When selecting an account, look beyond just the interest rate:

Features a 4.00% APY and has no minimum deposit requirement. It is a strong choice for those looking to start saving with any amount.

: Look for daily compounding , which helps your interest grow faster than monthly compounding.

Online-only banks typically offer the highest interest rates because they have lower overhead costs than traditional banks.

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: Some accounts require $0 to open, while others like Vio Bank or Popular Direct may require $100 or more.