5 Best High-Yield Savings Accounts of July 2024 (up to 5.27% APY)

Everyone needs a savings account, regardless if you’re in the middle class or very wealthy. You need a place to store your emergency fund or short-term savings.

A high yield savings account allows your money to grow until you need it. These accounts offer a much higher annual percentage yield (APY) compared to standard savings accounts, which typically yield just 0.47% APY[1].

The following list of accounts offer the best interest rates with no fees. I’ll also point out the pros and cons of each. All banks listed here are FDIC insured and each credit union mentioned is covered by NCUA insurance.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Top 5 High-Yield Savings Accounts

1. UFB Direct Savings = 5.25% APY

Rating:  ⭐ ⭐ ⭐ ⭐ ⭐ (5.0/5.0)

Pros: Updates rate consistently to maintain top-tier position.
Cons: ACH transfers can take up to 5 business days.
Insurance: FDIC, Cert #35546[2]

UFB Direct, an online division of Axos Bank, offers an exceptional rate of 5.25% APY with their UFB Secure Savings. This savings account features no monthly maintenance and no minimum deposit requirement. It also comes with a complimentary ATM card upon request.

This account has remained at the top of my list thanks to UFB Direct’s aggressive rate adjustments. Its digital-first banking model allows them to keep their overhead costs down and pass the savings along to its customers. I’ve been a customer for more than two years now and have been very satisfied with my experience.

FDIC insurance is covered through their parent bank, Axos Bank. I wrote an in-depth review regarding my personal experience saving money at UFB Direct (TL;DR, it’s positive).

2. Western Alliance High-Yield Savings = 5.27% APY

Rating:  ⭐ ⭐ ⭐ ⭐ 1/2 (4.5/5.0)

Pros: Unlimited number of withdrawals and revamped mobile app is quick and intuitive.
Cons: No ability to connect to third-party financial budgeting apps like Mint or YNAB.
Insurance: FDIC, Cert #57512[5]

Western Alliance Bank provides an industry best rate of 5.27% APY. You can open a savings account with as little as $1 and there are no monthly account service fees to worry about.

A notable perk of this account is the ability to make unlimited withdrawals. Although there are no longer any government regulations on the number of withdrawals you can make from a savings account in a month, most banks still impose a limit of six per month.

Ranked as the nation’s #1 top-performing bank with assets greater than $50 billion (per American Banker), your deposits are federally insured up to $250,000. This is an exclusive rate offered via Western Alliance Bank’s partnership with Raisin. Read my Raisin review to learn more.

3. American First Credit Union = 5.24% APY

Rating:  ⭐ ⭐ ⭐ ⭐ ⭐ (5.0/5.0)

Pros: No limits on the frequency of withdrawals and refreshed mobile app is quick and intuitive.
Cons: No ability to connect to third-party financial budgeting apps like Mint or YNAB.
Insurance: NCUA, Charter #68485[3]

The money market savings account from American First Credit Union provides a top rate of 5.24%. American First started in California in 1952, aiming to provide superior service to its member and the community at large.

This account, like UFB Direct, has no minimum balance requirement or monthly service fees. And like Western Alliance Bank above, it allows unlimited withdrawals, but doesn’t support connections to budgeting apps at this time. This is an exclusive rate offered via American First Credit Union’s partnership with Raisin.

4. CIT Bank Platinum Savings = 5.00% APY

Rating:  ⭐ ⭐ ⭐ ⭐ 1/2 (4.5/5.0)

Pros: Excellent customer service with live chat available 24/7.
Cons: No access to ATMs for cash withdrawals.
Insurance: FDIC, Cert #11063[4]

CIT Bank is a division of First Citizens Bank, and right now its CIT Platinum Savings account provides a rate of 5.00% APY.

Platinum Savings does require $100 to open an account and a balance of $5,000 or more to receive the 5.00% APY rate (the rate is 0.25% APY for balances less than $5k). Compare this to zero or just a $1 to open the other accounts on this list.

If you have less than $5,000 and want to stick with CIT Bank, then I would suggest their Savings Connect account instead that offers a straightforward 4.65% APY on all balance amounts. Both accounts have no minimum balance requirement.

CIT Bank lacks a debit card for their savings accounts, which means folks who need to withdraw cash in-person from time to time should look for a different account.

However, if you’re looking for an online bank with great customer service, it’s hard to beat CIT Bank. They have live chat available 24/7 and I’ve never waited long for the handful of times I needed help.

5. Discover Bank Online Savings = 4.25% APY

Rating:  ⭐ ⭐ ⭐ ⭐ 1/2 (4.5/5.0)

Pros: Large financial services company with $130 billion in total assets.
Cons: APY offered is generally ~1% less than market leader.

Discover® Bank is the fourth biggest issuer of credit cards, but not many people realize they have traditional banking services. In fact, Discover offers a compelling high-yield savings account.

Right now, you can earn a 4.25% APY with the Discover® Online Savings Account. While it doesn’t offer the absolute highest rates for a savings account, you’ll sleep easy knowing that you’re saving money at a bank with a great reputation and security.

Discover has recently allowed customers to use a single sign-on for credit cards and banking, streamlining a person’s ability to manage their finances. This is a net positive as it eliminates the need to keep track of different usernames and passwords.

Honorable Mentions

The following banking products didn’t quite make it into the top five list, but they deserve to be mentioned due to a valuable feature, benefit, or perk that isn’t common for savings accounts.

SoFi Checking and Savings = Up to 4.60% APY + $325 Bonus

Rating:  ⭐ ⭐ ⭐ ⭐ 1/2 (4.5/5.0)

Pros: Offers a $325 bonus to open an account and complete direct deposit requirements. Best mobile app on this list – bank account integrates flawlessly with other SoFi products and services.
Cons: Requires recurring monthly direct deposits to receive the best rate. No ability to connect to third-party financial budgeting apps like Mint or YNAB.
Insurance: FDIC, Cert #26881[7]

SoFi was originally known for providing competitive student loan refinance rates, but has since become a chartered bank and offers a combo account called SoFi Checking and Savings. With this account, customers earn a base rate of 1.20% APY on the savings account, but the rate is boosted to 4.60% APY once you make a monthly direct deposit of any amount.

The best feature of this account is the $325 welcome bonus for new customers when they open a SoFi Checking and Savings account and set up qualifying direct deposits. This is also valid for existing customers that haven’t previously made a direct deposit into their account.

Get a $25 bonus once you successfully open an account and deposit at least $50 within 14 days of account opening. Then, receive another checking bonus up to $300 based on your total direct deposit amount. The more you deposit, the bigger your sign-up bonus:

Deposit AmountBonus
$1,000 – $4,999.99$50
$5,000+$300

Visit the SoFi Promotions page for full details of the sign-up bonus.

Upgrade Premier Savings = 5.21% APY + $200 Bonus

Rating:  ⭐ ⭐ ⭐ ⭐ 1/2 (4.5/5.0)

Pros: Great bonus currently available for new savings customers and generous transfer limit compared to competition.
Cons: Requires a minimum of $1,000 to earn the rate.
Insurance: FDIC, Cert #58410[6]

Upgrade is a financial technology company that offers a savings account called Premier Savings, which earns a competitive 5.21% APY on balances of $1,000 or more. Plus, right now you can earn a welcome bonus up to $200 for opening an account and making the required deposit amount:

TOTAL DEPOSITSBONUS
$15,000 – $29,999$50
$30,000 – $49,999$100
$50,000+$200

In addition to no monthly account fees, Premier Savings has a generous online transfer limit of $100,000 to and from other banks. Deposits are held at Cross River Bank, Member FDIC, and are insured up to $250,000.

Be sure to read this post for important information on the Upgrade promotion. I made a combined $700 just for opening bank accounts with Upgrade! (the $500 bonus offered on this savings account during the previous time period and $200 from their checking account).

Marcus by Goldman Sachs = 4.75% APY

Rating:  ⭐ ⭐ ⭐ ⭐ (4.0/5.0)

Pros: Absolute highest yield available in ranking list.
Cons: Requires additional steps to receive maximum yield.

Marcus by Goldman Sachs is a high-yield savings account that can reach up to 4.75% APY. That’s enough to make it the best rate in this post. However, the base interest rate is 4.40% APY and requires customers to jump through a few hoops to get to the maximum rate.

You can get a 0.25% APY boost for three months when you open an account through someone’s invitation link and continue to receive a three-month 0.25% APY bonus for each person you refer who opens an account of their own. Plus, earn an additional 0.10% APY bonus for being an AARP member.

In total, you can earn up to a 4.75% APY. Keep this rate beyond the initial three months by inviting a friend or family to open a Marcus savings account using your referral link.

American Express High-Yield Savings = 4.25% APY

Rating:  ⭐ ⭐ ⭐ ⭐ (4.0/5.0)

Pros: Established brand with sound financials, occasionally offers an account opening bonus.
Cons: APY offered is generally ~1% less than market leader.

American Express® High-Yield Savings Account offers an above average 4.25% APY, no minimum balance or monthly service fees, and 24/7 customer support with the

There’s no limit to the number of deposits you can make into the high-yield savings account, and you can withdraw or transfer money a maximum of nine times a month, which should be more than enough for savers.

You can easily connect an external bank account within minutes and make seamless transfers between your linked accounts. Transfers generally take less than 24 hours to complete.

American Express is not only my favorite financial services company – it’s the one I trust the most. I’m a cardholder of many of their consumer credit cards and business charge cards, and a banking customer of both personal and business savings accounts.

Ranking Methodology

My overall ratings for high-yield savings accounts are calculated as weighted averages of ratings in the following categories:

  • APY rate (80%)
  • Account fees (10%)
  • Bank experience and access (10%)

The high weighting of the APY rate at 80% in my scoring formula reflects the fact that, for most people, the primary intent when searching for a high-yield savings account is to find the highest possible interest rate.

Account fees (10%) considers if an account requires a minimum balance or assesses a monthly service fee. Bank experience and access (10%) takes into account the ease-of-use.

It’s important to note that I currently have or previously had an account at every financial institution listed. I believe my first-hand experience makes me uniquely qualified to inform readers.

Before Savings Accounts, Consider I Bonds

I’d be remiss not to mention I Bonds, which are savings bonds issued by the U.S. Department of the Treasury and fully backed by the full faith and credit of the U.S. government. Currently, I Bonds are paying a 5.27% APY. Interest rates are determined by inflation – while inflation is bad for the economy, it’s great for I Bonds.

Keep in mind you can only buy up to $10,000 per calendar year and I Bonds have a minimum one year holding period, but they make a great option for a short to medium-term emergency fund or a place to park your cash. If you need your funds in a highly liquid account though, then it’s hard to beat a HYSA.

Frequently Asked Questions (FAQs)

What’s the best place to put money in for the long-term?

The short answer is the stock market. It’s the best place to accumulate wealth over the long-term, especially for those who are younger with many years left to invest.

But the right answer for you depends on your age, risk appetite, and money goals.

High-yield savings accounts are a compelling option right now due to increasing interest rates and risk-free growth.

What’s the difference between a high-yield savings account vs a traditional savings account?

A HYSA is simply a better version of a traditional savings account. The major banks offer a really low APY (the national average right now is 0.47%). Compare that to the best HYSAs that offer more than 12x that rate.

The only drawback (and this is being nitpicky) of a HYSA vs a regular savings account is the additional time it takes to withdraw your money. Since there’s no place to physically go to withdraw money, you have to first transfer it to a traditional bank account which can take between 3 to 5 business days.

Should I open more than one savings account?

In my opinion, you should open at least two savings accounts. One should be a “hub” for your money that has high transfer limits and fast transfer times.

I recommend using Discover Online Savings Account as one of your hub accounts. It has an incoming transfer limit up to $250,000 per 30-day rolling period and an outgoing transfer limit up to $250,000 per 30-day rolling period, per registered Account Center owner (limits are subject to a combined incoming/outgoing limit of up to $300,000 per 30-day rolling period).

Compare that to most banks that have a limit of $5,000 or $10,000 per day.

The second one should be a bank account that earns you the best interest rate for your money. That could be any of the high-yield savings accounts listed here that best fits your needs.

What else should I know before opening a bank account?

Check to see if there are any account fees as that could eat up the interest you’ve earned. Make sure the bank is FDIC insured (all the financial institutions in this post are).

As you narrow down on which bank account to open, check to see if there’s a bank bonus. Some banks offer a sign-up bonus for opening an account as an incentive to try them out.

The Bottom Line

Interest rates on savings accounts fluctuate over time so I’ll constantly update this list.

If you’re wondering if it’s worth switching bank accounts for a better rate, my answer is yes. It’s free money and the difference in the amount of interest you’d earn only gets bigger over time.

For example, I recently deposited $250,000 to the highest APY savings account on this list. Here’s my analysis of how much interest I’ll earn over the next 12 months compared to the average national bank:

BankAPY RateEarned Interest
Top Listed Bank5.25%$13,125
National Bank Average0.47%$1,175

That’s a difference of $11,950!

From my years of observing rate changes, I’ve noticed that UFB Direct and banks that partner with Raisin have consistently updated their rates to be at or near the top of the scale.

Other banks like Ally Bank, American Express, and CIT Bank have been known to offer competitive interest rates for many years too. Their rates will also fluctuate, but they will likely always be a good rate.

There’s an advantage to sticking with a few banks that have a consistent track record of giving good interest rates since some of the top rates might be bait-and-switch. They reel you in with a high rate and then lower it hoping you don’t make the effort to switch (or even notice).

While I always advise people to move their money to a bank account with the highest interest rates, the process of “rate chasing” can be time-consuming.

Personally, to make this process easier, I use a hub account where I temporarily hold my money (I use Discover because of its generous monthly transfer limits) and transfer funds back and forth from it to different savings accounts as rates adjust.

Is there an account I’m missing that provides an awesome rate and a great customer experience? Let me know so I can research and potentially add it to this list!

1. FDIC. National Savings Rates Index, Retrieved 3/18/2024

2. FDIC. Axos Bank FDIC Cert #35546, Retrieved 5/1/2024

3. NCUA. American First Credit Union NCUA Charter #68485, Retrieved 12/1/2023

4. FDIC. First-Citizens Bank & Trust FDIC Cert #11063, Retrieved 1/6/2024

5. FDIC. Western Alliance Bank FDIC Cert #57512, Retrieved 7/3/2024

6. FDIC. Cross River Bank FDIC Cert #58410, Retrieved 5/1/2024

7. FDIC. SoFi Bank #26881, Retrieved 5/22/2024

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

Subscribe
Notify of
guest
30 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Lucas L
Lucas L
2 months ago

Do you have any input on holdings for business savings? Are they legit and have you had experience with them?

Lucas L
Lucas L
2 months ago
Reply to  John Pham

That’s not the question I asked but ok

Pam
Pam
5 months ago

cfg is 5.25%

Mary H
Mary H
6 months ago

Hey, John
I just opened a Platinum Savings account with CIT and they are now offering 5.05% APY with no fees. It’s not the top deal, but better than the 4.65% posted in this article. Cheers, Mary

Lenny
Lenny
9 months ago

Thanks for this list, John. I’m 50/50 on opening a savings account with UFB Direct or Raisin (Western Alliance). If you wanted to open just one account, which one would you recommend?

Nicole
Nicole
11 months ago

Hi John,

Thanks for this list and sharing your personal experiences. Do you have an opinion on Newtek Bank, currently offering 5.15% APY for their Personal High Yield Savings? I would prefer opening an account directly with the bank. I’ve considered one of the high yield savings accounts via Raisin, but I’m still nervous about using a third party (yes, I read your review on Raisin).

Thanks,
Nicole

Nicole
Nicole
11 months ago
Reply to  John Pham

Thanks again, John! I still haven’t made a decision. Lol. My money is currently in a high yield savings account at a credit union, but they’re rate is a measely 3.75%. When reading reviews for the banks with the highest rates, it seems the negative reviews are consistently about holds/length of time to transfer money, transfer limits, and other roadblocks to accessing funds. It’s very worrisome to hear people not being able to get to their money easily. Do you have a recommendation of a place that has a good rate AND also makes tranfering money in and out easy? Maybe I’m asking for too much!

-Nicole

Jillian
Jillian
1 year ago

Thank you for making this list, John! I was saving money at a credit union earning 3.25% and thought that was the best rate available. It was much higher than any rate my friends were getting at their banks, but I see now that there are much better HYSAs out there.

Danny
Danny
1 year ago
Reply to  John Pham

John,
If I open a HYSA can I transfer funds ,when needed, to a credit union savings account as easy as another bank savings account ?

William C Gabelman
William C Gabelman
1 year ago

I tried to access the Western Alliance promotion supposedly offered thru Save Better. Neither Save Better nor Western Alliance could confirm its existence.

Jay
Jay
1 year ago

Wealthfront is also a great option. 4.05% APY, no fees / unlimited transfers, and $2M FDIC insurance.

Roger Bennett
Roger Bennett
1 year ago
Reply to  Jay

You have misrepresented the relationship between the FDIC deposit insurance coverage and the gaping holes that exist between the depositor and the non-bank entity, Wealthfront. Here’s what Wealthfront has to say about it, and they minimize the risk taken when you choose to “deposit” any amount of money with Wealthfront. Their contention that funds you entrust to them as your fiduciary eventually make it to an FDIC insured institution, but that should NEVER be represented as any sort of guarantee that your deposits at Wealthfront are, in fact, fully and continuously insured by the Federal Deposit Insurance Corporation. “Clients sometimes ask us if their money is protected while it’s in transit to or from a partner bank, and the answer is yes. This rarely comes up because we sweep your cash to our partner banks on the same day we receive it. But even if your funds take a day to arrive, they’re still well protected because our Cash Account is offered by Wealthfront Brokerage, a federally registered broker-dealer, and therefore includes Securities Investor Protection Corporation or SIPC insurance. SIPC insurance covers up to $250,000 of your cash while it’s on its way to a partner bank, so you’re protected even before FDIC insurance kicks in.”

Gary
Gary
1 year ago

Is there a bank/credit union that consistently has one of the highest interest rates or must one frequently switch banks?

Jessica
Jessica
1 year ago

Is it concerning that if I go to American First CU site directly, I can’t get this 4% MM rate, but can only get it by going through SaveBetter, a third party? This feels like an extra security risk to add a “middle man” so to speak. What are your thoughts?

Josh
Josh
1 year ago

sofi just sent out an email that they are going to 3% on savings on 11/3. I can forward you the email if you would like.

Johnny
Johnny
1 year ago

Thank you for the I Bond tip! I’m going to put $10k into these bonds and looking over this post, I plan on moving my cash over to a HYSA or MM. Which account should I choose for about $50k investment?

Ferenc Szita
Ferenc Szita
1 year ago
Reply to  Johnny

Visit Bask Bank of Texas to see their EXCELLENT (FDIC insured) savings account.