Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

Best High-Yield Savings Accounts of December 2024

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
Brendan Byrnes
Brendan Byrnes

Currently Managing Director of Motley Fool Money, Brendan has worked full-time for The Motley Fool since 2011. He has written hundreds of articles for The Motley Fool and provided analysis on TV outlets including CNBC and Fox. He holds a degree in finance from Virginia Tech.

See Full Bio

| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Opening a high yield savings account is one of the top money tips I’ve been giving to my friends and family this year. I’ve been using one for years, and they're especially attractive now as savings account interest rates are currently much higher than average.

Our recommendations below are the result of 100+ hours our team of experts spent researching, reviewing, and testing the best savings accounts on the market today.

Why can you trust us? Well, most of the high yield savings accounts we recommend on this page are used personally by our employees here at The Motley Fool, including myself.

And unlike many other finance websites, we do NOT allow affiliate compensation to determine which products we list on this page.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Expert insights on savings rates
Image of reviewer

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

Reviews of our Favorite High-Yield Savings Accounts

Best for AMEX cardholders

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024
FEATURED OFFER

American Express® High Yield Savings

Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

APY
3.90% Rate info Circle with letter I in it. 3.90% annual percentage yield as of December 11, 2024. Terms apply.
Min. To Earn APY
$0
  • 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
  • No cash deposits

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

Best for direct deposit

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
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
APY
up to 4.00%² Rate info Circle with letter I in it. 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 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 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 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 1/31/2026. 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 4.00% 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 4.00% 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 12/3/2024. 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

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.

Read Full Review
We tried it: Liz's firsthand review of SoFi Checking and Savings
Image of reviewer

"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

Best for branch access

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024
Award Icon 2025 Award Winner

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
3.80% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 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
Image of reviewer

"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, Coverage Team Lead

Best for ATM users

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024
Award Icon 2025 Award Winner

LendingClub LevelUp Savings

Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

APY
4.75% APY with $250+ in monthly deposits Rate info Circle with letter I in it. LevelUp Rate of 4.75% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.75% 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 APY
$0 to open, $250 cumulative monthly deposits for max APY
  • Competitive APY
  • No fees
  • Easy ATM access
  • Unlimited number of external transfers (up to daily transaction limits)
  • Requires you to make monthly deposits to earn the best APY
  • ACH outbound transfers limited to $10,000 per day for some accounts
  • No branch access; online only

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.

https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs

Read Full Review

Best for large balances

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024

CIT Platinum Savings

Open Account for CIT Platinum Savings

On CIT's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Open Account for CIT Platinum Savings

On CIT's Secure Website.

APY
4.55% APY for balances of $5,000 or more Rate info Circle with letter I in it. 4.55% 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
Image of reviewer

"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

Best for set-and-forget banking

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024

Western Alliance Bank High-Yield Savings Premier

Open Account for Western Alliance Bank High-Yield Savings Premier

On Western Alliance Bank's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Open Account for Western Alliance Bank High-Yield Savings Premier

On Western Alliance Bank's Secure Website.

APY
4.46% Rate info Circle with letter I in it. 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 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

Best for mobile app

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024

Discover® Online Savings

Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
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. Circle with letter I in it. 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.
APY
3.90%
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.

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.

Read Full Review
We tried it: Ethan's firsthand review of Discover® Online Savings
Image of reviewer

"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

Best for no minimum deposit

American Express® High Yield Savings
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Member FDIC.

Rates as of Dec 06, 2024

EverBank Performance℠ Savings

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Read Review
APY
4.75%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • No minimum deposit or minimum balance
  • Branch access (in some Florida cities)
  • FDIC insured
  • Same-day ACH transfers
  • Free wire transfers (incoming only)
  • No ATM card
  • 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.

How to open a savings account online or in person

To open a savings account, fill out an online application form or visit a branch (if your chosen bank has them).

Requirements to open a savings account

This process should be similar whether you open a savings account online or at a brick-and-mortar bank. You will need to provide some personal information, including:

  • Your address
  • Your Social Security number
  • A government-issued ID, like a driver's license or a passport

If you are opening a joint savings account, both parties will need to provide this information.

What to know about savings accounts

With a savings account, your bank pays you interest on your money -- usually every month. How much interest you earn is determined by the account's annual percentage yield (APY). You'll earn more interest with an account that has a high APY.

The best online savings accounts offer both convenience and high interest rates. A larger balance or a higher savings account interest rate results in more interest.

It's always good to compare savings account interest rates before opening an account. The best savings account interest rates can add a nice bump in your funds without much effort on your part.

Pros and cons of savings accounts

There are advantages and disadvantages that come along with savings accounts. It's important to consider these factors when you're looking for the best savings account for your lifestyle.

Pros

  • Earning interest
  • Saving as much as you like
  • Paying bills with automatic bill pay
  • Knowing your money is insured with the FDIC

Cons

  • Monthly maintenance fees (sometimes)
  • No ATM card or checks (usually)
  • Fees for extra withdrawals after your first six withdrawals at some banks

Compare types of savings accounts

As you compare savings accounts, think about what you'll use the account for.

  • Do you want to be able to withdraw your money at any time to cover unexpected expenses?
  • Are you saving up for a major goal over several years, and could use every dollar of interest you can earn?

Answering these questions will help you compare savings accounts and decide which is best for your needs.

Here's a look at the common types of savings accounts you'll run into.

  • Traditional savings account: These accounts are usually easy to open and easy to access. But APYs tend to be pretty low, and most of these accounts carry maintenance fees if your balance falls below a certain amount.
  • High-yield savings account: These are similar to traditional savings accounts, but they offer much higher APYs and most don't have monthly maintenance fees.
  • Money market account: Money market accounts offer the APYs of a savings account with the easier access of a checking account. However, these accounts usually have higher minimum balance requirements than typical savings accounts.
  • Certificate of deposit (CD) account: Certificates of deposit (CDs) usually offer some higher APYs than any of the savings accounts discussed above. If you're looking for the best APY on a savings account, CDs are definitely worth considering. But you have to agree not to withdraw your funds for the full CD term (which could be months or years).
  • Specialty savings account: A specialty savings account is a savings account that's geared at a certain group of people or goals. Examples include kids' savings accounts, health saving accounts, and education savings accounts.

TIP

Learn more about savings account interest rates

Is a high-yield savings account worth it? What is a good interest rate, anyway? And how do you compare savings account rates?

If you're asking these questions, you're not alone. Here are some FAQs we've answered about savings account interest rates:

Our savings account methodology

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:

  • 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 Motley Fool Money rates bank accounts.

  • 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.

  • Here are a few things to look for in a HYSA:

    • 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.