10 Best High-Yield Savings Accounts
If you're looking for a safe place to park your money while earning interest, a high-yield account might be an ideal choice for its safety as well as its accessibility in emergencies. When it comes to the best high-yield savings accounts, annual percentage yields (APYs) are frequently highlighted, often significantly exceeding the national average rate for savings accounts, which is currently at 0.42%. Today's top savings rates include Axos Bank savings (4.66% APY), Openbank savings (4.40%) and more. The greater the interest rate, the quicker your savings will increase. In addition to attractive APYs, many of the top high-yield savings accounts also offer the advantage of no fees and low minimum deposit requirements. Keep scrolling to discover our list of the 10 best high-yield savings accounts!
Axos ONE Savings account offers a competitive APY of 4.66%. This higher yield allows your money to accumulate interest more effectively each month. If you're currently earning a lower rate, switching to this account can help you maximize your savings without any additional effort. It's an excellent option for those looking to enhance their financial growth.
LendingClub offers an online savings account with a 4.40% APY for customers who deposit at least $250 during the previous statement cycle, known as the "Evaluation Period." If this deposit requirement isn't met, the APY drops to 3.40%. The account has no minimum balance requirement and no monthly fees, making it a flexible and cost-effective option for savers looking to grow their funds efficiently.
Openbank, launched in October 2024 as Santander Bank's digital division, offers a single FDIC-insured savings account with an APY of 4.40%. While deposits are insured through Santander, accounts at both banks share a single insurance pool of up to $250,000. This competitive yield enables faster balance growth, making it a standout option against traditional accounts at larger banks that often offer rates as low as 0.01%.
EverBank is an excellent choice for customers seeking a full-service online bank with competitive deposit yields. It provides a range of financial products, including checking, savings, and money market accounts, along with certificates of deposit (CDs). With an attractive annual percentage yield of 4.30%, EverBank stands out in the market for those looking to maximize their savings.
Forbright Bank offers a high-yield savings account (4.25% APY) with no monthly fees and no minimum balance requirements, along with certificates of deposits (CDs). However, it lacks checking accounts, which may require customers to use another bank for those services. If you live in areas with a few branches, you can access in-person banking. Online options include the Growth Savings account and CDs, with unlimited fee refunds for non-Forbright ATM withdrawals.
CIT Bank is an online bank that provides secure and convenient banking services from home. Its streamlined service model enables it to offer higher interest rates on savings accounts and lower fees compared to many competitors. As a division of First Citizens Bank, CIT Bank offers a competitive APY of 4.10% on its savings account, allowing your money to grow faster than it would in a typical low-rate account. Switching from a minimal rate can significantly enhance your savings growth without extra effort.
Barclays, with roots in 17th century England, is a trusted and innovative banking institution. Its online banking offering features competitive APYs and low or no fees. The savings account provides a 4.00% APY for balances below $250,000 and 4.20% APY for amounts at or above that threshold. It also includes a savings goal-setting tool, enhancing its appeal. However, Barclays does not offer a checking account, which may be a drawback for those wanting to manage both spending and savings in one place.
SoFi, founded in 2011, is an online bank offering various financial services, including its Checking and Savings account. This account earns a competitive 3.80% APY on the savings portion, contingent on criteria like enrolling in SoFi Plus with direct deposit, depositing at least $5,000 every 30 days, or paying a $10 monthly fee. Without meeting these conditions, the APY drops to 1.00%. The checking portion earns a steady 0.50% APY, with no minimum deposit requirements or monthly fees. Both accounts are FDIC-insured and accessible via a mobile app.
Capital One, established in 1988, is a major bank that provides checking accounts, savings and investment products, credit cards, and auto loans, primarily through online services. In addition to banking and lending, it offers tools for tracking credit scores and setting savings goals. Its high-yield savings account features a consistent APY of 3.60% on all balances, with no minimum deposit required and no monthly fees. Additionally, Capital One offers an interest-earning checking account with no monthly fees.
Discover is a trusted leading online bank offering a competitive APY of 3.60% on its Online Savings Account. The bank features a user-friendly website and highly-rated mobile apps. New customers can earn a bonus of $150 or $200 for opening their first account, based on deposit amounts. There’s no minimum deposit required, and customer support is available 24/7.
