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Best High-Yield Savings Accounts (up to 5.30%) of October 2024

Review Updated
Matt Frankel, CFP®
Cole Tretheway
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

See Full Bio

 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

See Full Bio

Our Banking Experts

Charlie Pastor, CFP®
Check IconFact Checked Charlie Pastor, CFP®
Charlie Pastor, CFP®
Charlie Pastor, CFP®
Certified Financial Planner®, Founder of Damn Good Planning

Charlie Pastor, CFP® is a full-time financial planner dedicated to overserving the underserved. He has a degree in Finance, Accounting, and Personal Financial Planning from the University of Colorado Boulder. His professional experience includes founding a Registered Investment Advisor firm dedicated to serving young professionals. Outside of writing for The Ascent, Charlie enjoys serving as political advocacy chair for the Financial Planning Association of Colorado.

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 our experts’ opinions aren’t 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.

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.

  • 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

Robin Hartill, CFP®, is The Ascent’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.

The Motley Fool surveyed 2,000 American adults: 59% said they'd prefer a reputable bank over a 4% or higher savings rate

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.

Read our savings research

Reviews of our Favorite High-Yield Savings Accounts

Best for direct deposit

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 2024
Award Icon 2024 Award Winner

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
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= 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.
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= Excellent
= Good
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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 4.30%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 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 4.30% 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 4.30% 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 10/8/2024. 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 4.30% 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 10/8/2024. 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.

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

"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).

Best for branch access

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 2024

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.
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= Excellent
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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.
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= Excellent
= Good
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Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
4.10% 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 Sept. 27, 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

"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.

Best for set-and-forget banking

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 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.
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= Excellent
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= 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.
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= Excellent
= Good
= Fair
= Poor
Open Account for Western Alliance Bank High-Yield Savings Premier

On Western Alliance Bank's Secure Website.

APY
5.01% Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of 10/8/2024 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

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.

Best for ATM users

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 2024

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.
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= Good
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Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

APY
5.30% APY with $250+ in monthly deposits Rate info Circle with letter I in it. LevelUp Rate of 5.30% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 4.30% 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

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.

Best for mobile app

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 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.
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= Excellent
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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.
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= Excellent
= Good
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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
4.10%
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

"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.

Best for large balances

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 2024
Award Icon 2024 Award Winner

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
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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.
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= Excellent
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Open Account for CIT Platinum Savings

On CIT's Secure Website.

APY
4.70% APY for balances of $5,000 or more Rate info Circle with letter I in it. 4.70% 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

"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.

Best for AMEX cardholders

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 2024

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
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= 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.
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Open Account for American Express® High Yield Savings

On American Express's Secure Website.

APY
4.10% Rate info Circle with letter I in it. 4.10% annual percentage yield as of October 13, 2024
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

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
We tried it: Brittney's firsthand review of American Express® High Yield Savings

"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.

Best for no minimum deposit

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Oct 13, 2024

EverBank Performance℠ Savings

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
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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.
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APY
5.05%
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.

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.

Highest savings account rates on our list

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 rightly so.

So here are our top picks in order of highest savings rate, alongside any requirements to qualify for the APY:

How the Fed rate impacts high-yield savings account rates

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 by a half-point on September 18th, 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.

What to consider when choosing a high-yield savings account

Here are some of the key factors to bear in mind when choosing a high-yield savings account.

APY

High-yield savings account rates fluctuate all the time, and so does the definition of a competitive rate.

That's why it doesn't make sense to choose a high-yield savings account based on APY alone. What's the best rate today may not be the best rate tomorrow, so consider other factors like balance requirements and withdrawal options.

You also shouldn't nitpick small differences in APY. All you really need is a rate that's competitive with the rates of other top online banks.

Balance requirements

Many high-yield savings accounts don't have balance requirements, though there are a few that do. Make sure you feel comfortable meeting this requirement before you open your account. Otherwise, you could lose money to fees.

Some banks use a tiered APY system. This means the rate you earn is tied to how much money you keep in your account. Familiarize yourself with all of these rules before opening an account.

Withdrawal options

High-yield savings accounts almost never include check-writing capabilities, and very few come with ATM cards. Often, the only way you can withdraw cash is to use automatic bill pay or transfer funds to a checking account. This can take up to a few days if the checking account is at another bank.

That may not be an issue if you withdraw savings sparingly. But if you plan to make a lot of withdrawals, you should look for an account with an ATM card or consider opening a checking account at the same bank as your high-yield savings account. That way, you can transfer money between accounts quickly.

Fees

High-yield savings accounts generally have few fees, but it's a good idea to look over the fee schedule anyway so you know what the bank charges you for. Monthly maintenance fees are pretty uncommon, but you could face problems if you make a lot of monthly withdrawals.

FDIC insurance

The best high-yield savings accounts all have FDIC insurance. This protects your money up to $250,000 per depositor per bank against bank failure. So you don't have to worry about losing your savings if the bank goes out of business.

It's always a good idea to verify that a bank is FDIC insured before you open an account with it. Often, you'll find a notice that says "Member FDIC" in the footer on the bank's website. And you can double check this by looking the bank up using the FDIC's BankFind tool.

Our savings account methodology

At The Motley Fool Ascent, 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 The Motley Fool Ascent 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.

  • The best savings accounts have:

    • 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.