direct – 5.15% APY.
- Western State Bank – 5.15% APY.
What are the disadvantages of a high-yield savings account? Some disadvantages of a high-yield savings account include few withdrawal options, limitations on how many monthly withdrawals you can make, and no access to a branch network if you need it.
What are the three 3 types of savings accounts? ›
Types of savings accounts
- Regular savings account: earns interest and offers quick access to funds.
- Money market account: earns interest and may provide check-writing privileges and ATM access.
- Certificate of deposit, or CD: usually has the highest interest rate among savings accounts, but no access to funds.
There is a $5 monthly maintenance fee for account service.
Which bank is giving 7% interest in savings accounts? ›
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Nationally Available High Interest Account Rates from Our Partners
| Account Name | APY (Annual Percentage Yield) Accurate as of 5/16/2024 | Minimum Account Opening Balance |
|---|
| CIT Bank Platinum Savings | 5.00% (with $5,000 minimum balance) | $100 |
| Wealthfront Cash Account | 5.00% | $1 |
| Barclays Online Savings Account | 4.35% | $0 |
3 more rowsMay 10, 2024
No financial institutions currently offer 7% interest savings accounts. But some smaller banks and regional credit unions are currently paying more than 6.00% APY on savings accounts and up to 9.00% APY on checking accounts, though these accounts have restrictions and requirements.
How much is the overdraft fee for S&T? ›
S&T charges a $36 Overdraft Fee for each item that overdraws your account below a zero balance. Personal accounts – A maximum of five overdraft fees may be charged per business day. Business accounts – There is no cap on overdraft fees that may be charged per business day.
How do you avoid minimum balance charges? ›
Tips to maintain Minimum Average Balance
- Don't open multiple accounts. One way to reduce the hassle of maintaining a minimum average balance month after month is by operating only one Savings Account. ...
- Make lump sum deposits. This is a clever way to maintain your MAB. ...
- Intelligent withdrawal of money.
CD Rates
| Account Name | Term | APY* |
|---|
| Account Name: Traditional Term CD | Term: 25 months | APY*: 0.50 % (APY) |
| Account Name: Traditional Term CD | Term: 30 months | APY*: 2.50 % (APY) |
| Account Name: Traditional Term CD | Term: 36 months | APY*: 2.50 % (APY) |
| Account Name: Traditional Term CD | Term: 48 months | APY*: 2.50 % (APY) |
42 more rowsWhat are the cons of a high-yield savings account? Variable rates. Interest rates on these accounts can and do fluctuate, which means the APY you started with could potentially drop. Keep your eye on such changes and remember that the money is yours; at any time, you can move it to a bank that offers a higher rate.
Do any banks have high-yield savings accounts? ›
American Express® High Yield Savings Account
If you like to earn interest on all your bank balances, the bank also offers competitive rewards checking account.
Is it smart to keep money in a high-yield savings account? ›
Not the best choice for long-term savings – High-yield savings accounts offer much better interest rates than traditional savings accounts, but often, you won't earn enough over the long-term to account for inflation. Investments may be a better option for a longer-term, greater yield.
What's the difference between a savings account and a high-yield savings account? ›
The biggest difference between these accounts is that high-yield savings accounts offer rates that are 10 to 20 times the average savings rate. You'll usually find these high-yield accounts at online institutions rather than more traditional brick-and-mortar banks.
