Best high-yield savings accounts of January 2025

7 best high-yield savings accounts

• Varo Savings: Up to 5.00% APY
• Primis Savings account: 4.7% APY
• Bask Bank Interest Savings Account: 4.50% APY
• Bread Savings™ High-Yield Savings: 4.50% APY
• TAB Bank High Yield Savings: 4.37% APY
• Liberty Savings Bank High-Yield Savings through Raisin: 4.36% APY
• Upgrade – Premier Savings: 4.14% APY
• UFB Portfolio Savings: 4.01% APY

Varo

9.4 Excellent

Existing and new customers get a $25 referral bonus when signing up for a Varo Bank account. T&C apply.

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Varo offers an optional savings account with an APY starting from 2.50% APY but can go as high as 5.00% APY on the first $5,000 saved. Varo has no minimum opening deposit requirement and charges no monthly fee. You'll receive a few extra benefits to round out the package, including up to 6% cash back when you use your Varo card at select retailers.

APY	Up to 5.00%
Fee	$0
Minimum deposit to open	$0

• Why we like it

  Varo offers an optional savings account with an APY starting from 2.50% APY but can go as high as 5.00% APY on the first $5,000 saved. Varo has no minimum opening deposit requirement and charges no monthly fee. You'll receive a few extra benefits to round out the package, including up to 6% cash back when you use your Varo card at select retailers.

• Pros and cons

  Pros

  • Earn up to 5.00% APY
  • Overdraft protection
  • Up to 6% cash back

  Cons

  • No checks or wire transfers
  • Must open a Varo checking account first

• More details

  APY	Up to 5.00%
  Interest compounding	Daily
  Minimum balance to earn interest	$0

APY	Up to 5.00%
Fee	$0
Minimum deposit to open	$0

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Bask Bank Interest Savings Account

9.2 Excellent

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The Bask Interest Savings account lets you earn a whopping 4.50% APY on your entire account balance. There are no monthly maintenance fees and no minimum balance requirements. That means you'll earn interest no matter how much you've deposited, but you have to deposit something within 15 days of opening the account. Like most savings accounts, it doesn't come with an ATM card and you're limited to six outgoing transfers every month.

APY	4.50%
Fee	$0
Minimum deposit to open	$0

• Why we like it

  The Bask Interest Savings account lets you earn a whopping 4.50% APY on your entire account balance. There are no monthly maintenance fees and no minimum balance requirements. That means you'll earn interest no matter how much you've deposited, but you have to deposit something within 15 days of opening the account. Like most savings accounts, it doesn't come with an ATM card and you're limited to six outgoing transfers every month.

• Pros and cons

  Pros

  • Competitive 4.50% APY
  • No monthly fees
  • No minimum balance requirement to earn APY
  • Supports joint accounts

  Cons

  • No physical branches

• More details

  APY	4.50%
  Interest compounding	Daily
  Minimum balance to earn interest	$0
  Monthly transaction limit	6

APY	4.50%
Fee	$0
Minimum deposit to open	$0

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Upgrade - Premier Savings

7.8 Great

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Upgrade's Premier Savings account offers a strong 4.14% APY on balances of $1,000 or more, no monthly fees and a robust mobile app that lets you manage your account with ease. To earn this APY, however, you'll need to maintain a balance that's a bit higher than what's required on other accounts on our list.

APY	Up to 4.14%
Fee	$0
Minimum deposit to open	$0

• Why we like it

  Upgrade's Premier Savings account offers a strong 4.14% APY on balances of $1,000 or more, no monthly fees and a robust mobile app that lets you manage your account with ease. To earn this APY, however, you'll need to maintain a balance that's a bit higher than what's required on other accounts on our list.

• Pros and cons

  Pros

  • Competitive 4.14% APY
  • No monthly fee
  • High APY

  Cons

  • $1,000 minimum balance to receive APY

• More details

  APY	Up to 4.14%
  Interest compounding	Daily
  Minimum balance to earn interest	$1,000

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

APY	Up to 4.14%
Fee	$0
Minimum deposit to open	$0

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Liberty Savings Bank HYSA through Raisin

9.4 Excellent

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Raisin exclusive account, the Liberty Savings Bank High-Yield Savings account offers a solid 4.36% APY, a low $1 minimum opening deposit and no enforced transaction limits. While Liberty Savings also offers savings accounts directly through their site, you’ll receive a lower interest rate.

APY	4.36%
Fee	$0
Minimum deposit to open	$1

• Why we like it

  Raisin exclusive account, the Liberty Savings Bank High-Yield Savings account offers a solid 4.36% APY, a low $1 minimum opening deposit and no enforced transaction limits. While Liberty Savings also offers savings accounts directly through their site, you’ll receive a lower interest rate.

• Pros and cons

  Pros

  • Competitive 4.36% APY
  • $1 opening deposit
  • No transaction limits

  Cons

  • Limited customer service through Raisin

• More details

  APY	4.36%
  Interest compounding	Daily
  Minimum balance to earn interest	$0

APY	4.36%
Fee	$0
Minimum deposit to open	$1

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Bread Savings™ High-Yield Savings

8.6 Great

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Bread Financial offers an impressive interest rate on its High-Yield Savings account. You earn 4.50% APY on balances up to $1 million in your savings account. While you can open multiple high-yield savings accounts, Bread imposes a $10 million total limit for each customer. While there are no monthly fees, you'll need $100 to open an account. But it's only FDIC insured up to $250,000. Also, new accounts may experience withdrawal delays for the first 30 days. There are also minimal fees. The only ones you'll need to watch out for are: $5 fee for paper statements, a $15 fee for check requests and a $25 fee for outgoing wire transfers.

APY	4.50%
Fee	$0
Minimum deposit to open	$100

• Why we like it

  Bread Financial offers an impressive interest rate on its High-Yield Savings account. You earn 4.50% APY on balances up to $1 million in your savings account. While you can open multiple high-yield savings accounts, Bread imposes a $10 million total limit for each customer. While there are no monthly fees, you'll need $100 to open an account. But it's only FDIC insured up to $250,000. Also, new accounts may experience withdrawal delays for the first 30 days. There are also minimal fees. The only ones you'll need to watch out for are: $5 fee for paper statements, a $15 fee for check requests and a $25 fee for outgoing wire transfers.

• Pros and cons

  Pros

  • Attractive 4.50% APY on balances up to $10 million
  • Few fees

  Cons

  • $100 opening deposit
  • Can't withdraw funds during your first 30 days
  • No physical branches available

• More details

  APY	4.50%
  Interest compounding	Daily
  Minimum balance to earn interest	$0
  Monthly transaction limit	6

APY	4.50%
Fee	$0
Minimum deposit to open	$100

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Primis Savings account

9.6 Excellent

With no monthly fees and a low $1 opening deposit requirement, this online bank's savings account earns a high 4.7% with no balance requirements. There are also no transaction limits, and you'll get free incoming wires. But as an online bank, there's no branch access.

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

• Why we like it

  With no monthly fees and a low $1 opening deposit requirement, this online bank's savings account earns a high 4.7% with no balance requirements. There are also no transaction limits, and you'll get free incoming wires. But as an online bank, there's no branch access.

• Pros and cons

  Pros

  • 4.7% APY
  • No monthly fees
  • No transaction limits
  • Free incoming wires

  Cons

  • Online only

• More details

  APY	4.70%
  Interest compounding	Daily
  Minimum balance to earn interest	$0

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

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TAB Bank High Yield Savings

9.2 Excellent

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Tab Bank's High Yield Savings account features a 4.37% APY paired with no monthly maintenance fees and no opening deposit requirements. Tab Bank only requires a minimum balance of $0.01 to start earning interest. And unlike most other savings accounts that cap you at $250,000 to earn interest, there's no cap with Tab. But we don't recommend keeping more than $250,000 in an account, as you're only insured up to this amount. Also, if you want to close the account, there's a $10 account closure fee.

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

• Why we like it

  Tab Bank's High Yield Savings account features a 4.37% APY paired with no monthly maintenance fees and no opening deposit requirements. Tab Bank only requires a minimum balance of $0.01 to start earning interest. And unlike most other savings accounts that cap you at $250,000 to earn interest, there's no cap with Tab. But we don't recommend keeping more than $250,000 in an account, as you're only insured up to this amount. Also, if you want to close the account, there's a $10 account closure fee.

• Pros and cons

  Pros

  • High 4.37% APY
  • No opening deposit
  • $0 monthly fee

  Cons

  • $10 account closure fee

• More details

  APY	4.37%
  Interest compounding	Daily
  Minimum balance to earn interest	$0.01
  Monthly transaction limit	6
  Fee per transaction over the limit	$20

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

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UFB Portfolio Savings

9.4 Excellent

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The UFB Portfolio Savings account earns 4.01% APY. Although the account has tiers, customers currently earn the same rate regardless of the balance in the account. There are also no opening balance requirements and no monthly maintenance fees with this account, and you'll get a complimentary ATM card for easy cash withdrawals. Although this is an online bank, a lack of physical branches allows UFB to offer such a strong APY. Just keep in mind that UFB frequently offers new accounts with higher APYs, so you may have to stay in contact with the bank to ensure you're getting the best rate offered.

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

• Why we like it

  The UFB Portfolio Savings account earns 4.01% APY. Although the account has tiers, customers currently earn the same rate regardless of the balance in the account. There are also no opening balance requirements and no monthly maintenance fees with this account, and you'll get a complimentary ATM card for easy cash withdrawals. Although this is an online bank, a lack of physical branches allows UFB to offer such a strong APY. Just keep in mind that UFB frequently offers new accounts with higher APYs, so you may have to stay in contact with the bank to ensure you're getting the best rate offered.

• Pros and cons

  Pros

  • High 4.01% APY on all balances
  • Optional ATM card
  • No minimum opening deposit required

  Cons

  • Tiered rates can change at any time

• More details

  APY	4.01%
  Interest compounding	Daily
  Minimum balance to earn interest	$0
  Monthly transaction limit	6

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

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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.

• Quontic Bank High Yield Savings: 3.85% APY
• SoFi Checking and Savings: Up to 4.00% APY
• American Express® High Yield Savings Account: 3.80% APY
• Capital One 360 Performance Savings: 3.8% APY
• Barclays Online Savings: 4.00% APY
• Discover® Online Savings Accountmore info button: 3.75% APY

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.

Brand	Overall satisfaction	Customers who’d recommend	Review	More Info
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	★★★★★ 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 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	★★★★★ 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	★★★★★ 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
American Express	★★★★★ 3.8/5	87%	American Expressmore info button offers competitive rates, $0 fees and online account access. Customers praise its competitive rates, reliability and helpful customer service.	Go to site
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	★★★★★ 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	★★★★★ 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	★★★★★ 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.

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.

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.

Written by

Bethany Hickey

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