Best High Yield Savings Accounts of 2024: Maximize Your Savings

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The Fed recently cut interest rates for the first time in four years, which means that rates on savings accounts might drop in the coming weeks. High-yield savings accounts are still very beneficial for earning interest on your savings, though.

High-yield high-yield savings accounts earn more interest than typical savings accounts at brick-and-mortar banks, even in a declining interest rate environment.

We report on the best high-yield savings account rates currently available. We’ve listed the highest interest rates for savings accounts, as well as two high-yield accounts from popular national brands (BMO and Synchrony). All of the banks and credit unions listed offer at least 4.25% APY (Annual Percentage Yield), significantly higher than the national average.

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Best Online High-Yield Savings Accounts

The best high-yield savings accounts will have a strong interest rate, good perks, and national accessibility. The top options also offer no monthly maintenance fees and low minimum opening deposits.

Many of the best banks and credit unions for high-yield savings accounts are online. Our top picks for savings accounts are federally insured by the FDIC or NCUA. Federal insurance protects up to $250,000 per depositor in the event of a bank failure.

Best Savings Account Rates

Here are the best high-yield savings accounts as picked by Business Insider editors in 2024.

Savings Account Reviews

DCU Primary Savings Account

The DCU Primary Savings Account is one of two savings accounts that pays 6% interest. The other account is Boeing Employees Credit Union Member Advantage Savings, which pays 6.17% APY on the first $500 when you meet certain requirements.

You can earn 6.17% APY on balances up to $1,000 with DCU Primary Savings Account. If you have an account balance above $1,000, the interest rate drops to 0.15% APY. This account doesn’t charge monthly service fees.

To open the Digital Federal Credit Union Primary Savings Account, you’ll have to meet certain membership eligibility requirements. You must live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization.

Digital Federal Credit Union currently has an A+ rating from the BBB. The credit union hasn’t been involved in any recent public controversies.

Pibank Savings

Pibank Savings offers the highest-yield savings account rate nationally. This account pays 5.50% APY, has a $0 minimum opening deposit, and no monthly service fees.

If you haven’t heard of Pibank before, it’s an online brand of Intercredit Bank, a financial institution in Miami.

While this account offer a competitive interest rate and has relatively flexible opening requirements, there a couple of downsides to take note of. Pibank Savings doesn’t support payments through Bill Pay or Zelle. You also may be charged fees by your external financial institution for outgoing and incoming wire transfers.

The BBB gave Intercredit Bank an A+ rating. Pibank hasn’t receiving an individual rating by the BBB, yet.

EagleBank High-Yield Savings Account

The EagleBank High-Yield Savings Account may be worthwhile if you have at least $1,000 to open an account. This savings account pays 5.35% APY on balances up to $500,000. If you have more than $500,000 in your account, the rate drops down to 0.01% APY, though.

If you haven’t heard of EagleBank before, it’s a financial institution with locations in Virginia, Maryland, and Washington, DC. You can open a high-yield savings account or CDs online even if you don’t live near a branch. You can open these accounts from anywhere in the U.S.

There are a few other downsides to this account. You must deposit new money into this high-yield savings account to obtain the highest APY, which means money from another bank. The bank’s mobile app ratings are also lackluster compared to some of our other top picks.

EagleBank has received an A+ rating from the BBB. However, the bank has been involved in a recent public controversy. In 2022, EagleBank was required to pay a civil penalty of $10 million in a settlement after the Securities and Exchange Commission accused the bank and former CEO and chairman Ronald D. Paul of making false and misleading statements about party loans relating to Paul’s family trusts.

Western Alliance Bank High-Yield Savings Premier Account

The Western Alliance Bank High-Yield Savings Premier account offers 5.31% APY on the entire account balance. It has no account activity or maintenance fees. This account might be a good choice if you’re looking for an account that does not require a certain amount of money to stay in the account to earn a high interest rate.

This account does require a $500 minimum deposit when opening the account, which is pretty high when compared to many other savings accounts. If you don’t have $500 to open the account this might not be the account for you.

Western Alliance Bank does not currently have a rating from the BBB. It has not had any recent controversies.

Western Alliance Bank High-Yield Savings Premier Review

Forbright Growth Savings

Forbright Growth Savings is a high-yield savings account available for anyone online. It offers a high 5.30% APY. It also has no minimum opening deposit and no monthly service fee. If you’re interested in banking with an environmentally friendly bank while still earning a high interest rate, this account might be a good choice for you.

Forbright only offers its high-yield savings account and its certificates of deposit to online users. If you’re interested in also opening a checking account, money market account, or credit card with Forbright to keep all of your accounts in one bank, you’ll have to go into one of its branches. It only has branches in Maryland and Virginia, so if you don’t live in one of those states, you’ll have to go elsewhere.

Forbright Bank has an A+ rating from the BBB. But it has been involved in a recent controversy.

In 2022, Forbright Bank entered into a consent order with the Federal Deposit Insurance Corporation and the state of Maryland’s Office of the Commissioner of Financial Regulation. The consent order required Forbright to improve its anti-money laundering/countering the financing of terrorism program. Forbright Bank does not admit wrongdoing by entering into the consent order.

Forbright Bank Review

Ivy Bank High Yield Savings Account

The Ivy Bank High-Yield Savings Account might be a good choice if you have at least $2,500 to open an account. You’ll also need to maintain an account balance between $2,500 and $1 million to earn 5.30% APY. Otherwise, you’ll only earn 0.05% APY on account balances under $2,500.

Ivy Bank is an online-only division of Cambridge Savings Bank. Anyone in the United States is eligible to open an Ivy Bank account except for California residents.

Ivy Bank hasn’t been rated yet by the Better Business Bureau. However, Cambridge Savings Bank has received an A- rating because it has failed to respond to a few customer complaints.

LendingClub LevelUp Savings Account

The LendingClub LevelUp Savings Account could be a good option for people planning on using it as their primary savings account.

The LendingClub LevelUp Savings Account comes with a minimum opening deposit of $0 and no monthly service fee, making it a good choice for people looking for a free savings account. It also comes with a free ATM card, which is useful for people who don’t mind using an online bank but who want to be able to withdraw cash.

You’ll need to meet some requirements to get the highest interest rate, though. In order to get the full 5.30% APY, you’ll need to deposit at least $250 each month. If you don’t, you’ll earn 4.80% APY — still a good rate, but not as high as some of the other accounts on this list.

LendingClub has an A+ rating from the BBB. It doesn’t have any recent controversies.

LendingClub Bank Review

Newtek Bank High-Yield Savings

The Newtek Bank Personal High Yield Savings Account offers a competitive interest rate and a $0 minimum opening deposit. Newtek Bank also has one of the best 6-month CD rates.

Newtek Bank received an A+ rating from the BBB.

Newtek Bank doesn’t have a personal checking account, and you can’t get a debit card or ATM card with a high-yield savings account. If you need to withdraw money, you’ll have to transfer it to an external bank account.

Newtek Bank Savings Review

BrioDirect High-Yield Savings Account

The BrioDirect High-Yield Savings Account offers a competitive rate of 5.15% APY and doesn’t charge monthly maintenance fees.

You might consider another bank if you’d like to open a high-yield savings account with a low minimum opening deposit. The BrioDirect High-Yield Savings Account requires $5,000 to open an account.

The BBB also gave BrioDirect’s parent company, Webster Bank, a B- rating because it received numerous customer complaints and hasn’t resolved one of the complaints.

Webster Bank has also been involved in a recent controversy. In January 2024, Webster paid $1.4 million in a settlement over a class action lawsuit. The lawsuit was over a ransomware attack on Webster Bank that resulted in some customers of the bank having their personal information stolen.

BrioDirect Review

Bask Bank Interest Savings Account

Bask Bank has a high-yield savings account with a $0 minimum deposit, so it could be a good option if you’d like to open an account with easy opening requirements.

You might consider Bask Bank if you’re interested in opening CDs, too. The online-only bank is also featured in our guide for the best 3-month CD rates.

To deposit or withdraw money, you’ll need to link an external bank account and initiate a bank transfer.

Bask Bank also received a B rating from the BBB because it’s received various customer complaints on the BBB website. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB.

Bask Bank Review

BMO Alto Online Savings Account

The BMO Alto Online Savings Account is a good choice if you want to open a savings account with a $0 minimum opening deposit and get a competitive savings rate.

BMO Alto is an online-only division of BMO Financial Group, and it has a high-yield savings account and CDs. You won’t be able to visit BMO branches for customer support. That said, customer service is still available 24/7 by phone.

You might consider another financial institution if you prioritize mobile banking. BMO Alto doesn’t have a mobile banking app.

BMO has received an A+ grade from the Better Business Bureau. However, the bank has been involved in one recent public controversy.

In 2022, a Minnesota jury ordered the bank to pay $564 million in damages in a lawsuit involving a Ponzi scheme operated by a Minnesota businessman. That said, the Ponzi scheme was uncovered in 2008 at M&I Bank, and BMO Harris didn’t buy M&I Bank until 2011.

BMO Alto Accounts

Synchrony High-Yield Savings Account

The Synchrony High Yield Savings Account is one of the best online savings accounts because it has no minimum opening deposit, and it charges zero monthly fees. It also comes with an ATM card so you can access your savings quickly. Synchrony high-yield savings rates and CD rates also make this bank an appealing option.

Synchrony has an NR rating from the BBB because it is currently responding to previously closed complaints.

Synchrony doesn’t have a checking account, so it might not be the best option if you want to do all your banking with one institution.

Synchrony has also been involved in a couple of recent public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn’t have.

In 2021, the bank also was required to pay $3.5 million in a settlement when accused of making unreasonable phone calls to debtors living in California.

Synchrony Bank Review

Understanding High-Yield Savings Accounts

What Is a High-Yield Savings Account?

High-yield savings accounts are a type of bank account. You can distinguish them from traditional savings accounts because they pay a higher yield. That’s because they’re generally offered by online banks and credit unions, so these financial institutions don’t generally have to pay for all of the expenses that brick-and-mortar banks and credit unions do.

Besides its ability to earn more interest, a high-yield savings account is structurally similar to a traditional savings account. It still has FDIC or NCUA insurance, and you need to pay attention to minimum opening requirements, minimum balance requirements for earning interest, and common bank fees.

Benefits of a High-Yield Savings Account

Higher Interest Rates Than Traditional Savings Accounts

A traditional savings account from a brick-and-mortar financial institution typically pays a low interest rate. For example, big banks like Chase and Bank of America pay less than 0.05% APY on their standard savings account.

You’ll earn significantly more with a high-yield savings account. Our top picks land between 4% to 5% APY, which is a high interest rate. In fact, high-yield savings accounts are beating inflation at the moment.

Safe and Secure

Like other bank accounts, almost all high-yield savings accounts are either FDIC-insured or NCUA-insured, depending on whether you’re banking with a bank or a credit union, respectively. This means your money will be ensured up to $250,000 for an individual bank account or up to $500,000 for a joint bank account.

Ideal for Growing Your Money

High-yield savings accounts can be great for when you want to earn some money on your savings without risk and while still having easy access to it. This makes it ideal for emergency funds; you don’t want to risk your emergency funds on investing, and you want to be able to access your emergency funds if something major happens. With high-yield savings accounts, you’ll still be able to make money off your money without sacrificing safety and access.

How Savings Accounts Work

A savings account rate is variable, which means it can fluctuate after it is opened. Your bank will usually email you to tell you the rate will go up or down soon.

Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you’ll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.

The Board of Governors of the Federal Reserve has recently amended Regulation D, so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.

What to Look for in a High-Yield Savings Account

The Different Types of Savings Accounts

There are six types of savings accounts: traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you depends on your banking preferences, goals, and when you’ll need to access your money.

A high-yield savings account, for example, is a strong choice if you’re comfortable with banking digitally and want to obtain a high interest rate.

High-Yield Savings Account Fees

Depending on where you bank, some savings accounts may charge monthly bank maintenance fees. A monthly service fee is an amount you’ll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements while others cannot be waived. Bear in mind that some savings accounts do not charge certain fees at all.

Minimum Balance Requirements for Earning Interest

Some banks will require you to keep some money in your savings account to get a certain APY. Savings account promotions are also more common in a competitive interest rate environment. You might see some companies pay a bonus rate for a new account for the first couple of months. These specials are to attract new customers. To make sure you’re getting a top rate, find out what the interest rate will be once the promotion is over so you know there isn’t a significant decline in APY.

Accessibility and Customer Service of the Bank

You should also factor in the overall customer experience at the bank.

High-yield savings accounts are more commonly found at online banks. You might find some brick-and-mortar financial institutions with these accounts, or a few institutions that offer a hybrid experience, but for the most part, be prepared for a primarily digital banking experience.

Some banks offer 24/7 customer support by phone or through live chat, so you may look into these options if traditional banking hours don’t work well with your schedule.

You can also check a bank holiday schedule to see if it has a flexible branch calendar. Some banks are open on holidays when other banks aren’t, or they’ll stay open for longer while other banks may close early before a holiday weekend.

If you value strong mobile banking, you might prefer a bank with one of the best mobile banking apps. It should also be noted that some smaller local institutions and new online banking divisions don’t have mobile apps for their high-yield savings accounts. That could be a disadvantage because that’s one less way to manage your account.

Accessibility for cash deposits and withdrawals also varies widely between online banks.

A handful of high-yield savings accounts have debit cards or ATM cards, but for the most part, this isn’t a common feature. Typically, you’ll need to own a checking account with the same bank or make an external bank account transfer to take out cash.

Depositing cash through a high-yield savings account can also involve extra steps, depending on the bank. Some banks do not let you make cash deposits on online high-yield savings accounts, so you have to deposit cash to the bank’s checking account or to an external bank account from a different bank and then transfer money.

A couple of online banks may have more ways for making cash deposits. For example, a few let you make cash deposits at ATMs in their network. You also might be able cash deposits at stores — usually there’s a fee of around $5 per transaction, though.

How to Choose the Best Savings Account for You

The interest rate isn’t the only thing that matters in a high-yield savings account. When choosing an account, make sure you can afford the minimum deposit. You should also check whether there is a monthly service fee — and if so, find out if you qualify to waive it — or any requirements to earn the highest interest rate.

Some institutions also limit the number of monthly withdrawals/transfers you can make from your high-yield savings account before charging you a fee. You want an account that will result in a high interest rate and few to no fees so you can earn as much as possible. You’ll also want to consider accounts tailored to your specific circumstances; for example, if you’re in the military, you might want a savings account from one of the best military banks.

High Interest Savings Account Interest Rate Facts

Generally, you’ll find the best nationwide savings interest rates at online banks. That said, a local credit union currently offers the highest interest rate on a savings account overall. You may get 6.17% APY on up to $1,000 in your savings if you join Digital Federal Credit Union. Membership, however, is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization.

What is a Good Interest Rate on a Savings Account?

The average savings account in the United States offers 0.46% APY.

If you’re more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate because online banks and credit unions usually offer higher rates.

Applying for a High-Yield Savings Account

Once you’re ready, you can apply for a high-yield savings account online. Typically, the bank will specify whether you can apply for individual and joint bank account, and if there are any age requirements to open a high-yield savings account. Some banks will only let you open a high-interest savings account if you’re at least 18 years old.

The application for opening a savings account requires basic information like your full name, home address, and job information. Online forms also generally require your Social Security number and driver’s license information. You might also need to share copies of these documents if a bank asks for it.

Once you’re approved to open an account, you’ll be able to deposit money to a high-yield savings account. Some banks don’t require an initial deposit but if yours does, you can link an external bank account and transfer money.

Maximizing Your Earnings with High-Yield Savings Accounts

To maximize your earnings with a high-yield savings account, shop around to find one that pays a high rate and doesn’t charge monthly service or excess withdrawal fees for taking money out regularly. You may find it helpful to set up automatic transfers from your checking account to your high-yield savings account. If you receive your paycheck as a direct deposit, you can also ask your employer to send a percentage of your paycheck to your high-yield savings account each pay period. As your balance grows with automatic savings and direct deposits, you’ll earn more interest.

What to Do When Your High-Yield Savings Account Rate Drops

Interest rates on high-interest savings accounts closely follow the federal funds rate. This means rates are variable and can change several times per year at the whim of the Federal Reserve. Keeping track of when the next Fed meeting will happen and whether rates can change can help you better understand fluctuations in high-yield savings account rates.

If the interest rate on your savings account drops significantly, you may decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. Typically, online banks and credit unions offer the highest interest rates for savings accounts. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account’s rate drops afterward.

You also might consider other types of savings account options. For example, buying savings bonds or setting up a CD ladder may be worth considering if you’ve already established your emergency fund.

Strategies for Consistent Savings

If you’re looking for ways on how to save money and be more consistent with your habits, consider the following tips:

Set savings goal. Creating a financial goal can be a helpful way to make saving money more tangible. To make a good saving goal, you should be precise instead of vague. Have a clear purpose for your goal, attach a dollar amount, and set a timeframe for when you want to achieve your goal.
Automate your savings. Some financial planners recommend setting up automatic transfers from your checking account so that after every paycheck, you have some money moved to your savings account. This is often called the pay yourself first strategy since you’re prioritizing saving money over spending.
Adapt a budgeting strategy. You could also use a budgeting method like the 50/30/20 rule if you want more structure to your money management. The 50/30/20 rule splits your after-tax income so 50% goes to needs, 30% goes to wants, and 20% goes to savings and debt. There are other rules that split your after-tax income into different percentages and criteria, or you can also do your own spin on a rule so it matches your lifestyle and circumstances.

Avoiding Common Pitfalls on Savings Accounts

A savings account’s purpose is to give you a safe place to save money over time. If you’re racking up bank fees or having a tough time managing your account, then your savings account isn’t serving you. Write down the pros and cons of your current savings account, and explore other options to see if you can find a better fit.

Another thing to keep in mind is that savings accounts aren’t necessarily the best place to keep money for long-term financial goals. If you have a long-term goal and are comfortable taking on some risk, you can earn higher returns if you invest in stocks.

Alternatives to High-Yield Savings Accounts

High-Yield Savings Accounts vs. CDs

The best CD rates are comparable to the best high-yield savings account rates. You might prefer a CD if you want to lock in a high rate for a set period of time, because your rate is fixed. You won’t risk your rate decreasing as you would with a savings account. But CDs offer less flexibility.

You can’t put more money into a CD after the initial opening deposit, and you’ll pay a penalty if you take out money before the term ends. So if you open a 3-year CD, you won’t be able to take your money out of the CD until three years have passed without paying early withdrawal penalties.

If you’re trying to decide between CDs versus high-yield savings accounts, your choice could come down to when you need to deposit and/or withdraw money. (We also have a full explanation of how no-penalty CDs compare to savings accounts.)

High-Yield Savings Accounts vs. Money Market Accounts

Money market accounts are similar to high-yield savings accounts, but they typically make it easier to access your savings. The best money market accounts come with features checking accounts might have, such as an ATM card, debit card, or paper checks.

High-Yield Savings Accounts vs. High-Yield Checking Accounts

The best high-yield checking accounts are great tools for earning even more interest on your money. But checking account balances are often lower than savings account balances because you use them to spend money. If you’re serious about using interest to grow your balance, a high-yield savings account is usually the better bet.

High-Yield Savings Account Frequently Asked Questions

APY stands for annual percentage yield. The APY of a savings account will tell you how much money you’ll earn in a year, factoring in compound interest.

Digital Federal Credit Union currently offers the highest savings account rate right now, paying 6.17% APY on balances up to $1,000. Credit Union membership is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization.

Savings account rates peaked in early 2024. The Fed cuts rates for the first time in four years in September, and the savings rate forecast for 2024 also indicates rates are expected to decline for the rest of the year.

It’s safe to keep all of your money in a high-yield savings account if your balance is $250,000 or less (for an individual account) or $500,000 or less (in a joint account). The FDIC and NCUA insure up to $250,000 per owner, per category. So if your bank fails, all of your insured money would be safe. If you have more than the FDIC or NCUA would insure, consider opening a second account at another institution or investing some money if it makes sense for you.

Many high-yield savings accounts offer an APY of 5% or higher. With a 5% APY, you would have $10,500 in your account at the end of one year.

The benefits of a high-yield savings accounts are that you can earn a high interest rate on your money while still being able to access it if you need to. Your money is also safe in a high-yield savings account, as it is FDIC-insured up to $250,000 for a single-owner bank account and $500,000 for a joint-owner account.

Some fees associated with high-yield savings accounts include monthly maintenance fees, excess transaction fees, paper statement fees, and inactivity fees.

You can choose the best high-yield savings account for you by analyzing fees, customer service availability, online and mobile banking features, and other features that impact your overall banking experience. It may also help you to think about whether you are interested in potentially getting other bank accounts or services in the future.

Accessing money in a high-yield savings account depends largely on where you bank. Some banks let you easily access money because they have physical locations or offer multiple ways to make deposits or withdrawals. Others might not offer many ways to access your money, so you’ll have to rely a lot on transferring money to external bank accounts, which can be tedious.

The best high-yield savings accounts pay at least 4.50% APY. In one year, 4.50% APY on $1,000 would add around $45 to your account.

Which bank offers the best high-yield savings account for you will largely depend on what you need from a bank. Currently, Digital Federal Credit Union offers the highest APY for a high-yield savings account, but it only offers that rate for the first $1,000 in the account. If you want to put more in your high-yield savings account, you might want to consider banks like Western Alliance Bank or BrioDirect.

Yes, the interest rate on your savings account will most likely change. Interest rates on savings accounts are variable, meaning they can and will change regularly and without advance notice. These fluctuations are based on the federal funds rate, which is set by the Federal Reserve.

Yes, high-yield savings accounts are still great places to store your extra money or emergency funds. With high-yield savings accounts you’re making money on your savings with low risk and easy access.

If you choose a high-yield savings account with an institution that has FDIC or NCUA insurance, you shouldn’t lose money if the company shuts down. The FDIC and NCUA insure your money for up to $250,000, or $500,000 for joint accounts. So you could lose some money if, for example, you have $300,000 in an individual high-interest savings account and the bank closes. You’d keep $250,000 but lose the uninsured $50,000

Why You Should Trust Us: Experts’ Advice on Choosing the Best High-Yield Savings Account

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.

Tania Brown, CFP® professional, vice president of coaching strategy at OfColor
Roger Ma, CFP® professional and author of “Work Your Money, Not Your Life”
Sophia Acevedo, banking editor, Business Insider
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com

Here’s what our expert panel had to say about high-interest savings accounts. (Some text may be lightly edited for clarity.)

Generally, what makes a high-yield savings account good or not good?

Roger Ma, CFP® professional with and author of”Work Your Money, Not Your Life”:

“It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don’t want to have so much friction where it’s such a pain to get the money out when you need it.”

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?”

Sophia Acevedo, banking editor, Business Insider:

“I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, CFP® professional, vice president of coaching strategy at OfColor:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Sophia Acevedo, Business Insider:

“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account, I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”

Our Methodology: How We Chose the Best Savings Accounts

There are many high-yield savings accounts available across financial institutions. Through our research, we’ve found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you’re more comfortable banking with a national brick-and-mortar bank, you’ll likely have to consider a premium savings account to earn a more competitive interest rate.

We review savings accounts at nearly three dozen institutions weekly to identify the strongest options. While interest rates are an important aspect of any savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features.

At Business Insider, we aim to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

See our bank account methodology to learn more about how we rate savings accounts.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider’s banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider’s 2024 series “My Financial Life,” which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia’s expertise includes:

Bank accounts
Savings and CD rate trends
Budgeting
Saving
How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.