Best High-Yield Savings Accounts

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 better interest rates 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 stays the same no matter what the balance is. 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. This 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. 

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. You can access all functions of your account through a fantastic mobile app, 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 out.

What if your deposit brought you high-yield returns but from the safety of a bank vault?

There is no need to imagine because Save does just that: they place your deposit in an FDIC-insured³ deposit account with Webster Bank, N.A., member of FDIC and make an investment in your selected portfolio which brings the potential for higher yields than your traditional savings account while at the same time being safely insured in a bank vault.

Opening Deposit

When you join Save, you'll be asked for an initial deposit of $1000. This amount is also the minimum required amount for a Market Savings program. Note that there are no partial withdrawals, and if you withdraw your funds before the account matures, you may be subject to early termination fees.

Fees

Apart from the already mentioned termination fees, Save charges customers a 0.35% management fee per year. It's important to note that the fee will be charged only if the portfolio you choose earns more than 0.35%.

User Experience

When opening an account at Save, you'll be asked to provide them with your personal info and banking account data. After that, you'll be asked to choose your account type and the account term - 1 year or 5 years.

Save then places your funds in an FDIC-insured³ bank account at Webster Bank and make an investment on your behalf which is held at Apex Clearing (SIPC-insured). Once that is done, you can track your investments through a dedicated Save app.

What sets Save apart from other savings accounts is their approach that merges banking and investment and their high yields. However, it's important to note that Save's APY is variable, meaning it is subject to market volatility and can't be guaranteed in the long run.

Their advertised APY is based on hypothetical back-tested performance in the Save Moderate Portfolio from 2006 to present and is net of fees.

When you sign up to Market Savings you have the option to choose from 4 comprehensive portfolios with another one coming soon.

When it comes to security, Save follows NIST (National Institute of Standards and Technology) guidelines and employs several layers of protection including 2048-bit RSA for certificates.

Customer Support

Customers that have questions can easily find the answer in their comprehensive FAQ and Blog sections. Alternatively, users can reach customer support through a request, email, phone number(1-844-940-Save (7283)), and live chat. The working hours of the phone support team are Monday to Friday 9 a.m. - 5 p.m. CST, excluding holidays.

We contacted their live chat team and they responded almost right away, clearing any problems we had.

For all details regarding disclosure visit our dedicated Save review.

The New York-based Quontic Bank was founded in 2009. Today, it has a network of more than 90,000 surcharge-free ATMs across the country. 

It was also certified as the very first all-digital Community Development Financial Institution or CDFI thanks to its commitment to providing loans for underqualified and low-income consumers.  Lastly, the bank is FDIC approved, making it a safe place for all your financial endeavors. 

Minimum initial deposit

With Quontic Bank, you can open an account and start earning without having to make a hefty deposit. You’ll need to make an initial $100 deposit, a standard industry rate. Of course, to boost your earnings, we recommend you kick-start your savings journey with a more considerable amount of money.

Transferring funds into your savings account for the first time is made possible from your existing Quantic account or any external one through ACH or Plaid’s technology. 

Minimum account balance and APY

The good news is that Quontic Bank doesn’t have a minimum balance requirement that you need to have in order to qualify for the APY. Speaking of APY, you can count on a steep 4.00% rate, which is considerably higher than the national average.

Your interest is compounded on a daily basis and lands on your account at the end of your monthly statement cycle.

Fees

In addition to its low fees, Quontic Bank has no maintenance and overdraft costs. However, this type of account comes with a limited number of withdrawals, and here you’ll get the industry standard of six per month.

Should you require more, you’ll have to pay a $10 excess transaction fee for each. Withdrawing cash at more than 90,000 ATMs within the bank’s network is surcharge-free. For foreign transactions via wire transfer, you’ll have to part with $30 (plus correspondent).

User experience

The straightforward registration process only takes a few minutes, and you’ll need to provide some basic information such as your name, address, date of birth, Social Security number, and a valid government-issued ID.

You can access and monitor your balance round the clock using a dynamic mobile app for Android and iOS devices. Mobile banking enables features like remote check deposit, bill pay, account transfers, and receipt tracking to manage your finances while on the go.  

Customer support

Quontic Bank has efficient and accessible customer support agents that can be reached between Monday and Friday from 9:00 to 18:00 EST. You can contact customer service via live chat, email, or phone. We recommend you go through the FAQ section first, where you’ll probably find answers to most of your questions.

Chime is a relatively newly founded service 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 service’s APY rate is currently 0.50%, 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 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

One of the more exciting features is that when you spend money on your Chime debit card, the company 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.

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.

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 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.

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 it also 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 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 0.25% interest rate. Following the one-month promotional period, you can keep earning up to 0.80% 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 0.36% APY.

This 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

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.

The app 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.

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

While Continental Bank doesn’t offer the highest 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 0.50%, the APY doesn’t give the highest interest rate 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

Continental Bank is ensuring a 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

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.

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 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 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. FitnessBank offers five tiers based on how many steps you take every day:

• 12,500 steps or more: 2.20% APY (2.30% if combined with a checking account)
• 10,000-12,499 steps: 1.25% APY (1.35% if combined with a checking account)
• 7,500-9,999 steps: 1.00% APY
• 5,000-7,499 steps: 0.75% APY
• 4,999 steps or fewer: 0.50% 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 be better off with another savings product.

Fees

FitnessBank 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 bank isn’t for you. 

User experience

FitnessBank’s 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. 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.

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. 

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 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

he 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

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 information you’ll need to provide are your contact details, Social Security number, your driver’s license, and 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.

Another great thing about BrioDirect’s savings account 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 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.

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 

First Foundation's offer comes with a 0.50% APY on end-of-day balances of at least $1,000.

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 a solid option.

Fees

First Foundation's high-yield savings account 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.

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.

Founded in 1976, Elements Financial is an Indiana-based credit union that operates as a bank. It offers a range of financial services, including high-yield savings accounts 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 $5, 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's account comes with a one-year promotional period. To qualify for the promotion and earn the 1.90% 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, 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 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.

Capital One is the largest bank on our 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 0.65%, which is lower than some of the competing account options. 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

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.

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.

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.

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 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 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.

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.

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’ 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

The overall user experience is one of the best on the market. 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

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.