Opening a high-yield savings account is the No. 1 money tip I've been giving to my friends and family in 2024. I've been using one for years, and they've only gotten more attractive as savings account interest rates are close to 20+ year highs.
Best High-Yield Savings Accounts
If you're short on time, here's a quick list of some of the best high-yield savings accounts, backed by our 100+ hours of expert research and testing:
- SoFi Checking and Savings (Member FDIC): up to $300 bonus and up to 4.60% APY (annual percentage yield)
- American Express National Bank (Member FDIC): 4.35% APY
- Capital One 360 Performance Savings (Member FDIC): 4.35% APY
Plus, all of the accounts here have APYs that are about 10X the national average savings account interest rate (nope, that's not a typo!), and all are FDIC insured up to $250,000.
Our Full List of the Best High-Yield Savings Accounts
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- up to 4.60% APY:SoFi Checking and Savings(Member FDIC.)
- 4.35% APY:American Express National Bank(Member FDIC.)
- 4.35% APY:Capital One 360 Performance Savings(Member FDIC.)
- 5.05% APY for balances of $5,000 or more APY:CIT Platinum Savings(Member FDIC.)
- 5.00% APY:LendingClub High-Yield Savings(Member FDIC.)
- 4.75% APY:Synchrony Bank High Yield Savings(Member FDIC.)
- 5.30% APY:Customers Bank High-Yield Savings Account(Member FDIC.)
- 4.30% APY:Discover® Online Savings(Member FDIC.)
- 4.65% APY:CIT Savings Connect(Member FDIC.)
- 4.50% APY:Marcus by Goldman Sachs Online Savings Account(Member FDIC.)
- 5.36% APY:Western Alliance Bank High-Yield Savings Premier(Member FDIC.)
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Ratings Methodology
Rates asof Mar 06, 2024
| Offer | APY | Minimum to Earn APY | Rating | Next Steps |
|---|---|---|---|---|
SoFi Checking and Savings Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 | Open Account for SoFi Checking and Savings |
American Express National Bank Open Account for American Express National Bank Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.35% Rate info4.35% annual percentage yield as of March 6, 2024Min. to earn: $1 | Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $1 | Open Account for American Express National Bank |
Capital One 360 Performance Savings Open Account for Capital One 360 Performance Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.35% Min. to earn: $0 | Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 | Open Account for Capital One 360 Performance Savings |
CIT Platinum Savings Open Account for CIT Platinum Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.05% APY for balances of $5,000 or more Rate info5.05% APY for balances of $5,000 or more; otherwise, 0.25% APYMin. to earn: $100 to open account, $5,000 for max APY | Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $100 to open account, $5,000 for max APY | Open Account for CIT Platinum Savings |
LendingClub High-Yield Savings Open Account for LendingClub High-Yield Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.00% Min. to earn: $0 | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 | Open Account for LendingClub High-Yield Savings |
Synchrony Bank High Yield Savings Open Account for Synchrony Bank High Yield Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.75% Min. to earn: $0 | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 | Open Account for Synchrony Bank High Yield Savings |
Customers Bank High-Yield Savings Account Open Account for Customers Bank High-Yield Savings Account Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.30% Min. to earn: $1 | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $1 | Open Account for Customers Bank High-Yield Savings Account |
Discover® Online Savings Read Review Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.30% Min. to earn: $0 | Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 | Read Review |
CIT Savings Connect Read Review Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.65% Rate infoCIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 5.05% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.Min. to earn: $100 to open account | Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $100 to open account | Read Review |
Marcus by Goldman Sachs Online Savings Account Read Review Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.50% Min. to earn: $0 | Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0 | Read Review |
Western Alliance Bank High-Yield Savings Premier Read Review Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.36% Rate info5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.Min. to earn: $0.01 | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | $0.01 | Read Review |
More Details about the Best High-Yield Savings Accounts
Open Account for SoFi Checking and Savings
Member FDIC.
Show Best Offers Available in
Ratings Methodology
Rates asof Mar 06, 2024
2024 Award Winner
SoFi Checking and Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for SoFi Checking and Savings
APY
up to 4.60%Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
- Competitive APY on both Savings and Checking
- No account fees
- Welcome bonus up to $300 (direct deposit required)
- Early access to direct deposits
- Tools to help you track savings goals
- Unlimited transfers and withdrawals
- ATM access
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection requires monthly direct deposit minimum
- No branch access; online only
For those who plan to set up direct deposit with their new account, we thinkSoFi Checking and Savingsis hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns above-average, too — which is a rare perk. Plus, there’s the opportunity for an up to $300 bonus and a long list of extra account features. Frankly, it’s the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
Read Full Review
American Express National Bank
Open Account for American Express National Bank
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for American Express National Bank
APY
4.35%Rate info4.35% annual percentage yield as of March 6, 2024
Min. To Earn APY
$1
- Competitive APY
- No account fees
- Comfort of a well-known brand and reputation
- Unlimited transfers and withdrawals
- 24/7 customer support
- FDIC insured
- No ATM access
- No branch access; online only
American Express may not have the highest APY on our list, but it still sports a well-above-average rate and a strong reputation. This is a good fit for those who prefer the comfort of a well-known company like American Express that isn't likely to play games with your APY.
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Capital One 360 Performance Savings
Open Account for Capital One 360 Performance Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for Capital One 360 Performance Savings
APY
4.35%
Min. To Earn APY
$0
- Competitive APY
- Branch access (if you live near one)
- No account fees
- Comfort of a well-known brand and reputation
- 24/7 customer support
- FDIC insured
- No ATM access
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. But it also offers branch locations and Capital One Cafés where customers can seek in-person support (if you live near one). This makes it a great fit for those who want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Read Full Review
2024 Award Winner
CIT Platinum Savings
Open Account for CIT Platinum Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for CIT Platinum Savings
APY
5.05% APY for balances of $5,000 or moreRate info5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$100 to open account, $5,000 for max APY
- Competitive APY
- No account fees
- Unlimited transfers and withdrawals
- 24/7 customer support
- FDIC insured
- Balance requirement for maximum APY
- No ATM access
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APY’s on the market today — as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have a monthly limit).
Read Full Review
LendingClub High-Yield Savings
Open Account for LendingClub High-Yield Savings
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for LendingClub High-Yield Savings
APY
5.00%
Min. To Earn APY
$0
- No monthly fees
- High APY
- ATM card available
- No minimum balance requirement after $100 minimum deposit
- Unlimited external transfers (up to a daily limit of $5,000-$250,000, depending on deposit size and account duration)
- $100 minimum deposit required
- Only one physical branch
A standout online savings account that features a very competitive APY and no monthly fees, though a $100 opening deposit is required.
Read Full Review
Synchrony Bank High Yield Savings
Open Account for Synchrony Bank High Yield Savings
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for Synchrony Bank High Yield Savings
APY
4.75%
Min. To Earn APY
$0
- Competitive APYs
- No savings account minimum balance
- No monthly fees
- ATM fee reimbursem*nts
- No checking account option
- No physical branch locations
Read Full Review
Customers Bank High-Yield Savings Account
Open Account for Customers Bank High-Yield Savings Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for Customers Bank High-Yield Savings Account
APY
5.30%
Min. To Earn APY
$1
- Competitive APY
- No account fees
- Unlimited transfers and withdrawals
- FDIC insured
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
- No checking accounts offered through Raisin
- Limited customer service hours
- Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
- No branch access; online only
With Customers Bank, Powered by Raisin, you get an APY that outpaces most high-yield savings accounts on the market. Deposits are held with Customers Bank, a midsize regional bank, and are managed via Raisin's secure online platform. Customers Bank is FDIC insured, so your funds are protected up to the legal limit. The trade-off for the high APY is a limited feature set, with ACH transfers being the sole method for deposits and withdrawals. Still, it's a great match if you desire an exceptional APY with a no-frills online banking experience.
Read Full Review
Discover® Online Savings
Read Review
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Read Review
APY
4.30%
Min. To Earn APY
$0
- Competitive APY
- No account fees
- Limited-time $150 or $200 bonus.
- Comfort of a well-known brand and reputation
- 24/7 customer support
- FDIC insured
- No ATM access
- No branch access; online only
Discover® Online Savingsis a great pick for those who want a high APY and top-notch mobile app, but prefer to bank with a well-known brand. While it's not exactly the highest rate at every point in time, you can feel good that you’ll likely be earning a near-top-of-market rate for a while to come.
2024 Award Winner
CIT Savings Connect
Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Read Review
APY
4.65%Rate infoCIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 5.05% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.
Min. To Earn APY
$100 to open account
- Competitive APY
- No account fees
- Unlimited transfers and withdrawals
- 24/7 customer support
- FDIC insured
- $100 minimum deposit required
- No branch access; online only
CIT Savings Connect has among the highest APYs we've seen for an account with no account fees or minimum balance requirement (though a $100 initial deposit is required to open it). It's a great fit for those who want a top-notch APY and a flexible online banking experience.
Marcus by Goldman Sachs Online Savings Account
Read Review
Goldman Sachs Bank USA.Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Read Review
APY
4.50%
Min. To Earn APY
$0
- Competitive APY
- No maintenance fees
- No minimum balance requirements
- No ATM card access
The Marcus by Goldman Sachs Online Savings Account has proven that it's a competitive online savings account with a competitive annual percentage yield (APY), no fees, and no minimum balance requirements.
Western Alliance Bank High-Yield Savings Premier
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Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Read Review
APY
5.36%Rate info5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. To Earn APY
$0.01
- Competitive APY
- No account activity or maintenance fees
- Unlimited transfers and withdrawals
- FDIC insured
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
- Limited customer service hours
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Just know, this isn’t a typical savings account. Western Alliance is FDIC insured; therefore, deposits are perfectly safe up to applicable legal limits. The main drawback is that accounts don’t have many features. For example, you can only deposit and withdraw funds via ACH transfer to/from an external bank account. This account is solid for those who want a sky-high APY, but don’t mind a bare-bones banking experience.
TIP
How Fed Rates impact high-yield savings accounts rates
Savings account interest rates aren't directly tied to the Federal Reserve's interest rate movements, but they tend to move in the same direction. That's why they are so high right now. While savings account rates could fall if the Fed lowers rates, it is a great environment to get started right now.
What is a high-yield savings account (HYSA)?
A high-yield savings account (HYSA) is a savings account that offers a much higher annual percentage yield (APY) than average and is usually (but not always) offered by an online-based financial institution.
With an HYSA, your bank pays you interest on your money -- usually every month. How much interest you earn is determined by the account's APY. You'll earn more interest with an account that has a high APY.
Some high-yield savings accounts offer APYs that are 10 times the national average or more. This means your savings can grow more quickly.
Learn More: Is a High-Yield Savings Account Worth It?
Who is a high-yield savings account right for?
A high-yield savings account is a great idea for people who want to maximize the yield from their savings while keeping their money easy to access. That could include future homebuyers saving for a downpayment, folks saving for big life events, savers wanting to get the most out of their emergency fund, and more.
High-yield savings account terminology
Here are a few key terms to know before you open a savings account. These are important terms for online savings accounts, traditional savings accounts, and high-yield savings accounts.
| Annual percentage yield (APY) | APY stands for annual percentage yield, or how much your balance grows each year. |
|---|---|
| Monthly maintenance fee | This is a fee your bank charges to maintain your savings account, and most online banks don't charge one. |
| Liquidity | Liquidity refers to how easy it is to turn your money into cash. |
| Interest | Interest is the money a bank pays you for keeping money in a savings account. |
| Minimum balance | A minimum balance is the lowest amount of money you must keep in your savings account in order to avoid fees and penalties. |
| FDIC insurance | Government-run protection that ensures your money is safe in a bank account in the event the bank fails. |
Is my money safe in a high-yield savings account?
Yes. Savings account funds are FDIC insured up to $250,000 per person per bank, and some banks have started offering even more coverage through partner networks, so there's no risk of losing money if your bank goes under. The risk of losing money with a savings account is pretty slim. It could be possible if you incur a lot of fees, your identity is stolen, or a hacker gains access to your bank account.
As long as you are aware of the fees your bank charges (and ways to avoid them) and you protect your personal and account information, your savings account should only make you money.
How to choose an online high-yield savings account
When you're looking for a high-interest savings account, the account's APY isn't the only factor to consider.
- Choose a federally insured institution: Most banks offer FDIC insurance. It's unlikely you'll ever use it, but it's risky not to have it. If your bank fails and your funds aren't insured, you lose your money. All of the savings accounts on our list are FDIC insured.
- Look for a high interest rate: APYs fluctuate from bank to bank and over time, so there's no solid definition of a high APY. You don't need the highest rate on the market, but you should choose one that's close to the highest around. This will earn you more interest.
- Avoid all banking fees, if possible: Fees can eat into your profits and possibly cost you more than you're earning in interest. Check your bank's fee schedule to learn about any costs associated with the account, and avoid a monthly maintenance fee if you can. Also, check to see if there's a minimum balance requirement on the account. The best savings account for you might have a few fees -- but, in an ideal world, you can meet whatever is required to waive those fees.
- Make sure you'll be able to access your money: Make sure you're comfortable with the ways you can deposit money into your high-yield savings account and withdraw it when necessary. You likely also want a bank with an online portal and mobile banking so you can manage your funds remotely. The best bank to open a savings account at is one you're comfortable interacting with, whether that's online, in-person, over the phone, or at an ATM.
- Look for banks with generous welcome offers: To be clear, a bonus for opening an account isn't as important as finding a bank that is going to meet your needs. Some bank accounts also offer bonuses. If you're looking for a high-yield savings account with a bonus, check out our list of best bank bonuses to see our top picks.
But remember -- choosing a savings account is personal. You're the one who ultimately knows which account is the best savings account for your needs, preferences, and lifestyle.
How to open a high-yield savings account online or in person
To open a savings account, fill out an online application form or visit a branch (if your chosen bank has them). Most of our top high-yield savings accounts have strong customer service departments that can assist you with any specific questions you have.
This process should be similar whether you open a savings account online or at a brick-and-mortar bank. You will need to provide some personal information, including your address, Social Security number, and a government-issued ID.
If you are opening a joint savings account, both parties will need to provide this information.
Pros and cons of high-yield savings accounts
There are both pros and cons of high-yield savings accounts. It's important to consider these factors when you're looking for the best savings account for your lifestyle.
Pros of HYSAs
- Earning interest
- Saving as much as you like
- Paying bills with automatic bill pay
- Knowing your money is insured with the FDIC
Cons of HYSAs
- Monthly maintenance fees (sometimes)
- No checks (usually)
- No ATM card (common with online savings accounts)
- Fees for extra withdrawals after your first six withdrawals at some banks
Alternatives to high-yield savings accounts
As you compare savings accounts, think about what you'll use the account for. Do you want to be able to withdraw your money at any time to cover unexpected expenses? Are you saving up for a major goal over several years, and could use every dollar of interest you can earn? Answering these questions will help you compare savings accounts and decide which is best for your needs.
Here's a look at the common types of savings accounts you'll run into.
High-yield savings account vs. traditional savings account
Traditional savings accounts are usually easy to open and easy to access. But APYs tend to be pretty low compared with high-yield savings accounts, and most of these accounts carry maintenance fees if your balance falls below a certain amount.
High-yield savings account vs. certificate of deposit (CD)
Certificates of deposit (CDs) usually offer some higher APYs than any of the high-yield savings accounts discussed above, especially with CDs offered by online banks. If you're looking for the best APY on a savings account, CDs are definitely worth considering. But you have to agree not to withdraw your funds for the full CD term (which could be months or years).
High-yield savings account vs. money market account
Money market accounts offer the APYs of a savings account with the easier access of a checking account. However, these accounts usually have higher minimum balance requirements than typical high-yield savings accounts do.
High-yield savings account vs. checking account
Some of our favorite online banks offer checking accounts, and many are excellent financial products. While some of the top checking accounts pay interest, you should expect a relatively low APY. Checking accounts are best suited for money that you'll need in the near future (such as for bills due soon), while high-yield savings accounts are designed for money that you might need to tap into on occasion.
TIP
Learn more about high-yield savings account interest rates
If you still have questions about savings account rates, you're not alone. Here are some FAQs we've answered about savings account interest rates:
- How do you calculate the interest you'll earn on a high-yield savings account?
- What is a good interest rate for a high-yield savings account?
- What is the interest rate on my current savings account?
- Why are interest rates so low on savings accounts?
Guidance from Savings Account Experts
Matthew S. Rutledge
Associate Professor of the Practice, Boston College Economics Department
What factors should people consider when choosing the best savings account amidst rising inflation?
Savings accounts are essential -- while investment accounts (401(k)s, mutual funds, brokerage accounts, even crypto wallets) get all the attention, it should be savings accounts that we reach for first when we have a sudden need, such as a job transition or a car or home repair bill. So the most important factor in that kind of rainy-day fund is what economists call "liquidity": how easy it is to access my money and spend it when I need to. We always used to talk about how the most liquid source of savings is a pile of cash under the mattress, with the downside that you'd be sacrificing safety and sanity if you rely upon that option; but these days I'm not sure that cash is even all that useful, especially if you're used to paying your bills online, or rely on online banking rather than the neighborhood brick-and-mortar bank. Instead, it's probably easier to have a bank account that easily links to your checking account and main credit card. It's really hard to tell how fast you'll be able to access your money until you try it, so it's worth practicing on some non-emergency occasions to make sure you know how long the electronic transfers will take and whether there will be any delay in the availability of funds -- that way, when emergencies do pop up, you know exactly how long you have to make payments.
How can savers earn more interest on their money with a savings account?
There are plenty of easily accessible online banks out there that will pay a higher interest rate but still leave your money liquid. But we're not talking about huge interest rates on saving accounts, even with the Fed raising rates more broadly. I suspect we won't see the kinds of interest rates that Boomers and Generation X are used to seeing for a while, because banks are still awash in cash from all the money we weren't spending during the pandemic. So the 0% you get in your checking account isn't so much worse than the 0.5% you might get from a savings account that takes a whole bunch more effort to set up, a bunch of extra steps to access, and maybe a few extra days to wait when you do need the money.
How much money should people put into their savings accounts every month?
The main thing is to have some easily accessible source of savings, no matter how big it is; every little bit helps! It can make a difference when facing even medium-sized car or home repair bills on short notice, without relying on high-interest credit or borrowing from family and friends. One's own risk level also matters: if you drive an old car, or know that your roof is getting up there in age, or work in a job with a lot of volatility in hours or susceptibility to layoff, then you'll need more emergency savings. (Unfortunately that means that the lowest-income households need the most emergency savings, even though they have the least ability to put that savings together. That inequity is why a public policy solution, such as "sidecar" accounts for 401(k)s that allow people to build up accessible savings well before their retirement years, are likely necessary.) Ideally you'd have savings that equals about about six months of consumption, but few people have anywhere near that amount, and it's important not to make that kind of goal seem so out of reach that you just give up and save nothing. So save what you can: even $500 can make a huge difference.
What factors should people consider when choosing the best savings account amidst rising inflation?
As inflation rises, interest rates tend to also rise. Savings accounts typically have variable rates of interest that will periodically reset as the level of interest rates change.
How can savers earn more interest on their money with a savings account?
Savings accounts provide a very high level of safety and liquidity, thus they typically do not earn returns that are very high. In real terms (after considering the impact of inflation) the returns on savings accounts are often negative. There are a couple of ways to potentially earn higher rates. One possibility is to look for special promotions. For example, financial institutions may pay a higher rate on a limited balance if a customer satisfies other criteria (such as maintaining a certain balance, engaging in a minimum number of debit card transactions, etc.).
How much money should people put into their savings accounts every month?
People should generally keep a collective balance in their checking and savings accounts equal to three to six months' worth of living expenses. Once this level is achieved, there is little financial value in accumulating funds in a savings account beyond this point (based on the fact that the rates of interest are very low). A person would be better served investing funds in a time deposit (e.g., a certificate of deposit, or CD), or in other financial securities (such as stocks and bonds). When investing in stocks and bonds, however, investors should keep in mind that any anticipated return is not guaranteed on these investments (as is the case with an FDIC insured savings account).
FAQs
The best savings accounts have:
- High APY: The top savings accounts should include a high APY in range with our picks.
- No monthly maintenance fee: Most of the best savings accounts won't charge a monthly maintenance fee.
- FDIC insurance: Whether you're putting money aside to build an emergency fund or wanting to earn more interest, security is important.
A $1,000 deposit could earn about $45 in interest in a year, if you put it in a high-yield savings account with a 4.50% APY. The amount of interest your money earns depends on the bank account and its APY. In a brick-and-mortar savings account with a 0.40% APY, a $1,000 deposit would only earn about $4.
Savings rates can -- and do -- go up and down. These changes will affect the amount of interest you earn.
A high-yield savings account is a great place to keep your emergency fund, as well as funds for any short-term savings goals (like a vacation or a down payment on a home). And there is nothing wrong with having multiple savings accounts. In fact, it's generally a good idea to keep your emergency savings separate from the rest of your money.
Yes, a high-yield savings account is a great place for your emergency savings. Here's why:
Your emergency fund should be easily accessible to you. Keep your emergency savings in an account that allows you to transfer or withdraw money quickly. A certificate of deposit account is not recommended because no one can predict when financial emergencies are going to happen, and you might have to pay a penalty if you withdraw money from a CD before the maturity date.
Your emergency fund should be protected from losses. It's generally not advisable to put your emergency fund in the stock market or other account that could experience fluctuations, because you wouldn't want the value to be in a dip when you have a financial emergency.
Your emergency fund should grow. This is why you shouldn't keep your money under the mattress, even if you feel that it would be safe from theft. A high-yield savings account allows you to maximize your earnings. Stashing cash -- or leaving your money in a traditional savings account -- means you forego the opportunity to earn as much as possible in interest.
Most savings accounts don't offer check-writing capabilities and many don't offer a debit card -- so you have to transfer the funds to a checking account or withdraw cash in order to spend money. Often, banks limit the number of free withdrawals you can make in a month.
Why you can trust us
Here at The Motley Fool, we've been helping people grow their wealth since 1993. Our philosophy is to provide useful, unbiased, jargon-free guidance that's easy for people to understand and implement.
Unlike many other websites, we do not allow companies to buy their way onto this page. The products you see here are what our experts believe are the best online savings accounts, whether we get compensated for them or not. Plus, most of the high-yield savings accounts we recommend on this page are used personally by our employees here at The Motley Fool, including myself. So you can feel confident that we have thoroughly evaluated and stand behind these products.
After all, there's a reason The Economist calls us "An ethical oasis" and Time Magazine says "Even millionaires get ideas from The Motley Fool." You can read more about our ratings methodology, our editorial integrity, and how we make money to learn more about us.
Our methodology for selecting the best high-yield savings accounts
We used a comprehensive process for reviewing and researching the top saving accounts, which added up to well over 100 hours of our experts' time. While we have our own preferences and opinions, we also align closely with the principles laid out by the Consumer Financial Protection Bureau (CFPB) on how to choose the right banking account.
There are obvious things we look for first: These accounts need to have a high APY, be FDIC insured, have low or no fees, low account minimums, and a strong brand reputation. We also read the fine print to make sure things like transfer and withdrawal limits are acceptable -- after all, what good is a high-yield savings account if you can't get your money out when you need it?
Additionally, we personally use most of the accounts recommended here so we are deeply familiar with the ins and-outs of them, and feel as comfortable recommending them to you as we do to our friends and family.
Savings accounts we evaluated
Click here to see the 40+ savings accounts we evaluated when selecting the best high-yield savings accounts for this list.
Here are the savings accounts we considered when determining the best high-interest savings accounts for our list: Alliant Credit Union Ultimate Opportunity Savings, Ally Savings, American Express National Bank, Axos High-Yield Savings, Bank of America Advantage Savings, Bank7 Savings Account, Barclays Online Savings, Bask Interest Savings, Betterment Cash Reserve, BMO Savings Builder, BMO Alto Online Savings Account, Bread Savings, Capital One 360 Performance Savings, Chase Savings Account, Chime Savings Account, CIT Bank Savings Builder, Citi® Accelerate High-Yield Savings, Citizens Access® Savings, Discover® Online Savings, EverBank Yield Pledge® Online Savings, First Foundation Bank Online Savings, Marcus by Goldman Sachs Online Savings Account, HSBC Premier Relationship Savings, Key Active Saver® Account, LendingClub High-Yield Savings, M1 High-Yield Savings Account, PNC Standard Savings account, Popular Direct Select Savings, Prime Alliance Personal Savings, Quontic High Yield Savings, Raisin Network, Revolut Vaults, SoFi Checking and Savings, Synchrony Bank High Yield Savings, U.S. Bank Standard Savings Account, Upgrade Premier Savings, UFB Secure Savings Account, Varo Savings, Vio Bank High Yield Online Savings Account, Wells Fargo Platinum Savings
Our Banking Experts
By:Matt Frankel, CFP®
Writer, Analyst
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact CheckedCharlie Pastor, CFP®
Certified Financial Planner®, Founder of Damn Good Planning
Charlie Pastor, CFP® is a full-time financial planner dedicated to overserving the underserved. He has a degree in Finance, Accounting, and Personal Financial Planning from the University of Colorado Boulder. His professional experience includes founding a Registered Investment Advisor firm dedicated to serving young professionals. Outside of writing for The Ascent, Charlie enjoys serving as political advocacy chair for the Financial Planning Association of Colorado.
