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Highest Savings Account Interest Rates Today

Review Updated
Kailey Hagen
Matt Frankel, CFP®
By: Kailey Hagen and Matt Frankel, CFP®

Our Banking Experts

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

Perhaps the most important factor you'll want to consider when opening a high-yield savings account is how much you'll earn in interest. We have good news here: Savings account interest rates today remain high, as the Federal Reserve has raised the federal funds rate several times since 2022.

Our experts sorted through hundreds of accounts to find their top picks that have the best savings rates right now. All of the accounts listed below feature extremely high annual percentage yields (APYs) -- at least 9x the national average savings rate.

Best savings account rates today

While there's more to consider than just APY when choosing a savings account (ahem, FDIC insured and no maintenance fees), we know that high interest rates are a big piece of the puzzle for most people. Here are the highest online savings rates sorted by highest APY:

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Ratings Methodology
Rates as of Apr 15, 2024
Award Icon 2024 Award Winner
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 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, 4.75 out of 5 stars.
4.75/5 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

Offer Alert

New customers can earn up to a $300 bonus with qualifying direct deposits!
APY
up to 4.60% 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 fees
  • Welcome bonus up to $300 (direct deposit required)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection 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 is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns above-average, too — which is a rare perk. Plus, there’s the opportunity for an up to $300 bonus 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.

Customers Bank High-Yield Savings Account

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
  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • FDIC insured
  • Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
  • No checking accounts offered through Raisin
  • Limited customer service hours
  • Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
  • No branch access; online only

With Customers Bank, Powered by Raisin, you get an APY that outpaces most high-yield savings accounts on the market. Deposits are held with Customers Bank, a midsize regional bank, and are managed via Raisin's secure online platform. Customers Bank is FDIC insured, so your funds are protected up to the legal limit. The trade-off for the high APY is a limited feature set, with ACH transfers being the sole method for deposits and withdrawals. Still, it's a great match if you desire an exceptional APY with a no-frills online banking experience.

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
APY
5.25% Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. To Earn APY
$0
  • Competitive APY
  • No account fees
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access
  • 24/7 customer support
  • FDIC insured
  • Existing accounts not always automatically given the highest rates
  • No checking account offered at same bank
  • No branch access; online only

UFB Secure Savings Account is an overall great account with a high APY & no monthly maintenance fees. Plus, a complimentary ATM card and large fee-free ATM network makes your money surprisingly accessible for a savings account.

Note that UFB sometimes launches new account names with higher APYs. Existing account holders do not automatically get these higher rates and need to contact the bank and ask to be switch to the new account with the higher APY.

Award Icon 2024 Award Winner
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 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, 4.75 out of 5 stars.
4.75/5 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
APY
5.05% APY for balances of $5,000 or more Rate info Circle with letter I in it. 5.05% 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 fees
  • Unlimited number of external transfers (up to daily transaction limits)
  • 24/7 customer support
  • FDIC insured
  • Balance requirement for maximum APY
  • No ATM access
  • No branch access; online only

CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APY’s on the market 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 a monthly limit).

What are interest rates on a savings account?

The interest rate on a savings account is the amount your bank is paying you for depositing your money, as a percentage of your balance. While the banking business is rather complex, the basic idea is that banks take in deposits and use those deposits to loan to other customers and generate interest income. So, banks pay their depositors to incentivize them to provide them with capital.

How do savings account interest rates work?

One important thing to understand is that savings account interest rates are usually advertised as annual percentage yield, or APY. This takes the compounding frequency into account to express the account's actual yield in a full year. As a simplified example, a savings account with a $10,000 average daily balance and a 4% APY would produce $400 in interest income in a year.

We won't go too deep into the concept of compounding frequency, but with most savings accounts, interest is calculated daily and paid monthly.

Here's the reason frequent compounding is a good thing. Let's say that you deposit $10,000 in a savings account that pays 3% interest, which means that after one month, you can expect a $25 interest payment. In the second month, interest is calculated based on your new balance of $10,025, so it will be a bit higher. And so on.

I'll spare you the mathematics, but because of the effects of monthly compounding, the account's actual interest rate is typically a bit lower than the APY. Usually, the APY is a round number. For example, one bank currently advertises a 4.60% APY. However, the account's interest rate is 4.50577%, but because the bank pays interest monthly, the more frequent compounding results in the higher APY.

Learn more about savings account interest rates

When will savings account interest rates go up?

There's no way to know for sure when savings account interest rates will go up or down. Banks can set their own interest rates on savings products, so they can raise or lower them as they please in a manner that makes sense for their business.

It's important to realize that savings account interest rates are not directly tied to any benchmark interest rates, including the prime rate or federal funds rate. In other words, if the Federal Reserve raises the federal funds rate by 0.25%, it doesn't necessarily mean that your savings account interest rate will increase by the same amount.

Having said that, savings account interest rates and benchmark interest rates tend to move in the same direction. From the start of 2022 through the end of 2023, the Fed increased the federal funds rate by more than 5 percentage points, and this is why you can find high-yield savings accounts with the highest interest rates in decades.

The Ascent's best savings accounts

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. The Ascent's top savings account picks can earn you more than 10x the national average savings account rate.

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. See our full Ratings Methodology here.

Banks we monitor

  • 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, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Bank, 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, 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, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, 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.

Our Banking Experts