10 Best High Yield Savings Accounts

High Yield Savings Account If you ‘re looking to get a better matter to rate on your savings, you need to find the best high return savings account out there. high yield savings accounts are democratic because they typically pay more than a traditional bill. You normally find the best high output savings accounts at on-line banks, since their overhead is lower. They then pass that savings on to you in the class of higher matter to on your money ! We break down our favorite high output savings accounts, a well as provide a list of the best savings accounts casual in our table that updates casual. Given that interest rates change casual, make certain you check the postpone to get the best rates. Plus, respective of the banks on our list have awesome bonus offers. When you combine the bonus with an already gamey APY, you win !

Promo: CIT Bank Money Market Account Right nowadays, you can open a CIT Bank Money Market, earn 0.55 % APY on your money, AND get 1 year of FREE Amazon Prime ( a $ 139 value ). Check our CIT Bank here > >

Our Picks Of The Best Savings Accounts

here ‘s a quick breakdown of the best savings accounts for your money correctly now. note : The savings offers that appear on this web 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 rate in which they appear ). The College Investor does not include all savings companies or all savings offers available in the marketplace .

The Full List Of Top Savings Account Options

We evaluate savings accounts based on their annual percentage rate ( the interest you receive ), the minimum remainder 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 give savings accounts.

1. Discover Bank

Discover Bank has been around for a long time on-line, but not many people realize they have a bank beyond their credit cards. In fact, Discover is an incredibly robust bank with a capital high gear output savings account vitamin a well ! right now, you can earn 0.50% APY. Their account has no minimum balance requirements, and no fees ! Bonus Offer: You can get a bonus of up to $ 200 when you apply for your first base Discover Online Savings Account, on-line, by call, or via the Discover App using the code TCI222. You must apply by June 15, 2022, fund the report within 30 days of opening it, and complete the qualify activities within 30 days of opening. See advertiser web site for full details. To qualify, you must do the follow to earn one of the bonus offers :

  • $150 Bonus: Deposit into your account a total of at least $15,000
  • $200 Bonus: Deposit a total of at least $25,000

Remember, depository must be posted within 30 days of explanation open date. Maximum bonus eligibility is $ 200. Open an Account here >> What to know : offer not valid for existing or anterior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary report owner. Account must be open when bonus is credited. Bonus will be credited to the score within 30 days of the history qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/22, 11:59 PM ET. offer may be modified or withdrawn without notification. Read our fully Discover Bank review here. Open an account here >> Earn up to a $ 200 bonus !

2. Liberty Savings Bank

Liberty Savings Bank was founded in 1889, and is a family-owned residential district deposit in Ohio. It ‘s a great option if you ‘re looking for a high move over savings account that is n’t run by a huge pot ! And, of course, your funds are FDIC insured. right nowadays you can earn up to 0.56%  APY with no monthly maintenance fees. This history requires just $ 1 to open, and has no minimal balance requirements or monthly alimony fees. Read our entire Liberty Savings Bank review here.
Open an account here >>

3. Quontic Bank

The Quontic High Yield Savings Account is a clear woof because of their amazing rate and the fact that they are one of the only FDIC-insured banks with a CDFI appellation. right now you can earn up to 0.75%  APY with no monthly maintenance fees. You besides get a capital fluid app and mobile check depository. This history requires good $ 100 to open, and has no minimal balance requirements or monthly care fees. Read our full Quontic Bank revue here. Open an account here >>

4. CIT Bank

The CIT Bank Savings Connect is one of our top accounts because they systematically have one of the highest sake rates offered to consumers. besides, their platform in incredibly comfortable to use, with the ability to sign up and get started in minutes. This account is a combination check and savings account – when you link them together, and you get to earn the highest interest rate : 0.60 % APY. right nowadays you can earn up to 0.60% APY. There are no gimmicks with CIT Bank – you earn sake on your entire libra, and you have a depleted minimum to get started. Read our full CIT Bank review here. Open an account here >>

5. Axos

The Axos High Yield Savings Account is presently one of the top picks, with fair a $ 250 minimum to get started. Axos systematically has one of the highest rates available at an on-line bank ! correct now you can earn up to 0.61% APY. There are no monthly explanation minimums, care fees, and more. Read our full AXOS Bank review here. Open an account here >>

6. Barclays Bank

Barclays Bank has a fairly standard on-line savings account that ‘s highly comparable to other high concede on-line savings accounts on this list. Unlike others on this list, there is no minimum balance wheel required to open an history with Barclays. They are about as traditional a bank as you get. Plus, they besides do n’t charge any monthly fees as well. right immediately you can earn 0.55% APY. Read our full Barclay ‘s Bank review here. Open an account here >>

7. PenFed

PenFed ( which stands for Pentagon Federal Credit Union ) is a nationally credit union that primitively was focused on military members and their families. however, today you do n’t have to be in the military to join – and there are multiple ways you can do it. But given they are a credit marriage, you can get big rates and accounts ! right immediately, you can earn 0.60% APY. Their account has just a $ 5 minimum to open, and no monthly sustenance fees ! Read our full moon PenFed Credit Union review here. Open an account here >>

8. Marcus by Goldman Sachs

Marcus by Goldman Sachs is a great choice for people looking for a top notch high concede savings account. With systematically high gear 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 do n’t offer mobile check deposit, which could make it difficult if you have an “ old fashioned ” check to lodge. justly now you can earn 0.50%  APY. otherwise, check out Marcus to earn top rates. Read out wide Marcus by Goldman Sachs revue here.

9. Capital One

capital One is credit card caller that has besides become known for having lead pass bank products. This includes having an highly competitive on-line savings account. Plus, if you already use Capital One 360 for early products, it could be an easy fit. veracious immediately you can earn 0.40% APY. They lone have $ 0 minimal to open, and no monthly report sustenance fees. Read our full Capital One 360 Bank Review here .Capital One Logo

10. American Express

American Express is more than a credit card company. American Express has Amex Savings, which systematically pays a top rate. It may not always be the best on this list, but it systematically is near the lead, and that does n’t change a lot. Plus, if you already use American Express for other products, it could be an easy fit. right now you can earn 0.50% APY. They only have $ 1 minimum to open, and no monthly bill alimony fees .Read our full
Read our entire American Express Bank Review here Amex Savings Logo 2022

More Accounts To Consider

These accounts are still great choices to consider for your money, and as interest rates, fees, and minimums change, you might see them in our top ten choices !

Ponce Bank

Ponce Bank is a smaller bank located in New York and New Jersey that has been expanding its on-line presence. They offer a hearty high concede savings account that rivals some of the best on-line banks. right nowadays you can earn 0.75% APY  on your high yield savings. The great thing is that you can earn this on your full balance, and there is merely a $ 1 minimal to open an account. Open an account here >>Ponce Bank Logo


UFB Direct

UFB Direct has recently come out with the current commercialize leader for high give way savings. This is a tiered preservation 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 sustenance fees, and this is an excellent option for an on-line high concede savings account if you can clear that balance necessity. The lone drawback is that the bill pays 0 % APY if you are less than $ 10,000. right nowadays they offer one of the highest rates at 0.20% APY, with a $ 10,000 or more balance ! FDIC Insured. Read the wide UFB Direct review here.


Synchrony Bank is one of the “ honest-to-god guard ” on this list – one of the master on-line high yield savings account offerings. It systematically has a high APY, and a solid account. This explanation has no monthly tip or minimal balance requirements. It besides offers an ATM menu with ATM reimbursements ( which is rare for a savings account – much more common on a check account ). right immediately, you can earn 0.60% APY. Read our wide Synchrony Bank review here.



HSBC   is a bank that has been around for a long clock – but only recently making big strides in the United States. They are one of the largest and most full-bodied banks on this list, and they have a great savings account with a competitive high concede. Combine their high return savings account with the fact that they have $ 0 monthly maintenance fees and great on-line bank, this should be a top choice ! veracious now they offer one of the highest rates at 0.15% APY, with no minimal balance requirements ! FDIC Insured. Read our wide HSBC Online Banking Review here. Plus, combine it with a Premier check history, and you can get up to a $ 700 welcome bonus !HSBC Logo

Citizens Access

Citizens Access is an on-line savings account offered by Citizens Bank ( who you may recognize from their Citizens Bank student loans ). While this account does offer a gamey APY, you do need $ 5,000 to open an account. And if you drop below that minimum, your interest rate drops as well. This bill has no monthly fees. right immediately, you can earn 0.40% APY. Read our full Citizens Access bank review here .Citizens Access Logo


CIBC is a canadian Bank that has started making in-roads to the United States. It ‘s on-line savings account offer is ace, 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 0.52% APY. Check out our full CIBC revue here .CIBC Logo


Ally Bank has constantly been a democratic on-line savings choice. They were one of the first in truth friendly on-line banks. however, their rate is n’t always at the top of the pack. With rates declining, they are finally a act competitive. This report has no monthly fee or minimum poise requirements. right now, you can earn 0.50% APY. Read our full Ally Bank review here .Ally Bank

Comenity Direct

Comenity Direct has an on-line high yield savings account that rivals most long-familiar banks. Plus, this bank has no hide fees and they make accessing your money easy ! right now they offer a great rate at 0.55% APY, with just a $ 100 minimum balance and no monthly alimony fees fees ! You can besides earn interest on up to $ 10,000,000 – which is highly generous compared to most accounts. Read our broad Comenity Direct review hera .Comenity Direct Logo


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 bang-up savings account ( and checking report coming soon ). Combine their high move over savings account with the fact that they have $ 0 monthly maintenance fees and capital on-line bank, this should be a circus tent option ! Plus, they advertise faster withdrawals than early banks ! justly immediately they offer one of the highest rates at 0.35% APY, with no minimal balance requirements and no fees ! FDIC Insured up to $ 1,000,000. Open An Account Here >>


Varo is an on-line bank that offers a high yield savings account. While this bank is on-line, it offers a set of the like features you ‘d expect from a traditional bank. Plus, you don ’ triiodothyronine pay monthly fees and there are no account minimums. veracious now you can earn 0.50% APY. APY Variable and Subject to Change. Check out our full moon Varo Money review here. Open An Account Here >>

FNBO Direct

FNBO Direct is the on-line trust branch of First National Bank of Omaha. If you ‘ve never heard of them, you ‘ve decidedly seen them populate the lists of on-line savings accounts. They systematically offer top rates, and merely have a $ 1 minimal to open an account. right now you can earn 0.35% APY .FNBO Direct


Vio Bank

Vio Bank is another highly democratic on-line savings account that typically has a peak notch rate. Their savings account has no monthly fees and only a $ 100 minimum to open. right now you can earn 0.50% APY. Read our full Vio Bank review here .Vio Bank Logo


What To Consider When Comparing Bank Savings Accounts?

There are a few significant considerations when comparing eminent give way savings account options. You may not be thinking about these, but we look at them all the time when comparing the best options. Interest Rate (Or Annual Percentage Yield – APY) The interest pace ( or APY ) is typically the most park thing you ‘re going to look at when shopping for a rescue score. You want to find the bill that pays the highest amount – right field ? In most cases, yes, a higher APY is always better. The higher the APY, the more interest you ‘re going to earn on your deposits. however, if an explanation requires a high symmetry to earn the highest rate, and you ca n’t meet that down payment flat, you may want to consider another account where you can meet the requirements. How Often Rates Change Another factor to consider is how often interest rates change. The bare truth is, most of the banks on our list will move pretty systematically with each other. That could be up or devour, depending on the Fed Funds Rate. however, sometimes banks will change their rates because of their own needs, and that ‘s what you want to avoid. We select banks on our tilt that are systematically at the top of the rate tables, so even if the rates are changing, you can typically find these banks among the best. How Consistent A Bank’s Offering Is consistency is key when it comes to rates. Rates will change, but you want to find a bank that is systematically near the clear. What you do n’t want is a deposit that offers an amazing introductory rate, then cursorily drops it after 6 months. You will find that, overall, this will hurt your returns because the sum annual APY will be lower than you ‘d get with a bank that is coherent. so, when comparing high succumb savings accounts, make certain you ‘re looking for banks that offer consistency, not promotional rates. Minimum Balance Requirements When comparing savings account options, you ‘ll cursorily notice that there are banks with no minimal balance wheel requirements, and those with high minimal balance requirements. sometimes, to earn the highest interest rate on your savings account, you need to meet certain deposition minimums. And sometimes those minimums can be truly high – upwards of $ 100,000 ! If you ca n’t meet the minimum poise requirements or minimal opening situate requirements to get the best APY, then you should consider an bill where you can meet it. Yes, you might sacrifice a fiddling piece of interest, but in the long melt, you ‘ll be better off ! Account Options ultimately, you ‘ll want to look at the different bill options available to you. What this means is :

  • Does the bank offer physical branches or are they online only?
  • How can you deposit cash?
  • ATM access?
  • How easy is it to get your money out of the account? Do they offer ACH or checks?
  • How is the customer service? What are the customer service options – phone, chat, email, etc.?
  • Do they have an online app?

These features are n’t inevitably american samoa important as the pastime rate and proportion requirements, but depending on your needs, they can make a big deviation in how felicitous you are with your on-line savings account.

Frequently Asked Savings Account Questions

What is a savings account?

A keep open account is a type of savings vehicle that is offered by banks, credit unions, and fiscal services firms ( like brokerages ). save accounts are federally cover, meaning your money is condom. These accounts besides typically pay interest, more than you would earn keeping your money in early bank accounts, like a check report. Savings accounts besides 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 precisely like traditional brick and mortar depository financial institution accounts, except that everything is done on-line or via a mobile app. The benefit of this is that on-line accounts typically offer higher interest rates to savers – passing on the savings of not having a batch of branches .

What makes a savings account a high yield account?

The appellation of a high yield savings account is for accounts that provide above average concern rates to their customers. In 2022, the lead savings accounts provide over 0.60 % APY, while the average pastime pace is precisely 0.09 % APY .

What is the best interest rate on a savings account?

The best interest rate on a save explanation is over 0.60 % APY, but that may be a promotional interest rate .

What are the fees charged to have a savings account?

The best savings account wear ’ thymine care any type of monthly fees to use their report. however, some banks may charge monthly care fees, unless specific libra requirements and/or down payment requirements are met .

How safe is my money in a savings account?

money in a savings account is FDIC insured up to the FDIC indemnity limits ( typically $ 250,000 per person ). Some banks may extend higher policy limits on your account .

What is the limit on withdrawing money from a savings account?

Most savings accounts impose limits on withdrawals each calendar month. Called Reg D, this is a union govern that limits savings accounts withdrawals to just 6 per month. Some accounts avoid this by classifying themselves as a cash management report .

Can I lose money in a savings account?

In general, you can not lose money in a savings account. deoxyadenosine monophosphate long as your balance is below the FDIC indemnity limit, you can not lose money. The exception is having money beyond the FDIC indemnity limit, and the bank fails. In this rare scenario, you could lose money in a rescue account .

How does a savings account compare to a CD?

A save account is more liquid than a certificate of sediment, but typically provides slenderly lower concern rates compared to the shortest duration CDs. With CDs, you must “ lock–up ” your money for a period of time, normally at least 3 months, but upwards of 6 years. In commute for locking up your money, you get a higher interest rate than you would with a savings account. If you need the fluidity, then a savings history is the favored savings fomite .

What is the average interest rate on a savings account?

According to the FDIC, in 2022, the average savings account pays barely 0.09 % APY on a save account .

How do the Fed interest rates affect savings accounts?

When the Fed raises or lowers pastime rates, banks adjust their savings account interest rates accordingly. In rising rate environments, banks will offer higher matter to 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 newfangled 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 bang-up room to save your money. You typically earn higher interest rates, but there are some restrictions above and beyond what you normally 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 .


The College Investor is dedicated to helping you make inform decisions around complex fiscal topics like finding the best savings history. We do this by providing unbiased reviews of the top banks and savings accounts for our readers, and then we aggregate those choices into this list. We have picked savings accounts based on our opinions of how easy they are to use, their costs and fees, any sake rates and bonuses provided, and a variety show of other factors. We believe that our list accurately reflects the best savings accounts in the market for consumers .

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