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Best high-yield savings accounts of December 2024

Explore the best online high-yield savings accounts with APYs 11x higher than the national average.

Bethany Hickey's headshot

By

Bethany Hickey

Edited by

Alexa Serrano Cruz

Updated

Fact checked
The best high-yield savings accounts have no fees, low deposit requirements and sky-high interest rates. Rates have been at an all-time high in the last year, making it easy to find savings accounts with rates well above the national average of 0.43%.(1)
Every week, we compare hundreds of savings accounts from online banks, credit unions and the biggest names in the country, including American Express®, Barclays and Marcus by Goldman Sachs.

Compare high-interest savings accounts

Narrow down high-yield savings accounts based on fees, interest rates and minimum opening deposits. Select Compare for up to four products to see how they stack up against one another.

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1 - 6 of 25
Product USFSA Finder Score Account type 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
Savings app
Up to

4.65%

Up to $2.5 million
$1
$0
$1,046.50
Go to siteView details
SoFi Checking and Savings
SoFi logo
Finder score
9.2 Excellent
Traditional savings,Checking
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
Axos ONE
Axos Bank logo
Finder score
8.4 Great
Savings app
Up to

4.86%

Up to $250 million
$0
$0
$1,048.60
Go to siteView details
American Express® High Yield Savings Account
American Express logo
Finder score
9.8 Excellent
Traditional savings

3.80%

Up to $250,000
$0
$0
$1,038
Go to siteView details
Western Alliance HYSA through Raisin
Raisin logo
Finder score
9.4 Excellent
Traditional savings

4.50%

Up to $250,000
$0
$1
$1,045
Go to siteView details
Barclays Tiered Savings
Barclays logo
Finder score
8.4 Great
Traditional savings
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

We compare the following brands

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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.

7 best high-yield savings accounts

Varo
9.4 Excellent

Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.
Go to site Read review
APYUp to 5.00%
Fee$0
Minimum deposit to open$0

Bask Bank Interest Savings Account
9.2 Excellent

Go to site Read review
APY 4.65%
Fee$0
Minimum deposit to open$0

Upgrade - Premier Savings
7.8 Great

Go to site Read review
APYUp to 4.14%
Fee$0
Minimum deposit to open$0

Partner terms and conditions
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. See partner terms and conditions
Liberty Savings Bank HYSA through Raisin
9.4 Excellent

Go to site
on Raisin's secure site
Read review
APY 4.36%
Fee$0
Minimum deposit to open$1

Bread Savings™ High-Yield Savings
8.6 Great

Read review
APY 4.60%
Fee$0
Minimum deposit to open$100

Primis Savings account
9.6 Excellent

APY 4.70%
Fee$0
Minimum deposit to open$1

TAB Bank High Yield Savings
9.2 Excellent

Read review
APY 4.37%
Fee$0
Minimum deposit to open$0

UFB Portfolio Savings
9.4 Excellent

Read review
APY 4.01%
Fee$0
Minimum deposit to open$0

Methodology

Finder’s banking experts analyze hundreds of savings accounts weekly to find the best ones that can help you build up a nest egg and accumulate interest quickly. We weigh these factors to determine the accounts that make the final cut:

  • 4.30% APY or higher (10x higher than average)
  • $0 monthly fees
  • $100 or lower minimum opening deposit
  • No strict membership requirements
  • Wide state availability

Honorable mentions

Among the hundreds of savings accounts we analyze, there were a few worth mentioning that didn’t quite make the cut of our strict APY minimum in our methodology. These accounts still exceed standards thanks to their wide availability, few or no fees, good reputation and higher-than-average interest rates.

Best banks for savings accounts: Customer satisfaction results in 2024

These savings providers were highly rated by their customers in Finder’s 2024 Savings Customer Satisfaction Awards.

BrandOverall satisfactionCustomers who’d recommendReviewMore Info
Ally logo
Ally Bank
★★★★★
4.3/5
89%Ally is an online-only bank that offers competitive rates on its savings and checking accounts. Customers praise its savings features, easy-to-use app, competitive rates and helpful customer service. Read our review
CIT Bank logo
CIT Bank
★★★★★
4.1/5
91%CIT Bank offers a variety of free interest-bearing accounts to choose from to build up your savings. Customers praise CIT’s helpful customer service and its competitive rates. Go to site
Marcus Bank logo
Marcus Goldman Sachs
★★★★★
4/5
93%Marcus by Goldman Sachs offers exclusively online accounts with competitive rates and no fees. Customers praise its high rate, its banking and investing strategies and how easy it is to save and budget with Marcus. Read our review
Discover logo
Discover
★★★★★
3.9/5
90%Discover is a full-service online bank offering checking, savings, credit cards and more. Customers praise its competitive rate and like that Discover helps you build your credit and savings. Go to site
Chase logo
Chase
★★★★★
3.9/5
86%Chase is one of the largest banks in the US offering a variety of financial products like checking, savings and credit cards. Its savings accounts come with an autosave feature and new customers could snag a welcome bonus offer. Read our review
Amex logo
American Express
★★★★★
3.8/5
87%American Express offers competitive rates, $0 fees and online account access. Customers praise its competitive rates, reliability and helpful customer service. Go to site
SoFi logo
SoFi
★★★★★
3.8/5
86%SoFi® is an online bank known for offering a range of products like its checking and savings hybrid account, investing, loans and more. Customers praise its easy-to-use mobile app, competitive rates and customer service. Go to site
Varo logo
Varo
★★★★★
3.7/5
83%Varo is an FDIC-insured digital bank account offering a checking and savings account with no monthly fees. Customers praise its no-hassle online savings experience and friendly customer service. Go to site
Synchrony Bank logo
Synchrony Bank
★★★★★
3.6/5
84%Synchrony is an online bank that specializes in savings products, like savings and money market accounts, CDs and IRAs. Customers praise its customer service and reliability. Read our review
Citizens Bank logo
Citizens Bank
★★★★★
3.6/5
81%Citizens bank is a regional bank offering a large branch network in the Midwest, Northeast and Florida. Customers praise its reliability and easy-to-use online banking platform.

What are high-yield savings accounts?

The only difference between a regular savings account and a high-yield savings account is the significantly higher rate — they are the same type of deposit account. High-yield savings accounts aren’t a different savings product but are different from a money market account and a certificate of deposit.

Run-of-the-mill savings accounts tend to have APYs between 0.01% and 0.47%, whereas high-yield accounts tend to have rates above this.

The only potential downside with high-yield savings accounts is that they’re typically found at online banks or fintechs. These institutions don’t have to maintain physical branches, so they can afford to offer high APYs. This means if you want the high rate, you’ll likely have to be comfortable managing the account exclusively online.

How to choose a high-yield savings account

Here are a few pointers when comparing savings accounts:

  • Look for savings accounts with rates higher than the 0.43% APY national average.
  • Consider online banks, as their accounts tend to offer higher rates due to fewer overhead costs.
  • Most savings accounts don’t have monthly fees, but compare all fees just in case.
  • Look for automated savings tools, such as savings round-ups.
  • Make sure the bank is insured through the FDIC or NCUA.
  • Check how accessible your funds are via mobile apps, ATM cards and transaction limits.

How often do savings rates change?

Savings rates can change frequently. They have variable interest rates, so they can change in response to interest rate changes enacted by the Federal Reserve. The Federal Reserve meets eight times annually (every six weeks) but can meet more often when economic events require it. Since 2022, interest rates on savings products have nearly doubled.

With inflation numbers easing, the Federal Reserve has signaled that rate cuts are possible in 2024.

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Savings accounts compound interest

The money in your savings account passively grows, thanks to compound interest. Savings accounts can compound interest daily, monthly or yearly, meaning you are earning interest on your already earned interest. Most savings accounts compound it daily, and earned interest is paid monthly, helping your savings grow faster.

— Bethany Hickey, Editor, Banking.

How much can I earn with a high-yield savings account?

How much you can earn with a high-yield savings account depends on your interest rate, balance, monthly contributions and how long you let it sit. And if you have a monthly fee, you’ll need to factor that in as well.

A free savings account with a $10,000 deposit earning 0.43% APY can only earn $47.10 in one year.

With a 5.00% APY account and a $10,000 deposit, you can earn $511.62 in interest after one year. That’s a huge difference.

Use our calculator to see how much you can earn with your intended deposit, desired interest rate amount and planned monthly contributions.

4 ways to maximize your savings rate potential

  1. Deposit funds while the APY is high. Savings account APYs can fluctuate over time, so it pays to put as much money as you can afford into the account while the APY is high.
  2. Compound interest. Look for an account with daily compound interest. This allows your money to grow faster by being paid for the interest you’ve already earned.
  3. Use savings tools. Take advantage of automatic transfers and savings round-up tools to contribute to your savings regularly.
  4. Pair it with other high-yield accounts. While your money is in a savings account, consider opening a high-yield checking account to boost your spending money. Some accounts, like OnPath FCU High Yield Rewards Checking, offer APYs as high as 7%.

How to open a savings account

You’ll need to provide your full name, address and government-issued ID to apply for a savings account. Some accounts require an opening deposit, which you can meet by transferring funds from another account or depositing cash if the bank has physical branches.

5 alternatives to savings accounts

If you’re not sure a high-yield account is the right type of savings account for you, consider these alternatives for saving and storing your money.

  1. Certificates of deposit (CD) lock your money for a set term and with guaranteed interest earnings, regardless of national rate changes. Currently, Quontic Bank offers one of the best CD rates on its 12-month terms at 4.00% APY.
  2. Money market accounts (MMAs) are similar to regular savings accounts because they earn interest, and similar to checking accounts because they can offer a debit card and checkwriting privileges. Compare the best MMAs here.
  3. A high-yield checking account offers a place to spend and save on unspent funds with rates as high as 4% APY.
  4. Investment accounts can offer strong yields, but your money isn’t insured by the FDIC. But some platforms, like Robinhood, offer FDIC-insured plans that let you earn strong yields on uninvested funds.
  5. Treasury bills are a type of short-term loan to the government backed by the US Treasury Department. Most offer a term of one year or less, with longer terms offering higher rates.

Frequently asked questions

Why do savings accounts have transaction requirements?

The Federal Reserve had something called Regulation D, which stipulated that a bank can’t allow consumers to withdraw more than six times per month. That Regulation has since been suspended, but many banks and credit unions still abide by this standard.

Do savings accounts get a debit card?

No, traditional savings accounts won’t come with a debit card. You can find accounts that offer ATM cards, but they can’t be used for purchases. If you want a hybrid of a sayings and checking account, look into money market accounts — these are interest-bearing accounts that often come with a debit card and checkwriting privileges.

Do savings accounts need opening deposits?

Not all savings accounts come with opening deposit requirements. Those that do often range around $20 to $100 for an initial deposit.

Alexa Serrano Cruz's headshot
To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.
Bethany Hickey's headshot
Written by

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise
Bethany has written 448 Finder guides across topics including:
  • Personal finance
  • Banking
  • Auto loans
  • Insurance
  • Cryptocurrency and NFTs
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