20 Best High-Yield Savings Accounts for Maximizing Your Money in 2024

High-yield savings accounts offer a smart way to grow your money faster than traditional savings options.

These accounts typically provide much higher interest rates, allowing your funds to accumulate more quickly over time.

Many banks and financial institutions now offer competitive high-yield savings products to attract customers.

Choosing the right high-yield savings account can significantly boost your savings potential and help you reach your financial goals sooner.

Factors to consider when selecting an account include the annual percentage yield (APY), minimum balance requirements, fees, and ease of access to your funds.

This article examines 20 of the best high-yield savings accounts currently available, comparing their key features and benefits.

1. Ally High-Yield Savings Account

Ally Bank offers a competitive high-yield savings account with no minimum balance requirements. The account features a variable APY that consistently ranks among the highest in the industry.

Customers can manage their accounts entirely online through Ally’s user-friendly website and mobile app. These digital tools allow for easy transfers, deposits, and account monitoring.

Ally’s savings account comes with no monthly maintenance fees, making it an attractive option for savers. The bank provides 24/7 customer service via phone, chat, and email.

Account holders can set up automatic transfers and create separate “buckets” within their account for different savings goals. This feature helps organize funds and track progress towards specific financial objectives.

Ally Bank is FDIC-insured, ensuring the safety of deposits up to the standard limits. The institution’s focus on online banking allows it to offer higher interest rates compared to many traditional brick-and-mortar banks.

2. Barclays Online Savings

Barclays Online Savings offers a competitive high-yield savings account option for consumers. This account features no monthly maintenance fees and no minimum balance requirements.

The account provides a user-friendly online banking experience, allowing customers to manage their funds conveniently from home. Barclays also offers mobile banking options through their app.

Interest is compounded daily and credited monthly, helping savings grow faster. The account comes with FDIC insurance, protecting deposits up to $250,000.

Customers can easily link their Barclays Online Savings account to external bank accounts for transfers. The bank provides various tools and resources to help users set and achieve their savings goals.

While Barclays doesn’t have physical branches in the US, they offer 24/7 customer support via phone for account assistance.

3. American Express® High Yield Savings Account

The American Express® High Yield Savings Account offers competitive interest rates for savers looking to grow their money. This account features no monthly fees and no minimum balance requirements.

Customers can easily manage their accounts online or through the American Express mobile app. The account provides 24/7 account access and customer support.

American Express® High Yield Savings Account holders can link up to three external bank accounts for transfers. This feature allows for convenient movement of funds between accounts.

The account is FDIC insured up to $250,000 per depositor. This protection gives savers peace of mind knowing their funds are secure.

Individuals interested in opening an American Express® High Yield Savings Account can do so online. The application process is straightforward and typically takes just a few minutes to complete.

4. Marcus by Goldman Sachs High-Yield Online Savings Account

Marcus by Goldman Sachs offers a competitive high-yield online savings account. This account provides an attractive Annual Percentage Yield (APY) that helps savers grow their money faster than traditional savings accounts.

The account requires no minimum deposit to open and charges no monthly maintenance fees. This makes it accessible to a wide range of savers, regardless of their initial deposit amount.

Marcus provides FDIC insurance up to the standard $250,000 per depositor. This ensures that customers’ funds are protected in case of bank failure.

The account offers easy online access and management through a user-friendly website and mobile app. Customers can conveniently transfer funds, check balances, and monitor their savings growth.

Marcus by Goldman Sachs also provides excellent customer service, with representatives available seven days a week to assist with account-related inquiries.

5. Capital One 360 Performance Savings

Capital One 360 Performance Savings offers a competitive high-yield savings account option. This account provides an attractive annual percentage yield (APY) that helps customers grow their savings faster than traditional savings accounts.

The account has no minimum balance requirements, making it accessible to a wide range of savers. There are also no monthly maintenance fees, allowing customers to keep more of their money.

Capital One 360 Performance Savings integrates seamlessly with other Capital One accounts. This feature enables easy transfers and management of funds across accounts.

The account provides FDIC insurance up to the standard limit, ensuring customers’ savings are protected. Capital One offers a user-friendly mobile app and online banking platform for convenient account management.

Customers can set up automatic savings plans to help reach their financial goals. The account also allows for multiple savings goals within a single account, enhancing organization and tracking of different savings objectives.

6. Discover Online Savings Account

Discover’s Online Savings Account offers competitive interest rates for savers. The account features no monthly maintenance fees and no minimum balance requirements.

Customers can easily manage their savings through Discover’s mobile app and online banking platform. The account provides FDIC insurance up to the maximum allowed by law.

Discover offers 24/7 customer service, allowing account holders to get assistance whenever needed. Automatic savings plans can be set up to help users reach their financial goals.

The account integrates seamlessly with other Discover products, such as checking accounts and credit cards. This integration facilitates easy transfers between accounts.

Discover’s Online Savings Account provides a user-friendly experience with tools to track savings progress and set financial targets. The account suits both new and experienced savers looking for a reliable, high-yield option.

7. Synchrony High Yield Savings

Synchrony High Yield Savings offers competitive interest rates for savers. The account features no minimum balance requirements and no monthly maintenance fees.

Customers can manage their accounts easily through Synchrony’s online banking platform and mobile app. These digital tools allow for convenient transfers, deposits, and balance checks.

Synchrony provides FDIC insurance coverage up to the standard limit. This protection adds a layer of security for account holders’ funds.

The bank offers multiple customer support options, including phone and online assistance. Synchrony’s website also provides helpful resources and FAQs for account management.

While Synchrony doesn’t have physical branch locations, it compensates with robust online services. The account is well-suited for those comfortable with digital banking and seeking high yields on their savings.

8. CIT Bank Savings Builder

CIT Bank’s Savings Builder account offers competitive interest rates for savers. This account features tiered rates, rewarding customers who maintain higher balances or make regular deposits.

To earn the top tier rate, account holders must either maintain a balance of $25,000 or more, or make monthly deposits of at least $100. This structure encourages consistent saving habits.

The Savings Builder account has no monthly maintenance fees. It requires a minimum opening deposit of $100, making it accessible to many savers.

CIT Bank provides online and mobile banking services, allowing customers to manage their accounts easily. They offer tools such as mobile check deposit and external transfers to streamline banking processes.

As an online bank, CIT doesn’t have physical branches. However, they provide customer support via phone and online channels. The Savings Builder account is FDIC-insured, protecting deposits up to the standard limit.

9. PNC High Yield Savings Account

PNC Bank offers a High Yield Savings Account with competitive interest rates. This account provides customers with an opportunity to grow their savings faster than traditional savings accounts.

The PNC High Yield Savings Account requires a minimum opening deposit of $25. There are no monthly maintenance fees associated with this account, allowing customers to keep more of their money.

PNC Bank provides online and mobile banking services, making it convenient for account holders to manage their savings. Customers can easily transfer funds, check balances, and set up automatic savings plans.

The account is FDIC-insured up to the maximum allowed by law, ensuring the safety of deposited funds. Interest is compounded daily and credited monthly, helping to accelerate savings growth.

PNC Bank has a network of branches and ATMs across multiple states, offering accessibility to account holders. The High Yield Savings Account can be linked to other PNC accounts for easy fund transfers.

10. TIAA Bank Yield Pledge Online Savings

TIAA Bank offers a competitive high-yield savings account with its Yield Pledge Online Savings. This account features a relatively high annual percentage yield (APY) compared to traditional brick-and-mortar banks.

The Yield Pledge promise ensures that the interest rate will remain in the top 5% of Competitive Accounts. This commitment provides customers with confidence in consistently earning a competitive return on their savings.

TIAA Bank’s online savings account requires no minimum balance to open. It also has no monthly maintenance fees, allowing savers to keep more of their money.

Account holders can manage their funds through TIAA Bank’s user-friendly online platform and mobile app. These digital tools offer convenient access to account information and enable easy transfers.

The account is FDIC-insured, providing protection for depositors up to the standard limit. This feature adds an extra layer of security for customers’ savings.

11. FNBO Direct Online Savings

FNBO Direct offers a competitive high-yield savings account option for customers seeking to grow their money. The account comes with no monthly maintenance fees, allowing savers to keep more of their earnings.

FNBO Direct provides easy online account management through their user-friendly website and mobile app. Customers can set up automatic transfers to streamline their savings process.

The account requires a minimum opening deposit of $1. Interest is compounded daily and credited monthly, helping to maximize earnings over time.

FNBO Direct is part of First National Bank of Omaha, which has been in operation since 1857. This long-standing history provides customers with confidence in the institution’s stability.

The bank offers FDIC insurance on deposits up to the standard limit. This protection adds an extra layer of security for account holders’ funds.

12. Sallie Mae Bank High-Yield Savings Account

Sallie Mae Bank offers a competitive high-yield savings account option for consumers seeking to maximize their savings potential. This account features an attractive annual percentage yield (APY) that outpaces many traditional savings accounts.

The Sallie Mae Bank High-Yield Savings Account has no minimum balance requirement, making it accessible to savers at various financial stages. Account holders can start earning interest on their deposits immediately, regardless of the amount.

This savings account comes with no monthly maintenance fees, allowing customers to keep more of their money. Sallie Mae provides online and mobile banking services, enabling easy account management and fund transfers.

Deposits in the Sallie Mae Bank High-Yield Savings Account are FDIC-insured up to the standard limit. This provides an added layer of security for customers’ savings.

13. Live Oak Bank Online Savings

Live Oak Bank offers a competitive online savings account with an attractive interest rate. This FDIC-insured account requires no minimum balance to open and charges no monthly maintenance fees.

Customers can manage their accounts through Live Oak Bank’s user-friendly online platform and mobile app. These digital tools allow for easy fund transfers, balance checks, and account monitoring.

The bank provides responsive customer service via phone and email. Live Oak Bank is known for its focus on small business lending, but its savings account is available to individual consumers.

Interest is compounded daily and credited monthly, helping account holders maximize their earnings. While Live Oak Bank may not offer physical branch locations, its online savings account provides a solid option for those seeking high yields and low fees.

14. PurePoint Financial Online Savings

PurePoint Financial offers a high-yield online savings account with competitive interest rates. This account requires a minimum opening deposit of $10,000, making it suitable for customers with larger savings.

The account features no monthly maintenance fees, allowing savers to maximize their earnings. PurePoint Financial provides online and mobile banking options for convenient account management.

Customers can access their funds through electronic transfers to linked external accounts. The bank is a division of MUFG Union Bank, N.A., ensuring FDIC insurance coverage up to the standard limits.

PurePoint Financial’s online savings account may appeal to those seeking higher yields on substantial savings balances. The account’s features cater to individuals comfortable with digital banking and infrequent withdrawals.

15. Popular Direct High-Rise Savings

Popular Direct offers a High-Rise Savings account with competitive interest rates. This online-only account provides customers with a high-yield option for their savings goals.

The account requires a minimum opening deposit of $5,000. It features no monthly maintenance fees, allowing savers to keep more of their earnings.

Popular Direct provides online and mobile banking services for convenient account management. Customers can easily transfer funds, check balances, and monitor their savings growth.

Interest is compounded daily and credited monthly, maximizing the account’s earning potential. The bank offers FDIC insurance up to the standard limit for added security.

While the high minimum deposit may not suit all savers, those able to meet the requirement can benefit from the account’s attractive rates. Popular Direct aims to provide a straightforward, high-yield savings option for customers seeking to grow their money efficiently.

16. Axos Bank High Yield Savings

Axos Bank offers a competitive High Yield Savings account with an attractive interest rate. This online-only bank provides customers with a user-friendly digital banking experience.

The account features no monthly maintenance fees and no minimum balance requirements. Axos Bank’s High Yield Savings account allows customers to earn interest on their deposits while maintaining easy access to their funds.

Account holders can manage their savings through the Axos Bank mobile app or online banking platform. The bank provides FDIC insurance up to the standard limit, ensuring the safety of deposited funds.

Axos Bank offers additional perks such as free ATM cards upon request and the ability to link multiple accounts for seamless transfers. Customers can also set up automatic savings plans to help grow their balance over time.

17. Alliant Credit Union High-Rate Savings

Alliant Credit Union offers a High-Rate Savings account with competitive interest rates. This account features no monthly maintenance fees, making it an attractive option for savers.

Members can open an account with a minimum deposit of $5. Alliant Credit Union provides easy access to funds through online and mobile banking platforms.

The High-Rate Savings account allows up to six withdrawals or transfers per month. Interest is compounded daily and paid monthly, helping savings grow faster.

Alliant Credit Union is federally insured by the National Credit Union Administration (NCUA). This ensures members’ deposits are protected up to $250,000.

To join Alliant Credit Union, individuals can qualify through various means, including employment, organizational membership, or by making a one-time donation to a partner charity.

18. MySavingsDirect MySavings Account

MySavingsDirect offers a competitive high-yield savings account option for those looking to maximize their interest earnings. This online bank is a division of Emigrant Bank, providing customers with FDIC insurance up to $250,000.

The MySavings Account features no minimum balance requirements and no monthly maintenance fees. This allows savers to start earning interest without worrying about account costs eating into their returns.

Interest is compounded daily and credited monthly, helping to accelerate savings growth. MySavingsDirect provides a user-friendly online banking platform, making it easy for customers to manage their accounts and track their savings progress.

While the account lacks some features like ATM access or a mobile app, it compensates with its strong interest rate. Customers can link their MySavings Account to an external bank account for transfers and withdrawals.

19. Vio Bank High Yield Online Savings

Vio Bank offers a competitive High Yield Online Savings account for customers seeking to maximize their savings potential. This FDIC-insured account provides an attractive interest rate, allowing depositors to grow their money faster than traditional savings accounts.

Vio Bank operates as an online-only institution, which enables them to reduce overhead costs and pass those savings on to customers in the form of higher interest rates. The account features no monthly maintenance fees, making it an appealing option for savers.

Customers can access their accounts 24/7 through Vio Bank’s online banking platform and mobile app. These digital tools allow for easy account management, including transfers, deposits, and balance checks.

The minimum opening deposit for a Vio Bank High Yield Online Savings account is relatively low, making it accessible to a wide range of savers. Interest is compounded daily and credited monthly, helping to accelerate account growth.

20. ConnectOne Bank Online Savings

ConnectOne Bank offers a competitive online savings account with attractive features for savers. The account boasts a high Annual Percentage Yield (APY) that helps customers grow their money faster.

Opening an account is straightforward, with a low minimum deposit requirement. This makes it accessible to a wide range of savers, from those just starting out to more experienced investors.

The account comes with no monthly maintenance fees, allowing customers to keep more of their hard-earned money. Online and mobile banking services provide convenient access to funds and account management tools.

ConnectOne Bank is FDIC-insured, ensuring customers’ deposits are protected up to the legal limit. The bank’s user-friendly interface makes it easy for account holders to track their savings progress and set financial goals.

Understanding High-Yield Savings Accounts

High-yield savings accounts offer higher interest rates than traditional savings accounts. They provide a secure way to grow money while maintaining easy access to funds.

What Is a High-Yield Savings Account?

A high-yield savings account is a type of deposit account that pays significantly higher interest rates than standard savings accounts. These accounts are typically offered by online banks or credit unions.

They often require higher minimum balances and may have certain restrictions on withdrawals. The interest rates on high-yield accounts can be 10 to 25 times higher than those of traditional savings accounts.

Most high-yield accounts are FDIC-insured, providing protection for depositors up to $250,000 per account.

How High-Yield Savings Accounts Work

High-yield savings accounts operate similarly to regular savings accounts. Depositors earn interest on their balances, which is usually compounded daily and credited monthly.

These accounts often have no monthly fees and allow for easy transfers to linked checking accounts. Some may require a minimum balance to earn the advertised interest rate.

Interest rates on high-yield accounts are variable and can change based on market conditions. Banks may adjust rates in response to changes in the federal funds rate.

Withdrawals are typically limited to six per month, as per Federal Reserve Regulation D.

Benefits of High-Yield Savings Accounts

Higher interest rates are the primary advantage of these accounts. This allows savings to grow faster compared to traditional accounts.

Many high-yield accounts have no monthly fees or minimum balance requirements, making them accessible to a wide range of savers.

Online banks often offer user-friendly mobile apps and websites, enabling easy account management and transfers.

These accounts are ideal for emergency funds or saving for short-term goals. They provide a balance between earning interest and maintaining liquidity.

High-yield accounts can help combat inflation by offering rates that more closely match or exceed the inflation rate.

Factors to Consider When Choosing a High-Yield Savings Account

When selecting a high-yield savings account, several key factors can significantly impact the overall value and experience. These include the account’s interest rate, balance requirements, associated costs, and the quality of customer support.

APY (Annual Percentage Yield)

The APY is arguably the most crucial factor when choosing a high-yield savings account. It represents the total amount of interest earned on an account over a year, including compound interest.

A higher APY means more money earned on savings. Even small differences in APY can lead to substantial variations in earnings over time, especially for larger account balances.

It’s important to note that APYs can fluctuate based on market conditions. Banks may offer promotional rates to attract new customers, which may change after an introductory period.

Minimum Balance Requirements

Many high-yield savings accounts have minimum balance requirements. These can vary widely between financial institutions.

Some accounts may require a specific minimum deposit to open the account. Others might necessitate maintaining a certain balance to earn the advertised APY or avoid monthly fees.

Lower minimum balance requirements offer more flexibility, especially for those just starting to save. However, accounts with higher minimums might offer better APYs or additional perks.

Savers should consider their financial situation and savings goals when evaluating minimum balance requirements.

Fees and Charges

Fees can significantly impact the overall return on a savings account. Common fees include:

• Monthly maintenance fees
• Excess withdrawal fees
• Account closure fees
• Wire transfer fees

Some banks waive monthly fees if certain conditions are met, such as maintaining a minimum balance or setting up direct deposits.

It’s crucial to read the fine print and understand all potential charges. Even a high APY can be negated by excessive fees, reducing the account’s overall value.

Customer Service and Support

Quality customer service can greatly enhance the banking experience. Factors to consider include:

• Availability of support (24/7, business hours only)
• Communication channels (phone, email, chat, in-person)
• Mobile app and online banking features
• Account management tools

Banks with robust digital platforms often provide more convenient account access and management. This can include features like mobile check deposit, automatic savings tools, and easy fund transfers.

User reviews and ratings can offer insights into the quality of a bank’s customer service. Responsive and helpful support can be particularly valuable when issues arise or when guidance is needed on account features.

Maximizing Returns with High-Yield Savings Accounts

High-yield savings accounts offer significantly better interest rates than traditional savings options. These accounts can help savers grow their money faster while maintaining easy access to funds.

Optimizing Savings Strategies

Savers can maximize returns by regularly depositing money into their high-yield accounts. Setting up automatic transfers ensures consistent contributions and takes advantage of compound interest.

Many banks offer tiered interest rates, with higher balances earning better rates. Consolidating savings into a single high-yield account can help reach these higher tiers.

Comparing accounts from different banks is crucial. Online banks often provide better rates due to lower overhead costs. Some institutions offer promotional rates for new customers or larger deposits.

Savers should be aware of account requirements. Minimum balance thresholds and transaction limits can affect earnings potential. Choosing an account that aligns with individual financial habits is key.

Compound Interest Explained

Compound interest is the interest earned on both the principal balance and previously accrued interest. This process accelerates wealth growth over time.

Most high-yield savings accounts compound interest daily. This frequent compounding leads to faster growth compared to accounts that compound monthly or quarterly.

To illustrate:

Initial Deposit	APY	Time	Final Balance
$10,000	3%	5 years	$11,592.74
$10,000	3%	10 years	$13,439.16

The power of compound interest becomes more evident over longer periods. Consistent contributions amplify this effect, making high-yield accounts valuable for long-term savings goals.