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You can earn 4.85% APY with this savings account right now

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By Kendall Little

/ CBS News

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Many of today's top high-yield accounts earn more than 10 times the national average. Getty Images/iStockphoto

Today's top high-yield savings rates are higher than they've been in years. You can earn upwards of 4.00% or even 4.50% on some savings accounts — more than 10 times the on regular savings accounts.

A good high-yield savings account should offer you a competitive rate compared to other savings options today, as well as minimum balance requirements, account transfer options, security features and a fee schedule that works for your savings goals.

While each of those details may depend on your personal preferences and financial situation, choosing the best rate can be more of a numbers game. To help you get started, we're highlighting one of the best rates available right now. With this high 4.85% APY, you can add hundreds of dollars to your savings balance over time.

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How to earn 4.85% APY right now

CIT Bank's Platinum Savings account is one of the best savings rate options available today, at 4.85% APY.

To earn that rate, you'll need to keep a balance of at least $5,000. Otherwise, the APY drops to just 0.25%. The account charges no maintenance fees, but you must deposit at least $100 at the opening. CIT is an online bank, so you'll have the option to transfer your funds in and out via electronic transfer, mailed check or wire. Your deposits are also insured up to FDIC limits.

To put that interest rate into perspective, say you open the account with the minimum $5,000 balance. After one year at the same 4.85% rate, you would earn about $242.50 on your savings for a new total balance of $5,242.50. If, on the other hand, you left that $5,000 sitting in a regular savings account earning the national average 0.40% APY, you'd earn just $20 in a year, for a total of $5,020. 

CIT Bank also has another high-earning account that you might consider if you don't have a $5,000 balance. With Savings Connect, you'll earn a 4.60% APY with just a $100 deposit at the opening, also with no monthly fees.

CIT Bank is just one of many banks offering attractive high-yield accounts. !

Other high-yield savings accounts to consider

CIT's Platinum Savings rate may be one of the best available today, but it's not the only competitive account around. Here are a few high-yield savings accounts with similarly high rates that can help you maximize your savings. Like CIT Bank's savings account, each of these is FDIC-insured up to the $250,000 max:

Bask Bank: 4.75% APY

Bask offers another of the highest-earning savings accounts today, with a 4.75% APY. There is no minimum balance requirement, as long as you fund your account within 15 days of account opening. There are no monthly fees. You can transfer money to your account using an electronic transfer from another bank account, wire transfer or mobile check deposit.

Bread Savings: 4.65% APY

The high-yield savings account from Bread Savings earns 4.65% APY. You'll pay no monthly maintenance fees and only need a $100 minimum deposit to open. You can deposit money with an electronic transfer from another account, mobile check deposit or wire.

Citizens Access: 4.50% APY

You can earn 4.50% APY on any balance over $0.01 with the Citizens Access high-yield savings account. There are no monthly fees to maintain the account. When you want to transfer money in or out, you can do so using an electronic transfer from another bank account or by mailing a check.

The bottom line

Choosing the best high-yield savings account for you can come down to a few details, but maximizing your balance with a great interest rate is likely at the top of your list. 

With CIT Bank's Platinum Savings account, you can get among the highest rates available right now with a 4.85% APY. Like other savings accounts, this APY is also a variable rate. So if rates continue to rise in the future, you could earn more — even if you already have an open account.

If you have the minimum required balance saved already and you're looking for the highest rates, you may want to add CIT to your list. But before you decide, don't forget to also to find the one best fit for your goals.

Edited by Matt Richardson

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