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 evaluated over 100 banks to find the eight best high-yield savings accounts below. APY is the largest piece of our evaluation, and 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 AMEX cardholders: American Express® High Yield Savings
- Best for branch access: Capital One 360 Performance Savings
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%² APY:SoFi Checking and Savings(Member FDIC.)
- 4.25% APY:American Express® High Yield Savings(Member FDIC.)
- 4.25% APY:Capital One 360 Performance Savings(Member FDIC.)
- 5.31% APY:Western Alliance Bank High-Yield Savings Premier(Member FDIC.)
- 5.00% APY for balances of $5,000 or more APY:CIT Platinum Savings(Member FDIC.)
- 4.65% APY:CIT Savings Connect(Member FDIC.)
- 4.25% APY:Discover® Online Savings(Member FDIC.)
- 5.05% APY:EverBank Performance℠ Savings(Member FDIC.)
Ratings Methodology
Rates asof Aug 20, 2024
| Offer | APY | Minimum to Earn APY | Rating | Next Steps | ||
|---|---|---|---|---|---|---|
SoFi Checking and Savings Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. 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. Disclaimer | up to 4.60%² 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 Offer Alert New customers can earn up to a $300 bonus with qualifying direct deposits!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. | $0 | Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. Offer Alert New customers can earn up to a $300 bonus with qualifying direct deposits!¹ | ||
SoFi disclosure: ¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ³ Our account fee policy is subject to change at any time. ⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks ⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursem*nt. SoFi’s ATM policies are subject to change at our discretion at any time. ⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary. ⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. | SoFi disclosure: ¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. ³ Our account fee policy is subject to change at any time. ⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks ⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursem*nt. SoFi’s ATM policies are subject to change at our discretion at any time. ⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary. ⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. | |||||
American Express® High Yield Savings Open Account for American Express® High Yield Savings OnAmerican Express'sSecure Website. 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 August 20, 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® High Yield Savings OnAmerican Express'sSecure Website. | ||
Capital One 360 Performance Savings Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. 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 | Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. | ||
Western Alliance Bank High-Yield Savings Premier Open Account for Western Alliance Bank High-Yield Savings Premier OnWestern Alliance Bank'sSecure Website. 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.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 | Open Account for Western Alliance Bank High-Yield Savings Premier OnWestern Alliance Bank'sSecure Website. | ||
CIT Platinum Savings Open Account for CIT Platinum Savings OnCIT'sSecure Website. 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 | Open Account for CIT Platinum Savings OnCIT'sSecure Website. | ||
CIT Savings Connect Open Account for CIT Savings Connect OnCIT'sSecure Website. 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 | Open Account for CIT Savings Connect OnCIT'sSecure Website. | ||
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 | 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 | Read Review | ||
Who These High-Yield Savings Accounts Are Best For
Best for direct deposit
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 2024
2024 Award Winner
SoFi Checking and Savings
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
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
OnSoFi'sSecure Website.
Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.60%²Rate 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 fees³
- Welcome bonus up to $300 (direct deposit required)¹
- Early access to direct deposits⁶
- Tools to help you track savings goals
- Unlimited number of external transfers (up to daily transaction limits)
- ATM access⁵
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection⁷ 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 Savings(Member FDIC) is 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 $300¹ 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.
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
³ Our account fee policy is subject to change at any time.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional
FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
See list of participating banks at SoFi.com/banking/fdic/receivingbanks
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursem*nt. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Read Full Review
We tried it: Liz's firsthand review of SoFi Checking and Savings
"I was interested in an online bank since I'd seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi because it offered some of the highest rates and had good reviews. Overall, it has been a good fit for us. Transfers are seamless, and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursem*nt), it temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues."
-Liz Wilson, Software Developer
Why we think this is the best for direct deposit: SoFi® unlocks top-tier rates on its combined SoFi Checking and Savings accounts (member FDIC) 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? That's icing on the cake.¹
What to consider before you open an account: Can you set up direct deposits, or manually deposit $5,000 monthly? That's what it takes to get the best rate. SoFi® offers the most benefits when you use it as your main bank and contribute to it often.
For example, you get discounted SoFi® loans after setting up direct deposits. You can even earn in-app rewards for using the platform's non-banking products (including SoFi Invest).
Best for AMEX cardholders
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 2024
American Express® High Yield Savings
Open Account for American Express® High Yield Savings
OnAmerican Express'sSecure Website.
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
OnAmerican Express'sSecure Website.
APY
4.25%Rate info4.25% annual percentage yield as of August 20, 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
We tried it: Brittney's firsthand review of American Express® High Yield Savings
"I originally opened my Amex Personal Savings account because it had a welcome bonus at the time. Since then, however, it's become my go-to short-term savings account thanks to the competitive APY and ease of use. I especially love the mobile app that makes it simple to manage my Amex cards and bank account all in one place."
-Brittney Myers, Personal Finance Writer
Why we think this is the best for AMEX cardholders: You can manage AMEX 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.
What to consider before you open an account: Do you have another place to withdraw needed cash? American Express® High Yield Savings doesn't offer ATMs. However, you can link this account to other bank accounts and withdraw from those.
Best for branch access
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 2024
Capital One 360 Performance Savings
Open Account for Capital One 360 Performance Savings
OnCapital One'sSecure Website.
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 Capital One 360 Performance Savings
OnCapital One'sSecure Website.
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.
Read Full Review
We tried it: Matt's firsthand review of Capital One 360 Performance Savings
"My family and I have enjoyed the convenience of banking with Capital One overall. The accounts are easy to use, the interface is simple, money moves quickly, and while savings rates aren't top of the market, they're much higher than mainline banks."
-Matt Koppenheffer, Product Coverage Team Lead
Why we think this is the best for branch access: Unlike most brick-and-mortar banks, Capital One 360 Performance Savings doesn't skimp on perks. It combines the great rates and few fees of online banks with the convenience of in-person locations, so you get the best of both worlds.
What to consider before you open an account: Check you live near one of Capital One's branches or cafes. The bank offers hundreds of national locations, but some parts of the U.S. lack branches. If you don't live near a Capital One branch, you'll miss the benefits of convenient, in-person help.
Best for set-and-forget banking
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 2024
Western Alliance Bank High-Yield Savings Premier
Open Account for Western Alliance Bank High-Yield Savings Premier
OnWestern Alliance Bank'sSecure Website.
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
OnWestern Alliance Bank'sSecure Website.
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.
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 it's tough to beat when you're happy to set up automatic deposits and let it run.
What to consider before you open an account: Do you have $500 available to deposit right away? It's the minimum necessary to open an account. After, you can maintain a balance of as little as $0.01 and keep the best rate.
You may need to maintain another bank account to send necessary bank wires -- you can't wire money to or from your Western Alliance Bank High-Yield Savings Premier account. Nor can you withdraw cash. To withdraw cash from your savings, link this account to one with ATM access.
Best for large balances
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 2024
2024 Award Winner
CIT Platinum Savings
Open Account for CIT Platinum Savings
OnCIT'sSecure Website.
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
OnCIT'sSecure Website.
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
We tried it: Rachel's firsthand review of CIT Platinum Savings
"I chose CIT Platinum Savings for it's high APY since I knew I would always keep the minimum required in the account. Sign up was quick and easy and the app is very user friendly. My standard bank account is with a local credit union, and I was pleasantly surprised to find that CIT integrated with them seamlessly so moving money around is no problem."
-Rachel Zinanti, Head of Performance Marketing
Why we think this is the best for large balances: When 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.
What to consider before you open an account: Before you open an account, consider your opening deposit. You need $5,000 minimum to earn the best APY, and you must maintain that balance to continue earning. If you can only afford to keep $5,000 there for 24 hours, you'll only earn the best APY for 24 hours.
Best online-only account
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 2024
2024 Award Winner
CIT Savings Connect
Open Account for CIT Savings Connect
OnCIT'sSecure Website.
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
OnCIT'sSecure Website.
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: CIT Savings Connect combines a top-notch online experience with a best-in-class APY. Its rate is competitive, it charges no account fees, and you can make an unlimited number of external transfers.
What to consider before you open an account: You'll need a minimum of $100 to deposit right away. After, you get the best rate no matter what, even if your balance is $1.
Have way more than $100 to deposit? CIT offers a different account with an even better APY for big balances. If you have more than $5,000 to deposit, consider opening a CIT Platinum Savings account instead.
Best for mobile app
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 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.
We tried it: Ethan's firsthand review of Discover® Online Savings
"I chose Discover® Online Savings first and foremost because of its high APY. However, I am also a Discover credit card and checking account holder, so having everything in one easy-to-use mobile app makes it extremely easy to manage my finances. That being said, I've recently noticed other online savings accounts with slightly higher APYs."
-Ethan Mellin, Senior Performance Marketer
Why we think this is the best for banking with a 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 before you open an account: Are you already a Discover user? You can manage all your accounts (including credit cards) in one place, the Discover app. This cuts down on the stress of managing money, and it's a convenience few banks offer.
Best for no minimum deposit
Open Account for SoFi Checking and Savings
OnSoFi'sSecure Website.
Member FDIC.
Rates asof Aug 20, 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 get one of the best rates out there even if you only have $1 to deposit.
What to consider before you open an account: Before you open an account, check branch locations near you. All bank branches are in Florida. If you live outside the state, you miss out on the benefits of convenient in-person help.
But if you're okay with contacting support remotely, the account remains competitive. Its APY is one of the best out there, rivaling those of better-known banking platforms.
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 Bank, 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.
