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Compare high-yield savings accounts of December 2024

Find the best high-interest savings accounts to maximize your earnings.

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Product USFSA Finder Score Interest compounding Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Uphold
Uphold logo
Finder score
8.8 Great
Daily
Up to

4.65%

Up to $2.5 million
$1
$0
$1,046.50
Go to siteView details
Western Alliance HYSA through Raisin
Raisin logo
Finder score
9.4 Excellent
Daily

4.50%

Up to $250,000
$0
$1
$1,045
Go to siteView details
Axos ONE
Axos Bank logo
Finder score
8.4 Great
Daily
Up to

4.86%

Up to $250 million
$0
$0
$1,048.60
Go to siteView details
Wealthfront Cash Account
Wealthfront logo
Finder score
9.4 Excellent
Daily

4.25%

Up to $8M FDIC insurance
$1
$1
$1,042.50
Go to siteView details
SoFi Checking and Savings
SoFi logo
Finder score
9.2 Excellent
Daily
Up to

4.00%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
$1,040
Go to siteView details
Barclays Tiered Savings
Barclays logo
Finder score
8.4 Great
Daily
Up to

4.65%

Up to $250,000
$0
$0
Get a $200 Bonus when you deposit $25,000 or more within 30 days and maintain that balance for 120 days. Available to new bank customers.
$1,046.50
Go to siteView details
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What is the Finder Score?

The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

Read the full Finder Score breakdown

Why trust Finder

  • 300+ banks and credit unions reviewed
  • 160+ savings accounts analyzed and rated by our team of experts
  • Evaluated under our unbiased rating system covering 6 categories
  • 20+ years of combined experience covering financial topics

We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

How to choose the best savings account

Look for these features when trying to find the best savings account for you:

  • Fits your needs. The right account should align with why you’re saving. For example, choose a business account if you’re a business owner, a kids savings account if you’re saving for your child, an ethical account if you want to make a difference and so on.
  • Low fees. The best savings accounts don’t charge monthly fees. More rarely, you may find some savings accounts that don’t charge on certain wire transfers.
  • Competitive APYs. You want an account that’s going to compound and reward you for saving. The best ones have competitive APY at least 10x higher than the national average.
  • Low opening deposit. There are plenty of accounts that let you get started with as little $0 but some may require you to have $500 or more. Note any opening deposit requirements and make sure you can comfortably meet them.
  • Easy access to your money. Most savings accounts don’t come with ATM cards, but some do. Think about how you want to access funds and find an account that matches your needs. Bear in mind that most savings accounts limit your monthly transactions to no more than six withdrawals.
  • Safety. Make sure that your savings acccount is insured by the FDIC or NCUA. Most financial institutions offer insurance up to $250,000.
  • Online savings. The best high-yield savings accounts are from online banks. Because they don’t have to worry about overhead costs, they can offer better perks like stronger APYs.
  • Sign up bonus. While a sign-up bonus shouldn’t be the only factor you consider, if you’re between a few great savings accounts, check to see if any are offering a bonus for signing up.

Pros and cons of savings accounts

With so many savings options out there, it can be hard to determine how to pick the best one for you. Consider these benefits and drawbacks to look out for:

Benefits

  • Low opening deposits. You can open some savings accounts with as little as $0.
  • No monthly fees. Many savings accounts waive monthly maintenance fees or don’t charge them at all.
  • Savings perks. Savings accounts may come with features that help you grow your money. For example, Ally Bank rounds up purchases you make and deposits the extra into your account.
  • Transfer funds. Most banks let you easily transfer money between your savings and other bank accounts.
  • Protect other accounts. If you have your checking and savings account at the same bank, you can link them for free overdraft protection.

Drawbacks

  • Limited accessibility. Most savings accounts don’t come with a debit or ATM card. You also may pay a fee if you make more than six outgoing transactions a month. Although this federal regulation is temporarily suspended during the coronavirus pandemic, some banks are still limiting transactions.
  • Minimal return on investment. Savings account interest rates are affected by federal rates. This means that your APY may drop if the federal rates drop.
  • Fees. You may pay fees if you can’t meet minimum deposit limits or you make more than six withdrawals a month.
  • Tiered APY requirements. Some savings accounts come with balance requirements to earn the highest APY.

How to make the most out of your savings account

Follow these steps to use your savings account to its fullest potential:

  • Maintain a minimum balance. Some accounts may require you to hold a monthly minimum balance to earn a higher rate or to avoid a fee. Make sure you maintain that balance to see your savings grow.
  • Monitor account activity. Take advantage of your online or mobile app to monitor your activity and stay on top of any unexpected charges or fees.
  • Savings features.Take advantage of savings roundups or set up recurring transfers to your savings account.
  • Get a strong rate. Decide whether your rate is enough or if it’s worth shopping around for other savings accounts with higher interest rates. You’ll also want to ensure the account compounds daily, if possible.
  • Consider investing. After your savings account has grown, you may want to consider other types of investments. Money market accounts and CDs can provide better returns than standard savings accounts, whereas mutual funds, stocks and other investments can offer even greater potential.

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