If you're looking to get a better interest rate on your savings, you need to find the best high yield savings account out there. High yield savings accounts are popular because they typically pay more than a traditional account.
You usually find the best high yield savings accounts at online banks, since their overhead is lower. They then pass that savings on to you in the form of higher interest on your money!
We break down our favorite high yield savings accounts, as well as provide a list of the best savings accounts everyday in our table that updates daily. Given that interest rates change daily, make sure you check the table to get the best rates.
Our top pick: CIT Bank. CIT Bank currently has one of the best rates at 2.30% APY and you can open an account with just $100. Open a CIT Savings Builder Account here >>
Our Top High Yield Savings Accounts Of 2019
We evaluate savings accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, and the terms and conditions of having the account. Based on that, here are our recommendations of the best high yield savings accounts.
1. HSBC Direct Savings
HSBC is a bank that has been around for a long time - but only recently making big strides in the United States. They are one of the largest and most robust banks on this list, and they have a great savings account with a competitive high yield.
Combine their high yield savings account with the fact that they have $0 monthly maintenance fees and great online banking, this should be a top choice!
Right now they offer one of the highest rates at 2.30% APY, with no minimum balance requirements! FDIC Insured.
Plus, combine it with a Premier checking account, and you can get up to a $750 welcome bonus!
Get up to a $750 bonus when you also open a Premier Checking Account!
2. UFB Direct
UFB Direct has recently come out with the current market leader for high yield savings. This is a tiered savings account, but if you have a balance over $10,000, you can get the market-leading APY.
Combine their high yield savings account with the fact that they have $0 monthly maintenance fees, and this is an excellent choice for an online high yield savings account if you can clear that balance requirement. The only drawback is that the account pays 0% APY if you are less than $10,000.
Right now they offer one of the highest rates at 2.45% APY, with a $10,000 or more balance! FDIC Insured.
3. CIT Bank
The CIT Bank Savings Builder Account is one of our top high yield savings accounts because they consistently have one of the highest interest rates offered to consumers. Also, their platform in incredibly easy to use, with the ability to sign up and get started in minutes.
The cool thing with the Savings Builder Account is that you don't need a high balance to get the best rates. They do have some restrictions though, so you may have to jump through some hoops to get the best rate.
Right now you can earn up to 2.30% APY. Remember, you must meet the criteria to earn this rate.
There are no gimmicks with CIT Bank - you earn interest on your entire balance, and you have a low minimum to get started. Read our full CIT Bank review here.
4. Marcus by Goldman Sachs
Marcus by Goldman Sachs is a great choice for people looking for a top notch high yield savings account. With consistently high interest rates, no fees, and no minimums, we love Marcus by Goldman Sachs.
They do have generous transfer limits to get money in and out of the account, but they don't offer mobile check deposit, which could make it difficult if you have an "old fashioned" check to deposit.
Right now you can earn 2.15% APY.
Otherwise, check out Marcus to earn top rates. Read out full Marcus by Goldman Sachs review here.
5. SoFi Money
SoFi Money is a new account that's been making headlines this year. This is a cash management account that pays up to 2.25% Annual Percentage Yield (APY) and is about as fee free as they come.
You don’t pay monthly fees, overdraft fees, or ATM fees (including ATMs abroad).
Right now you can earn 2.25% APY.
Check out our full SoFi Money review here.
6. Ally Bank
Ally Bank is a well known online bank that is known for great customer service and easy access (even though it's online). Their online savings account doesn't offer the highest yields, but if you want to keep all your banking under one roof, it can be a great alternative to a regular savings account.
Ally also doesn't nickel and dime its customers - there are no minimum deposit requirements and no monthly fees associated with the account.
Right now you can earn 2.10% APY.
Check out our full Ally Bank review here.
7. Synchrony Bank
Synchrony is one of the most advertised banks online, but one of the most unknown in general. Formerly GE Capital, Synchrony is the world leader in private label credit cards (think Walmart, etc.). Synchrony Bank offers a online high yield savings account that's highly competitive.
Right now you can earn 2.15% APY.
It typically has rates near the top of the charts, and it does have a $0 minimum account, which can be great for low balances.
8. Barclays Bank
Barclays Bank has a fairly standard online savings account that's highly comparable to other high yield online savings accounts on this list.
Unlike others on this list, there is no minimum balance required to open an account with Barclays. They are about as traditional a bank as you get. Plus, they also don't charge any monthly fees as well.
Right now you can earn 2.10% APY.
Read our full Barclay's Bank review here.
9. Discover Bank
Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards. In fact, Discover is an incredibly robust bank with a great high yield savings account as well!
Right now you can earn 2.05% APY.
Their account has no minimum balance requirements, and no fees!
Read our full Discover Bank review here.
10. CIBC
CIBC has a top yielding savings account, but most people haven't heard of CIBC Bank before. They are originally a Canadian bank, that now offers a great suite of online products here in the United States.
Right now you can earn 2.39% APY.
They only have $1 minimum to open, and no monthly account maintenance fees.
Read our full CIBC Bank review here.
Best High Yield Savings Accounts Daily Updated List
Other Accounts To Consider
These accounts aren't high yield savings accounts, but rather cash management accounts. However, they've been making a splash and have a compelling offer.
Wealthfront Cash
Wealthfront has traditionally been known as a robo-advisor, but it recently doubled-down on it's cash management account.
The great thing about this account is that it doesn't fall under the AUM model of their services, meaning you don't pay any management fees on your money.
Right now you can earn up to 2.57% APY.
There are no gimmicks with Wealthfront Cash. It just takes $1 to open. Read our full Wealthfront review here.
Personal Capital Cash
Personal Capital has traditionally been known as an online money management platform, but it recently launched its own cash management account.
Right now you can earn up to 2.30% APY.
Read our full Personal Capital review here.
The Difference Between A High Yield Savings Account And A Money Market Account
It's important to note that there is very little difference between a savings account and a money market account. Both accounts are FDIC insured, both have limits on how many checks and transfers you can do, and both are offered by banks, credit unions, and investment firms.
The big difference is that a money market account typically pays a little bit higher interest, but it also typically requires a slightly higher minimum balance. That's not always the case, thought.
Check out our list of the best money market accounts here.
For example, our favorite pick of HSBC Online Savings does only has a $1 minimum, which isn't much.
A Savings Account vs. A CD
High Yield Savings Accounts also have the advantage over certificates of deposit because they are liquid - you can get a higher interest rate on your money but you don't have to worry about tying your money up for a long period of time.
While there are some CDs that earn higher rates than you'll find in a savings account, those CDs typically have 5-10 year time frames. And if you sell before your expiration date, you typically face large penalties.
You can get a glimpse of the best CD rates here, but if you need liquid savings, you're better off going with a savings account or money market account.
Final Thoughts
A high yield savings account can be a great way to save your money. You typically earn higher interest rates, but there are some restrictions above and beyond what you usually find for normal savings accounts.
Just like any account, make sure you're opening the best savings account for your needs so you can reap the rewards.
