These 5 Savings Accounts Pay Higher Rates Than Most CDs
KEY POINTS
- CD rates are high, but so are rates on high-yield savings accounts, which let you withdraw money at any time.
- The Western Alliance Bank High-Yield Savings Premier is hard to top with its 4.30% APY.
- Other standouts include CIT Platinum Savings, SoFi Checking and Savings, UFB Portfolio Savings Account, and EverBank Performance℠ Savings.
Certificates of deposit (CDs) have been a popular savings option lately, because they're offering some of their highest rates in years. Many CDs earn an annual percentage yield (APY) between 4.00% and 5.00%. Some of the very best CDs even have rates above 5.00%.
The drawback with CDs is that you need to lock up your money for the entire term. If you need it sooner, you'll pay an early withdrawal penalty. For flexibility, a savings account is a better choice.
Luckily, you don't need to sacrifice high rates to get that flexibility. Here are five high-yield savings accounts that pay even more than most CDs.
1. Western Alliance Bank High-Yield Savings Premier
- APY: 4.30%
- Minimum deposit: $500
- Monthly maintenance fee: $0
I haven't found a savings account with a higher APY than the Western Alliance Bank High-Yield Savings Premier. At 4.30%, it earns more than any other savings account and most of the CDs I've seen (and I've reviewed dozens of each of them).
Another perk with this account is that you don't need a big deposit to open it. The minimum deposit is $500, and you can also go under that balance later. The one notable downside to this Western Alliance account is that you can only link it to a single external account.
2. CIT Platinum Savings
- APY: 4.10% APY for balances of $5,000 or more
- Minimum deposit: $100
- Monthly maintenance fee: $0
If you were thinking of getting a CD because you have a lot of money saved, another option is the CIT Platinum Savings. It has a high APY, but only if you maintain a balance of at least $5,000. If your balance is lower than that, the APY drops quite a bit, to just 0.25%.
That balance requirement could be frustrating if you often move money in and out of your savings account. On the other hand, it's good motivation to keep your savings in place.
3. SoFi Checking and Savings (member FDIC)
- APY: up to 3.80% (after meeting qualifying conditions)
- Minimum deposit: $0
- Monthly maintenance fee: $0
- $300 bonus opportunity with qualifying direct deposits¹
SoFi Checking and Savings is one of the more unique bank account options. As you can tell from the name, it's a combination checking account and savings account. You can move money between the checking and savings sections.
Savings has an APY of up to 3.80%. You earn the maximum APY by having Direct Deposit (there's no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days.
While competitive, the APY for this account isn't quite as high as the other options on this list. But it offers something they don't: A $300 cash bonus with a qualifying direct deposit of $5,000 or more in the first 25 days. Terms apply. Between the APY and the bonus, this account could earn you more than you'd get with a CD.
4. UFB Portfolio Savings Account
- APY: 4.01%
- Minimum deposit: $0
- Monthly maintenance fee: $0
The UFB Portfolio Savings Account is ideal for anyone who doesn't want to deal with minimum deposits or qualifying conditions. It's as straightforward as it gets: A 4.01% APY with no minimum requirements. And unlike most online savings accounts, this one includes a complimentary ATM card.
There is one issue to know about before you open an account with UFB. In the past, this bank has created entirely new savings accounts with higher rates, without raising rates on its current accounts. It can be annoying, because UFB normally doesn't provide any notice to current customers about this. So you need to keep watch then switch to the new account if you want the higher rate.
5. EverBank Performance℠ Savings
- APY: 4.30%
- Minimum deposit: $0
- Monthly maintenance fee: $0
EverBank Performance℠ Savings is another no-monthly-fee, no-minimum-deposit option. The bank is based in Florida, so you could visit a branch if you live there. If not, anyone can open an account with EverBank online and earn an impressive APY with no fees or other hoops to jump through.
You have plenty of high-paying options
Interest rates are high right now. One of the benefits of that is you can get a high APY on any type of banking product.
CDs are good for locking in your rate. You don't get a guaranteed rate with a savings account -- it can change at any time. But you'll need at least some of your savings, and especially your emergency fund, in a savings account for easy access. If you want to maximize interest on that savings, the five accounts listed above are all excellent options.
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:
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 of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received 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 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
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.