Act Fast: Earn 4.5% Interest or More With These Savings Accounts
KEY POINTS
- Excellent high-yield savings account yields are indeed available, with 4.5% or more offered by some top banks.
- There's no guarantee that these yields will last, but it can be a great way to boost the yield on your emergency fund or rainy-day cash.
The average savings account in the United States comes with a 0.41% interest rate as of the latest FDIC data, and many of the most well-known banks in the nation pay significantly less than this. On the other hand, there are some top-notch financial institutions that pay yields that are many times the national average. While these savings yields can (and almost certainly will) vary over time, here are some of the best choices that pay 4.5% or higher annual percentage yields on savings accounts.
CIT Platinum Savings and CIT Savings Connect
You might not have heard of CIT Bank, but you're likely to have heard of its parent company, First Citizens. CIT offers two main online-only savings accounts, and both have yields over 4.5% as of mid-November.
The CIT Platinum Savings account is the higher-paying option of the two, with a 4.10% APY for balances of $5,000 or more. You can open an account with as little as $100, but the biggest drawback is that you'll need a hefty balance to earn the top interest rate.
>> Sign up now for a CIT Platinum Savings account. <<
If you don't typically keep this much in your account, the CIT Savings Connect account has a $100 minimum deposit requirement as well but pays a highly competitive 4.00% yield on all balances. Both accounts have no monthly maintenance fees and offer unlimited transfers and withdrawals.
>> Sign up now for a CIT Savings Connect account. <<
SoFi Checking and Savings
SoFi isn't just aiming to be an online place to get a better yield from savings accounts. Instead, SoFi is trying to be an all-in-one replacement to branch-based banks, offering deposit accounts, brokerage accounts, credit cards, and a variety of loan products.
The SoFi Checking and Savings accounts (member FDIC) are being discussed together for one big reason -- you can't open one without the other. The savings account offers an annual percentage yield (APY) of up to 3.80% for customers who either set up direct deposit or deposit $5,000 or more every 30 days. Unlike many savings accounts, SoFi offers ATM access, and you'll even earn some interest on checking account balances.
>> Sign up now for a SoFi Checking and Savings account. <<
Western Alliance Bank High-Yield Savings Premier
The Western Alliance Bank High-Yield Savings Premier is the highest-paying account on this list, with a 4.30% APY as of this writing and no account fees.
There are some key drawbacks to consider. For one thing, this is only a savings account, and the only way to deposit and withdraw money from the account is with ACH transfers to and from an external bank account. But if your primary goal is to get the highest savings account yield possible, it could be worth the bit of inconvenience.
>> Sign up now for a Western Alliance Bank High-Yield Savings Premier. <<
Things to keep in mind
Perhaps the most important caveat to mention is that savings yields are not guaranteed for any certain length of time. It's entirely possible for these yields to rise and fall over time. If the Federal Reserve continues to raise rates to fight inflation, these savings yields could go even higher, but if benchmark interest rates start to decline in 2024, you can expect the exact opposite to happen.
If you're looking to lock in a yield on savings you're almost certain you won't need for a while, you may be able to get an even higher (and guaranteed) yield from one of our top-ranked CDs.
However, these are four excellent ways to maximize the yield you get from money that you might need in the near term, such as an emergency fund. And all four are among our highest-rated savings accounts in the market. Which account is the best fit for your needs?
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
SoFi disclosure
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.