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We've evaluated over 100 banks to find the best high-yield savings accounts below.
Our picks offer you great rates alongside the peace of mind you deserve with online high-yield savings accounts. We'd know, our team has personally used almost every account on this page. See our picks and first-hand reviews below to start saving today.
Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, CNN Underscored, MSNBC, USA Today, and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column.
Offer | APY | Minimum to Earn APY | Rating | Next Steps | ||
---|---|---|---|---|---|---|
2024 Award Winner
SoFi Checking and Savings
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
up to 4.20%²
Rate info
You 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.
4.50/5
Our 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 |
$0
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
||
Capital One 360 Performance Savings
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
4.00%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
||
Western Alliance Bank High-Yield Savings Premier
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
4.46%
Rate info
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
||
LendingClub LevelUp Savings
Open Account for LendingClub LevelUp Savings
On LendingClub's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
5.00% APY with $250+ in monthly deposits
Rate info
LevelUp Rate of 5.00% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 4.00% APY. LevelUp Rate applies for first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs
Min. to earn: $0 to open, $250 cumulative monthly deposits for max APY
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
$0 to open, $250 cumulative monthly deposits for max APY
|
Open Account for LendingClub LevelUp Savings
On LendingClub's Secure Website. |
||
Discover® Online Savings
Open Account for Discover® Online Savings
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our 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 |
4.00%
Min. to earn: $0
Limited-time offer
Earn up to $200 when you use offer code TMF924 on your first Discover Online Savings application.
Apply for your first Discover Online Savings Account with offer code TMF924. Deposit $15,000 to earn $150 or $25,000 to earn $200. Deposits must post within 45 days. Offer ends March 13, 2025. See Discover’s website for full details.
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our 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 |
$0
|
Open Account for Discover® Online Savings
On Discover Bank's Secure Website.
Limited-time offer
Earn up to $200 when you use offer code TMF924 on your first Discover Online Savings application.
Apply for your first Discover Online Savings Account with offer code TMF924. Deposit $15,000 to earn $150 or $25,000 to earn $200. Deposits must post within 45 days. Offer ends March 13, 2025. See Discover’s website for full details.
|
||
2024 Award Winner
CIT Platinum Savings
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
4.70% APY for balances of $5,000 or more
Rate info
4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our 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 |
$100 to open account, $5,000 for max APY
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
||
American Express® High Yield Savings
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our 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 |
4.00%
Rate info
4.00% annual percentage yield as of November 11, 2024
Min. to earn: $0
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our 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 |
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
||
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our 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 |
4.75%
Min. to earn: $0
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our 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 |
$0
|
Here are some of the key factors to bear in mind when choosing a high-yield savings account.
The Federal Reserve reduced the target for the fed funds rate in September and November, and more cuts are coming. The interest rates on high-yield savings accounts will likewise go down as well.
But they’re still an attractive choice for money you want to keep safe from the ups and downs of the bond and stock markets. Cash doesn’t drop in value, and most high-yield savings accounts are FDIC-insured up to $250,000 per account type.
These are called “high-yield” savings accounts for a reason; regardless of what the Fed does, these accounts will likely continue to pay higher rates than most other checking and savings accounts.
-Robert Brokamp, Certified Financial Planner® and Senior Advisor at The Motley Fool
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
For those who plan to set up direct deposit with their new account, we think SoFi 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 4.20% 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 4.20% 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 10/31/2024. 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 4.20% 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. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits.Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. 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 reimbursement. 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.
"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 reimbursement), 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).
Capital One 360 Performance Savings
On Capital One's Secure Website.
On Capital One's Secure Website.
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.
"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.
Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
On Western Alliance Bank's Secure Website.
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.
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.
LendingClub LevelUp Savings
On LendingClub's Secure Website.
On LendingClub's Secure Website.
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account for as little as $1.
Why we think this is the best for ATM users: The LendingClub LevelUp Savings account doubles down on ATM perks. You get a free ATM card, LendingClub charges no ATM fees, and it offers monthly rebates on other fees you're charged.
What to consider before you open an account: Can you set up monthly deposits of $250 or more? That's what it takes to get the best rate. If you can't, you still get a rate that's well above average, but it's less competitive than alternatives on this page.
Discover® Online Savings
On Discover Bank's Secure Website.
On Discover Bank's Secure Website.
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.
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to Know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank.
"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.
CIT Platinum Savings
On CIT's Secure Website.
On CIT's Secure Website.
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).
"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.
American Express® High Yield Savings
On American Express's Secure Website.
On American Express's Secure Website.
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.
"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.
EverBank Performance℠ Savings
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.
As we mentioned above, we consider a lot more than APY when choosing accounts for this page. However, we understand APY is still the biggest factor for most people when choosing an account, and rightfully so.
So here are our top picks in order of highest savings rate, alongside any requirements to qualify for the APY:
Savings account interest rates aren't directly tied to the Federal Reserve's interest rate movements, but they tend to move in the same direction. Since the Fed cut rates in September and November, high-yield savings account rates have started dropping as well.
But don't panic -- if you put $5,000 in a high-yield savings account for one year, you'd only earn $25 less per year with a 4.50% APY than with a 5.00% APY. So if you're saving for a short-term goal or looking for a place to put your emergency savings, a high-yield savings account is still a good option.
These rate changes are exactly why we don't only focus on APY when choosing the best savings accounts. Rates can change, but you'll always need an account with low fees, extra perks, and a reliable reputation.
That's why we don't just choose accounts with the highest savings rates for our top picks. Real people have confirmed there's more to a good savings account than APY (although it is important and is the highest percentage of our rating).
Our ratings also consider brand reputation, perks and features, and account fees and minimums. You can feel confident the banks on this page are well-rounded options for anyone.
Yes, online-only banks are generally safe as they're regulated by the FDIC the same way traditional banks are. In fact, every product on this page is FDIC-insured. We wouldn't recommend it otherwise.
However, like with any bank, it’s important to verify an institution's security measures, ensuring it has a strong cybersecurity framework in place.
At Motley Fool Money, 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:
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 Motley Fool Money rates bank accounts.
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.
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:
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.
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