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The Best High-Yield Savings Accounts for 2021

Are you in the market for the best high-yield savings accounts? You’ve come to the right place.

These high-interest options came to be when competition among the traditional savings account providers skyrocketed. Nowadays, a high-yield account can earn you anywhere between 20 and 25 times the national average interest rate. No matter whether you're starting to save for a dream home, an exotic vacation, or your child's college fund, a high-yield account can be a powerful tool.

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15 Best High-Yield Savings Accounts

1. Axos Bank

Axos Bank is one of the leading e-banks, having been founded in 1999 and rebranded in 2018. There are no physical branches, but they’ve made it as straightforward as possible to cover your banking remotely. READ REVIEW

No fees

24/7 customer support

Superb mobile app

Open Account

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APY

0.61%

Minimum deposit

$250

Minimum balance

$0

Fees

None

2. Ponce Bank

Ponce Bank has the highest APY of the three banks that currently work with SaveBetter and offers the FDIC-insured high-yield money market deposit account deal available through this platform.READ REVIEW

$1 opening deposit and no monthly balance requirements

No fees

Well-designed mobile app

Open Account

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APY

0.51%

Minimum deposit

$1

Minimum balance

$0

Fees

None

3. Continental Bank

With no fees or balance requirements as well as a $1 minimum opening deposit, Continental Bank offers a great deal to customers. The only downside is that 0.35% isn’t exactly the best savings account rate around, at least when it comes to high-yield accounts. READ REVIEW

Easy registration and operation with SaveBetter platform

$1 minimum opening deposit

No fees or balance requirements

Open Account

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APY

0.35%

Minimum deposit

$1

Minimum balance

$0

Fees

None

4. Central Bank of Kansas City

This bank has been around for 70 years and is a household name in Kansas. It offers a symbolic $1 opening deposit on its no-fee high-yield savings accounts through the excellent SaveBetter platform. READ REVIEW

Opening deposit of $1

No monthly balance requirements

No fees whatsoever

Open Account

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APY

0.30%

Minimum deposit

$1

Minimum balance

$0

Fees

None

5. FitnessBank

A subsidiary of Affinity Bank, FitnessBank is a unique online financial institution that provides industry-leading rates and virtually no fees on its high-yield option. It helps you stay active by growing your savings.READ REVIEW

Market-leading rates available nationwide

An incentive to exercise more

Excellent mobile banking

Open Account

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APY

0.85%

Minimum deposit

$100

Minimum balance

$0

Fees

$10 monthly fee, waived with a daily balance of $100

6. Brio Direct

BrioDirect is the online division of Sterling National Bank. It offers high-yield savings accounts and certificates of deposit to customers looking for high-interest rates and low fees. READ REVIEW

State-of-the-art online and mobile banking

No monthly fees

High rates on low balances

Open Account

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APY

0.45%

Minimum deposit

$25

Minimum balance

$0

Fees

No monthly fees

7. First Foundation Bank

First Foundation is a California-based, FDIC-insured bank established in 2008. It offers several financial products and services including high-yield saving accounts to customers in all 50 states. READ REVIEW

Highly-rated mobile app

Free ATM card

No monthly fees

Open Account

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APY

0.75%

Minimum deposit

$1,000

Minimum balance

$0

Fees

$20 early closure fee, $20 excessive withdrawal fee

8. UFB Direct

Powered by Axos Bank, UFB Direct is an online bank that offers high-yield savings accounts and other financial products with competitive rates. It's an excellent choice for those looking to deposit a five-digit amount and avoid fees.READ REVIEW

Excellent online, mobile, and SMS banking features

Round-the-clock customer support

Free ATM card

Open Account

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APY

0.40%

Minimum deposit

$10,000 to earn the APY

Minimum balance

$10,000 to earn the APY

Fees

$35 for an outgoing wire

9. Elements Financial

Elements Financial is a credit union that operates as a bank. It offers a range of financial services including high-yield savings accounts to customers nationwide. High interest rates make it a great choice for those looking to grow their savings quickly. READ REVIEW

Highly rated mobile app

Free ATM card

No monthly fees

Open Account

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APY

0.55%

Minimum deposit

$2,500

Minimum balance

$2,500

Fees

No maintenance fee

10. CIT Bank

CIT Bank has been providing various financial products to US customers since 2000. The Savings Builder, its high yield savings account with bonus, is a competitive savings option that makes the process of saving towards your goal much easier. READ REVIEW

Interest compounded daily

Easy-to-use mobile app

High-APY introductory offer for all users

Open Account

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APY

Up to 0.45%

Minimum deposit

$100

Minimum balance

$25,000 or a $100 deposit every month

Fees

$10 outgoing wire fee on balances below $25,000

11. Capital One

Capital One is the largest bank on our list of best high yield savings accounts banks. This bank has a limited number of branches, but some of these are cafe branches that aim to make your banking experience feel more relaxed. If you live near one of these, pop by for a drink and discuss your savings needs. READ REVIEW

Excellent online and mobile features

Coffee culture bank

Generous APY, no monthly fees

Open Account

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APY

0.50%

Minimum deposit

$0

Minimum balance

$0

Fees

$30 for an outgoing domestic wire, $5 for a copy of a statement, and $10 for a cashier check

12. Chime

This e-bank is completely operated from your mobile phone. We know this doesn’t suit everyone, but for some, controlling your savings on the go couldn’t be more convenient.READ REVIEW

Excellent mobile app

Encourages you to save

ATM finder feature

Open Account

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APY

1.00%

Minimum deposit

$0

Minimum balance

$0

Fees

$2.50 if you use an ATM outside the bank’s network

13. Synchrony

Primarily a credit card provider, Synchrony is also a go-to option for savings. It’s part of a wider network and makes for a dependable high-yield savings account provider.READ REVIEW

Fortune 500 company

Great app

Convenient to manage

Open Account

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APY

0.60%

Minimum deposit

$0

Minimum balance

$0

Fees

Only if you use an ATM outside the bank’s network

14. Marcus by Goldman Sachs

Marcus by Goldman Sachs offers a high-yield savings account with a competitive APY and absolutely no balance requirements or fees. The minimum deposit required to start earning interest is just $1. READ REVIEW

Highly reputable

No minimum balance requirements and no fees

FDIC insured funds

Open Account

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APY

0.5%

Minimum deposit

$1

Minimum balance

$0

Fees

None

15. Discover Bank

In addition to various banking products such as credit cards, personal and student loans, Discover Bank offers a very competitive savings account. Its main advantage is an attractive APY of 0.50%, available to customers with all balances. It should also be noted that there are no fees, and their mobile app is excellent.READ REVIEW

Daily compounded interest

Excellent customer services

No monthly fee and no min. balance

Open Account

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APY

0.50%

MINIMUM DEPOSIT

N/A

MINIMUM BALANCE

All balances qualify

FEES

None

How We Determine The Best High-Yield Savings Account Offers

Fortunly’s team of researchers has evaluated dozens of nationally available high-yield savings accounts offered both by online and branch banks. To determine the ones worth your attention, we’ve created our own ranking method. Before we present our in-depth reviews, here are the factors you should take into account when choosing the best savings option for you.

Minimum initial deposit

The minimum initial deposit is the funding required to open an account with a bank, credit union, or a similar financial institution. Opening deposits can vary significantly even with the best high-yield savings account options. Some financial institutions have no such requirements, while others ask for five-digit amounts.

Minimum account balance

The minimum account balance is the amount of money you need to keep in your savings account to earn a high APY and, in some cases, to avoid fees.

Just like the minimum initial deposit, the minimum account balance is another area where high-yield account providers compete to attract new account holders. Based on our research, this criterion can vary widely, and high minimum balances are usually rewarded with high interest rates. For the sake of diversity, we’ve also included options for the best high-yield savings account with no minimum balance requirements.

Fees

Given that they’re usually provided by digital banks, high-yield accounts are typically unencumbered by service fees. And while most providers charge little to nothing in terms of fees, we suggest you always read the fine print. In some cases there are ways to avoid fees by maintaining a certain minimum balance. Also bear in mind that the federally mandated number of free withdrawals is limited to six transactions per month.

APY

Before you open a high-yield savings account, you should know that savings account rates are flexible and can be changed for the better or for the worse at any time.

To stay on top of the highly competitive market, some providers offer incredibly high interest rates as a promotion or an introductory offer. However, even if we put the promotional offers aside, as a rule, high-yield opportunities come with compound interest and can earn you much more than a traditional savings account. As far as our list goes, some of the best high-interest savings account options pay up to 25 times the national average saving account interest rate.

User experience and customer support

Most high-yield accounts offer no ATM cards or check-writing privileges. Some account holders even appreciate the fact that the banks make it inconvenient for them to withdraw money from their savings too often. However, if this doesn’t match your financial habits, you can also find a high-interest savings account that provides an ATM card and a wide network of free ATMs.

When it comes to the best high yield savings accounts, the banks that provide them usually operate online, which means that they have few or no physical branches. Remember that, as long as the account provider is FDIC-insured, it doesn’t matter that it has no brick-and-mortar branches. We only include FDIC-insured providers on our list.

The other user experience features we evaluate include online and mobile banking platforms, as well as complimentary money management tools. We also examine the diversity of customer support channels each account provider offers.

Online Banks with High Interest Rates:

The Best High-Yield Savings Accounts – In-Depth Reviews

Axos Bank was formerly known as the Bank of Internet Federal Bank until it rebranded itself in October 2018. It was set up in 1999 when everyday life began moving online, becoming one of the first digital banks in the process. Being a digital bank allows Axos to offer a better savings account interest rate than a typical bank with physical branches. Of course, if you want a more personalized experience with brick-and-mortar branches, Axos probably won’t be the right choice for you.

Minimum initial deposit

Axos Bank requires a minimum deposit of $250 to get your account going. This is slightly higher than some of the other banks we’ve reviewed, but you need a bit of starting capital to get moving with a savings account.

Minimum account balance and APY

There is no minimum account balance to maintain once you’ve signed up with Axos Bank. The bank offers an APY of 0.61%, which, unlike many high-yield savings accounts, stays the same no matter what the balance is. These aren’t the best high yield savings account rates, but it’s advantageous if you’re not able to deposit large amounts of cash into the account, as there is no pressure or reward to do so. Just deposit what you can and watch your money gradually increase in value.

Fees

There are no fees for maintaining your account with Axos Bank or making any transactions. Despite Axos having a lower APY rate than other banks we’ve reviewed, the fact that there are no fees means you can potentially save more money with Axos Bank depending on your circumstances. The no fees aspect is the bank’s strongest selling point, and it’s the reason we had to include Axos on our list of best high-yield savings accounts banks.

User experience

Since Axos Bank is a fully digital bank, the onus is on the company to make the user experience as simple as possible. If you’re with a bank that has branches, the customer experience tends to be more dependent on the customer service delivered by the bank staff. A digital bank, on the other hand, needs to make its online systems compatible to make things as simple as possible for all users.

Thankfully, Axos Bank does this well thanks to its simplified interface, which makes the experience seamless for customers. This is perhaps the best online savings account app; it’s incredibly helpful and has all of the features you’d expect. You can access all functions of your account, such as making deposits and transfers and contacting customer support. The app is available to download on both iOS and Android.

Customer support

Given that it is a digital bank, Axos Bank does not have the personalized experience that other banks offer. However, there’s a competent customer support team working in the background providing 24/7 support via phone, email, secure messaging, and the mobile app. When we tested these customer support officers, we found no issues in receiving a prompt response. As long as you’re okay with not having a branch to go into, Axos is worth trying as one of our best savings account picks.

Reasons to buy

No fees

No minimum balance

Consistent rates

Wonderful app

Superb customer support

In our search for the best interest rates on a savings account, we came across three different offerings on the SaveBetter platform. The New York-based Ponce Bank is the one with the highest APY. The bank has been around since the 1960’s and offers several great value savings accounts. Today, we’ll be looking at their high-yield MMDA option.

Minimum initial deposit

If you’ve checked out our other partner bank reviews, you already know what to expect. All banks that offer high-yield savings solutions through SaveBetter come with a $1 minimum initial deposit, and Ponce Bank is no different. You can deposit as much or as little as you want, but to start gaining interest, you only need a single dollar.

Minimum account balance and APY

Ponce Bank has the best savings account rate among its counterparts at SaveBetter. Kansas City Bank has 0.30%, Continental Bank offers 0.35%, and at Ponce, you are looking at 0.51% APY. This might not be very impressive when compared to some of the other offerings on our list, but it’s still a lot better than the majority of standard accounts that can have interest as low as 0.05%.

Fees

The thing about working with the SaveBetter platform is that all affiliate banks, including Ponce, offer specific high-yield savings products that have to be linked with an external bank account in order to withdraw funds. Ponce Bank has the best bonus of the three banks that work with the platform but otherwise follows the same rules. That means that you won’t be able to make mobile check deposits or get an ATM card, for example. On the upside, there are absolutely no fees to worry about, so maintaining your account and accruing interest won’t cost you a dime.

User experience

As is the case with every SaveBetter affiliate bank, Ponce offers two different ways of interacting with your online high-yield money market deposit account. The platform comes with advanced security features such as multi-factor authentication and military-grade SSL encryption. SB makes it easy to view information about all high-yield savings accounts from affiliate banks and manage all of your best bank interest rates and savings accounts from one well-organized web interface.

Ponce Bank also offers a well-designed mobile app for both iOS and Android systems. This app is well received on both mobile marketplaces for a reason – everything runs smoothly and the interface is clear and intuitive. The only issue is that you won’t actually be able to make mobile check deposits due to the nature of the bank’s deal with the SaveBetter platform.

Customer support

Your customer service needs will be addressed by the platform’s support team rather than the bank’s representatives. Support agents are available from Monday to Friday between 9:00 a.m. and 4:00 p.m. ET, and the team can be reached through email or by phone.

Key Features

Best APY of all SaveBetter platform banks

FDIC-insured funds

No balance requirements or fees

Interest rate calculated on a daily basis

Great mobile app

Continental Bank hasn’t been around for as long as many of the names on our list. The bank opened its doors in 2003. But don’t let that deter you. This FDIC-insured bank has made quite a name for itself in the past two decades and offers a fantastic high-yield savings account through the innovative SaveBetter platform.

Minimum initial deposit

Getting the best interest on a savings account is typically the first thing people look for. A close second is how much they need to invest in order to open and maintain such an account. While Continental Bank doesn’t offer the best savings rate, its deposit requirement is only $1, meaning you are free to deposit as much or as little as you like into your account when opening it.

Minimum account balance and APY

There are practically no requirements for the amount of funds you need to have on your account each month in order to keep it open. At 0.35%, the APY doesn’t give the highest interest rate on savings accounts you can find, but it’s not bad either. It’s also calculated on a daily basis but applied to your account only at the end of the month.

Fees

The great thing about working with SaveBetter is that it guarantees certain terms with every affiliate bank that their clients sign up with. One notable benefit of this partnership is that you’re guaranteed a banking experience with no fees, which includes no deposit, withdrawal, or maintenance fees.

User experience

By offering their best interest rate savings account through SaveBetter, Continental Bank is also ensuring safe online banking with military-grade encryption and other top security features. There is also a very well-designed app available for both Android and iOS devices.

The one downside is that you cannot open joint accounts through SaveBetter’s platform at the moment. Also, the only way to contact your bank and interact with your account is through SaveBetter.

Customer support

As with the other partner banks that offer the best savings account rates through the platform, Continental Bank allows SaveBetter to handle the client-facing side of things almost entirely. This also includes relying on their customer support team when it comes to solving any problems or asking any questions regarding your high-yield savings account. The customer service team is available via email and phone from Monday to Friday between 9:00 a.m. and 4:00 p.m. ET. You can also check out useful FAQ sections and blogs on the SaveBetter website to get a better sense of how such arrangements with partner banks work.

Key Features

Easy registration and operation with SaveBetter

Minimum opening deposit of only $1

No monthly balance requirements

No fees

Acceptable APY

The Central Bank of Kansas City has been around for a long time, opening its first branch way back in 1951. The bank has been certified by the Community Development Financial Institutions Fund since 1998 and offers some of the best high-yield savings accounts online.

Minimum initial deposit

The minimum initial deposit for opening a high-yield bank account with the Central Bank of Kansas City is a cool $1. It’s a symbolic amount that’s almost like not having a deposit requirement at all.

Minimum account balance and APY

You’re probably starting to notice a trend: getting and maintaining a high-yield account at the Central Bank of Kansas City is meant to be as simple and carefree as possible. In practice, this means a minimal initial deposit and no minimum account balance to worry about each month.

This does come with a fairly significant downside, though. The bank’s high-yield savings account rate of interest or annual percentage yield is the lowest one on our list at only 0.30%.

Fees

If the comparatively low APY for a high-yield savings account soured your mood, here’s something that will cheer you up: these accounts at the Central Bank of Kansas City come with absolutely no fees. SaveBetter’s platform requires you to link a bank account to your high-yield savings account in order to deposit and withdraw money. You cannot use any other means to deposit or withdraw cash, but it does mean that there are no transaction or maintenance fees for doing so through your linked bank account.

User experience

As with two other banks on our list, the Central Bank of Kansas City offers its services through a partnership with the SaveBetter platform, which manages all aspects of running their top savings accounts, including operation, marketing, and customer service.

This means that you can use your SaveBetter account to open an FDIC-insured account at the Central Bank of Kansas City, and while your banking will be done online, the funds will be in a federally insured bank the entire time.

To top things off, you’ll get access to an excellent mobile app for iOS and Android systems as well as military-grade security features from the SaveBetter platform, including multi-factor authentication and top encryption protocols.

Customer support

One downside to working with an online platform instead of having direct access to the bank concerns customer service. The best high-yield savings accounts typically come with 24/7 customer support, and the working hours here are Monday to Friday from 9:00 a.m. until 4:00 p.m. ET. On the plus side, the customer support is very friendly and knowledgeable and will do their best to help you out via email or phone.

Key Features

Seven decades of experience

$1 opening deposit requirement

No account balance requirements

No fees

Well-designed mobile apps

At a Glance

  • APY: 0.85%
  • Minimum deposit: $100
  • Minimum balance: $0
  • Fees: $10 monthly fee, waived with a daily balance of $100

Launched in 2002 as Atlanta Business Bank, FitnessBank became a subsidiary of Affinity Bank eight years later. It’s a one-of-a-kind financial institution that combines the industries of finance and fitness to help its account holders improve not only their wealth but also their health. FitnessBank’s unique approach consists of offering the highest-yield savings rates to the users who stay active and take at least 12,500 steps a day.

Minimum initial deposit

The minimum deposit required to open and maintain an account with Fitness Bank is $100. There are a few different ways to make the initial deposit and any subsequent ones. You can send funds via another bank’s online banking platform, schedule an external transfer within FitnessBank’s own online banking platform, or even dedicate parts of your payroll to this highest-APY savings option.

Minimum account balance and APY

How does this lifestyle bank stay true to its motto of making every step count? Well, while most savings account providers base their tiered interest rates on balance amounts, FitnessBank takes a different approach.

This bank’s rates are dependent on how physically active you are; the deal gets more generous as you take more steps. As one of the best banks for high-yield savings account options, FitnessBank offers five tiers based on how many steps you take every day:

12,500 steps or more: 0.85% APY
10,000 – 12,499 steps: 0.75% APY
7,500 – 9,999 steps: 0.65% APY
5,000 – 7,499 steps: 0.55% APY
4,999 steps or fewer: 0.40% APY

As a welcome offer, all users get the highest APY in the first month, regardless of the number of steps they take. After the promotion period ends, your APY will be calculated based on the daily average number of steps that you’ve taken throughout the previous month. That means you can enjoy a few rest days without worrying about losing out on your APY.

FitnessBank’s savings account also comes in a senior version. This option comes with smaller step requirements and is meant for those over 65 years of age.

With a minimum balance of only $100 for all tiers, this APR structure can be an excellent motivator if you’re struggling to stay true to your fitness goals. However, if the 12,500-step daily requirement is too much to fit into your schedule, you’d better off with another savings product.

Fees

Here’s another reason why FitnessBank is one of the best banks with high-yield savings accounts: it doesn’t charge anything for incoming wires. There is a $10 monthly fee, but it can be avoided with a daily balance of $100. You can make six fee-free transactions per month, while any additional payments, withdrawals, or automatic transfers incur a $10 fee.

All transactions are completed as electronic transfers via the bank’s online and mobile banking platforms. There are no ATM cards or check-writing privileges with FitnessBank’s savings product, so if you find the convenience of ATM and branch access important, this online bank isn’t for you.

User experience

Opening FitnessBank’s highest-yield savings account is quick and easy; account setup is 100% online and doesn’t take more than two minutes. After you’ve provided your basic contact information, Social Security number, and a copy of your passport or driver’s license, you’ll just need to fill out funding details before you can start earning.

To finish the setup, you’ll be required to download the bank’s step-tracking app. Once you’ve synced the step-tracking app with your Apple Health, FitBit, Garmin, or Google Play account, you’ll be able to set your daily step goal. Here’s a piece of advice – make sure you have the app running at all times so that it captures every step you take.

Customer support

As far as support goes, there are several different ways to reach out to this provider of the best high-yield savings account rates. Apart from the contact form available on the website, you can also send an email, or give the bank’s customer service a call Monday through Friday from 9 a.m. to 4 p.m. ET. FitnessBank is also active on social media.

Reasons to Buy

The highest rate on a savings account available in all 50 states

Excellent online and mobile banking

High rates on low balances

An effective stimulus to exercise more

Multiple support channels

At a Glance

  • APY: 0.45%
  • Minimum deposit: $25
  • Minimum balance: $0
  • Fees: No monthly fee

BrioDirect offers one of the best interest savings accounts on the market. If you haven’t heard of this financial institution before, that’s because BrioDirect is an online banking brand powered by Sterling National Bank.

Established in 1895, Sterling has grown to hold more than $30 billion in assets and is currently the 67th-largest bank in the US. It’s also one of “America’s 100 Best Banks” according to Forbes. Its online division is considered one of the best online banks for certificates of deposit and savings opportunities.

Minimum initial deposit

The minimum deposit required to open a high-yield savings account with BrioDirect is $25. Although the bank’s preferred funding option is an ACH payment (automated clearing house payment), you can also transfer money to your BrioDirect savings account via check or wire transfer.

Although deposits are usually processed in one or two business days, some users have complained of waiting longer than they anticipated. According to these account holders, the initial deposits can take up to seven days to clear.

Minimum account balance and APY

BrioDirect provides one of the best savings account interest rates offered nationwide. The deal is simple – a minimum account balance of only $25 is enough to start earning an APY of 2.00%. Note that all BrioDirect’s products and services are provided by Sterling National Bank and insured with the same financial institution. In other words, you become a Sterling client when you apply for a BrioDirect savings account and make the initial deposit.

Fees

As far as charges go, BrioDirect provides one of the best high-yield online savings account opportunities. There are no monthly maintenance or other service fees that you need to worry about. The bank’s easy-to-use online and mobile banking platforms also come free of charge. When it comes to withdrawals, you’re allowed the federally regulated six transactions per monthly statement cycle.

User experience

Setting up a new account with BrioDirect takes less than five minutes. The online application is straightforward and the only thing information you’ll need to provide are your contact details, Social Security number, and your driver’s license, state ID, or US passport. After that, you’ll need to make the initial deposit of at least $25, then you’re ready to start earning the disclosed APY.

Apart from just about the highest savings rates offered nationwide, another great thing about BrioDirect’s savings opportunity is that it comes with state-of-the-art online and mobile banking platforms. Through the Sterling National Bank’s mobile apps developed for Android and iOS users, you can manage your savings account virtually anywhere and anytime.

Customer support

If you have any questions or encounter any issues, you can call BrioDirect’s client service. The bank’s support is available from 8 a.m. to 8 p.m. ET on weekdays and from 8:30 a.m. to 3 p.m. ET on Saturdays. This online bank also has a comprehensive FAQ page with detailed answers to almost any question you can think of.

Reasons to Buy

Excellent online and mobile banking platforms

No monthly service fees

High rates on low minimum balance

Helpful customer support

Quick and easy online application

At a Glance

  • APY: 0.75%
  • Minimum deposit: $1,000
  • Minimum balance: $0
  • Fees: $20 early closure fee, $20 excessive withdrawal fee

Established in 2008, First Foundation has since grown to hold more than $6.3 billion in assets. It’s currently the 21st-largest California-based bank.

The company’s banking, financial planning, investment management, and other financial services are available to customers nationwide via First Foundation’s online platforms. As a bonus, if you reside in Nevada, California, or Hawaii, you can visit any of the bank’s 21 brick-and-mortar locations.

Opening deposit

This bank’s high-interest savings option comes with an opening deposit requirement of $1,000. Bear in mind that initial deposits need to be made from any external US savings, checking, or money market account. Transferring the funds from an existing First Foundation account won’t fulfill the requirement.

There are three different ways to make a deposit with this bank. You can use the check deposit feature on the First Foundation mobile app, transfer funds from an external account of any type via mobile or online banking, or make the transaction at any of the bank’s physical locations.

Minimum account balance and APY

As one of the best online high-yield savings accounts out there, First Foundation’s offer comes with a 0.75% APY on end-of-day balances of at least $1,000. The maximum balance you can store in the account is $5 million. If it is above $5M, then 0.35% APY applies.

When this California-based financial company first made its appearance on the online banking scene, it offered an APY as high as 2.40%. Although those rates have since dropped, First Foundation remains among the banks with the best interest rates.

Fees

First Foundation’s high-yield savings option has no monthly service fees and comes with a free ATM card (upon request). As far as withdrawals go, you can make six transfers per month free of charge, while each subsequent item will incur a $20 fee. Should you decide to close your account within 90 days of opening, you’ll be charged a $20 early closure fee.

User experience

Applying for a savings account with First Foundation is simple and takes just a few minutes. First, you need to enter your email address and contact information. After that, you’ll be asked to choose the account type and transfer the funds. Once you meet the minimum initial deposit requirement, you’re good to start earning dividends.

As you’d expect from one of the best high-yield savings accounts, First Foundation’s offer includes both online and mobile banking. However, if you prefer to make larger transactions at physical branches, you can visit any of the bank’s full-service brick-and-mortar locations in the states of Nevada, California, and Hawaii. Just keep in mind that actually opening an account can only be done online.

Customer support

As far as support goes, you can get in touch with the company’s client service via email or telephone. Working hours are 5:00 a.m. to 8:00 p.m. PT Monday through Thursday, 5:00 a.m. to 6:00 p.m. PT on Fridays, and 6:00 a.m. to 2:30 p.m. PT on Saturdays.

If you wish to discuss savings accounts or any financial products and services provided by this company, you can set up a meeting with a local advisor using the contact form on the bank’s website.

Reasons to Buy

Highly rated mobile app

ATM card upon request

No monthly fees

No minimum balance requirements

Excellent customer support

At a Glance

  • APY: up to 0.40%
  • Minimum deposit: $10,000 to earn the APY
  • Minimum balance: $10,000 to earn the APY
  • Fees: up to $35 for an outgoing wire

UFB Direct is an online bank powered by Axos Bank. Its financial products include checking and savings accounts with some of the best interest rates on the market. If you’re looking for low fees and competitive interest for your five- or six-digit chunk of savings, this is the best bank to turn to.

Opening deposit

While there is no minimum initial deposit requirement to open the account, to make the most of this bank’s savings account interest rates, you’ll need to deposit at least $10,000.

There are a few different ways to add money to your UFB account. These include the most commonly used wire transfers, ACH transfers, and mailed checks, with the addition of mobile-deposited checks.

Minimum account balance and APY

Balances of $10,000 or more are eligible for UFB Direct’s 0.40% APY. Despite the five-digit minimum balance requirement, this bank still has one of the best high-yield savings accounts offers. It’s also worth mentioning that there is no maximum deposit limit at UFB Direct. That’s great news if you have a large amount of money that you’re looking to grow as quickly as possible.

Fees

As a digital bank, UFB Direct has no branch-related costs. That’s why it can offer accounts with high savings rates and charge little to nothing in the way of fees.

First of all, there are no monthly service fees. Transfers between direct deposit accounts are also free of charge. Domestic inbound wires incur no charges, while a domestic outbound wire comes with a fee of up to $35.

User experience

As is the case with the best online savings account – FitnessBank – UFB Direct’s option is easy to open, taking no more than 15 minutes. Once you provide all the required personal information and your initial deposit gets processed, you can start earning the APY and making the most of the additional features that come with this account. These include a free mobile deposit feature that allows you to deposit checks 24/7 and free money management tools that help you gain control over your funds.

If you favor easy access to your funds, this is the best high-yield savings account for you. Apart from the standard online and mobile banking features, UFB Direct’s account comes with the convenience of SMS banking, which allows you to manage your money even when you have no internet coverage. Another convenient feature of this account is a free ATM card that you can use to withdraw funds at any time.

It’s also worth mentioning that UFB Direct takes cybersecurity very seriously. Apart from the SSL 128-bit encryption, all accounts are monitored for fraud and programmed for automatic logouts.

Customer support

Not only does UFB Direct offer one of the best high-yield interest savings account options, but also it has the customer support to match. Should you encounter any personal banking-related issues, you can get in touch with the bank’s customer service by sending a secure message via the online banking app, phone, or email.

UFB Bank’s support agents are available 24/7. If you happen to have any questions, we recommend that you first browse through the bank’s comprehensive library of online banking tutorials and frequently asked questions.

Reasons to Buy

Excellent online, mobile, and SMS banking features

Round-the-clock customer support

Free ATM card

Market-leading interest rate

No monthly service fees

At a Glance

  • APY: 0.55%
  • Minimum deposit: $2,500
  • Minimum balance: $2,500
  • No maintenance fee

Founded in 1976, Elements Financial is an Indiana-based credit union that operates as a bank. It offers a range of financial services, including some of the best high-yield savings options to more than 112,000 users nationwide. Elements Financial is currently the fourth-largest credit union in Indiana and the 184th largest credit union in the US.

Opening deposit

The minimum initial deposit needed to start earning dividends on this account is $2,500, while $250,000 is the maximum deposit allowed. Note that you are required to fund your account by transferring the money from another financial institution. Any deposits made into other Elements Financial accounts over the past 90 days and transferred to your new Helium Savings account won’t make you eligible for the high APY.

Minimum account balance and APY

Helium Savings is one of the best online high-yield savings account options with a one-year promotional period. To qualify for the promotion and earn the 0.55% APY, you’ll have to be a new Helium Savings account holder with a daily balance between $2,500 and $250,000. Note that daily balances below $2,500 don’t earn dividends at all. After the one-year promotion ends, the APY will reset to its standard rate.

Fees

Elements Financial doesn’t charge monthly maintenance fees for its Helium Savings account. However, if you don’t make any transactions for 12 months, you’ll incur a $5 monthly inactivity fee. As far as withdrawals go, you can make the standard six transactions per month. Elements Financial’s savings option comes with an ATM card, but there are no check-writing or debit card privileges.

User experience

Convenience-wise, apart from some of the highest savings account rates on the market, Helium Savings comes with more than 5,000 shared physical branches nationwide and 78,000 fee-free ATMs all around the world. Elements Financial also offers highly rated online and mobile banking platforms.

When it comes to opening a new Helium Savings account, applications can be made in-branch or online. The online application takes only five minutes, but you won’t be able to proceed with it unless you’re at least 18 years old.

To complete the application, you’ll be asked to provide your Social Security number and details from your government-issued certification of choice, as well as making the initial deposit. One of the best things about Elements Financial is that it strives to offer a consistent, state-of-the-art banking experience across all digital channels.

Customer support

Should you have any questions about your high-interest savings account, there are several ways to get in touch with Elements Financial. You can contact the company via live chat, email, Facebook, Twitter, and phone. Although phone support is available around the clock, the credit union’s website comes with a comprehensive FAQ page we suggest you consult before deciding to make a call.

Reasons to Buy

5,000+ shared physical branches nationwide

A global network of 78,000 fee-free ATMs

Multi-channel customer support

State-of-the-art online and mobile banking platforms

No monthly service fees

At a Glance

  • APY: Up to 0.45%
  • Minimum deposit: $100
  • Minimum balance: $25,000 or a $100 deposit every month
  • Fees: $10 outgoing wire fee on balances below $25,000

CIT Bank is a California-based, FDIC-insured financial institution that has been operating since 2000. It’s currently the 42nd-largest bank in the US. Its products and services include certificates of deposit, home loans, small business loans, money market accounts, and the Savings Builder, a competitive high-yield savings account with a bonus offer.

Not only does this account’s tiered savings structure offer excellent rates without charging fees, but also it makes the process of saving towards your goals much more enjoyable.

Opening deposit

A minimum initial deposit of $100 is required to start earning dividends with the Savings Builder. The options to deposit funds into your account include wire transfer, electronic transfer, and a check sent by mail. However, if you want to make the most of this savings account bonus opportunity, be prepared to deposit at least $50,000 for a $200 cash bonus or $25,000 for a $100 cash bonus.

Minimum account balance and APY

As a part of CIT Bank’s introductory offer, all new account holders earn 0.449% APY. Following the one-month promotional period, you can keep earning up to 0.45% APY if you maintain a balance of $25,000+ or make at least $100 in deposits every month. If you fail to meet any of the upper-rate requirements, you’ll still earn a base rate of 0.29% APY.

Not only does CIT Bank’s unique offer come with one of the highest savings account interest rates, but this option also encourages you to make a habit of saving towards your goals. That’s because of its requirement that you deposit at least $100 every month into your account. If you’re determined to get serious about saving for a down payment on your future home, a college fund, or even a dream vacation, this account can be a powerful tool.

Fees

Given that CIT Bank has no brick-and-mortar locations, it can afford to keep its service fees as low as possible. The bank doesn’t charge its Savings Builder account holders for account opening, monthly maintenance, or any other services apart from a $10 outgoing wire fee on balances below $25,000. In line with a federally mandated rule, you’re allowed six electronic transfers per statement cycle.

User experience

As one of the best online savings account options, CIT Bank’s Savings Builder is easy to set up. The application is done online and consists of just a few easy steps. First, you’ll need to enter your basic information. Then you’ll be asked to provide your phone number, email, address, and Social Security number. Once you’ve submitted all the required contact information, you’ll just need to make the initial deposit and you’ll be ready to start building your savings.

Unfortunately, the lack of nationwide physical branches makes this bank far from ideal for account holders who prefer to do their transactions in person. However, CIT Bank’s smartphone app has several features that can ease the transition from in-branch to mobile banking. As one of the best high-yield savings accounts on the market, Savings Builder comes with an app that lets you check your balance anytime, make quick transfers between linked accounts, and deposit checks remotely.

Customer support

As far as customer support channels go, you can contact CIT Bank by phone or email. Support agents are available seven days a week – Monday through Friday from 8:00 a.m. to 9:00 p.m. (ET), between 9:00 a.m. and 5:00 p.m. (ET) on Saturdays, and between 11:00 a.m. and 4:00 p.m. (ET) on Sundays. The website also offers a comprehensive FAQ page that we suggest you go through before trying to get in touch with a customer support representative.

Reasons to Buy

A high-APY introductory offer for all users

Interest is compounded daily

Easy-to-use mobile app

Few to no fees

Helpful customer support

Capital One is the largest bank on our best high-yield savings account list. It’s an innovative and technology-focused bank that specializes in credit cards. Capital One is also known to have some great savings offers. Let’s take a look at what significant savings you can make with a high-yield account at this bank.

Minimum initial deposit

There’s no minimum deposit you need to make when trusting Capital One to look after your savings. This is excellent if you just want to get your high-yield savings account up and running before you have the capital to make a large deposit. The maximum you can deposit is $10,000.

Minimum account balance and APY

There’s no minimum balance to be maintained with Capital One in order to keep receiving APY returns, which makes this bank a great pick if you’re not confident that all of your money can stay in the account. The APY rate is 0.50%, which is lower than some of the competing best high-yield savings accounts. Nevertheless, we decided to include Capital One as a valid option given that this rate is still five times the national average, and also considering the size and strength of the bank.

Fees

Unfortunately, there are a few fees associated with having a high-yield savings account with Capital One. While there are no maintenance fees, there are fees for extra services. This includes $30 for an outgoing domestic wire, $5 for a copy of a statement, and $10 per cashier’s check from Capital One. These are all extras, so if you don’t need them, there’s no need to worry about incurring these extra fees.

User experience

Although Capital One has in-house branches, these are only located in nine states. One of the unique aspects of Capital One is its cafe branches, where you can grab a coffee and socialize while you get your banking done. We consider this not just a nice touch, but a truly remarkable concept. Capital One is also on top of its game with online banking and its mobile app. Both of these are a joy to use, which is another reason Capital One makes our list of best high-yield savings accounts.

The app is supported by iOS and Android and has very high ratings on both these stores. As far as navigating your way through Capital One’s system goes, you should have few problems.

Customer support

Being a large bank, Capital One has developed extensive infrastructure to support its customers’ needs. Phone, fax, and postal support are all available 24/7 to customers.

Reasons to buy

A larger bank than most of our picks

Cafe bank branches

No minimum initial deposit required

Outstanding online and mobile features

Best APY rates for a bank of its size

Chime is a relatively newly founded bank that opened in 2013. All of its operations are online, so there are no branches for you to visit to discuss opening a high-interest savings account. Instead, all of Chime’s functions can be accessed through its app.

Minimum initial deposit

Any amount of money can be deposited into your Chime savings account to kickstart your journey towards reaching your savings goals. There’s no minimum deposit to worry about.

Minimum account balance and APY

You can maintain a balance of $0 in your Chime high-yield savings account, which is great if you need to withdraw some emergency funds. The bank’s APY rate is currently 1.00%, which is better than many of the other e-banks we’ve reviewed, although not quite at the top of the table.

Fees

Another reason Chime makes our list of the best high-yield savings accounts is its lack of fees. There’s no need to pay for maintenance, withdrawals, or wires. The only time there is a fee is when you make a withdrawal from an ATM that’s not in the Chime network, which will cost you $2.50. Even then, that fee is incurred through the debit card, not the high-yield savings account.

User experience

Chime is also arguably the best online savings account because it has been designed in a manner that helps you save money. One of the more exciting features is that when you spend money on your Chime debit card, the bank will round up your purchase to the nearest dollar, and that money will be deposited into your savings account. For instance, if you spend $5.50 on a burger, that will be rounded up to $6, with the excess $0.50 going into your savings account, allowing you to save without having to think. This encouragement to save is a refreshing approach, which is one reason we consider Chime to be one of the best savings accounts.

Chime also has a terrific app for you to make use of. Since everything is operated from mobile devices, the app is as sophisticated as possible. You can do anything on it: transfer money, switch between accounts, and even find out where the nearest ATM is. Overall, this is among the best online savings account apps, and you should have no issues using the various functions it provides.

Customer support

Chime offers both telephone and email support to its customers. However, its phone helpline is only available between 7 a.m. and 7 p.m. from Monday to Saturday and Sunday between 9 a.m. and 5 p.m. (CST). This is a bit disappointing, as having a problem with your high-yield savings account is something that often needs to be resolved immediately. If you’re in an emergency situation, customer support is of little help if you can’t get through to an agent. Saying that, you can block your card from within the app should there be an issue with it.

Key Features

Sublime mobile app

No minimum deposit

No savings account fees

Designed to encourage you to save

ATM finder feature

Synchrony is a well-established online bank that is part of a wider financial group that has more than 80 years in the industry and is a Fortune 500 company. If you need extra reassurance that the bank that provides your high-yield savings account isn’t going to disappear overnight, then Synchrony is an ideal fit for you.

Minimum initial deposit

There is no minimum deposit required when you open a savings account with Synchrony. This makes Synchrony an excellent choice for those just starting their personal financial ventures.

Minimum account balance and APY

Just like there is no minimum deposit, there is also no minimum balance to be maintained. The APY rate of 0.60% doesn’t change with Synchrony and stays consistent no matter how much is deposited. We understand that this isn’t the best savings account interest rate, but it’s still far higher than regular banks. This is mainly because Synchrony doesn’t have any physical bank branches to increase costs.

Fees

You can also enjoy having no fees when you’re a saver with Synchrony. Every way to access and use your money is feeless, including wire transfer, electronic banking, or over the phone. ATMs are also free if you use one within the Synchrony network. Other ATMs will charge you for use, but Synchrony will refund you up to $5 a month of these fees. This is excellent if you need to use an ATM as a one-off to get some quick cash.

User experience

Synchrony does not have brick-and-mortar branches, so if this is a key requirement for you, you’re better off looking elsewhere. Instead, you can access your account through Synchrony’s website or mobile app. The app is highly rated for both its Android and iOS version. This is particularly important, since most of your banking with Synchrony will take place through the app.

Customer support

You’ll enjoy a high level of customer support when you open a high-interest savings account with Synchrony. You can get in touch with customer support agents over the phone, live chat, or secure messaging. However, officers aren’t available 24/7; they work from 8 a.m. to 8 p.m. Monday to Friday and 8 a.m. to 5 p.m. EST on weekends. If you need to contact Synchrony outside these hours, you can do so via automated phone call. Overall, we have no real complaints about the structure of Synchrony’s customer service.

Key Features

Fortune 500 company

Well-established provider

Top online bank

No fees

No minimum account balance

With a history spanning more than 150 years and assets that make it America’s fifth-largest bank, Goldman Sachs is a true behemoth of the banking industry. Marcus represents the bank’s latest line of high-yield savings accounts, certificates of deposit, and no-fee personal loans. In this review, we’ll be taking a look at the best high-yield savings account the bank has to offer.

Minimum initial deposit

It may seem counterintuitive to wonder about a minimum initial deposit on a savings account. The more money you invest, the better, right? But it’s good to know that Marcus gives you the freedom to choose. In order to start earning interest, you’ll have to deposit at least $1 into your account. Of course, if you want any tangible returns, you’ll want to invest a much higher amount.

Minimum account balance and APY

As is the case with the initial deposit requirements, Marcus’ high-yield accounts do not force you to maintain a certain monthly balance in order to avoid fees. When it comes to APY, Marcus’ high-yield savings account has an interest rate that is pretty competitive but not quite up there with the best options on the market. The annual percentage rate or APY is 0.50%, but the bank calculates your earned interest on a daily basis.

Fees

Being an online-only offering, Marcus account owners do not get ATM cards and thus do not have to deal with any of the associated fees. In fact, despite the fact that you can use both direct and wire transfer deposits and withdrawals, Goldman Sachs doesn’t charge you any fees.

Bear in mind that you’ll have to keep a positive or neutral balance, or the bank might close your account after a period of two months of overdrafts and negative balances. That being said, most people won’t use funds from this type of account in order to accrue as much interest as possible.

User experience

While Marcus may not offer the highest interest rate savings account available, the overall user experience is one of the best on the market. Unlike with the SaveBetter platform’s affiliate banks, everything to do with your Markus account is handled directly by the bank. This means that you’ll be able to deposit and withdraw funds directly from their web interface or through mobile apps for iOS and Android systems.

Another area where Marcus is better than third party offers is that you’ll have more options for transfers and withdrawals. While mobile checks and ATMs are still off the table, you can use wire transfers, make direct deposit payments, or use standard checks and phone payments.

Customer support

Even the best high-yield online savings account won’t be very popular if the bank behind it offers poor customer support. Luckily, we’re dealing with a bank that has almost two centuries of customer service experience. Moreover, favorable reviews of customer satisfaction ratings by J.D. Power tell you all you need to know about public perceptions. Although an online-only branch, Marcus’ US-based contact center is reachable seven days a week through phone or live chat, and the website provides a ton of useful information.

Key Features

One of the largest US banks

Minimum balance of $1 to earn interest

FDIC-insured funds up to $250,000

No fees

Competitive APY

Six free transfers or withdrawals each month

FAQ

Which bank has the best high-yield savings accounts?

If you find yourself wondering what are the best high-yield savings accounts, we suggest you compare and evaluate the offers by taking a few different factors into account. These should include the minimum initial deposit, the minimum balance requirement, fees, and of course, APY (annual percentage yield). Explore our list of both branch and online banks with the most competitive overall offers. 

What is the catch with high-yield savings accounts?

There’s no reason to question the legitimacy of high online savings account rates. High-yield accounts are usually offered by digital banks that have no local branches, so they can cut down on the costs traditional brick-and-mortar banks have to deal with. However, the biggest downside of these online accounts is also the aforementioned lack of physical branches. In most cases, this means that the options to make cash deposits are either expensive or non-existent.

How much interest will I get on $1000 a year in a savings account?

If you make a deposit of $1,000 into an account that offers a 1% interest per year, you'll have a total of $1,010 by the end of the year. That's how simple interest paid on the principal works. However, money in the best savings accounts earns compound interest. To calculate the compound interest, you have to add all accumulated interest to the principal.

What type of savings account earns the most interest?

Choosing the best place to park your savings is not an easy task. Interest-wise, there are so many options that work better than a regular savings account at your local bank. These include money market accounts, certificates of deposit, and high-yield savings accounts. All of these account types come with upsides and downsides. Overall, the best interest rates on savings are usually offered by high-yield account providers.

Are high-yield savings accounts taxed?

Yes, they are. However, keep in mind that only the interest that you earn on your savings account is taxable and must be included on your income tax return. You don’t have to pay any extra tax on the principal.

Are high-yield savings accounts safe?

Many people stay away from high-yield accounts because they consider them unsafe. As long as you deposit your money with an FDIC-insured institution, your savings are as secure with an online bank account as they are in an account provided by a local branch. All the best high yield savings account options come with this kind of coverage. If a bank is FDIC-insured, that means that you won’t lose your money if it goes out of business. For each bank, the Federal Deposit Insurance Corporation covers up to $250,000 in deposits per account holder.