We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. A savings account is a good place to keep money safe and liquid, but it’s not a great place to earn money, right? Not necessarily. Some banks and credit unions offer savings accounts with respectable interest rates that rival the rates earned with CDs—but without the restrictions. We review more than 150 banks and credit unions every weekday to find thebest savings rates and deals. These high-interest savings accounts are available to customers nationwide, and your funds are federally insured up to $250,000 per depositor per institution. We start by finding the highest rates, and we favor accounts with low minimum deposit requirements and friendly fee structures. We also include money market accounts if they function like savings accounts. That means if an account pays a high yield and doesn’t allow you to write checks, it’s in the mix. We evaluate savings accounts that are widely available throughout the U.S. to identify the best high-interest savings accounts. For this round-up, we primarily look at the annual percentage yield (APY) offered, but to help you compare options, we also consider factors like how quickly interest compounds, how easily you can make deposits, and customer service availability. We partnered with the following banks to bring you the savings account offers in the table below. Under that, you'll find additional details on our editors' picks for the best high-interest savings accounts and rates as of Mar. 5, 2024. All of the banks and credit unions listed are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). Best Savings Account Interest Rates of March 2024 Best Savings Account Interest Rates of March 2024 Best High-Yield Savings Accounts FAQs Poppy Bank, based out of Santa Rosa, California, was formed in 2005 and has several branches throughout California, in addition to loan offices in New York, South Carolina, Texas, and Utah. In addition to high-interest savings, Poppy Bank offers checking, CD, and money market accounts, personal and commercial lending, and credit cards. Customers nationwide can bank with Poppy through online banking, its mobile app, or MoneyPass ATMs. Pros Mobile account tools, including check deposits High interest rates Cons No in-person locations outside of California My Banking Direct is an online product offering from New York Community Bank, an institution founded in 1859. The bank holds $59.5 billion in assets, offers a considerable slate of banking products, and often wins awards for its customer service.To open an account, simply fill out an online application and deposit $500. What We Like No monthly fees Mobile account tools, including check deposit Wide range of products offered What We Don't Like No in-person branches. BrioDirect is the online operation of Webster Bank. Its high-yield savings account requires a minimum deposit of $25. There are no monthly fees, and you can fund your account from a linked bank account, checks, or wire transfers. Brio also offers CDs and a money market accounts. Pros No-frills accounts with high rates Multiple options for funding your account Cons Doesn't offer a full range of banking products Vio Bank is yet another online-only division that offers a small menu of CDs and high-yield savings and money market accounts, and is a part of a larger firm. In this case its parent is MidFirst Bank, based out of Oklahoma City, Oklahoma, and it’s nothing to sneeze at. MidFirst Bank has almost $23 billion in assets, which lends a note of credibility and sustainability to this bank over smaller institutions. But remember, your money is insured by the FDIC (or NCUA, for credit unions) up to $250,000 whether you bank here or with the small credit union down the street. Pros Customer service by phone seven days per week No monthly fees, regardless of balance Cons No checking accounts available Ivy Bank is an online bank backed by Cambridge Savings Bank, which has been in business since 1834 and has $5 billion in assets. Their account offerings include a standard high-interest savings account and savings account indexed to the one-month Treasury yield. They offer online banking and a highly rated mobile app. The opening deposit required is $2,500. Pros Accounts are simple to set up online or via the app Offers mobile deposit Cons No branches for in-person banking TAB Bank began in 1998 with a focus on the transportation industry. The High-Yield Savings account has no minimum initial deposit, and you earn the highest rates at TAB Bank with just $1 in your account. There are no monthly fees, and you can open a variety of other accounts at the bank: Checking, money market, CDs, and business bank accounts are all available. Pros No minimum deposit required to start saving Full range of accounts available Cons Earn the same or more at other banks TotalDirectBank is a division of City National Bank of Florida, which was founded more than 75 years ago. TotalDirectBank keeps the product lineup simple, with money market accounts and CDs with terms of up to five years. Anyone in the U.S. (except those in Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and U.S. Virgin Islands) can open a money market or CD account. Pros Good interest rates No maintenance fees Cons No physical locations Newtek Bank, a subsidiary of NewtekOne, has been in business for more than 20 years. The bank is focused on business checking and savings accounts, but also offers personal high-yield savings accounts and certificates of deposit. Opening an account with Newtek Bank is a straightforward online process. Pros 24/7 Customer service High interest rates Cons No branches for in-person banking UFB Direct is a subsidiary of Axos Bank, itself an online-only institution. UFB Direct offers savings account and money market accounts. If you’re looking to borrow, the bank offers mortgages through its parent. There’s no minimum to open this account. Interest is compounded daily and credited monthly. Pros Mobile account tools including check deposit Money market account for payments Cons Limited banking services Evergreen Bank Group was founded in 2006 in Oak Brook, Illinois. It has grown to have three Chicagoland branches, over $1.5 billion in assets, and a robust online banking business. They offer all standard banking products, including high-yield savings and CD accounts; home, business, and personal loans; and credit cards. Joining Evergreen Bank group is free and can be accomplished in minutes online. Pros Online and mobile banking No monthly fees Cons Few in-person locations A high-interest savings account, also known as a high-yield savings account, helps you grow your money while keeping it accessible. Savings accounts often pay interest on your deposits, but interest rates vary from bank to bank. What makes high-interest accounts unique is a relatively high rate on your balance: Top rates on these accounts are often 20 or more times the national average savings rate, multiplying your earnings. As you earn interest on your savings, you can leave the money in your account and allow the funds to compound. Put another way, you earn interest on the interest payments you received in previous months. The higher your rate, the faster your money grows. The interest rate is the feature that most people pay attention to when shopping for a high-yield savings account. Compare banks and pick a competitive rate, but don’t ignore other critical features. The interest rate on your savings account changes over time. In some cases, the rate remains the same over extended periods. But when rates in the broad economy change, banks typically move in sync with those changes. If the Fed cuts rates, there’s a good chance that your savings account rates will remain stagnant or fall. When rates rise, banks tend to increase rates, but not necessarily as quickly as you’d like. How much interest you earn can vary quite a bit, but interest rates tend to be lower at big brick-and-mortar banks and higher at online banks. Banks raise rates when they want to gather money. If they need to get deposits in the door, a high rate on savings accounts attracts customers. If, on the other hand, they don’t need cash, they can keep rates lower. Banks have different approaches to earning money. Some take deposits and lend them out, while others take a more varied approach (earning revenue and fees from other services like credit cards and ancillary business). Organizational structure is also important. Some banks have shareholders demanding that the bank grow (and/or share income with the shareholders), and those demands may make it harder to pay high rates to depositors. However, some banks are able to keep only what they need to pay the bills and share the rest of the revenue (from loans, ATM fees, etc.) with account holders. Small banks and credit unions are most likely to fit the latter model. Interest you earn in your savings account is generally taxable as income. Your bank typically reports your earnings on Form 1099-INT, and you should provide that information to your tax preparer or include it with your tax filings. With individual accounts, joint accounts, and other taxable accounts, you’ll pay tax on the interest you receive as income for the year. But if your account is part of a retirement account like an IRA, you may be able to postpone or avoid taxation on that interest. CDs enable you to lock in a rate that doesn’t change, but there are pros and cons of using CDs. Keep an eye out for a 1099-INT in the mail during tax season. You may also be able to download the form through your online banking portal. Banks are not required to provide a 1099-INT unless you earn at least $10 during the year. However, interest income below $10 is still taxable and you must report all interest income to the IRS even if you didn't receive a 1099-INT. Article Sources FDIC. "Deposit Insurance." TotalDirectBank. "About Us." NewtekBank. "About." Evergreen Bank Group. "Get To Know Us." Evergreen Bank Group. "Financial Information." Federal Deposit Insurance Corporation. "National Rates and Rate Caps." Internal Revenue Service. "Topic No. 403 Interest Received." Internal Revenue Service. "Topic No. 403 Interest Received." Best High-Yield Savings Accounts
Bank or Credit Union APY Requirements Poppy Bank 5.50% $0 to open and $1,000 to earn stated APY My Banking Direct 5.35% $500 to open and $1 to earn stated APY BrioDirect 5.35% $5,000 to open and $25 to earn stated APY Vio Bank 5.30% $100 to open and $0 to earn stated APY Ivy Bank 5.30% 2,500 to open and earn stated APY TAB Bank 5.27% $0 to open and earn stated APY TotalDirectBank 5.26% $25,000 to open and $2,500 to earn stated APY Newtek Bank 5.25% $0 to open and earn stated APY UFB Direct 5.25% $0 to open and earn stated APY Evergreen Bank Group 5.25% $100 to open and $0 to earn stated APY Poppy Bank Premier Online Savings
My Banking Direct High Yield Savings Account
BrioDirect High-Yield Savings
Vio Bank Cornerstone Money Market Savings
Ivy Bank
TAB Bank High-Yield Savings
TotalDirectBank
Newtek Bank
UFB Direct High Yield Savings
Evergreen Bank Group
Frequently Asked Questions
What Is a High-Interest Savings Account?
What Should You Look for in a High-Yield Savings Account?
Why Do Savings Account Rates Change?
Why Are Some Bank Interest Rates Higher Than Others?
Is Savings Account Interest Taxable?
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FAQs
How high will savings interest rates go in 2024? ›
However, the Federal Reserve maintains their projection that there will be three interest rate cuts in 2024, reducing the federal funds rate to a range of 4.5% to 4.75%. Our new comparison tool — in partnership with Bankrate — will help you find the best rates available now.
Where can I get 7% interest on my money? ›7% Interest Savings Accounts: What You Need To Know
- As of May 2024, no banks are offering 7% interest rates on savings accounts.
- Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Nationally Available High Interest Account Rates from Our Partners
| Account Name | APY (Annual Percentage Yield) Accurate as of 5/24/2024 |
|---|---|
| Western Alliance Bank High-Yield Savings Premier | 5.36% |
| NexBank High Yield Savings Account | 5.26% |
| UFB Secure Savings | 5.25% |
| CIT Bank Platinum Savings | 5.00% (with $5,000 minimum balance) |
May 10, 2024
Best Savings Account Interest Rates for Deposits from Rs. 5 Lakh to Rs. 10 Lakh
| Bank | Interest Rate (p.a.) |
|---|---|
| Utkarsh Small Finance Bank Limited | 7.50% (Incremental balance above₹ 5 Lakh upto ₹50 Lakhs) |
| Suryoday Small Finance Bank Limited | 7.25% |
| DCB Bank Ltd. | 5.25% |
| Bandhan Bank Ltd. | 6.00% |
May 15, 2024
CD Rates Forecast 2024
The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024.
When the FOMC raises the target range, it becomes more expensive for consumers to borrow money. Since the slew of hikes in the last two years, for example, the average credit card interest rate soared from 16.34% in March 2022 to nearly 21% in April 2024.
Where to put $10,000 for best interest? ›Summary of best rates on £10,000
| Best easy access | Leeds Building Society – Shared Ownership Saver (6.25%) |
|---|---|
| Best cash ISA | West Brom Building Society – WeBuilding Societyave 60 Day Notice ISA (Issue 2) (5.1%) |
| Best fixed-rate bond | Nationwide Building Society – Member Exclusive Online Bond (5.5%) |
Mar 26, 2024
Where can I get 10 percent return on investment?
- Invest in stocks for the short term. ...
- Real estate. ...
- Investing in fine art. ...
- Starting your own business. ...
- Investing in wine. ...
- Peer-to-peer lending. ...
- Invest in REITs. ...
- Invest in gold, silver, and other precious metals.
Annual compound interest earnings:
At 4.25%, your $100,000 would earn $4,250 per year. At 4.50%, your $100,000 would earn $4,500 per year. At 4.75%, your $100,000 would earn $4,750 per year. At 5.00%, your $100,000 would earn $5,000 per year.
Top 20 Scheduled Banks offering Best FD Rates
| Banks | Highest FD rate (% p.a.) | 3-year FD rate (% p.a.) |
|---|---|---|
| Fincare Small Finance Bank | 8.00 | 7.50 |
| RBL Bank | 8.00 | 7.50 |
| AU Small Finance Bank | 8.00 | 7.50 |
| IDFC First Bank | 7.90 | 7.25 |
What bank currently has the highest savings interest rate? ›
With a 5.25% rate, UFB Direct offers the highest APY high-yield savings account. In both our MarketWatch Guides rating and user experience ranking, SoFi Bank came out on top and still pays up to 4.60% APY.
What is the best bank to open a savings account? ›Summary of Best High-Yield Savings Accounts of 2024
| Account | Forbes Advisor Rating | Annual Percentage Yield |
|---|---|---|
| TAB Bank High Yield Savings | 4.5 | 5.27% APY |
| EverBank Performance℠ Savings | 4.5 | 5.15% APY |
| Varo Savings Account | 4.5 | 3.00% to 5.00% APY |
| Laurel Road High Yield Savings® | 4.5 | 5.15% APY |
The national average APY on savings accounts is 0.45% as of May 20, 2024, according to the Federal Deposit Insurance Corporation (FDIC).
Which savings account will earn you the most money interest? ›A money market account (MMA) is a savings account that typically pays higher interest rates than regular savings accounts. MMAs usually offer tiered rates, meaning you can earn an even higher rate on large balances or on part of your balance over a certain level.
Who pays the best interest on your savings? ›In this guide
- Cynergy Bank – 5.12% for six months.
- Habib Bank Zurich UK – 5.21% for one year.
- DF Capital – 5.07% for two years.
- Shawbrook Bank – 4.71% for three years.
6 days ago
In its April Mortgage Finance Forecast, the Mortgage Bankers Association predicts that mortgage rates will fall from 6.8% in the first quarter of 2024 to 6.4% by the fourth quarter. The industry group expects rates will fall below the 6% threshold in the fourth quarter of 2025.
Will savings interest rates go down in 2025? ›"As many analysts predict, the Fed is likely to start cutting rates later in 2024 and continue in 2025. If we see an overall 1% decrease in rates, we can expect to see top savings rates fall by 1-2%, depending on the institution," says Aaron Cirksena, founder and CEO at MDRN Capital.
How long will high-yield savings rates stay high? ›With the Fed now holding the fed funds rate steady, high-yield savings account yields have also plateaued. But the Fed is expected to start cutting rates in 2024, a move that will push savings yields lower.
Can you get 6% on a CD? ›You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.