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10 best high-yield savings accounts

Fact Checked: Scott Birke

🗓️

Updated: May 06, 2024

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It can be hard to see right now, but there is an upside to rising interest rates: high savings rates. While high rates can make it harder to pay down debt, they can also help you grow your nest egg in a high-yield savings account.

With the stock market seeing ups and downs in 2023, high-yield savings accounts are becoming a popular savings account option for those looking for security, with some modest earnings.

But which is the best high-yield savings account for you? We have done the research and found some of the highest savings accounts rates available, including those with interest rates above 4%. That's a pretty healthy return on your savings. This guide provides a comprehensive list of some of the best high-yield savings accounts and highest savings accounts rates and helps you pick the right one for you.

Best high-yield savings accounts

Varo Savings Account

Quick Facts

Annual percentage yield: 3% to 5%

Minimum deposit: $0

Monthly maintenance fee: $0

Why we like Varo Savings Account

Best high-yield savings account overall

If you’ve never heard of Varo Bank you might just be sleeping on this digital bank. While they offer many financial services from checking accounts, to cash advances and secured credit cards, their high-interest savings account really stands out. 

The Varo Savings Account offers several perks, including one of the highest APYs we've seen, no fees or balance requirements, and automated savings tools. The savings rates are particularly attractive, starting at 3% APY. That’s pretty good but you can also earn 5% APY on up to $5,000 by meeting a couple of simple requirements.

1. You’ll need to set up direct deposits totalling $1,000 or more.

2. Make sure you have a positive balance in  your accounts at the end of the month.

Sure there’s a couple extra steps to get that higher-interest savings rate, but Varo could be a great place to stash your emergency savings or even a home down payment. It’ll be safe, sound and growing in no time.

One potential downside is that you’ll need to open a Varo Bank account first before you can get access to their best high-interest savings account. 

Depositing and withdrawing funds can be done through the Varo Bank app, from another bank’s site, with their mobile check deposit feature or digital wallets like PayPal and Venmo. This digital bank has no physical locations, but if you need to deposit cash, you can do so at Allpoint locations like Target and CVS. If you want to take money out, you’ll need to transfer money to your checking account or another institution first before you can withdraw it from an ATM or bank branch. 

Like a traditional bank, Varo Bank provides FDIC insurance to protect your funds, up to $250,000 per depositor, per institution.

360 Performance Savings Account

Quick Facts

Annual percentage yield: 4%

Minimum deposit: $0

Monthly maintenance fee: $0

Why we like 360 Performance Savings Account

Best for high savings interest rate

The Capital One 360 Performance Savings Account is a great choice for those who want a free savings account with strong rates. Who isn’t looking for that? 

With a competitive interest rate of 4% APY, there’s no minimum amount required to open this account, and you’ll pay no fees, which means you’ll keep all the money you earn. 

With Capital One, you can also set up multiple high-yield savings accounts with different financial goals in mind. The same high savings rate applies to all of them, no matter how big or small.

Users really love Capital One’s app, which boasts high ratings from millions of iOS and Android users. It offers a simple process to transfer money between accounts and banks, set up automatic transfers and deposit checks. 

It takes about five minutes to set up an account online, but you can also do it in person at a bank branch or Capital One Cafe. In fact, Capital One has hundreds of branches, which is rare for online institutions, many of which don't offer any branches at all.

Cornerstone Money Market Savings Account

Quick Facts

Annual percentage yield: 4.88%

Minimum deposit: $100

Monthly maintenance fee: $0

Why we like Cornerstone Money Market Savings Account

Best high-yield savings account for no fees

Vio Bank is a great option for those who want a high-interest savings rate, with no frills or fees. The digital bank’s Cornerstone Money Market Account offers a highly competitive interest rate of 4.88% APY.

This money market account is more like your traditional high-yield savings account, in that it doesn’t offer checks or debit cards. You do, however, have a pretty solid interest rate, with no monthly fees eating away at your earnings.

One downside is that you’re limited to six withdrawals per month. After that, you’re looking at $10 for each withdrawal. The fee is steep, but if you’ve been struggling to save, this just might be the incentive you need.

Plus, you can deposit up to $25,000 per day via online transfer and $100,000 per day in checks using the app. They are FDIC insured, so your deposits are protected up to $250,000.

Vio Bank doesn't have an ATM or branch network, but internal transfers between your Vio accounts are instant. Yet, you may wait up to five business days for external transfers to be deposited.

While there are no live chat options, customer service is available via phone, seven days a week.

> MORE: Compare the best savings accounts

CIT Platinum Savings Account

Quick Facts

Annual percentage yield: 5.0% on balances of $5,000 or more

Minimum deposit: $100

Monthly maintenance fee: $0

Why we like CIT Platinum Savings Account

Best humanized banking experience for high balances

If you have a stash of money to put into savings, the CIT Platinum Savings Account could be a great choice. This high-yield savings account has a 5.0% APY on balances of $5,000 or more and there’s no account opening or monthly maintenance fees—plus, it only takes about five minutes to open an account.

It’s easy to bank, either online or with CIT’s mobile app. Through the app, you can deposit checks remotely, move money between your CIT accounts and transfer funds to accounts at other institutions.

Although it’s an online-only account, CIT provides the “best humanized experience in banking” of U.S. financial institutions according to a 2022 survey by American Banker. Consumers gave the bank high scores for attributes that drive customer satisfaction and loyalty.

Potential downsides? Balances less than $5,000 only earn 0.25% APY and you won’t get a debit card or be able to withdraw funds directly. That being said, it’s easy to transfer money to another account from which you can withdraw funds.

And with CIT, you can be confident that your money is safe. CIT is a division of First Citizens Bank, which has been around for 125 years and is one of the top 20 banks in the U.S. by assets. And, as a member of the FDIC, it means your deposits are insured up to $250,000.

CIT Savings Connect Account

Quick Facts

Annual percentage yield: 4.65%

Minimum deposit: $100

Monthly maintenance fee: $0

Why we like CIT Savings Connect Account

Best humanized banking experience for new savers

If you’re just starting to save or aren’t sure you can maintain a high balance in your account, the CIT Savings Connect Account may be the right fit. This high-interest savings account offers a competitive APY of 4.65% on any balance and has no monthly maintenance fee.

Like the CIT Platinum Savings Account (see above), it’s an online-only account, takes only about five minutes to set up and requires just a minimum deposit of $100. Since CIT is a division of First Citizens Bank, which is a member of the FDIC, your deposits are insured up to $250,000.

State Exchange Bank Savings Account

Quick Facts

Annual percentage yield: 5.05%

Minimum deposit: $1

Monthly maintenance fee: $0

Why we like State Exchange Bank Savings Account

Best HYSA for diversifying your Raisin portfolio

Not only does this high-interest savings account come with a highly competitive APY of 5.05%, it only requires a minimum deposit of $1. Plus, there are no monthly maintenance fees and no limits on the number of transactions you can make, though you may need to give the bank up to seven days' written notice before you make a withdrawal or transfer. State Exchange Bank is a member of the FDIC, so your deposits are insured up to $250,000.

This account is available through Raisin, a digital storefront that allows you to access a variety of deposit products through a single account. Once you create an account on the Raisin platform, you have access to deposit accounts from 40 FDIC-insured banks and National Credit Union Administration (NCUA)-insured credit unions.

With a single no-fee Raisin account, you can hold savings products from multiple financial institutions and manage your deposits through the online platform or mobile app, from which you can view your account balance, rebalance your portfolio, transfer funds or add new products.

If you have more than $250,000 to deposit, Raisin can be a helpful tool. FDIC provides insurance of up to $250,000 per depositor, per institution. But with Raisin, it’s easy to allocate your deposit across multiple institutions.

The downsides to Raisin? You have no access to ATMs and you can’t directly deposit or withdraw funds, so you’ll need to transfer the funds to a linked bank account—which can take one to three business days for completing deposits and withdrawals. Also, you can’t link a Raisin account to third-party personal finance or budgeting apps.

Western Alliance Bank High-Yield Savings Premier

Quick Facts

Annual percentage yield: 5.36%*

Minimum opening deposit: $500

Monthly account activity or maintenance fee: $0

*5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.

Why we like Western Alliance Bank's High-Yield Savings Premier

Best high-interest rate

Western Alliance’s savings account offers an APY of 5.36%, which, according to the bank, is 12 times higher* than the national average. Plus, you can get an account with a minimum opening deposit of $500, with no account activity or maintenance fees.

You’ll also be banking with a well-regarded financial institution. With more than $70 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies and has received major accolades including being ranked as a top U.S. bank in 2022 and 2023 by American Banker and Bank Director. Western Alliance Bank has also been ranked #1 top-performing large bank with assets $50 billion and above for 2023 by American Banker.  Western Alliance Bank is a member of the FDIC, so your deposits are insured up to $250,000.

*Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 2/20/2024. See the FDIC website for more information.

Liberty Savings Bank High-Yield Savings Account

Quick Facts

Annual percentage yield: 4.60%

Minimum deposit: $1

Monthly maintenance fee: $0

Why we like Liberty Savings Bank High-Yield Savings Account

Best HYSA account for giving back to the community

This high-yield savings account—also available through Raisin—has a competitive APY of 4.60%, with no maintenance fees and a minimum deposit of just $1. As with all Raisin partners, Liberty Savings Bank is a member of the FDIC, so your deposits are insured up to $250,000.

For those who want to choose a bank that gives back, Liberty Savings Bank is a family-owned community bank that prides itself in donating time and money to good causes, including Habitat for Humanity, the Salvation Army and many other local organizations.

UFB Direct High Yield Savings Account

Quick Facts

Annual percentage yield: 5.25%

Minimum deposit: $1

Monthly maintenance fee: $0

Why we like UFB Direct High Yield Savings Account

Best HYSA account for easy access to your funds

This is a great choice for anyone who wants the benefits of a high-yield savings account with easy access to their funds. There’s no minimum deposit required, and no maintenance or service fees, but you still get a highly competitive APY of 5.25%.

Unlike many other savings accounts, the UFB Direct High Yield Savings Account comes with an ATM card in addition to online and mobile banking that includes remote check deposit. And if you happen to need access and don’t have Wi-Fi, you can use SMS to access your account features.

When banking online or through the app, UFB provides additional peace of mind that your funds are secure through the UFB Online Safety Guarantee. This means UFB will cover 100 percent of any losses due to break-ins or funds that are lost, misplaced, or taken out of your account without your authorization, subject to terms and conditions.

UFB Direct is a division of Axos Bank, which is a member of the FDIC, so your deposits are insured up to $250,000. If you have more than $1 million in savings, you may be able to take advantage of InsureGuard+ Savings to expand FDIC coverage up to $175 million in deposits with IntraFi Network Deposits. Through this program, deposits are sent to deposit accounts at other member institutions in amounts under the FDIC insurance maximum of $250,000 per depositor, per institution.

Quontic High Yield Savings Account

Quick Facts

Annual percentage yield: 4.50%

Minimum deposit: $100

Monthly maintenance fee: $0

Why we like Quontic High Yield Savings Account

Best for keeping you on track with your savings

Quontic comes highly recommended—this year, Quontic Adaptive Digital Bank made the Forbes list of best online banks and the Bankrate list of best savings accounts.

Perhaps the best feature of this account is surcharge-free access to 90,000+ ATMs across the U.S. Yet, it still has a competitive APY of 4.50%, without any maintenance, overdraft and non-sufficient funds fees.

The Quontic High Yield Savings Account is meant to be a savings account, which is a good thing. For example, the online banking platform and mobile app include features like remote check deposit, bill payments, account transfers and receipt tracking.

But, this can also be a downside if you need to make frequent transactions in your account. For example, you can only make up to six pre-authorized withdrawals, transfers, checks, drafts and debit card transactions from your account every month or statement cycle. If you exceed this, there’s a $10 excess transaction fee for every additional transaction—which can quickly add up. So, if that’s the case, you may be better off switching to a transactional account.

Quontic is also a member of the FDIC, so your deposits are insured up to $250,000.

What is a high-yield savings account?

A high-yield savings account typically offers a higher interest rate, often between 0.5% and 2% APY, which is a lot higher than the average savings account interest rate of 0.35%. In addition to the higher interest rate, high-yield savings accounts usually have fewer fees and lower minimum balance requirements than traditional savings accounts.

Along with the Fed rate, interest rates on high-yield savings accounts have been on rise, hitting between 3% and 5% APY for the best HYSA accounts. This is some of the highest rates we’ve seen since the 1980s when they climbed to 8%.

How does a high-yield savings account work?

A high-yield savings account is a type of bank account that allows you to hold and earn high interest rates on your deposits. When you open one of these savings accounts, you deposit money into the account and the bank pays you interest on the balance. The interest rate varies depending on the bank and the account, but is typically higher than a checking account. 

High-interest savings accounts are a safe place to store your money, because they are typically FDIC-insured, which means that deposits are protected up to $250,000 per depositor, per institution. Money deposited into high-interest savings accounts typically isn’t invested, and you can withdraw money any time. Some banks may have limits on the number of transactions you can make per month, or charge fees for transactions. It's important to be aware of any fees associated with the account, as well as any minimum balance requirements.

High-yield savings account terms to know

  • Annual percentage yield (APY): The APY is the interest rate you earn on the money in  your account over the course of a year. It takes into account compound interest. Look at APY’s when you are comparing highest yield savings account options to get a sense of how much you’ll earn.
  • Minimum balance requirement To avoid fees or to earn interest, some high-yield savings accounts need you to maintain a minimum balance. Keep this mind when you are comparing high-interest savings accounts.
  • FDIC insurance: The Federal Deposit Insurance Corporation (FDIC) insures deposits made in banks and savings institutions up to $250,000 per depositor, per institution. That means that your savings will be protected if something happens to the bank or institution. It's important to ensure that your high interest savings account is FDIC-insured to protect your deposits.
  • Monthly maintenance fees: While many high-interest savings accounts offer $0 fees to remain competitive, others do charge a monthly fee for holding on to your money. It's important to be aware of any fees before opening an account, because the amount can eat into your savings.
  • Limitations on transactions: Some high-yield savings accounts have a cap on the number of transactions you can make each month. These limits can include restrictions on withdrawals, transfers, or deposits. It's important to understand these limitations, as there may be fees or penalties associated with exceeding them.

Benefits of high-yield savings accounts

  • Highest savings account rates
  • Low fees
  • No or low minimum balance requirements
  • FDIC-insured
  • Additional benefits such as automated savings tools, mobile check deposit, and strong mobile app experiences

Are there monthly fees with high-yield savings accounts?

Here are some of the most common fees associated with high interest savings accounts:

  • Monthly maintenance fees
  • Overdraft fees
  • ATM fees for out-of-network withdrawals
  • Excessive withdrawal fees
  • Minimum balance fees
  • Account closure fees
  • Paper statement fees
  • Foreign transaction fees

High-yield savings account FAQs

  • What do you need to open a high-yield savings account?

    +

    Like other bank accounts, to open a high-yield savings account in the United States, you’ll need to provide personal identification like a driver's license or passport, and a Social Security number. Additionally, some institutions could require you to show proof of address and proof of income. You may also need to deposit a minimum amount or pay fees to open the account.

  • Are there alternatives to a high-yield savings account?

    +

    If you are looking for bank accounts that offer high interest rates, certificates of deposit (CDs) are another option.

    However, CDs typically require a higher minimum deposit and have a fixed term length. That means your money must stay in the account until your term is up, or else you’ll have to pay penalties.

    Money market accounts can offer high interest rates, but they require a higher minimum balance and have limits on the number of transactions you can make per month.

    Lastly, some checking accounts do offer high interest rates, but often come with requirements, such as a minimum number of transactions per month or direct deposit setup.

  • Do the interest rates change over time with a high-yield savings account?

    +

    If you sign up for a bank purely based on their high-interest savings rate, you should know that it likely won’t last forever. Interest rates fluctuate based on many factors including the Federal Reserve's monetary policy, the economy and competition between banks.

    Banks can change their interest rates anytime and some do raise or lower them more often than others. They also may have promotional offers for a short period of time. Keep an eye on the interest rates your accounts have, and compare options to make sure you are earning the best return.

Methodology: Best HYSA accounts

Product rankings for the best high-yield savings accounts are determined by the Moneywise editorial team and are based on factors and features that everyday users care about most. We adhere to strict standards of editorial integrity to help you make decisions with confidence. The products featured in this article were independently selected, but please be aware that some products and services linked in this article are from our sponsors.

Moneywise rates products and services on a sale of 1 to 5 stars, where 5 stars is the best rating possible. Ratings are rounded up to the nearest 0.5 of a star. 

Our rating system for the best HYSA accounts is based on the factors that mean the most to the everyday user.

These factors include:

  • Account minimums
  • Account fees or penalties
  • Highest interest rates
  • Account types
  • FDIC insurance
  • Customer support
  • Ease of sign-up
  • App or bank user experience
  • Ease of deposits and withdrawals
  • Additional features

We collect data from providers' websites, by using the services and watching demonstrations as required. The data is analyzed and the result is a star rating. Each factor is weighted depending on the category in which the product is being evaluated, in order to ensure it meets the needs of different users.

Our goal is to provide an independent review, and give you the information you need to make a decision on which product or service is best for you.

Vawn Himmelsbach Freelance Contributor

Vawn Himmelsbach is a journalist who has been covering tech, business and travel for more than two decades. Her work has been published in a variety of publications, including The Globe and Mail, Toronto Star, National Post, CBC News, ITbusiness, CAA Magazine, Zoomer, BOLD Magazine and Travelweek, among others.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.