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.
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Top 5 High-Yield Savings Accounts
1. Axos One Savings – Up to 4.86% APY
Rating: ⭐ ⭐ ⭐ ⭐ ⭐ (5.0/5.0)
Pros: The highest interest rate offered on this list from a reputable bank.
Cons: Requires monthly direct deposits of at least $1,500 to receive the maximum rate.
Insurance: FDIC, Cert #35546[2]
The Axos ONE® savings and checking bundle has it all. Put your money to work faster with early paydays. Get up to 4.86% APY* on savings (and 0.51% APY* on checking).
It’s easy to earn the boosted 4.86% APY rate for ONE Savings and 0.51% APY for ONE Checking. Just receive qualifying monthly direct deposits of at least $1,500 in total and maintain an average daily balance of $1,500 in your Axos ONE Checking account.
There are no monthly maintenance, minimum balance, account opening, or overdraft fees for these accounts.
2. UFB Direct Savings = 4.01% APY
Rating: ⭐ ⭐ ⭐ ⭐ ⭐ (5.0/5.0)
Pros: Updates rate consistently to maintain a top-tier position.
Cons: ACH transfers can take up to 5 business days.
Insurance: FDIC, Cert #35546[2]
UFB Direct offers an exceptional rate of 4.01% APY with their UFB Portfolio 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).
3. American First Credit Union = 4.40% 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 an industry best rate of 4.45%. 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 below, 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. Western Alliance High-Yield Savings = 4.35% 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 a top rate of 4.35% 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.
5. CIT Bank Platinum Savings = 4.55% 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 4.55% APY.
Platinum Savings does require $100 to open an account and a balance of $5,000 or more to receive the 4.55% 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 4.20% 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.
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.
Discover Bank Online Savings = 3.90% 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 3.90% 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.
SoFi Checking and Savings = Up to 4.00% 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 4.00% 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 Amount | Bonus |
| $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 = 4.41% 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 4.41% 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 DEPOSITS | BONUS |
| $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 = 3.90% 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 4.25% APY. That’s enough to make it one of the best rates in this post. However, the base interest rate is 3.90% 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 4.25% 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 = 4.00% 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 4.00% 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 3.11% 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)
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.
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.
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.
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:
| Bank | APY Rate | Earned Interest |
| Top Listed Bank | 4.70% | $11,750 |
| National Bank Average | 0.47% | $1,175 |
That’s a difference of $10,575!
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
Here’s another good one that pays 5% if you deposit $250 every month – a good incentive to save for a rainy day. If you miss a month, you’ll still earn 4% – not too shabby. lendingclub.com/personal-savings/high-yield-savings
As of today, 11/23/24, PIBANK – pibank.com/ – has a no-fee savings account that pays 5.5% and it is FDIC insured.
Good morning – Does anyone knows who offers the best CD rates? OZK has 7 mons CD at 4.75% while Beal has 9 mons at 4.47%. Which would be the best choice? Thanks.
Ivy Bank (ivybank.com) offers 5.3% for $2,500 or more. FDIC insured. Nationwide but not available in CA.
Ivy Bank is now down to 5%, but that’s still a great rate in today’s market.
Do you have any input on holdings for business savings? Are they legit and have you had experience with them?
While business banking accounts don’t offer the same high rate as personal savings accounts, they’re still competitive. I hold the business money in several checking accounts in this post. A lot of them have welcome bonuses between $300 to $800 too. Do you have immediate plans to spend this money down the road or is it meant to be saved for a while?
That’s not the question I asked but ok
Sorry Luke, I thought you asked if I have any opinions on business savings so I replied with what I know about them. They’re all legit, and I have accounts with all the banks in the post I linked to. If there’s something specific I missed answering, just let me know and I’d be happy to help.
cfg is 5.25%
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
Hi Mary – Yes, the CIT Platinum Savings Account offers a higher APY, but it requires a $5,000 minimum deposit whereas this list contains savings accounts that don’t require a minimum balance. You did bring up a good point, so I’ll call it out under the CIT Bank summary. Thanks for your comment!
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?
There’s no wrong choice here so it comes to a matter of personal preference if you want to bank directly or inside a marketplace. I have both and often move funds between the two.
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
Hey Nicole! Everyone is different and I understand your concerns. You need to do what you’re comfortable with.
Regarding Newtek Bank – they’re a legit bank and FDIC insured, although there are quite a lot of feedback that the bank is experiencing growing pains (slow customer service, technical online issues). But if your top priority is safety, I wouldn’t worry about my money deposited with them.
Alternatively, if you want to open an account directly with a reputable bank, you should also take a look at some others on this list. For example, Valley Bank is currently offering the highest APY outside of the Raisin-affiliated banks. CIT Bank is also direct and relatively competitive with its interest rate. Discover Bank is an extremely strong brand with solid financials.
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
Welcome back to the comments section, haha! It’s okay, these are valid questions. Personally, I have a few savings accounts that are holding money for an upcoming rental investment. The accounts I’m using are at Raisin, UFB Direct (it has the highest APY currently), and Discover Bank.
I’ve never had an issue with any of them and all of them have easy electronic transfers. In terms of transfer time, Discover Bank probably has the fastest clearing time, but we’re talking about a difference of 2-3 days vs 4-5 days at other ones.
Keep in mind you can always take your money out if you try a bank and later decide you want it at a different bank. Nothing is permanent. It’s better to let your money make more money for you ASAP 😉
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.
You’re welcome! I’m glad this post helped you in finding a better yield for your money. It’s definitely worth it to go from 3.25% to 5%. That’s 1.75% make a big difference in the long run.
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 ?
Absolutely. A HYSA acts in the same exact way as a typical bank savings account so moving funds in and out of a credit union won’t be an issue. I actually have one of my credit unions (I have many as you may have already guessed, ha) linked to the CIT Bank and everything is working as expected (transfer time, transfer setup process, etc.).
I tried to access the Western Alliance promotion supposedly offered thru Save Better. Neither Save Better nor Western Alliance could confirm its existence.
The bonus exists – I added a screenshot of the promotion details. Customer service representatives from Western Alliance and/or SaveBetter may not be aware of it since it’s offered to the end users.
Wealthfront is also a great option. 4.05% APY, no fees / unlimited transfers, and $2M FDIC insurance.
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.”
Is there a bank/credit union that consistently has one of the highest interest rates or must one frequently switch banks?
UFB Direct and Bask Bank update their rates often and are consistently at the highest rates. I do have more savings accounts (opening bank accounts doesn’t affect your credit score) and transfer money when it’s worth it.
It’s real easy to move money back and forth in some cases. For example, the rates offered by American First Credit Union, Blue FCU, and SkyOne CU are all under the SaveBetter marketplace so you can seamlessly switch between all the financial institutions.
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?
Hey Jessica, thanks for your question. SaveBetter is an online savings marketplace where most banks and credit unions offer better rates as they have to compete against one another. I think the extra interest is worth it. Personally, I opened a few CDs and a couple of savings accounts through them with no issues.
I wouldn’t worry about the security – they have been around for a long time with a great reputation. You’ll find many major financial institutions partner with them (e.g. Sallie Mae). Additionally, all your funds are FDIC insured at banks and NCUA insured at credit unions.
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.
Thanks Josh for giving me a heads up! I just saw it – update made for the SoFi APY going from 2.50% to 3.00%.
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?
If a High-Yield Savings Account (HYSA), Certificate of Deposit (CD), and Money Market (MM) are equivalent (e.g. no service or monthly fees and no early withdrawal penalties) then you should be indifferent and take the one that offers the highest rate.
Visit Bask Bank of Texas to see their EXCELLENT (FDIC insured) savings account.