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.
Plus, several of the banks on our list have awesome bonus offers. When you combine the bonus with an already high APY, you win!
Promo: CIT Bank. This account currently pays 1.25% APY, which is one of the highest interest rates you can get. Open a CIT Bank Savings Builder account here >>
Summary Of The Best High-Yield Savings Accounts
Here's a quick breakdown of the best savings accounts for your money right now:
Note: The savings offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all savings companies or all savings offers available in the marketplace.
Bank Name | APY | Get Started |
|---|---|---|
 | At CIT Bank, FDIC | |
 | 1.30% Up to a $500 Bonus! | At Capital One Bank, Member FDIC |
 | No Minimum Deposit | At Discover Bank, Member FDIC |
 | 1.30% No Minimum Deposit | At Goldman Sachs Bank USA, Member FDIC |
 | 1.35% | At CIBC Bank USA, Member FDIC |
 | 1.30% No Minimum Deposit | At American Express National Bank USA, Member FDIC |
 | 1.15% No Minimum Deposit | At Barclays, Member FDIC |
 | 1.30% | At Citizens Bank NA, Member FDIC |
 | 1.30% | At Synchrony Bank, Member FDIC |
 | 1.25% | At Ally Bank, Member FDIC |
Bank Name | APY |
|---|---|
At CIT Bank, FDIC | |
At Capital One Bank, Member FDIC | 1.30% Up to a $500 Bonus! |
At Discover Bank, Member FDIC | No Minimum Deposit |
At Goldman Sachs Bank USA, Member FDIC | 1.30% No Minimum Deposit |
At CIBC Bank USA, Member FDIC | 1.35% |
At American Express National Bank USA, Member FDIC | 1.30% No Minimum Deposit |
At Barclays, Member FDIC | 1.15% No Minimum Deposit |
At Citizens Bank NA, Member FDIC | 1.30% |
At Synchrony Bank, Member FDIC | 1.30% |
At Ally Bank, Member FDIC | 1.25% |
Our Picks Of The Best High Yield Savings Accounts
We evaluate savings accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, locations available, and the terms and conditions of having the account. We may receive compensation from some or all of the companies listed below. Here are our recommendations of the best high yield savings accounts.
1. CIT Bank
The CIT Bank Savings Builder Account is one of our 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.
Plus, they make it really easy to get started and earn the highest tier interest - with either a $25,000 balance or a $100 monthly deposit! And you only need $100 to get started.
Right now you can earn up to 1.25% 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. Capital One
Capital One is credit card company that has also become known for having top notch banking products. This includes having an extremely competitive online savings account.
Plus, if you already use Capital One 360 for other products, it could be an easy fit.
Right now you can earn 1.30% APY.
They only have $0 minimum to open, and no monthly account maintenance fees.
Bonus Offer: Now through May 31, 2020, you can get up to a $500 if you complete qualifying deposits! Use the code SCORE500 when applying!
Read our full Capital One 360 Bank Review here.
3. 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 1.15% APY.
Their account has no minimum balance requirements, and no fees!
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 1.30% APY.
Otherwise, check out Marcus to earn top rates. Read out full Marcus by Goldman Sachs review here.
5. CIBC
CIBC is a Canadian Bank that has started making in-roads to the United States. It's online savings account offering is top-notch, but it does have a higher minimum to open than most.
The account has no monthly maintenance fees, but does require at least $1,000 to open.
Right now, you can earn 1.35% APY.
Check out our full CIBC review here.
6. 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 1.30% APY.
They only have $1 minimum to open, and no monthly account maintenance fees.
Read our full American Express Bank Review here.7. 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 1.15% APY.
Read our full Barclay's Bank review here.
8. Citizens Access
Citizens Access is an online savings account offered by Citizens Bank (who you may recognize from their Citizens Bank student loans).
While this account does offer a high APY, you do need $5,000 to open an account. And if you drop below that minimum, your interest rate drops as well. This account has no monthly fees.
Right now, you can earn 1.30% APY.
Read our full Citizens Access bank review here.
9. Synchrony
Synchrony Bank is one of the "old guard" on this list - one of the original online high yield savings account offerings. It consistently has a high APY, and a solid account.
This account has no monthly fee or minimum balance requirements. It also offers an ATM card with ATM reimbursements (which is rare for a savings account - much more common on a checking account).
Right now, you can earn 1.30% APY.
Read our full Synchrony Bank review here.
10. Ally
Ally Bank has always been a popular online savings option. They were one of the first truly friendly online banks. However, their rate isn't always at the top of the pack.
With rates declining, they are finally a bit competitive.
This account has no monthly fee or minimum balance requirements.
Right now, you can earn 1.25% APY.
Read our full Ally Bank review here.
Best High Yield Savings Accounts Daily Updated List
More 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.
Provident Bank
The Provident Bank offers a "Worry Free Savings" account that provides insurance on ALL money deposited in the account - by combining FDIC Insurance with DIF insurance (available to banks in Massachusetts).
This account is designed for the high savers in mind. That's why it doesn't pay interest until you have at least $50,000, but then it offers a generous rate. Plus, the account has no monthly fees!
If you're looking for a place to park a large amount of cash, this is your bank.
Right now, they offer the following rates:
- $0 to $49,999 - 0% APY
- $50,000 to $249,999 - 0.75% APY
- $250,000 or more - 1.15% APY
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 1.30% APY, with no minimum balance requirements! FDIC Insured.
Read our full HSBC Online Banking Review here.
Plus, combine it with a Premier checking account, and you can get up to a $700 welcome bonus!
Commenity Direct
Comenity Direct has an online high yield savings account that rivals most well-known banks. Plus, this bank has no hidden fees and they make accessing your money easy!
Right now they offer a great rate at 1.35% APY, with just a $100 minimum balance and no monthly maintenance fees fees!
You can also earn interest on up to $10,000,000 - which is extremely generous compared to most accounts.
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 0.40% APY, with no minimum balance requirements and no fees! FDIC Insured up to $1,000,000.
Credit Karma Savings
Credit Karma Savings is a new account that's been making this year. This account uses a network of banks to optimize the interest you can earn on your money! And it provides FDIC insurance up to $5 million.
You don’t pay monthly fees and there are no account minimums.
Right now you can earn 0.56% APY. APY Variable and Subject to Change.
Check out our full Credit Karma review here.
BMO Harris Bank
BMO Harris Bank is a new-comer to this list, but it's an established bank that's working to grow market share online. As a result, it's offering an incredibly high yield online savings account.
Right now you can earn up to 1.50% APY. You do need to maintain a minimum $5,000 to get this APY.
Read our full BMO Harris Bank review here.
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 1.51% APY, with a $10,000 or more balance! FDIC Insured.
MySavings by Nationwide
Nationwide is best known for insurance, but it also offers banking products! In fact, it's MySavings product is one of the best high yield savings accounts out there right now - with a great APY and no crazy requirements!
You can currently earn 1.61% APY with no minimum balance requirements. You only need $100 to open the account. There are no monthly fees associated with this account.
The account also has good mobile banking, mobile deposit, and more.
FNBO Direct
FNBO Direct is the online banking branch of First National Bank of Omaha. If you've never heard of them, you've definitely seen them populate the lists of online savings accounts.
They consistently offer top rates, and only have a $1 minimum to open an account.
Right now you can earn 1.00% APY.
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 0.20% 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 0.20% APY. APY Variable and Subject to Change.
Check out our full SoFi Money review here.
Vio Bank
Vio Bank is another extremely popular online savings account that typically has a top notch rate.
Their savings account has no monthly fees and only a $100 minimum to open.
Right now you can earn 1.50% APY.
Read our full Vio Bank 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 2020, 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?
The best interest rate on a savings account is over 2.00% APY, but that may be 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 2020, 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. You can compare the differences between a savings account and money market here.
Just like any account, make sure you're opening the best savings account for your needs so you can reap the rewards.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.