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Compared to regular savings accounts, high yield savings accounts allow you to grow your money faster. In these uncertain economic times, a high-yield savings account can be a good place to store money safely while earning interest.
According to the Federal Deposit Insurance Corporation (FDIC), a typical savings account pays an annual rate of return (APY) of just 0.37% as of April 2023. Despite this average, many respected banks offer rates of 4% or more on high yield. Savings accounts at the time of writing. Many of these savings accounts also have customer-friendly features like sophisticated mobile apps, ATM cards included and no monthly maintenance fee.
Whether you’re saving money for a rainy day or a down payment on a home, a high-yield savings account is a good option. These accounts can also be a good place to store your tax refund if you’ve just filed your taxes and are looking for a place to store the money.
But it can be difficult to know which high-yield savings account to open because offers change frequently and interest rates fluctuate. So, let’s take a look at 7 of the best high yield savings accounts.
You’ll notice a pattern with our top ten high-yield savings account list: None of the largest banks in the country have taken the cut. This is because – at the time of writing – the big name banks lack competitive rates and incur huge fees and minimum deposit requirements.
On the other hand, the banks on our list entice customers and their deposits by offering high interest rates and solid customer service. And as you’d expect, the FDIC backs it up with up to $250,000 in deposit insurance per depositor, per bank, and per ownership class.
Before we take a closer look at some of the best high-yield savings accounts, note that the APY fees for these accounts can fluctuate. These interest rates are current at the time of publication and we will do our best to keep them up to date. Regardless, check the bank’s website for the latest APY.
Related: How to choose the best checking account.
summary: The UFB Premier Savings Account, which takes the top spot in our ranking thanks to its high APY ratio of 4.81%, is ideal if you want to grow your money with easy access.
Things to know:
- Earn up to 4.81% APY.
- There are no maintenance or service fees.
- There is no minimum deposit.
- Free ATM card.
What we like about it UFB Premier Savings Account: Not only is this account leading the field with an impressive annualized return (APY) of 4.81%, but it’s also a great option for those who are averse to fees from any type of their savings account.
There are no hidden monthly service fees, so accessing your money online is easy, and the mobile banking app is reliable. Also, a free ATM card may appeal to users who prefer not to deal with overseas bank transfers when they need cash.
Learn more about and open a UFB Premier Savings Account.
Read Full review UFB Premier Savings Account.
summary: The CIT Bank Savings Connect account is a great option for people who want an online-only savings account with fast customer service.
Things to know:
- 4.60% APY is attractive.
- $100 for the initial deposit.
- Mobile check deposits.
What we love about it CIT Bank Savings Connect: CIT Bank’s mobile banking app allows you to do basic things like checking transaction history and transferring funds between your CIT Bank accounts. But if you need to speak to a customer service agent, the bank is known to have helpful agents available 24/7 via live chat on its website and through its app. Even better, you can talk to a real person live from 9am-9pm ET on weekdays and 10am-6pm ET on Saturdays.
Note that CIT has other savings accounts with varying interest rates, fees, and features. For example, the Platinum Savings Account has a higher APY rate of 4.85%. However, you must maintain a balance of $5,000 or more to get this price. Otherwise, your APY drops to 0.25%.
Learn more about and open a CIT Bank Savings Connect account.
Read Full review From a CIT Bank Savings Connect account.
summary: First Foundation Bank not only provides online banking services but also has physical branches for customers who prefer physical locations of their bank. This online savings account pays 4.50% APY at the time of writing.
Things to know:
- Competitive 4.50% APY.
- More than 30 branches across California, Hawaii, Nevada, Texas and Florida.
- No geographical restrictions to open the account.
- There are no maintenance fees.
- ATM card available with ATM fee of up to $20 per visit, no monthly limit.
What we like about it First Institution Bank Online Savings Account: The First Foundation Bank online savings account is an excellent option if you want to keep a balance of $1,000 or more. This is one of the most competitive savings accounts due to its simplicity and high annual yield (APY) of 4.50%.
It’s also one of the few banks that offer ATM cards and reimburse customers up to $20 per transaction, with no monthly payment limit. In addition, people who live in California, Nevada, Florida and Hawaii can access their money at any of the bank’s 30 physical branch locations.
Learn more about and open a First Foundation Bank online savings account.
summary: The Bask Bank American Airlines Miles Savings Account is popular for those who want to earn American AAdvantage miles on their savings. But if you’d rather earn cash, Bask Bank’s interest savings account offers an excellent 4.75% APY.
Things to know:
- Strong 4.75% APY.
- Live customer support is available 6 days a week.
- Option to earn American Airlines miles or benefits.
- The minimum deposit is $0.
- There is no minimum balance.
- There are no monthly service fees.
What we like about it Savings account with interest from Basque Bank: With an annual return (APY) of 4.75% at the time of writing, it has one of the best rates for saving money in the country.
If you’ve been saving American AAdvantage miles for a vacation, you might consider opening a Bask miles savings account instead. This account earns 2.5 miles per dollar annually on your savings, distributed monthly. Travel site The Points Guy rates these miles at 1.77 cents apiece, giving you a 4.42% effective APY. However, it is possible to get more value from your miles if you redeem them for high-quality reward flights. Run the numbers and see what works best for your needs.
Fortunately, you don’t have to worry about monthly fees or minimum balances with any of Bask Bank’s savings accounts. You will only have to pay a fee if you need to send a wire transfer from your account.
Learn more about and open a Bask Bank interest savings account.
summary: Primis Bank’s savings account has a competitive APY rate of 4.77% at the time of writing, and the bank has branches in Maryland and Virginia.
Things to know:
- A direct APY of 4.77%.
- The minimum opening deposit is $1.
- Free incoming wires.
- There is no minimum balance.
- Zero service fee.
What we like about it Primacy Savings Account: Although Primis Bank’s physical presence is limited to just a couple of states, the bank’s impressive Primis Savings Account is an online-only account that can be set up from the comfort of your home.
It boasts an impressive APY of 4.77%, and you can open an account for just $1. The bank also provides free inward transfers and no minimum balance required. If you need to contact customer support, you can reach them via phone, email, or chat.
Learn more about and open a Primis Savings Account.
summary: In terms of high-yield savings accounts, the CIBC Agility online account offers an attractive interest rate of 4.37% APY and may be an ideal option if you have at least $1,000 to deposit.
Things to know:
- High interest rate (4.37% APY).
- There are no monthly maintenance fees.
- $1,000 minimum opening deposit.
What we like about it CIBC Agility Online Savings Account: CIBC Bank is a full-service bank with roots in Canada that provides American customers with a coveted savings account, among other financial services products.
A CIBC Agility Savings Account is a savings account that can only be opened online. There are no monthly fees to keep the account open. To open your account, you must have a minimum deposit of $1,000. But once the account is created, it will not have a minimum balance.
Learn more about and open a CIBC Agility Online Savings Account.
summary: The LendingClub High Yield Savings Account combines a high interest rate with no monthly fee and a modest opening deposit.
Things to know:
- Mobile check deposits.
- High 4.25% APY.
- No monthly fees.
- ATM card is available with payment of fees.
What we like about it LendingClub High Yield Savings Account: The LendingClub high-yield savings account has an APY rate of 4.25%, which is above the national average and one of the highest we’ve seen. You will not be charged any monthly service fee, and customers can make free internal and external transfers online and through mobile banking.
Customers who want an ATM card can request a card at no cost, and LendingClub will refund them ATM costs at other banks without restrictions.
There are no physical LendingClub branches, but customers can deposit and withdraw money from their accounts using their phones, designated ATMs, or via online banking.
Learn more about and open a high yield LendingClub savings account.
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