A high-yield savings account (HYSA) is a safe place to easily grow your savings -- with rates up to 10 times the national average.
While we can’t cover the entire field, we’ve spent hours evaluating over 100 banks to find the 10 best high-yield savings accounts below. And while APY is the largest piece of our evaluation, we've also taken into account a bank's reputation, fees, and extra perks to help you pick a savings account that will fit your needs for the long-haul.
3 Featured High-Yield Savings Accounts
- Best for direct deposit: SoFi Checking and Savings
- Best for large balances: CIT Platinum Savings
- Best for set-and-forget banking: Western Alliance Bank High-Yield Savings Premier
Why you can trust The Motley Fool Ascent
We pride ourselves on being able to confidently say that these savings accounts are chosen by personal finance experts that operate independently of our Partnerships team, meaning the picks on this page are not and never have been influenced by advertising deals.
Our Ratings team:
- Assessed 100+ banking institutions (see the full list here)
- Evaluated savings accounts by APY, brand reputation, fees, and perks (see our full savings account methodology here)
- Rated each high-yield savings account here on a five-star scale
- Reevaluate products on this page quarterly
Compare the Best High-Yield Savings Accounts
Show The List [+]Hide The List [-]
- up to 4.60% APY:SoFi Checking and Savings(Member FDIC.)
- 5.00% APY for balances of $5,000 or more APY:CIT Platinum Savings(Member FDIC.)
- 5.31% APY:Western Alliance Bank High-Yield Savings Premier(Member FDIC.)
- 5.26% APY:NexBank High-Yield Savings Account from Raisin(Member FDIC.)
- 5.00% APY:LendingClub High-Yield Savings(Member FDIC.)
- 4.65% APY:CIT Savings Connect(Member FDIC.)
- 4.25% APY:American Express® High Yield Savings(Member FDIC.)
- 4.25% APY:Capital One 360 Performance Savings(Member FDIC.)
- 5.05% APY:EverBank Performance℠ Savings(Member FDIC.)
- 4.25% APY:Discover® Online Savings(Member FDIC.)
Ratings Methodology
Rates asof Jul 12, 2024
| Offer | APY | Minimum to Earn APY | Rating | Promotion | Next Steps |
|---|---|---|---|---|---|
SoFi Checking and Savings Open Account for SoFi Checking and 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. | 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, 4.50 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 | New customers can earn up to a $300 bonus with qualifying direct deposits! | Open Account for SoFi Checking and Savings Offer Alert New customers can earn up to a $300 bonus with qualifying direct deposits! |
CIT Platinum Savings Open Account for CIT Platinum 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% APY for balances of $5,000 or more Rate info5.00% 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, 4.50 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. | $100 to open account, $5,000 for max APY | N/A | Open Account for CIT Platinum Savings |
Western Alliance Bank High-Yield Savings Premier Open Account for Western Alliance Bank High-Yield Savings Premier 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. | 5.31% Rate info5.31% annual percentage yield (APY) is accurate as of 7/11/2024 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: $500 to open, $0.01 for max APY | 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. | $500 to open, $0.01 for max APY | N/A | Open Account for Western Alliance Bank High-Yield Savings Premier |
NexBank High-Yield Savings Account from Raisin Open Account for NexBank High-Yield Savings Account from Raisin 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. | 5.26% 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 | N/A | Open Account for NexBank High-Yield Savings Account from Raisin |
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: $100 to open, $0 for max APY | 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. | $100 to open, $0 for max APY | N/A | Open Account for LendingClub High-Yield Savings |
CIT Savings Connect Open Account for CIT Savings Connect 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 | N/A | Open Account for CIT Savings Connect |
American Express® High Yield Savings Open Account for American Express® High Yield Savings 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. | 4.25% Rate info4.25% annual percentage yield as of July 11, 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 | N/A | Open Account for American Express® High Yield Savings |
Capital One 360 Performance Savings Read Review 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. | 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.Min. to earn: $0 | 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. | $0 | N/A | Read Review |
EverBank Performance℠ Savings 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. | 5.05% Min. to earn: $0 | 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. | $0 | N/A | Read Review |
Discover® Online Savings Read Review 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. | 4.25% Min. to earn: $0 | 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. | $0 | N/A | Read Review |
Who These High-Yield Savings Accounts are Best For
Best for direct deposit: SoFi Checking and Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
2024 Award Winner
SoFi Checking and Savings
Open Account for SoFi Checking and 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 SoFi Checking and Savings
Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!
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 number of external transfers (up to daily transaction limits)
- 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 an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300 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
Why we think this is the best for direct deposit: SoFi unlocks top-tier rates on its combined SoFi Checking and Savings accounts when you set up direct deposits.
Excellent customer reviews and zero account fees round out this best-in-class account. The $300 new account bonus is icing on the cake.
Best for large balances: CIT Platinum Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
2024 Award Winner
CIT Platinum Savings
Open Account for CIT Platinum 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 CIT Platinum Savings
APY
5.00% APY for balances of $5,000 or moreRate info5.00% 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 opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- Interest compounds daily so your money can grow a bit faster
- FDIC insured
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available 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 monthly limits).
Read Full Review
Why we think this is the best for large balances: As long as you can maintain a balance of $5,000 or more, CIT Platinum Savings offers you one of the best APYs we've seen.
Like competitors, this one has no opening or maintenance fees. Bonus: you can make an unlimited number of transfers and withdrawals every month.
Best for set-and-forget banking: Western Alliance Bank High-Yield Savings Premier
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
Western Alliance Bank High-Yield Savings Premier
Open Account for Western Alliance Bank High-Yield Savings Premier
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 Western Alliance Bank High-Yield Savings Premier
APY
5.31%Rate info5.31% annual percentage yield (APY) is accurate as of 7/11/2024 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
$500 to open, $0.01 for max APY
- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked account)
- No ATM access
- No wire transfers (inbound and outbound)
- No branch access; online only
Western Alliance Bank offers a higher APY than most high-yield savings accounts. Plus, it's 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.
Read Full Review
Why we think this is the best for set-and-forget banking: Western Alliance Bank High-Yield Savings Premier strips away the fluff to get you what you really want: the best APY out there.
It's not fancy, but if you're happy to set up automatic deposits and let it run, it's tough to beat.
Best for high APY with no frills: NexBank High-Yield Savings Account from Raisin
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
NexBank High-Yield Savings Account from Raisin
Open Account for NexBank High-Yield Savings Account from Raisin
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 NexBank High-Yield Savings Account from Raisin
APY
5.26%
Min. To Earn APY
$1
- High APY
- No monthly service fee
- Low minimum opening deposit
- FDIC insured
- No branch access
- Transactions can only be conducted via ACH transfers (i.e. no mobile checks or cash deposits)
- Money cannot be withdrawn directly from Raisin
- No checking account offered through Raisin
The NexBank High-Yield Savings Account, powered by Raisin, gives you an impressive APY. The trade-off, however, is limited access to your money. Although your deposits are held within NexBank, they're managed on Raisin's platform, which doesn't currently allow direct withdrawals from any of its partner accounts. To remove funds, you have to transfer them electronically to an external account. Still, if you're okay with the limited access, you can score a competitive APY on this account.
Read Full Review
Why we think this is the best for high APY with no frills: You can't do much with a NexBank High-Yield Savings Account from Raisin, but if all you want is a high APY, it's a winner.
You can't withdraw money directly from Raisin -- instead, you must transfer it to another account -- so it's not for everyone.
Best for ATM card: LendingClub High-Yield Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
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
$100 to open, $0 for max APY
- Competitive APY
- No monthly account fee
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
For those looking to maximize the yield from their savings, the LendingClub High-Yield Savings account could be a smart choice. It offers a highly competitive APY, access to your money at thousands of ATMs across the United States, and no monthly account fees. There's a $100 minimum deposit requirement, but once the account is open, there's no ongoing balance requirement.
Read Full Review
Why we think this is the best for ATM card: Unlike many savings accounts, LendingClub High-Yield Savings sends you a free ATM card when you open your account.
You can withdraw money from your savings account at thousands of ATMs at no cost, making this one of the best savings accounts for cash withdrawals.
Best online-only account: CIT Savings Connect
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
2024 Award Winner
CIT Savings Connect
Open Account for CIT Savings Connect
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
Open Account for CIT Savings Connect
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 number of external transfers (up to daily transaction limits)
- 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.
Read Full Review
Why we think this is the best online-only account: Tons of savings accounts are online-only, but CIT Savings Connect combines a top-notch online experience with a best-in-class APY.
The rate is tough to beat, it charges no account fees, and you can make an unlimited number of external transfers.
Best for AMEX cardholders: American Express® High Yield Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
American Express® High Yield Savings
Open Account for American Express® High Yield Savings
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® High Yield Savings
APY
4.25%Rate info4.25% annual percentage yield as of July 11, 2024
Min. To Earn APY
$1
- Competitive APY
- No account fees
- Comfort of a well-known brand and reputation
- Unlimited number of external transfers (up to daily transaction limits)
- 24/7 customer support
- FDIC insured
- No ATM access
- No branch access; online only
American Express High Yield Savings may not have the highest APY on our list, but it still offers a rate well above average and requires no minimum deposit to qualify for the highest APY. It's a good fit for those who want to save at a competitive rate while avoiding withdrawal limits or minimum balance requirements.
Read Full Review
Why we think this is the best for AMEX cardholders: AMEX cardholders can manage their cards and American Express® High Yield Savings in one place, the American Express mobile app.
The savings account combines great rates and zero account fees with the security of a big bank.
Best for branch access: Capital One 360 Performance Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
Capital One 360 Performance Savings
Read Review
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
Read Review
APY
4.25%Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
- Competitive APY
- Branch access
- No account fees
- Comfort of a well-known brand and reputation
- 24/7 customer support
- No ATM access
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Why we think this is the best for branch access: Unlike most brick-and-mortar banks, Capital One 360 Performance Savings doesn't sacrifice great rates to offer best-in-class customer service.
Combining great rates and zero account fees with hundreds of physical locations, you get the best of both worlds.
Best for no minimum deposit: EverBank Performance℠ Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
EverBank Performance℠ Savings
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
5.05%
Min. To Earn APY
$0
- Competitive APY
- No monthly account fee
- Branch access (if you live near one)
- FDIC insured
- Same-day ACH transfers
- Free wire transfers (incoming only)
- ATM access only available via optional checking account
- Branches only in Florida
EverBank Performance Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, and there are multiple options for making deposits into the account. For customers who live in Florida, there are several physical locations to visit.
Why we think this is the best for no minimum deposit: Many banks force you to deposit hundreds to earn the best rates, but EverBank Performance℠ Savings doesn't.
You can get one of the best rates out there even if you only have $1 to deposit.
Best for mobile app: Discover® Online Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rates asof Jul 12, 2024
Discover® Online Savings
Read Review
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
Read Review
APY
4.25%
Min. To Earn APY
$0
- Competitive APY
- No account fees
- Comfort of a well-known brand and reputation
- 24/7 customer support
- FDIC insured
- No ATM access
- No branch access; online only
The Discover® Online Savings account promises customers an above-average interest rate and few limitations. Most people won't ever encounter fees with this account, and you won't have to worry about keeping track of your monthly withdrawals either.
Why we think this is the best for mobile app: Discover® Online Savings combines a top-rated mobile app with the comfort of a well-known brand.
You pay few fees, if any, and the APY is among the best. Consider your boxes checked.
What to consider when choosing a high-yield savings account
Here are some of the key factors to bear in mind when choosing a high-yield savings account.
APY
High-yield savings account rates fluctuate all the time, and so does the definition of a competitive rate.
That's why it doesn't make sense to choose a high-yield savings account based on APY alone. What's the best rate today may not be the best rate tomorrow, so consider other factors like balance requirements and withdrawal options.
You also shouldn't nitpick small differences in APY. All you really need is a rate that's competitive with the rates of other top online banks.
Balance requirements
Many high-yield savings accounts don't have balance requirements, though there are a few that do. Make sure you feel comfortable meeting this requirement before you open your account. Otherwise, you could lose money to fees.
Some banks use a tiered APY system. This means the rate you earn is tied to how much money you keep in your account. Familiarize yourself with all of these rules before opening an account.
Withdrawal options
High-yield savings accounts almost never include check-writing capabilities, and very few come with ATM cards. Often, the only way you can withdraw cash is to use automatic bill pay or transfer funds to a checking account. This can take up to a few days if the checking account is at another bank.
That may not be an issue if you withdraw savings sparingly. But if you plan to make a lot of withdrawals, you should look for an account with an ATM card or consider opening a checking account at the same bank as your high-yield savings account. That way, you can transfer money between accounts quickly.
Fees
High-yield savings accounts generally have few fees, but it's a good idea to look over the fee schedule anyway so you know what the bank charges you for. Monthly maintenance fees are pretty uncommon, but you could face problems if you make a lot of monthly withdrawals.
FDIC insurance
The best high-yield savings accounts all have FDIC insurance. This protects your money up to $250,000 per depositor per bank against bank failure. So you don't have to worry about losing your savings if the bank goes out of business.
It's always a good idea to verify that a bank is FDIC insured before you open an account with it. Often, you'll find a notice that says "Member FDIC" in the footer on the bank's website. And you can double check this by looking the bank up using the FDIC's BankFind tool.
Article sources
- https://www.fdic.gov/resources/bankers/national-rates/index.html
- https://www.sofi.com/banking/savings-account/
- https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/
- https://www.cit.com/cit-bank/bank/savings/platinum-savings-account
- https://www.westernalliancebancorporation.com/personal-banking/high-yield-savings-account
- https://www.raisin.com/en-us/banks/nexbank/high-yield-savings-account
- https://www.lendingclub.com/personal-savings/high-yield-savings
- https://www.everbank.com/banking/performance-savings
- https://www.everbank.com/support/contact#financial-centers-section-group
- https://www.cit.com/cit-bank/bank/savings/savings-connect-account
- https://www.discover.com/online-banking/savings-account/
- https://www.americanexpress.com/en-us/banking/online-savings/high-yield-savings/
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how The Motley Fool Ascent rates bank accounts.
Banks we monitor
Here are the 100+ financial institutions we've evaluated in our research:
Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Jenius Bank, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, My Banking Direct, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, NexBank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.
FAQs
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.
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 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 to purchase 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.
