Record High-Yield Savings Rates Dominate Money Market and Savings Account Landscape

Milli, an app-based account offered by First National Bank of Omaha, has unveiled a new high-yield savings account rate of 5.50% APY, surpassing the previous leader of 5.40% APY. The account has no required minimum balance and no monthly maintenance fees, and allows users to set up special savings "jars" for specific goals. Popular Direct, the previous leader, still offers a rate of 5.40% APY and provides web-based banking and mobile check deposit. Savings accounts are currently paying their highest rates in two decades due to the Federal Reserve's rate-hike campaign.