Best High-Yield Bank Accounts and Bank Bonuses August 2019

The Federal Reserve met earlier this month and reduced the Federal Funds rate by 0.25%. Reducing the rates resulted in a decrease of APY for high-yield savings and checking accounts across the board.

High-Yield Savings Accounts

Compare high-yield savings accounts to see which one is best for you. Account availability may vary by region.

Recent Popular High-Yield Account APY Changes

High-yield banking account rates are subject to change without notice, and rates can fluctuate based on the Federal Reserve numbers.

Due to the Federal Reserve lowering the Federal Funds rate by 0.25%, banks had to make changes to their APY rates. Below is a chart of changes from the most popular online banks as of August 15, 2019. Always check the bank’s website for the most up to date rates.

Betterment is interesting because it seems like their APY changes weekly. The account launched at 2.69%, lowered to 2.44% when the Fed changes happened, and now the rates are at 2.39%. It’s worth noting that 2.39% is a promotional rate until the end of 2019. All accounts will be set to 2.14% starting in Jan 2020.

Bank APY Details
Ally 1.90%
Savings
SoFi 2.00%
Checking/savings
Marcus by Goldman Sachs 2.15% Savings
Wealthfront 2.32% Cash account
Betterment 2.39% 2.68% => 2.44% => 2.39%
2.14$ without the promotional rate increase
Red Neck Bank 2.40% Money market on up to $50,000
Vio Bank 2.52% Minimum $100
Popular Direct 2.55% Minimum $5,000

Banking Bonuses

HSBC Premier Checking

  • Welcome Bonus: $750

    • Make recurring direct deposits totaling at least $5,000 per calendar month; and

    • Receive $5,000 monthly recurring direct deposit from a third party for at least 3 consecutive calendar months*

      • *the 3 calendar months from account opening begins on with the second full calendar month after your Premier checking account is opened

  • Monthly maintenance fee: $50, waviable

    • Maintain a $75,000 minimum balance in U.S. dollar personal deposit or investment accounts, OR

    • $5,000 monthly recurring direct deposit from a third party each calendar month, OR

    • Have an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000

  • HSBC ATM access worldwide; no ATM fees

  • Global view and global transfer

  • Must be at least 18 years of age with valid SSN

  • Bonus will be deposited into the account 8 weeks after completing all qualifying activities

  • Customers who held an HSBC consumer deposit or investment account from July 31, 2016 through and including July 31, 2019 are not eligible for this offer.

  • Offer officially expires on Dec 31, 2019, but HSBC reserves the right to end it earlier

  • Direct link to offer: https://www.us.hsbc.com/checking-accounts/campaigns/offers/


HSBC Advance Checking

  • Welcome Bonus: $350

    • Deposit a minimum qualifying balance of $5,000+ in new money within 30 days of account opening. Maintain the minimum qualifying balance for 90 days; and

    • Set-up recurring direct deposit from a third part to the HSBC Advance checking account at least once per month, for 3 consecutive months following the account opening month

  • Monthly maintenance fee: $25, waviable

    • Maintain a $10,000 minimum balance in U.S. dollar personal deposit or investment accounts, OR

    • $5,000 monthly recurring direct deposit from a third party each calendar month

  • Must be at least 18 years of age with valid SSN

  • Bonus will be deposited into the account 8 weeks after completing all qualifying activities

  • Early account termination fee: $25 if closed within 180 days

  • Customers who held an HSBC consumer deposit or investment account from July 31, 2016 through and including July 31, 2019 are not eligible for this offer.

  • Offer officially expires on Dec 31, 2019, but HSBC reserves the right to end it earlier

  • Direct link to offer: https://www.us.hsbc.com/checking-accounts/campaigns/offers/


Wells Fargo Everyday Checking Account

  • Welcome Bonus: $400

  • Minimum opening deposit: $25

  • Monthly service fee: $10, waivable

    • 10 or debit transactions per month, OR

    • Qualifying direct deposits totaling $500 or more, OR

    • $1,500 minimum daily balance, OR

    • A linked Wells Fargo Campus ATM or Campus Debit Card, OR

    • Primary account owner is 17-24 years old. Monthly service fee will apply once the primary account holder is 25 years old, unless one of the above requirements is met.

  • Available online-only

  • How to qualify for welcome bonus: Set up direct deposit and receive a total of $3,000 or more each month for three consecutive months

    • Bonus will be deposited within 45 days after meeting all the requirements

  • Eligibility: You are not eligible for the bonus if

    • You are a current owner of a Wells Fargo consumer checking account

    • You are a Wells Fargo team member

    • You have received a Wells Fargo checking account bonus in the past 12 months

  • Offer Expires: Dec 31, 2019

  • Direct link to offer: https://www.wellsfargo.com/jump/checking/online-prospect-offer



Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities. 

UGC disclosure: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.