EagleBank High-Yield Savings Account 2024 Review (2024)

EagleBank offers a high-yield savings account with an excellent APY for people who have at least $1,000 to deposit initially. The rate is among the best of any online savings account and there's no monthly maintenance fee.

The EagleBank High Yield Savings Account earns an exceptional APY on balances up to $500,000. You'll need to open this account with new funds--meaning deposits that come from outside EagleBank--to earn the advertised rate.

You might consider opening this savings account if you:

• Have $1,000 or more to open an account
• Won't keep more than $500,000 in savings
• Want to be able to visit branches in Maryland, Virginia or Washington, D.C.
• Are looking for a savings account with no monthly fee

EagleBank also offers checking accounts, money market accounts, CD accounts, retirement accounts and loans. Minimum deposit requirements and rates vary for each type of account.

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Compared to Other Online Savings Accounts

Morgan Stanley Private Bank Premium Savings Account

Morgan Stanley Private Bank offers a premium savings account option in conjunction with ETrade. There are no minimum deposit requirements and rates are on par with other top online savings accounts. Your deposits are FDIC-insured up to $500,000 and there is no monthly maintenance fee.

Read our full editorial review of Morgan Stanley Private Bank Premium Savings

RBMax Max Interest Savings Account

The RBMax Max Interest Savings Account pays an above-average rate on balances up to $250,000. The minimum opening deposit is just $10 and there are no minimum balance requirements or monthly fees when you enroll in electronic statements. You can also make unlimited withdrawals from savings with no monthly fee.

Read our full editorial review of RBMax Max Interest Savings

Bank5 Connect Jumbo Savings Account

Bank5 Connect's Jumbo Savings Account offers a superior APY on balances of $25,000 or more, with no upper limit on FDIC insurance coverage. There are no monthly maintenance fees and you can link your savings account to a Bank5 Connect checking account for overdraft protection. The minimum deposit requirement to open an account is $25,000, which makes it better suited to super savers.

Read our full editorial review of Bank5 Connect Jumbo Savings

Rising Bank High Yield Savings Account

Rising Bank's online savings account features a market-beating rate, with an account maximum of $500,000. The minimum deposit requirement to open this savings account is $1,000. There are no monthly fees and you'll have convenient access to your account through online and mobile banking.

Read our full editorial review of Rising Bank High Yield Savings

Interest Rates

Some of the best high-yield savings accounts are offered at online banks, thanks to their lower overhead costs. That doesn't mean you can't find a great rate at a brick-and-mortar bank but they're typically harder to come by.

EagleBank is among the best savings account options if you're focused exclusively on rates. The APY is well above the national average, which can make it easier to grow your money.

There is a catch of sorts. The advertised APY only applies to the first $500,000 in savings. If your balance goes over that amount you'll earn a much lower rate.

Keep in mind that rates are just one factor when choosing where to open a savings account. If you'll need to meet a high minimum deposit requirement or minimum balance requirement or pay a steep monthly fee to have the account it may not be worth it.

Fees

Fees are always a concern when opening a savings account. If you're paying a high monthly fee you might be handing some of your interest earnings back to the bank.

Here are the main fees to know at EagleBank.

Other Service Fees - EagleBank High Yield Savings Account

ATM Access

EagleBank has ATM locations as well as branch locations but you won't get an ATM card with your savings account. You can, however, get a debit card with an EagleBank checking account.

If you have both types of accounts you could link them, then transfer cash from savings to checking for ATM withdrawals. Otherwise, you'll be limited to withdrawing cash from savings at a branch.

The bank has branches in:

• Maryland (10 locations)
• Virginia (4 locations)
• Washington, D.C. (5 locations)

If you do withdraw cash at an ATM, be aware that daily withdrawal limits apply.

Account Management

Being able to visit a branch is a nice benefit but if you don't have time to do that, you can manage your savings account with online and mobile banking.

Account management features allow you to:

• Check balances
• Transfer funds between accounts
• View statements
• Review transaction history
• Set up alerts and notifications

If you need to send or receive payments you can link your account to Zelle. It's free to transfer funds with Zelle, though transfer limits apply.

You can link an external account to your EagleBank account using your routing number and account number. Remember that any funds you deposit into your EagleBank High Yield Savings Account must be new money, meaning they come from another bank.

If you're opening an EagleBank savings account using money that you already have with the bank, you won't earn the advertised APY.

FDIC Insurance

EagleBank is a member FDIC financial institution. FDIC coverage protects you in case your bank fails, which is rare but it does happen.

The current coverage limit is $250,000 per depositor. Some banks do, however, offer FDIC coverage limits by partnering with other banks to insure depositors.

What to Look for in a Savings Account

Finding the right savings account takes some time and a little research. It's important to find the best rate, of course, but there are some other things to consider as well.

Here are some of the most important things to weigh when choosing a savings account.

• What interest rate and APY can you earn?
• Are rates tiered or does the same APY apply to all balances?
• Is there a minimum balance requirement to earn interest or avoid a monthly fee?
• What's the account opening deposit requirement?
• Is there a monthly fee and if so, how can you waive it?
• What other fees will you pay?
• Is there a limit on the number of withdrawals you can make each month?
• Does the bank offer online and mobile banking access?
• How many branches or ATMs does the bank have?
• Will your savings account include an ATM card?

It's easy to compare savings accounts at online banks to check rates and fees. You can also look at savings accounts at traditional banks to see how they stack up.

Frequently Asked Questions

Is EagleBank legit?

EagleBank is a legitimate bank with branches in Maryland, Virginia and Washington, D.C. The bank offers a variety of financial products and services, including high-yield savings accounts. EagleBank is an FDIC-member institution, meaning your accounts are protected in the case of a bank failure.

Are online savings accounts better?

Online banks tend to offer better rates to savers than traditional banks and many charge fewer fees as well. Whether you should choose an online savings account over a traditional savings option can depend on your needs and preferences. An online account could make sense if you don't need to visit a branch or withdraw cash from savings at an ATM.

What's the difference between a savings account and a CD?

Savings accounts let you deposit money and earn interest while giving you the option to withdraw funds as needed. CD accounts are time deposits, meaning you leave your money in the account for a certain period. During that time the money earns interest and once the CD matures, you can withdraw your savings.