When shopping for a savings account, compare APYs, or annual high percentage yields. More frequent compounding helps your balance grow because you earn interest on your interest more often.

My Banking Direct High Yield Savings Account Best for low minimum deposit: Western Alliance Bank High-Yield Savings Account Best for ATM card: UFB Portfolio Savings Best for no fees: Bask Interest ...

Here’s how it works. Say you deposit $1,000 into a high-yield savings account with a 5.00% annual percentage yield (APY). If the account compounded daily, you’d earn around $0.14 in interest ...

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