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The Best High-Yield Savings Accounts for 2024

Written By
G. Dautovic
Updated
August 02,2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Are you in the market for the best high-yield savings account? 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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Best High-Yield Savings Accounts of March 2024

Logo
APY:
0.61%
Minimum deposit:
$250
Minimum balance:
$0
Fees:
None
Open Account
Offer details
Logo
APY:
8.96% (Variable)*
Minimum deposit:
$1,000
Minimum balance:
$1,000
Fees:
0.35% management fee
Open Account
Offer details
Logo
APY:
4.50%
Minimum deposit:
$100
Minimum balance:
$0
Fees:
$10 excess transaction fee
Open Account
Offer details
Logo
APY:
0.50%
Minimum deposit:
$0
Minimum balance:
$0
Fees:
$0
Open Account
Offer details
Logo
APY:
Up to 0.80%
Minimum deposit:
$100
Minimum balance:
$25,000 or a $100 deposit/month
Fees:
$10 outgoing wire fee (balances <$25,000)
Open Account
Offer details
Logo
APY:
0.75%
Minimum deposit:
$1
Minimum balance:
No balance requirements
Fees:
None
Open Account
Offer details
Logo
APY:
0.50%
Minimum deposit:
$1
Minimum balance:
$0
Fees:
$20 if balance less than $5,000
Open Account
Offer details
Logo
APY:
Up to 2.30%
Minimum deposit:
$100
Minimum balance:
$0
Fees:
$10, waived if daily balance is $100
Open Account
Offer details
Logo
APY:
0.40%
Minimum deposit:
$25
Minimum balance:
$0
Fees:
$10 per excess withdrawal
Open Account
Offer details
Logo
APY:
0.50%
Minimum deposit:
$1,000
Minimum balance:
$0
Fees:
$20 early closure fee
Open Account
Offer details
Logo
APY:
Up to 0.40%
Minimum deposit:
$5
Minimum balance:
$2,500 for 0.40% APY
Fees:
$5 monthly inactivity fee
Open Account
Offer details
Logo
APY:
0.40%
Minimum deposit:
$0
Minimum balance:
$0
Fees:
See full review
Open Account
Offer details
Logo
APY:
0.60%
Minimum deposit:
$0
Minimum balance:
$0
Fees:
Outside ATM network
Open Account
Offer details
Logo
APY:
0.50%
Minimum deposit:
$0
Minimum balance:
$0
Fees:
None
Open Account
Offer details
Logo
APY:
0.40%
Minimum deposit:
$0
Minimum balance:
$0
Fees:
None
Open Account
Offer details
Quick Breakdown

Top Online Banks with High Interest Rates:

  • UFB Direct - 4.11% APY
  • Save - 8.96% APY (Variable)*

  • Axos Bank - 0.61% APY
  • Quontic Bank - 3.70% APY
  • Chime - 0.50% APY
  • CIT Bank - Up to 0.80% APY
  • Ponce Bank - 0.75% APY
  • Continental Bank - 0.50% APY
  • FitnessBank - Up to 2.30% APY
  • BrioDirect - 0.40% APY
  • First Foundation Bank - 0.50% APY
  • Elements Financial - Up to 0.40% APY
  • Capital One - 0.40% APY
  • Synchrony - 0.60% APY
  • Marcus by Goldman Sachs - 0.50% APY
  • Discover - 0.40% APY

In-Depth Reviews of High-Yield Savings Accounts

Axos Bank High Yield Savings Account Review

Axos Bank High Yield Savings Account Review Logo Open Account

On Official Website

APY:
0.61%
ATM fee:
$8 monthly domestic reimbursement
Minimum deposit:
$250
Minimum balance:
$0
Fees:
None

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. 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 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. 

Key features

  • No fees
  • No minimum balance
  • Consistent rates 
  • Wonderful app
  • Superb customer support
+ Show more
Read Full Review

Save Market Savings Review

Save Market Savings Review Logo Open Account

On Official Website

APY:
8.96% (Variable)*
ATM fee:
$0
Minimum deposit:
$1,000
Minimum balance:
$1,000
Fees:
0.35% management fee

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, making it one of the best high-yield savings accounts for those who want more from their deposits.

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% making them one of the best savings option for users that want to avoid extra fees.

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 best online 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.

+ Show more

Quontic Bank High-Yield Savings Account Review

Quontic Bank High-Yield Savings Account Review Logo Open Account

On Official Website

APY:
4.50%
ATM fee:
Unlimited domestic ATM fee reimbursements
Minimum deposit:
$100
Minimum balance:
$0
Fees:
$10 excess transaction fee

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, feature-rich financial services, and one of the best high-yield savings accounts online. 

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

Let’s dive deeper into the high-yield savings account rate. 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 4.50% 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, making it one of the best high-yield savings accounts. 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

Another reason why Quontic Bank is on the top savings accounts list is its swift and straightforward registration process. It only takes a few minutes to open the high-yield savings account, 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

Having the best online savings rate isn’t enough if you can’t quickly manage and overcome potential hiccups. That’s why 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. 

Key features

  • Competitive APY
  • No minimum balance
  • FDIC-insured
  • Swift registration process
  • No overdraft fees
  • More than 90,000 ATMs
+ Show more
Read Full Review

Chime High-Yield Savings Account Review

Chime High-Yield Savings Account Review Logo Open Account

On Official Website

APY:
0.50%
Minimum deposit:
$0
Minimum balance:
$0
ATM Fee:
$2.50 if you use an ATM outside the bank’s network
Fees:
$0

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 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 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, 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
+ Show more
Read Full Review

CIT Bank Savings Builder Account Review

CIT Bank Savings Builder Account Review Logo Open Account

On Official Website

APY:
Up to 0.80%
ATM fee:
Up to $30 in monthly reimbursements for, $0 fees for own network
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 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 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 0.25% 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.

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. 

Key features

  • A high-APY introductory offer for all users
  • Interest is compounded daily
  • Easy-to-use mobile app
  • Few to no fees
  • Helpful customer support
+ Show more

Ponce Bank High-Yield Money Market Deposit Account (MMDA) Review

Ponce Bank High-Yield Money Market Deposit Account (MMDA) Review Logo Open Account

On Official Website

APY:
0.75%
ATM fee:
None for in-network withdrawals
Minimum deposit:
$1
Minimum balance:
No minimum balance
Fees:
None

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 an excellent savings account rate compared its counterparts at SaveBetter. Continental Bank offers 0.50%, and at Ponce, you are looking at 0.75% 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. SaveBetter 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

  • FDIC-insured funds
  • No balance requirements or fees
  • Interest rate calculated on a daily basis
  • Great mobile app
  • Ponce Bank is a CDFI (Community Development Financial Institution) committed to banking for the underserved
  • Ponce Bank is an MDI (Minority Depository Institution) and one of the largest Latinx banks East of the Mississippi
+ Show more
Read Full Review

Continental Bank High-Yield Savings Account Review

Continental Bank High-Yield Savings Account Review Logo Open Account

On Official Website

APY:
0.50%
ATM fee:
$15 monthly reimbursement
Minimum deposit:
$1
Minimum balance:
$0
Fees:
$20 if balance less than $5,000

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 0.50%, 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
+ Show more

FitnessBank Savings Account Review

FitnessBank Savings Account Review Logo Open Account

On Official Website

APY:
Up to 2.30%
ATM fee:
$0, the bank reimburses up to $10 charged by the ATM owner
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: 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

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.

Key features

  • 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
+ Show more

Brio Direct High-Yield Savings Account Review

Brio Direct High-Yield Savings Account Review Logo Open Account

On Official Website

APY:
0.40%
ATM fee:
$0
Minimum deposit:
$25
Minimum balance:
$0
Fees:
$10 per excess withdrawal

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 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.

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.

Key features

  • Excellent online and mobile banking platforms
  • No monthly service fees
  • High rates on low minimum balance
  • Helpful customer support
  • Quick and easy online application
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First Foundation Bank Online Savings Account Review

First Foundation Bank Online Savings Account Review Logo Open Account

On Official Website

APY:
0.50%
ATM fee:
Unlimited $20 reimbursements (no own ATM network)
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 0.50% 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 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. 

Key features

  • Highly rated mobile app
  • ATM card upon request
  • No monthly fees
  • No minimum balance requirements
  • Excellent customer support
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Elements Financial Credit Union Helium Savings Account Review

Elements Financial Credit Union Helium Savings Account Review Logo Open Account

On Official Website

APY:
Up to 0.40%
ATM fee:
None with ATM card
Minimum deposit:
$5
Minimum balance:
$2,500 for APY
Fees:
$5 monthly inactivity 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 $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 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 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, 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.

Key features

  • 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
+ Show more

Capital One 360 Performance Savings Review

Capital One 360 Performance Savings Review Logo Open Account

On Official Website

APY:
0.40%
ATM fee:
Reimbursement up to $15 per statement period
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

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 0.65%, 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. 

Key features

  • 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
+ Show more

Synchrony High-Yield Savings Account Review

Synchrony High-Yield Savings Account Review Logo Open Account

On Official Website

APY:
0.60%
Minimum deposit:
$0
Minimum balance:
$0
Fees:
Only if you use an ATM outside the bank’s network

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
+ Show more

Marcus by Goldman Sachs High-Yield Savings Account Review

Marcus by Goldman Sachs High-Yield Savings Account Review Logo Open Account

On Official Website

APY:
0.50%
ATM fee:
N/A
Minimum deposit:
$0
Minimum balance:
$0
Fees:
None

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 
+ Show more
Evaluation Criteria

How We Evaluate 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.

FAQ

Which bank has the best high-yield savings accounts?

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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?

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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?

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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?

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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?

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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?

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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.