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A high-yield savings account provides an ideal place to make more interest on your money. High-yield savings earn much higher interest rates than traditional savings accounts — you could earn more than ten times more in interest with the right account.
Compare savings account rates
Below, you’ll find our top picks for the best high-yield savings accounts, which stand out from competitors because of their unique perks and zero monthly service fees.
Ally High Yield Savings Account
BrioDirect High-Yield Savings Account
Capital One 360 Performance Savings
CIT Bank Savings Connect
Discover Online Savings Account
LendingClub High-Yield Savings Account
Marcus by Goldman Sachs High Yield Online Savings Account
SoFi Checking and Savings
Synchrony High-Yield Savings Account
Comparing the best high-yield savings accounts of August 2022
Ally High Yield Savings Account (jump to Ally account details »)
Why it stands out: Ally is a particular favorite among millennials, who tout its accessibility and ease of use. You can deposit checks through the mobile app and open multiple accounts in minutes.
Ally makes it easy to save for specific goals. Assign each account a nickname, like “Emergency Fund” or “Travel Account” to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you to save for multiple goals in one account.
What to look out for: Like most banks, Ally limits the number of transfers in and out of its high-yield savings account to six times per statement cycle. Each transfer over the limit will incur a fee of $10. However, Ally is not charging an excess transaction fee during the coronavirus pandemic.
BrioDirect High-Yield Savings Account (jump to BrioDirect account details »)
Why it stands out: The BrioDirect High-Yield Savings Account has zero monthly service fees. You can also open an account with just $25.
What to look out for: The bank’s mobile app hasn’t received a rating yet from the Google Play store. On the bright side, it has 4.8 stars in the Apple Store.
Capital One 360 Performance Savings (jump to Capital One 360 account details »)
Why it stands out: Capital One 360 makes it easy to save for various goals. The bank lets you set savings goals, then schedule recurring transfers from your Capital One 360 Checking account until you’ve saved the full amount.
The account also pays a competitive rate with no opening deposit, minimum account balance, or monthly charges.
What to look out for: You can chat live online with a representative, but Capital One has limited customer support hours. Some competitors offer 24/7 customer support.
CIT Bank Savings Connect (jump to CIT Bank account details »)
Why it stands out: This is a good option if you want to avoid monthly service fees. The account also only requires a minimum opening deposit of $100.
What to look out for: You must open a checking account to qualify for this savings account. If that’s a problem, you may like the CIT Bank Savings Builder High Yield Savings Account, which doesn’t make you sign up for checking.
Discover Online Savings Account (jump to Discover account details »)
Why it stands out: The Discover Online Savings Account is a solid low-fee option — there’s no fee for insufficient funds, excess transactions, or monthly maintenance. You also don’t need an initial deposit to open an account.
Discover offers 24/7 customer service, both over the phone and through online chat.
What to look out for: If you don’t have a checking account, you may have limited access to your account since the savings account doesn’t include a debit card. Discover also won’t reimburse any fees charged by out-of-network ATM providers.
LendingClub High-Yield Savings Account (jump to LendingClub account details »)
Why it stands out: The LendingClub High-Yield Savings Account stands out because charges zero monthly service fees and comes with an ATM card.
What to look out for: You’ll need at least $100 to open the savings account. Some of the other options on our list have lower minimum opening deposits.
Marcus by Goldman Sachs High Yield Online Savings Account (jump to Marcus account details »)
Why it stands out: Marcus doesn’t require an opening deposit or minimum account balance. It also doesn’t charge monthly maintenance fees. Marcus’ mobile app has also received positive reviews.
What to look out for: Although users give the Marcus mobile app good reviews, the app doesn’t allow you to deposit paper checks digitally. Marcus also has more limited customer service hours than many competitors, both over the phone and through online chat.
SoFi Check and Savings (jump to SoFi account details »)
Why it stands out: SoFi Checking and Savings is a strong choice if you don’t want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees. It also comes with checking account features like a debit card.
What to look out for: The account is a hybrid savings/checking account, so you’ll need to keep that in mind to get the most out of the account. If you deposit cash, you also might need to pay a fee.
Synchrony High-Yield Savings Account (jump to Synchrony account details »)
Why it stands out: The Synchrony High-Yield Savings Account might appeal to you if you’re looking for a straightforward savings account — there’s a $0 opening deposit and no monthly service fees.
Synchrony also won’t charge you for using an out-of-network ATM and will refund up to $5 per month in out-of-network ATM fees.
What to look out for: Synchrony offers an ATM card instead of a debit card. ATM cards may be used for accessing ATMs, but not for making purchases like debit cards.
Other online accounts we considered
Salem Five Direct eOne Savings: Salem Five Direct pays a high interest rate, but some of our top picks offer higher interest rates or have better customer support availability.Axos High Yield Savings Account: Axos is a solid free savings account but other banks on our list offer more competitive interest rates right now.Vio Bank Online High-Yield Savings Account: Vio has a solid fee-free savings account, but our top picks have lower minimum opening deposits and pay higher interest rates.Chime Savings Account: Chime has unique savings features to help save for goals, but it’s interest rate is lower than all of our top picks. HSBC Direct Savings Account (Member FDIC): HSBC Direct offers a competitive rate, but the mobile app has received negative reviews.American Express® High Yield Savings Account: While the account pays a solid interest rate and requires only a $0 opening deposit, there isn’t an app for banking customers.Betterment Cash Reserve Account: This robo-adviser’s high-yield cash account doesn’t limit transfers. However, Betterment doesn’t have 24/7 customer support and its APY is lower than what you’ll find with some of our top picks.Bread Savings High-Yield Savings Account: You’ll earn a high interest rate, but the bank’s mobile app has poor ratings in the Google Play store. Barclays Online Savings Account: A fine high-yield savings account with a competitive APY, it lacks distinguishing factors. CIBC Agility Account (Member FDIC) : You only need to maintain a balance of $0.01 to earn interest on this high-yield savings account, but you have to put down $1,000 to open the account in the first place.Fitness Bank Fitness Savings Account (Member FDIC) : This unique high-yield savings account determines your APY by the number of steps you take on an average day. While there’s potential to earn a high rate on your money, it’s conditional on your level of commitment.Citizens Online Access Savings Account: Despite offering a respectable APY, the minimum deposit to open a high-yield savings account here is $5,000.My Savings Direct Savings Account(Member FDIC) : This high-yield savings account earns a decent rate, but there are others with better user experience and similar features that earn more.SFGI Direct Savings Account (Member FDIC) : Although SFGI Direct’s high-yield savings account earns a respectable APY, it requires $500 to open an account.Credit Karma Money Save Account: This high-yield savings account pays a relatively low rate, and as a credit and loan company, Credit Karma’s expertise is not in traditional banking. USAA Savings Account (Member FDIC) : This account could be a good fit for military members and families, but you’ll earn a low rate and need at least $25 to open an account.UFB High Yield Savings(Member FDIC) : UFB offers a high APY on balances of $10,000 or more.Nationwide My Savings Account (Member FDIC): You need $100 to open an account with Nationwide, and its interest rate is only so-so.Citi Accelerate Savings: This account pays a high APY if you have a balance of at least $1, but it’s only available for residents of certain US states.TIAA Basic Savings Account: It’s easy to waive the $5 monthly fee, but TIAA’s rates are a little lower than what you’ll find with our top picks.
How did we choose the best online high-yield savings accounts?
There are a lot of high-yield savings accounts out there. Through our research, we’ve found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisers, and other internet-only financial companies.
In addition to polling Insider employees for their favorite picks, we reviewed high-yield savings accounts at nearly two dozen institutions to identify the strongest options. We also cross-referenced our list against popular comparison sites like Bankrate and Nerdwallet to make sure we didn’t miss a thing.
While interest rates are an important aspect of any high-yield savings account, several offer the same annual percentage yield (APY). To differentiate between them, we also considered minimum deposit and balance requirements, transfer limitations, and any other standout features. Importantly, we didn’t consider any high-yield savings accounts that impose monthly maintenance fees.
Frequently asked questions
Why trust our recommendations?
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
How does a high-yield savings account work?
High-yield savings accounts are typically offered by online-only banks, or by brick-and-mortar banks that offer online-only savings accounts. Banks can typically pay higher rates on these accounts because they don’t have to cover expenses that come with physical branch locations.
A high-yield savings account rate is variable, which means it can fluctuate after you’ve opened the account. Your bank will usually email you to tell you the rate will go up or down soon.
Are online high-yield savings accounts worth it?
Yes — a high-yield savings account has very few downsides, if any. There’s no risk that you’ll lose money, your account is insured by the FDIC (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation.
The only time a high-yield savings account may not be worth it is if you’re paying excessive maintenance fees that eat into your interest payments or you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.
Which banks have the best savings interest rates?
Generally you’ll find the best savings interest rates at online banks. Nationally, the average traditional savings account earns just FDIC National Deposit Savings Rates APY. The best high-yield savings accounts offer over 1.20 % APY.
If you’re more comfortable banking with a brick-and-mortar, a traditional savings account may be a better option for you. Just know that you may not be getting the best possible interest rate.
How often do high-yield savings rates change?
Interest rates on high-yield savings accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve.
The Fed meets eight times a year and decides whether to increase, decrease, or leave interest rates untouched. If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower, you won’t earn as much interest on your savings.
Savings interest rates have slowly been going up over the few months. However, there likely won’t be a significant increase in rates. This doesn’t mean you shouldn’t save at all. When interest rates inevitably go back up, you’ll see a greater return on your money than if you started from scratch.
Is there a 5% interest savings account?
Today, the most competitive high-yield savings accounts top out around 2.15% APY. If you want a higher return and you don’t need immediate access to your money, you may consider putting it in a certificate of deposit (CD) or investing in the market.
What’s the difference between a high-yield savings account and money market account?
A high-yield savings account and money market account are both savings tools that pay competitive rates on your money. The main difference is that money market accounts often make it easier to access your money by sending you paper checks or a debit card.
This can be convenient if you need to access money quickly in an emergency, but easy access might make it more tempting to spend your savings.
See Insider’s picks for the best money market accounts »
What’s the difference between a high-yield savings account and CD?
When you put your money in a high-yield savings account, you should be able to withdraw or transfer funds regularly. The rate is variable, meaning it can change after you open the account.
With a CD, you choose a CD term, probably between one and five years. You put your money in the CD, and you don’t withdraw any funds until the term is over. The rate is typically fixed, meaning your APY is locked in from the time you open the account until the term ends.
You can deposit money into your high-yield savings account whenever you want, but most banks only allow you to make one initial deposit when you first set up the CD.
CDs can be good saving tools if you’re okay with parting with your money for a while, but if you need access to money sooner, a savings account is probably a better choice.
See Insider’s picks for the best CD rates »
Which bank is the most trustworthy?
The Better Business Bureau grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score:
InstitutionBBB grade
Discover Online Savings Account
A+
Ally Bank
C-
Marcus High Yield Savings
A+
Capital One 360
A-
CIT Bank
B
SoFi
A+
LendingClub
A-
Synchrony High-Yield Savings
A+
BrioDirect
B-
Of our top picks, Ally, Capital One, CIT Bank, and LendingClub have the lowest grades.
The BBB cites the number of customer complaints on the BBB website as the reason behind CIT Bank’s and Capital One’s grades. Ally has a C- grade and BrioDirect has a B- grade due to a high volume of customer complaints and unresolved customer complaints. LendingClub has a A- rating due to government action taken against the business.
LendingClub and SoFi have also been involved in recent public controversies.
In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren’t.
In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.
Experts’ advice on choosing the best HYS account for you
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.
Insider
Tania Brown, Certified financial planner at SaverLifeRoger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”Mykail James, MBA, certified financial education instructor, BoujieBudgets.comLaura Grace Tarpley, certified educator in personal finance, editor of banking and mortgages, Personal Finance Insider
Here’s what they had to say about high-yield savings. (Some text may be lightly edited for clarity.)
Generally, what makes a high-yield savings account good or not good?
Roger Ma, CFP:
“It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don’t want to have so much friction where it’s such a pain to get the money out when you need it.”
Mykail James, CFEI:
“Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?”
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, CFP:
“So I guess we’ll start off with how much money you want to put in and … the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”
Laura Grace Tarpley, Personal Finance Insider:
“I would use a high-yield savings account or money market account for short-term goals or an emergency fund. You’ll probably want to choose whichever has a higher rate, but money market accounts can be good for emergency savings because they often come with a debit card or paper checks, making it easy to access money quickly. Then use CDs for longer-term goals, like buying a home in a few years.”