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Looking for a place to store your short-term savings? High-yield savings accounts pay much higher interest rates than traditional savings accounts. The most competitive high-yield savings accounts earn over 2.25% APY right now. We update our guide on a weekly basis to find the most well-rounded options. Here are our top picks for high-yield savings accounts right now. Our top picks for best high-yield savings accounts
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Learn more On Quorum Federal Credit Union's website Our expert panel for this guideWe consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts to use for your money. You can read their insights at the bottom of this post. InsiderBelow, you'll find our top picks for the best high-yield savings accounts, which stand out from competitors because of their unique perks and zero monthly service fees. Compare savings account ratesUFB Elite SavingsAnnual Percentage Yield (APY) 3.11% APY Minimum Deposit Amount $0 Annual Percentage Yield (APY) 3.11% APY
Minimum Deposit Amount $0 UFB Elite Savings from UFB DirectDeposit DetailsAnnual Percentage Yield (APY) 3.11% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. ATM card included Dash iconA dash. It often indicates an interaction to shrink a section. May not be easy to deposit cash (Only cash accepting ATMs) HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Bask Bank Interest Savings AccountBask Bank Interest Savings Account Annual Percentage Yield (APY) 3.05% APY Minimum Deposit Amount $0 Bask Bank Interest Savings Account Annual Percentage Yield (APY) 3.05% APY Minimum Deposit Amount $0 Bask Bank Interest Savings Account from Bask BankDeposit DetailsAnnual Percentage Yield (APY) 3.05% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Dash iconA dash. It often indicates an interaction to shrink a section. No joint bank accounts Dash iconA dash. It often indicates an interaction to shrink a section. May not be easy to deposit cash HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
LendingClub High-Yield Savings AccountLendingClub High-Yield Savings Account Annual Percentage Yield (APY) 2.85% APY Minimum Deposit Amount $100 LendingClub High-Yield Savings Account Annual Percentage Yield (APY) 2.85% APY Minimum Deposit Amount $100 LendingClub High-Yield Savings Account from LendingClubDeposit DetailsAnnual Percentage Yield (APY) 2.85% APY Minimum Deposit Amount $100 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Free ATM card included Dash iconA dash. It often indicates an interaction to shrink a section. $100 minimum opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounds monthly HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.BrioDirect High-Yield Savings AccountBrioDirect High-Yield Savings Account Annual Percentage Yield (APY) 2.80% APY Minimum Deposit Amount $500 BrioDirect High-Yield Savings Account Annual Percentage Yield (APY) 2.80% APY Minimum Deposit Amount $500 BrioDirect High-Yield Savings Account from BrioDirectDeposit DetailsAnnual Percentage Yield (APY) 2.80% APY Minimum Deposit Amount $500 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Dash iconA dash. It often indicates an interaction to shrink a section. High minimum opening deposit HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
CIT Bank Savings ConnectCIT Bank Savings Connect Account Annual Percentage Yield (APY) 3.00% APY Minimum Deposit Amount $100 CIT Bank Savings Connect Account Annual Percentage Yield (APY) 3.00% APY Minimum Deposit Amount $100 CIT Bank Savings Connect Account from CIT BankDeposit DetailsAnnual Percentage Yield (APY) 3.00% APY Minimum Deposit Amount $100 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum monthly balance requirement Dash iconA dash. It often indicates an interaction to shrink a section. $100 minimum opening deposit HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.TAB Bank High-Yield Savings AccountTAB High-Yield Savings Account Annual Percentage Yield (APY) 2.66% APY Minimum Deposit Amount $0 TAB High-Yield Savings Account Annual Percentage Yield (APY) 2.66% APY Minimum Deposit Amount $0 TAB High-Yield Savings Account from TAB BankDeposit DetailsAnnual Percentage Yield (APY) 2.66% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Dash iconA dash. It often indicates an interaction to shrink a section. No physical branch locations Dash iconA dash. It often indicates an interaction to shrink a section. $5 paper statement fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Quorum High Q Savings AccountAnnual Percentage Yield (APY) 2.50% APY Minimum Deposit Amount $0 Fees No monthly service fees Annual Percentage Yield (APY) 2.50% APY Minimum Deposit Amount $0 Fees No monthly service fees On Quorum Federal Credit Union's website High Q Savings Account from Quorum Federal Credit UnionOn Quorum Federal Credit Union's website Deposit DetailsFees No monthly service fees Annual Percentage Yield (APY) 2.50% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee as long as you get online statements Check mark iconA check mark. It indicates a confirmation of your intended interaction. ATM card option Dash iconA dash. It often indicates an interaction to shrink a section. $10 paper statement fee Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounds monthly, not daily HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
SoFi Checking and SavingsSoFi Checking and Savings Annual Percentage Yield (APY) 1.20% to 2.50% APY Minimum Deposit Amount $0 SoFi Checking and Savings Annual Percentage Yield (APY) 1.20% to 2.50% APY Minimum Deposit Amount $0 SoFi Checking and Savings from SoFiDeposit DetailsAnnual Percentage Yield (APY) 1.20% to 2.50% APY Rates as of 9/30/22. Show more Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. Earn a higher interest rate if you set up direct deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No overdraft fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Up to $300 bonus Check mark iconA check mark. It indicates a confirmation of your intended interaction. Earn up to 15% cash back at local retailers if you use a SoFi debit card Check mark iconA check mark. It indicates a confirmation of your intended interaction. No-fee overdraft coverage if you overdraw up to $50 Check mark iconA check mark. It indicates a confirmation of your intended interaction. Savings tools Check mark iconA check mark. It indicates a confirmation of your intended interaction. Early direct deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Joint account available Dash iconA dash. It often indicates an interaction to shrink a section. Declined purchase if you overdraw by more than $50 Dash iconA dash. It often indicates an interaction to shrink a section. Doesn't reimburse out-of-network ATM providers' fees Dash iconA dash. It often indicates an interaction to shrink a section. May deposit cash at Green Dot locations but there's a $4.95 fee HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Synchrony High-Yield Savings Account
Synchrony High-Yield Savings Account Annual Percentage Yield (APY) 2.45% APY Minimum Deposit Amount $0 Synchrony High-Yield Savings Account Annual Percentage Yield (APY) 2.45% APY Minimum Deposit Amount $0 On Synchrony Bank's website Synchrony High-Yield Savings Account from Synchrony BankOn Synchrony Bank's website Deposit DetailsAnnual Percentage Yield (APY) 2.45% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Comes with an ATM card Check mark iconA check mark. It indicates a confirmation of your intended interaction. No required opening deposit or minimum account balance Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Dash iconA dash. It often indicates an interaction to shrink a section. No physical branch locations Dash iconA dash. It often indicates an interaction to shrink a section. Only reimburses up to $5 of out-of-network ATM fees per month HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Marcus by Goldman Sachs High Yield Online Savings AccountMarcus by Goldman Sachs High Yield Online Savings Account Annual Percentage Yield (APY) 2.35% APY Minimum Deposit Amount $0 Marcus by Goldman Sachs High Yield Online Savings Account Annual Percentage Yield (APY) 2.35% APY Minimum Deposit Amount $0 On Goldman Sachs's website Marcus by Goldman Sachs High Yield Online Savings Account from Goldman SachsOn Goldman Sachs's website Deposit DetailsAnnual Percentage Yield (APY) 2.35% APY As of 10/13/2022 Show more Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Easy-to-use mobile app Check mark iconA check mark. It indicates a confirmation of your intended interaction. No required initial deposit or minimum account balance Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Dash iconA dash. It often indicates an interaction to shrink a section. No digital check deposit Dash iconA dash. It often indicates an interaction to shrink a section. No physical branch locations HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Ally High Yield Savings AccountAlly High Yield Savings Account Annual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Ally High Yield Savings Account Annual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Ally High Yield Savings Account from AllyDeposit DetailsAnnual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Savings buckets help you save for different goals Check mark iconA check mark. It indicates a confirmation of your intended interaction. Surprise savings transfers help you save extra money from your checking account Dash iconA dash. It often indicates an interaction to shrink a section. No physical branch locations Dash iconA dash. It often indicates an interaction to shrink a section. No way to deposit cash
HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Capital One 360 Performance SavingsCapital One 360 Performance Savings™ Annual Percentage Yield (APY) 2.30% APY Minimum Deposit Amount $0 Capital One 360 Performance Savings™ Annual Percentage Yield (APY) 2.30% APY Minimum Deposit Amount $0 Capital One 360 Performance Savings™ from Capital OneDeposit DetailsAnnual Percentage Yield (APY) 2.30% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. Easy to save for various goals Check mark iconA check mark. It indicates a confirmation of your intended interaction. 24/7 live chat Dash iconA dash. It often indicates an interaction to shrink a section. Limited access to customer service by phone HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Discover Online Savings AccountDiscover Online Savings Account Annual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Discover Online Savings Account Annual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Discover Online Savings Account from DiscoverDeposit DetailsAnnual Percentage Yield (APY) 2.25% APY Rates as of 10/12/22 Show more Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. No opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No insufficient funds fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. No excess withdrawal fee Dash iconA dash. It often indicates an interaction to shrink a section. Only 1 branch location Dash iconA dash. It often indicates an interaction to shrink a section. No debit card unless you open a checking account HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Compare the best high-yield savings accounts of October 2022UFB Elite Savings (jump to UFB Direct account details »)Why it stands out: UFB Elite Savings doesn't charge monthly services fees. It also comes with a complimentary ATM card, so you'll have easy access to your bank account. To earn 3.11% APY, you'll need to open an account online, link an external bank account, and make a transfer of any amount into the account. The Better Business Bureau also gave UFB Direct an A+ rating. The BBB looks at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. UFB Direct also hasn't been involved in any recent public scandals. What to look out for: UFB Elite Savings doesn't have robust savings and budgeting tools like some other competitors. If you're are looking for ways to save for individual goals and stay motivated, you might prefer one of our other top picks. It also may not be easy to deposit cash at UFB Direct. You'll have to see if there are cash-accepting ATMs in your area. Bask Bank Interest Savings Account (jump to Bask Bank account details »)Why it stands out: Bask Bank doesn't require an opening deposit or minimum account balance. It also doesn't charge monthly maintenance fees. What to look out for: The main downside to the Bask Bank Interest Savings Account is that you'll have limited access to your account. To deposit or withdraw money, you'll need to link an external bank account and initiate a bank transfer. You'll also want to bank with another institution if you'd like to open a joint bank account. Bask Bank only offers individual bank accounts. We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. Bask Bank received a D- rating from the BBB because it hasn't responded to a customer complaint. However, its parent company Texas Capital Bank has an A+ rating from the BBB. Bask Bank hasn't been involved in any recent public settlements. LendingClub High-Yield Savings Account (jump to LendingClub account details »)Why it stands out: The LendingClub High-Yield Savings Account stands out because charges zero monthly service fees and comes with an ATM card. What to look out for: You'll need at least $100 to open the savings account. Some of the other options on our list have lower minimum opening deposits. LendingClub received an A rating from the Better Business Bureau due to government action against the company. In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren't. BrioDirect High-Yield Savings Account (jump to BrioDirect Bank account details »)Why it stands out: The BrioDirect High-Yield Savings Account doesn't charge monthly service fees. You'll also earn 2.80% APY if you maintain at least $1 in your account. What to look out for: You'll need at least $500 to open a savings account at BrioDirect. If you're looking for a savings account with a lower minimum opening deposit requirement, you might consider one of our other top picks. We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. BrioDirect doesn't have a BBB rating, but its partner bank Webster Bank does. Webster Bank received a B- rating because the BBB received customer complaints filed against the bank and Webster Bank hasn't resolved a complaint. BrioDirect hasn't been involved in any recent public scandals. CIT Bank Savings Connect (jump to CIT Bank account details »)Why it stands out: The CIT Bank Savings Connect Account is a solid online savings account. This is a good option if you want to avoid monthly service fees. What to look out for: You'll need a minimum of $100 to open the savings account. Some of our other top picks may let you open an account with $0. The Better Business Bureau (BBB) measures businesses by looking at customer complaints, honesty in advertising, and transparency about business practices. The BBB gives CIT Bank a A- rating because it hasn't responded to a customer complaint. TAB Bank High-Yield Savings Account (jump to TAB Bank account details »)Why it stands out: The TAB High-Yield Savings Account is a pretty straightforward high-yield savings account. There aren't any monthly service fees and you may open an account with $0. The Better Business Bureau also gives TAB Bank an A+ rating. The BBB looks at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. TAB Bank also hasn't been involved in any recent public scandals. What to look out for: TAB Bank doesn't have an ATM network. When you use any ATM, TAB charges a $2 fee for a withdrawal and $1 fee for an inquiry. TAB Bank also doesn't offer reimbursements if you're charged by an ATM provider. Quorum High Q Savings Account (jump to Quorum account details »)Why it stands out: The High Q Savings Account is a solid high-yield savings account because it has a $0 minimum opening deposit and no monthly service fees. You'll also have to option of getting an ATM card with the account. Quorum Federal Credit Union is an online credit union. It received an A+ rating from the Better Business Bureau. Quorum also hasn't been involved in any recent public controversies. What to look out for: Credit unions require you to be a member to open an account. At Quorum, you or a family member must work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club. SoFi Checking and Savings (jump to SoFi account details »)Why it stands out: SoFi Checking and Savings is a strong choice if you don't want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees. It also comes with checking account features like a debit card. What to look out for: The account is a hybrid savings/checking account, so you'll need to keep that in mind to get the most out of the account. If you deposit cash, you also might need to pay a fee. SoFi has also been involved in a recent public controversy. In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could. On the bright side, SoFi received an A+ rating from the Better Business Bureau. Synchrony High-Yield Savings Account (jump to Synchrony account details »)Why it stands out: The Synchrony High-Yield Savings Account might appeal to you if you're looking for a straightforward savings account — there's a $0 opening deposit and no monthly service fees. Synchrony also won't charge you for using an out-of-network ATM and will refund up to $5 per month in out-of-network ATM fees. Synchrony hasn't been involved in any recent public scandals. The Better Business Bureau also gives Synchrony an A+ rating. The BBB looks at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. What to look out for: Synchrony doesn't offer a checking account. If you'd like to open a savings account and checking account at the same bank, you might consider some of our other top picks. Marcus High-Yield Savings Account (jump to Marcus account details »)Why it stands out: The Marcus by Goldman Sachs High Yield Online Savings Account stands out because it doesn't require an opening deposit or minimum account balance. You also won't have to worry about any monthly services. Marcus hasn't been involved in any recent public scandals. The Better Business Bureau also gives Marcus an A+ rating. The BBB looks at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. What to look out for: Marcus doesn't have a checking account. If you'd like to open a savings account and checking account at the same bank, you might consider some of our other top picks. Ally High Yield Savings Account (jump to Ally account details »)Why it stands out: Ally is a particular favorite among millennials, who tout its accessibility and ease of use. You can deposit checks through the mobile app and open multiple accounts in minutes. Ally makes it easy to save for specific goals. Assign each account a nickname, like "Emergency Fund" or "Travel Account" to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you to save for multiple goals in one account. What to look out for: We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. The Better Business Bureau gives Ally a C- rating, because Ally has received numerous complaints on the website. Ally hasn't been involved in any recent public controversies, though. Capital One 360 Performance Savings (jump to Capital One 360 account details »)Why it stands out: Capital One 360 makes it easy to save for various goals. The bank lets you set savings goals, then schedule recurring transfers from your Capital One 360 Checking account until you've saved the full amount. The account also pays a competitive rate with no opening deposit, minimum account balance, or monthly charges. What to look out for: You can chat live online with a representative, but Capital One has limited customer support hours. Some competitors offer 24/7 customer support. We also use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. Capital One 360 currently has an A- rating because the BBB website has received customer complaints. It hasn't had any major scandals in recent years, though. Discover Online Savings Account (jump to Discover account details »)Why it stands out: The Discover Online Savings Account is a solid low-fee option — there's no fee for insufficient funds, excess transactions, or monthly maintenance. You also don't need an initial deposit to open an account. Discover offers 24/7 customer service, both over the phone and through online chat. We also use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. Discover Bank has received an A+ rating from the Better Business Bureau. It also hasn't had any major scandals in recent years. What to look out for: If you don't have a checking account, you may have limited access to your account since the savings account doesn't include a debit card. Discover also won't reimburse any fees charged by out-of-network ATM providers. Other high-yield savings accounts we considered
Methodology: How did we choose the best online high-yield savings accounts?There are a lot of high-yield savings accounts out there. Through our research, we've found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. Each week, we review high-yield savings accounts at nearly two dozen institutions to identify the strongest options. We also cross-reference our list against popular comparison sites like Bankrate and Nerdwallet to make sure we don't miss a thing. While interest rates are an important aspect of any high-yield savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features. Most importantly, we don't consider any high-yield savings accounts that impose monthly maintenance fees. Frequently asked questionsPersonal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to. High-yield savings accounts are typically offered by online-only banks, or by brick-and-mortar banks that offer online-only savings accounts. Banks can typically pay higher rates on these accounts because they don't have to cover expenses that come with physical branch locations. A high-yield savings account rate is variable, which means it can fluctuate after you've opened the account. Your bank will usually email you to tell you the rate will go up or down soon. Yes — a high-yield savings account has very few downsides, if any. There's no risk that you'll lose money, your account is insured by the FDIC (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation. The only time a high-yield savings account may not be worth it is if you're paying excessive maintenance fees that eat into your interest payments or you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account. Generally you'll find the best savings interest rates at online banks. Nationally, the average traditional savings account earns just 0.21% APY. The best high-yield savings accounts offer between 2.15% APY and 3.01% APY right now. If you're more comfortable banking with a brick-and-mortar bank, a traditional savings account may be a better option for you. Just know that you may not be getting the best possible interest rate. Interest rates on high-yield savings accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve. The Fed meets eight times a year and decides whether to increase, decrease, or leave interest rates untouched. If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower, you won't earn as much interest on your savings. As the Fed has raised interest rates in the first half of 2022, savings interest rates have slowly been going up, too. Even if they were to drop, however, it's best practice to keep saving. That way, when rates inevitably do go back up, you'll be earning interest on a larger amount of principal. Today, the most competitive high-yield savings accounts top out around 3.01% APY. If you want a higher return and you don't need immediate access to your money, you may consider putting it in a certificate of deposit (CD) or investing in the market. A high-yield savings account and money market account are both savings tools that pay competitive rates on your money. The main difference is that money market accounts often make it easier to access your money by sending you paper checks or a debit card. This can be convenient if you need to access money quickly in an emergency, but easy access might make it more tempting to spend your savings. When you put your money in a high-yield savings account, you should be able to withdraw or transfer funds regularly. The rate is variable, meaning it can change after you open the account. With a CD, you choose a CD term, probably between one and five years. You put your money in the CD, and you don't withdraw any funds until the term is over. The rate is typically fixed, meaning your APY is locked in from the time you open the account until the term ends. You can deposit money into your high-yield savings account whenever you want, but most banks only allow you to make one initial deposit when you first set up the CD. CDs can be good saving tools if you're okay with parting with your money for a while, but if you need access to money sooner, a savings account is probably a better choice. Expert advice on choosing the best high-yield savings account for youWe consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.
Here's what they had to say about high-yield savings. (Some text may be lightly edited for clarity.) Generally, what makes a high-yield savings account good or not good?Roger Ma, CFP: "It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don't want to have so much friction where it's such a pain to get the money out when you need it." Mykail James, CFEI: "Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can't save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that's not a really good savings account, because it's not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?" How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?Tania Brown, CFP: "So I guess we'll start off with how much money you want to put in and ... the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account." Laura Grace Tarpley, Personal Finance Insider: "I would use a high-yield savings account or money market account for short-term goals or an emergency fund. You'll probably want to choose whichever has a higher rate, but money market accounts can be good for emergency savings because they often come with a debit card or paper checks, making it easy to access money quickly. Then use CDs for longer-term goals, like buying a home in a few years."
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less
Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at . Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Read more Read less Top Offers From Our PartnersIs Wells Fargo a good bank?Wells Fargo is an excellent bank for those looking for both local branch access and digital banking services. The bank's interest rates on most of its accounts leave a lot to be desired compared to the best online banks, but they are comparable to other national banks.
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