Best High-Yield Savings Accounts of 2024

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Traditional savings accounts are not the ideal environment to help your money grow over time. According to the FDIC, the national average interest rate for savings accounts is just 0.46% as of April 15, 2024.

By comparison, high-yield savings accounts offer customers the chance to grow their savings at a considerably faster rate. Right now, the best high-yield savings accounts offer rates ranging from 4.50% to 5.25%.

Top High-Yield Savings Account Rates

Bank Account	APY	Minimum Opening Deposit	Monthly maintenance fee	Learn More
UFB Direct Secure Savings Account Open Account	5.25% More Info UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.	N/A	$0	Open Account
CIT Bank Platinum Savings Account Open Account	5.05% More Info Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.	$100	$0	Open Account
CIT Bank Savings Connect Account Open Account	4.65% More Info Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.	$100	$0	Open Account
SoFi Checking and Savings Open Account	0.50% - 4.60% More Info Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY	N/A	$0	Open Account
Citizens Access® Savings Open Account	4.50%	$0.01	$0	Open Account
Quontic Bank High Yield Savings Account Open Account	4.50%	$100	$0	Open Account
Synchrony High-Yield Savings Account Open Account	4.75%	N/A	$0	Open Account

To help you decide which high-yield savings account is best for your needs, take a closer look at each of our top picks:

Why we like it:

The UFB Direct Secure Savings Account offers one of the most competitive interest rates, even among high-yield savings accounts. The APY for this account is up to a whopping 5.25%. Plus, it offers all of the resources expected from online banks, included mobile tools, as well as some you wouldn’t expect, like a free ATM card.

Interest rate: Up to 5.25% APY
Compounding period: Daily
Fees: No monthly fees or minimum balance requirements
ATM access: Yes
Can you bank in person? Not really. While there is one branch in San Diego, California, UFB Direct is primarily an online bank.
Can you bank online? Yes

About UFB Direct: A division of Axos Bank, UFB Direct is known for having some of the strongest rates in the business. Established in 2000, this FDIC-insured bank is headquartered in San Diego, California.

Why we like it:

CIT provides some of the best APYs in the business, and its Savings Connect account features one of its best offers. With virtually no fees and an easy-to-navigate application process, it's easy to recommend this FDIC-insured savings account.

While you might also want to consider a CIT Savings Builder Account or CIT Money Market Account, if high APY is your main concern, Savings Connect or Platinum Savings will likely be your best bet.

Interest rate: 4.65% APY
Compounding period: Daily
Fees: No monthly services fees or minimum balance requirements (but $100 to open)
ATM access: Reimburse up to $30 in ATM fees per month
Can you bank in person? No, CIT does not have brick-and-mortar banks
Can you bank online? Yes

About CIT Bank: CIT is an online bank that specializes in online savings accounts, CDs and money market accounts. While it can be easily mistaken, CIT is not related to Citibank. CIT stands for Commercial Investment Trust, and was founded in 1908.

Why we like it:

If you plan to park your money for some time, Citizens Access is a good bet. On the other hand, if you're looking for an associated checking account from the same institution, it may not be the right choice.

Interest rate: 4.50% APY
Compounding period: Daily
Fees: No monthly service fees; minimum opening balance requirement of $0.01
ATM access: None
Can you bank in person? No
Can you bank online? Yes, and through the mobile app. You’ll need to connect a checking account, use the app to deposit, or you will need to mail in a check to open the account. To get your money out, move it back to your external banking account via transfer.

About Citizens Bank: Citizens Bank is the 13th largest bank in the U.S., and Citizens Access is its online arm, which currently only offers two options for online banking: a savings account and a CD. Citizens Access is FDIC insured and has been in business (online) since 2018. Citizens Bank has been around since 1828.

Why we like it:

So long as you're not the type of person who needs to bank in person or who handles lots of cash transactions, you'll likely find a lot to love about the SoFi Checking and Savings Account. Its APY is extremely competitive, and the company is known to regularly offer sign-up bonuses to new customers.

Interest rate: 0.50% - 4.60% APY
Compounding period: Monthly
Fees: None
ATM access: Access to 55,000 ATMs worldwide through the Allpoint Network
Can you bank in person? No, SoFi is an online-only bank
Can you bank online? Yes

About SoFi: Although the company has been around for years, SoFi officially received approval for a national bank charter in 2022. While the finance company already offered customers many services associated with traditional online banks, this move allowed SoFi to begin offering a straightforward checking and savings account with a remarkably healthy APY.

Why we like it:

Synchrony makes it easy to access your funds on the go. For starters, accountholders receive an ATM card for this savings account, but remember, like all savings accounts, you can only have six transactions within a statement cycle. You can access your money via ATM, online or via phone. Synchrony also offers customers what they call “Perks” for keeping money in the account.

Interest rate: 4.75% APY
Compounding period: Daily
Fees: None
ATM access: Yes. Synchrony says that it doesn't charge fees for ATM usage and will refund up to $5 per ATM fee that other banks charge. It uses the Accel Network of ATMs.
Can you bank in person? No, Synchrony is an online-only bank
Can you bank online? Yes

About Synchrony: Synchrony is an online bank that offers online savings accounts, CDs, money markets and IRAs. Synchrony Financial also offers retail credit cards for companies like Walmart, JCPenney and Lowe's. It used to be a part of GE and was spun off as a separate entity. Synchrony is FDIC insured and has been in business for the last 90 years (under GE). All rates are subject to change at any time.

Why we like it:

Quontic High Yield Savings offers a competitive APY at 4.50% without monthly or other common fees. The bank provides digital tools to manage your account along with live phone and chat support.

Interest rate: 4.50% APY
Compounding period: Compounds daily and is credited to your account monthly
Fees: No monthly maintenance fee, overdraft fee or insufficient funds fee
$100 minimum deposit is required to open an account
Can you bank in person? No, this is an online-only bank
Can you bank online? Yes

About Quontic: Founded in 2013, Quontic Bank offers customers banking products, as well as mortgage loans. The bank is a community development financial institution, which means that part of its mission is to expand economic opportunities in low-income communities. Deposits with Quontic are FDIC insured.

What Is a High-Yield Savings Account?

A high-yield savings account is a type of savings account that offers a much higher interest rate than a traditional savings account, resulting in a higher APY.

Typically, high-yield savings accounts are available through online banks, instead of financial institutions with brick-and-mortar locations. With less overhead than conventional banks, online banks usually offer extra perks to customers, like lower fees and higher interest rates on checking and savings accounts.

How Do High-Yield Savings Accounts Work?

In most ways, high-yield savings accounts function identically to traditional savings accounts. The main difference is that high-yield savings accounts tend to offer much higher interest rates, which helps your savings grow faster. The national deposit rate is around 0.40%, but you can find high-yield savings accounts that offer 4.00% APY or higher.

The federal government repealed Regulation D in 2020, which limited the number of withdrawals and select bank transactions on savings accounts to six per monthly statement cycle. However, some banks have stuck with the six-transaction per statement limit as a matter of course. Usually, those banks charge a penalty fee if you exceed the monthly transaction limit.

Here's an example of how much interest you might earn on a high-yield savings account compared to a traditional savings account.

	Initial Deposit	Monthly Contribution	Interest Earned in 1 Year	Balance at 1 Year
Traditional Savings Account with 0.40% APY	$5,000	$100	$22.20	$6,222.20
High-Yield Savings Account with 4.00% APY	$5,000	$100	$228.30	$6,428.30

^{Note: Example based on interest compounding daily.}

In the example above, you would have earned $172 more in interest in a year if you opted for a high-yield savings account.

Pros and Cons of High-Yield Savings Accounts

Pros

Earn higher APYs than traditional savings accounts
Insured by the FDIC (banks) or NCUA (credit unions) up to $250,000 per depositor per insured bank
FDIC insurance means there's very little risk
Easy access to funds when you need to make a withdrawal
Online banks generally have lower overhead costs, so they can charge fewer or no fees

Cons

Interest rates fluctuate, so it's hard to predict earnings
Not always best for long-term investing due to variable interest rates, inflation and dynamic economy
The government waived withdrawal limits during the pandemic, but some banks charge penalties for exceeding limits
Most don't come with checks or debit cards

Getting Started How to Choose the Best High-Yield Savings Account

When looking for a new high-yield savings account, make sure it has the following key characteristics

1
Interest Rate

A strong interest rate can be the deciding factor when choosing which high-yield savings account to open. A higher interest rate will help grow your savings more quickly, which can be incredibly valuable.
2
Minimum Balance Requirement

Check the minimum balance requirement on any account you're considering to make sure you can meet it, not only when you open the account, but in case you make withdrawals down the road.
3
Fees

The best high-yield savings accounts should either be fee free or have achievable ways to waive monthly fees. Fees can reduce your overall earnings, so they are nearly as important to consider as interest rates.
4
Access and Liquidity

Ideally, you'll want to be able to easily access your funds and make withdrawals without paying excessive fees. In lieu of physical locations, many online banks provide customers with access to fee-free ATMs.
5
Loss Protection

The savings account you're considering should be insured by the Federal Deposit Insurance Corporation (FDIC), as this will protect you against loss if the financial institution fails (or NCUA-insured for credit unions). Also consider the FDIC's deposit insurance limit, which is currently $250,000 per depositor, per FDIC-insured bank.

What Do I Need to Open a High-Yield Savings Account?

Most banks allow you to open a high-yield savings account online by providing some key information.

Here's what you'll need to open a savings account:

Full name
Mailing address
Phone number
Social Security number and/or driver's license number
Old bank account information (to fund new account)

After your application has been approved, you'll need to fund your account with enough money to meet the minimum deposit requirement. Depending on the bank, you may be able to do this by linking it to another bank account, depositing cash, mailing a check or via a wire transfer.

Who Should Open a High-Yield Savings Account?

With little to no fees and ultra-competitive interest rates, almost anyone can benefit from opening a high-yield savings account. High-yield savings accounts may be especially beneficial for the following types of people:

Emergency savers: High-yield savings accounts are perfect for building an emergency fund. Not only can you earn a higher APY on your deposits, but it keeps emergency savings separate from your everyday spending. High-yield savings accounts are generally found at online banks, making your funds less accessible than with other banks. This could make it easier to avoid the temptation of withdrawing funds for non-emergencies.
Short-term savers: This savings option is also good for individuals who want to save for short-term goals. High-yield savings accounts are a good place to store funds for life goals like a downpayment on a house, a vacation fund or funding a child's college education. Plus, you'll earn interest as you progress toward your savings goals.
Digitally savvy consumers: Online banks generally lead the pack regarding banking technology and new features. If you're comfortable banking online versus in person at your local bank, you could earn a much higher interest rate than you currently earn by switching to an online bank.

What if You Can’t Open a High-Yield Savings Account?

In some cases, you may not be eligible to open a high-yield savings account or have your application denied. This typically happens when there's negative information in your ChexSystems record or an issue verifying your identity. ChexSystems is a consumer reporting agency that operates similarly to a credit bureau but for bank accounts. Negative marks on your report could include bounced checks or unpaid bank fees.

If your application for a high-yield savings account is denied, see if there are any unresolved issues, like unpaid charges, you can handle to gain access to a new account. Another option is to find a bank that offers second-chance bank accounts. These types of accounts often have higher fees and fewer features than other bank accounts but can help you develop a positive banking record and open the door to a high-yield savings account later on.

Are High-Yield Savings Accounts Safe?

Like traditional savings accounts, reliable high-yield savings accounts are FDIC insured up to $250,000 per depositor. High-yield savings accounts through credit unions will also be insured up to $250,000 per depositor, but are backed by the National Credit Union Administration (NCUA). You can verify that your account is safe through the FDIC BankFind tool.

Compare Account Types

While high-yield savings accounts offer a variety of low-risk benefits, they aren't the only savings option on the market. Here's a quick breakdown of how high-yield savings accounts compare to other popular types of savings products.

	High-Yield Savings Account	Traditional Savings Account	Certificate of Deposit	Money Market Account
Earns Interest	Yes	Yes	Yes	Yes
High APY	Yes	No	Sometimes	Rarely
Fixed or Variable APY	Variable	Variable	Fixed	Variable
Can Deposit or Withdraw Anytime	Yes (but may have limits)	Yes (but may have limits)	No	Yes (but may have limits)
Withdrawal Penalty	Sometimes (if exceed limits)	Sometimes (if exceed limits)	Usually	No
Debit Card	Rarely	Rarely	No	Usually
Check-Writing	Rarely	Rarely	No	Usually

High-Yield Savings Accounts vs. Traditional Savings Accounts

High-yield savings accounts and traditional savings accounts operate almost identically. Both are interest-bearing accounts meant for saving money toward short-term savings goals.

High-yield savings accounts are typically available through online banks, while traditional savings accounts are found at local, regional and national banks. This means that high-yield savings accounts typically have lower fees and higher APYs, whereas traditional savings accounts tend to have lower APYs.

While many banks charge monthly fees for traditional savings accounts, some also offer ways to waive the fee each month, often by meeting minimum balance requirements.

High-Yield Savings Accounts vs. Certificates of Deposit

A certificate of deposit (CD) is a timed deposit account. Banks generally pay higher rates for CDs in exchange for agreeing to leave funds untouched for a predetermined period of time. CD terms range from as short as a week or a month to five or ten years, depending on the financial institution.

CDs are for savers who won't need access in the short term to the deposited funds. Banks often charge early withdrawal penalties, usually a portion of the interest earned, for withdrawing funds from a CD account before maturity.

High-Yield Savings Accounts vs. Money Market Accounts

High-yield savings accounts and money market accounts are two types of savings products offered by financial institutions. In both cases, you’ll likely earn a higher interest rate than you would by keeping your money in a traditional savings account.

Money market accounts typically offer some checking account features, such as a debit card and check-writing privileges. While not totally unheard of, high-yield savings accounts don’t usually include either of these features.

Savings Account Glossary

ACH transfer: An electronic fund transfer between financial institutions through the Automated Clearing House network. Transfers include direct deposits, merchant bill payments and banks' online bill pay services.
Annual percentage yield (APY): The amount of interest earned on a bank account over one year expressed as a percentage.
ATM networks: A collection of automated teller machines (ATMs) across a region or country that offer the same services and features that often include withdrawals, deposits and balance inquiries.
Compounding interest: The interest earned on a bank account's principal balance and accumulated interest.
Interest: The cost paid to borrow money. Consumers pay interest to borrow money from a bank and are rewarded with interest when they deposit funds into an interest-bearing account.
Liquidity: The ease with which an asset is converted into cash without a loss in value.
Minimum deposit requirement: The minimum amount of money required by a bank or credit union to open an account, avoid fees or access certain benefits.
Mobile deposit: A deposit of funds, typically from a paper check, electronically through a mobile banking app. Mobile deposits utilize a mobile device's camera to take images of the front and back of an endorsed check.
Money market account: A hybrid bank account that combines the benefits and features of checking and savings accounts, like competitive APYs, check-writing privileges and a debit card.
Monthly maintenance fee: An administration fee charged each month by some financial institutions to service and maintain a bank account. Some banks offer ways to waive fees by meeting specific criteria each month.
Online bank: A financial institution that operates primarily online or digitally without bank branches.
Savings account: An interest-bearing bank account that earns interest on funds deposited into the account.
Wire transfer: A method for electronically transferring funds from one person to another. Banks often charge a fee for international and domestic wire transfers.

Methodology

Slickdeals Money's editorial team reviews our list of the top high-yield savings accounts on a weekly basis. When choosing which accounts to feature, we consider factors such as APY, cost of holding an account (minimum deposit and balance requirements, fees) bonus offers and features (ATM access, customer service experience, user experience).

Our list of the best high-yield savings accounts is compiled by monitoring over 40 online banks, brick-and-mortar banks and credit unions, including:

Alliant Credit Union, Ally Bank, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Barclays, Bluevine, BMO Harris, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Bank, Discover Bank, Fifth Third Bank, FirstBank, First Tech Federal Credit Union, FNBO Direct, HSBC Bank, Huntington Bank, Keybank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), nbkc bank, PNC Bank, Radius Bank, Quontic Bank, Regions Bank, SoFi, Stanford Federal Credit Union, Synchrony Bank, TD Bank, UFB Direct and U.S. Bank.

Learn more about how our rating process works.

FAQs

While savings accounts have existed for quite some time, some people aren’t as familiar with online high-yield savings accounts. Here are some of the more common queries related to high-yield savings accounts:

Arguably the most important factor when considering high-yield savings accounts is the annual percentage yield (APY). A higher APY will maximize your deposits so you can reach savings goals. Some banks offered tiered interest rates based on your account balance, with the best rates reserved for higher balances.

Beyond interest rates, also look at what types of fees (if any) the bank charges, minimum deposit requirements, minimum balance requirements and withdrawal options. Always check the full account details before applying for a new high-yield savings account.
Most commonly, savings accounts will have a monthly maintenance or service fee. Many banks charge a maintenance fee that helps cover bank operating costs. Maintenance fees are more common with traditional banks, but some online banks charge them too. However, some banks offer ways to waive monthly fees, usually by meeting account deposit or balance requirements.
Until 2020, high-yield savings accounts were subject to Federal Reserve Board Regulation D, which limited savings accounts to six withdrawals or transfers per statement period. Transactions that fell under this regulation included:

- Electronic funds transfers (EFTs)
- Automated clearing house (ACH) transfers
- Wire transfers
- Third-party checks
- Debit card transactions
- Overdraft transfers

While Regulation D was suspended at the start of the COVID-19 pandemic, some banks have continued to elect to enforce six-transaction limits on savings accounts, so make sure to read your terms and conditions clearly when looking at a new account. Some banks charge a fee or pursue other actions (up to account closure) if you repeatedly go over transactions limit during the statement period.
Every bank and financial institution is different, which means “high-yield” is a relative term that can encompass a wide range of APYs. However, the best high-yield savings accounts typically offer an APY that’s at least 12 times higher than national average.
Online banks can often afford to offer higher interest rates because they don’t incur the same overhead costs as traditional banks. With no bank branches and typically fewer employees, online banks can pass savings along to their customers with fewer fees and higher rates on deposit accounts.

However, keep in mind that can also mean online banks offer fewer customer service options than some large banks. You can’t just walk into a location and get help; you’ll need to stick with your digital bank’s set customer service hours and handle things over phone or messenger.

Louie Patterson

Louie Patterson is a Finance Content Manager who specializes in banking topics such as account bonuses and CDs. With over seven years of professional editorial experience, their work has appeared in several publications, including USA Today and Consumer Affairs.

Best High-Yield Savings Accounts (April 2024)

Top High-Yield Savings Account Rates

UFB Direct Secure Savings Account

Overview

Pros

Cons

CIT Bank Savings Connect Account

Overview

Pros

Cons

Citizens Access® Savings

Overview

Pros

Cons

SoFi Checking and Savings

Overview

Pros

Cons

Synchrony High-Yield Savings Account

Overview

Pros

Cons

Quontic Bank High Yield Savings Account

Overview

Pros

Cons

What Is a High-Yield Savings Account?

How Do High-Yield Savings Accounts Work?

Pros and Cons of High-Yield Savings Accounts

Pros

Cons

Getting Started How to Choose the Best High-Yield Savings Account

Interest Rate

Minimum Balance Requirement

Fees

Access and Liquidity

Loss Protection

What Do I Need to Open a High-Yield Savings Account?

10 Easiest Bank Accounts You Can Open Online Instantly (2024)

Who Should Open a High-Yield Savings Account?

What if You Can’t Open a High-Yield Savings Account?

Are High-Yield Savings Accounts Safe?

Here Are the Top 10 Safest U.S. Banks in 2024

Compare Account Types

High-Yield Savings Accounts vs. Traditional Savings Accounts

High-Yield Savings Accounts vs. Certificates of Deposit

High-Yield Savings Accounts vs. Money Market Accounts

Savings Account Glossary

Methodology

FAQs

What should I consider when choosing a high-yield savings account?

What are typical fees associated with a high-yield savings account?

How often can I withdraw from a high-yield savings account?

How much interest can I earn with a high-yield savings account?

Why do online banks pay more interest?

Louie Patterson

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