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 2.10% APY and you can open an account with just $100. Open a CIT Savings Builder Account here >>
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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. 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 2.10% 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.
2. 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 1.85% APY.
Right now, Discover is running a promo where you can get $150 or $200 if you open an account by 11/4/2019 and make a deposit by 11/18/2019. You can get $150 if you deposit $15,000, and $200 if you deposit $25,000. Find the full offer details here.
Their account has no minimum balance requirements, and no fees!
Read our full Discover Bank review here.
Get up to a $200 bonus if you open an account by 11/4/2019.
3. Betterment
Betterment Everyday™ is the newest player in the high yield savings account space. They are one of the largest robo-advisors, and now they have a great savings account (and checking account coming soon).
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! Plus, they advertise faster withdrawals than other banks!
Right now they offer one of the highest rates at 2.04% APY, with no minimum balance requirements and no fees! FDIC Insured up to $1,000,000.
To get the promotional APY, you must join the waitlist for Betterment Everyday™ Checking - which is another free product coming soon!
4. 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 2.15% APY, with a $10,000 or more balance! FDIC Insured.
5. 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 1.90% APY.
Otherwise, check out Marcus to earn top rates. Read out full Marcus by Goldman Sachs review here.
6. 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 2.00% 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 1.80% APY. APY Variable and Subject to Change.
Check out our full SoFi Money review here.
7. 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 1.80% APY.
Check out our full Ally Bank review here.
8. HSBC
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 2.05% 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!
9. 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 1.90% APY.
Read our full Barclay's Bank review here.
10. American Express
American Express is more than a credit card company. American Express has Amex Personal Savings, which consistently pays a top rate. It may not always be the best on this list, but it consistently is near the top, and that doesn't change much.
Plus, if you already use American Express for other products, it could be an easy fit.
Right now you can earn 1.90% APY.
They only have $1 minimum to open, and no monthly account maintenance fees.
Read our full American Express 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.
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 1.80% APY.
Read our full Personal Capital review here.
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 2.07% APY.
There are no gimmicks with Wealthfront Cash. It just takes $1 to open. Read our full Wealthfront review here.
Frequently Asked Savings Account Questions
What is a savings account?
A savings account is a type of savings vehicle that is offered by banks, credit unions, and financial services firms (like brokerages). Savings accounts are federally insured, meaning your money is safe. These accounts also typically pay interest, more than you would earn keeping your money in other bank accounts, like a checking account. Savings accounts also typically limit how many withdrawals you can make each month, limiting their ability to be used other than for saving.
How does an online savings account work?
Online savings accounts work just like traditional brick and mortar bank accounts, except that everything is done online or via a mobile app. The benefit of this is that online accounts typically offer higher interest rates to savers – passing on the savings of not having a lot of branches.
What makes a savings account a high yield account?
The designation of a high yield savings account is for accounts that provide above average interest rates to their customers. In 2019, the top savings accounts provide over 2.00% APY, while the average interest rate is just 0.09% APY.
What is the best interest rate on a savings account?
As of October 2019, the best interest rate on a savings account is 2.38% APY, but that is a promotional interest rate.
What are the fees charged to have a savings account?
The best savings account don’t charge any type of monthly fees to use their account. However, some banks may charge monthly maintenance fees, unless specific balance requirements and/or deposit requirements are met.
How safe is my money in a savings account?
Money in a savings account is FDIC insured up to the FDIC insurance limits (typically $250,000 per person). Some banks may extend higher insurance limits on your account.
What is the limit on withdrawing money from a savings account?
Most savings accounts impose limits on withdrawals each month. Called Reg D, this is a federal rule that limits savings accounts withdrawals to just 6 per month. Some accounts avoid this by classifying themselves as a cash management account.
Can I lose money in a savings account?
In general, you cannot lose money in a savings account. As long as your balance is below the FDIC insurance limit, you cannot lose money. The exception is having money beyond the FDIC insurance limit, and the bank fails. In this rare scenario, you could lose money in a savings account.
How does a savings account compare to a CD?
A savings account is more liquid than a certificate of deposit, but typically provides slightly lower interest rates compared to the shortest duration CDs. With CDs, you must “lock–up” your money for a period of time, usually at least 3 months, but upwards of 6 years. In exchange for locking up your money, you get a higher interest rate than you would with a savings account. If you need the liquidity, then a savings account is the preferred savings vehicle.
What is the average interest rate on a savings account?
According to the FDIC, in 2019, the average savings account pays just 0.09% APY on a savings account.
How do the Fed interest rates affect savings accounts?
When the Fed raises or lowers interest rates, banks adjust their savings account interest rates accordingly. In rising rate environments, banks will offer higher interest rates, and in declining rate environments, banks will lower their interest rates offered on savings accounts.
What is a promotional APY?
A promotional APY is the interest rate you can earn for a specific duration exchange for taking some specific action. For example, many banks offer new customers a promotional APY on their savings account for the first 6 months or one year. Then, after the promotional period, your APY will drop back down to the standard rate offered.
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.
