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Are you frustrated with the meager interest rates on your savings accounts? I understand that feeling!
We still need to save our money somewhere, right?
If you’re searching for the most effective place to keep your savings, emergency fund, or vacation fund, consider a high-yield savings account.
The best online savings accounts often provide significantly higher rates and lower fees compared to traditional banks. Just take a look at the disappointing savings account rates from some well-known banks:
- U.S. Bank – 0.01% APY
- Bank of America – 0.01% APY
- Chase – 0.01% APY
- PNC – 0.01% APY
- Wells Fargo – 0.01% APY
Yikes!
All top-tier high-yield savings accounts offer rates that far surpass these paltry figures. Plus, just like traditional banks, they all carry FDIC (or NCUA) insurance. This means your money is protected up to $250,000 per depositor through the credit of the U.S. government.
We’ve compiled a list of the best high-yield savings accounts, with many rates updated daily! So, what are the top online savings accounts at this time? Let’s explore.
Summary of Top High-Yield Savings Account Rates
Here’s a quick glance at our best savings account rates available today.
Disclosure: The offers below are from companies that compensate Club Thrifty. This may influence how they are organized and displayed. Club Thrifty does not include or review all companies or offers available.
Best High-Yield Savings Accounts for 2024 – Our Recommendations
1) CIT Bank Platinum Savings
CIT Bank (FDIC #58978) provides online banking services nationwide. They offer various checking and savings products, but our current top pick is the Platinum Savings account. We believe it’s among the best high-yield savings accounts available.
The Platinum Savings account is a straightforward savings option offering excellent rates for those who meet the minimum balance requirement. With a balance of $5,000 or more, you’ll earn an impressive 4.70% APY. It really is that uncomplicated.
CIT Bank’s money market account also offers a solid 1.55% APY, making it another favorite online savings product. They provide checking accounts, IRAs, and custodial accounts too.
2) Quontic Bank High Yield Savings
Quontic Bank (FDIC #57807) is a digital bank that operates across the United States, providing a full range of personal banking services, including savings accounts, checking accounts, and mortgage loans.
One of our favorite offerings is their High Yield Savings account, which earns a compelling 4.50% APY—quite a good rate in today’s market. This account requires a modest $100 minimum opening deposit, has no monthly service fees, and allows up to six withdrawals per statement cycle.
In addition to their High Yield Savings account, they also provide one of our top checking accounts. Quontic’s High Interest Checking Account currently offers an impressive 1.10% APY, placing it high in our rankings. Learn more here.
Furthermore, Quontic Bank is among the few American banks (only 3%) to hold the Community Development Financial Institution (CDFI) Certification, awarded to mission-driven banks that serve low-income and underbanked communities. We find that quite commendable.
3) Axos Bank High Yield Savings
Axos Bank (FDIC #35546) is an online bank providing a comprehensive array of banking services, including personal and business accounts, loans, and mortgages. Established in 2000, it trades on the New York Stock Exchange as AX.
While Axos offers multiple banking products, its High Yield Savings account stands out as one of the best savings options available, currently offering a competitive 0.61% APY.
The Axos High Yield Savings account has no minimum balance requirements and no monthly maintenance fees, making it accessible with a $250 minimum deposit. ATM cards can be requested, and you can easily manage your account with online banking and mobile check deposits.
More Online Savings Accounts
If you’re on the lookout for additional high-yield savings account options, consider these other online banks.
Barclays
Barclays Bank (FDIC #57203) is likely the most recognized bank on this list, known primarily for credit card offerings. However, they also provide competitive online savings rates, making them a top choice.
There’s no minimum required to open the Barclays online savings account, and it comes free of hidden fees. You’ll earn the same interest rate regardless of your daily balance, making it ideal for both novice savers and seasoned ones. Like others mentioned, Barclays also offers competitive online CDs.
>> Open an Account Here
Live Oak Bank
Live Oak Bank (FDIC #58665) has been operating since 2005, providing competitive rates and decent service, making them an attractive choice for online savings.
With Live Oak Bank, there are no monthly maintenance fees. Although they do have some nominal fees, their minimum opening balance is just $10.01. Fund transfers are conducted through an external bank account, and you can access your account via their mobile app at any time.
>> Open an Account Here
Marcus by Goldman Sachs
Marcus (FDIC #33124) is Goldman Sachs’ online banking division.
Its high-yield savings account features a competitive APY and only requires a $1 deposit to get started. Additionally, these accounts come with no fees and no minimum balance requirements.
Marcus also provides fixed-rate personal loans and CDs. However, they do not offer debit or ATM cards, and funds can only be transferred through linked traditional bank accounts, direct deposits, or wire transfers from other banks.
>> Open an Account Here
Synchrony Bank
Synchrony Bank (FDIC #27314) offers a savings account with no required minimum balance. Combined with no monthly service fees, this is one of the top high-yield savings accounts available.
Part of Synchrony Financial, a Fortune 500 company, they consistently rank highly for competitive rates and outstanding customer service. Besides high-yield savings accounts, they also offer money market accounts, CDs, and IRA options.
>> Learn More About Synchrony Bank
Ally Bank
Ally Bank (FDIC #57803) was one of the pioneers of online banking, making it one of the most recognizable names in this industry. They are celebrated for their competitive rates and the absence of monthly maintenance fees, providing the same interest rate regardless of account balance.
Ally’s high-yield savings account maintains consistent rates across all account tiers, preserving its reputation in our rankings.
In addition to their online savings account, Ally Bank offers online interest checking accounts, CDs, money market accounts, loans, and other financial products.
> Open an Account with Ally
Betterment Cash Reserve
Betterment is well-known for its investment services and has recently introduced a savings account that earns a 2.25% APY.
The Cash Reserve account needs just $10 to open, providing access to one of the top interest rates available in online savings accounts, with no fees attached.
Transferring money into and out of your Betterment Cash Reserve is simple. You can link an existing bank account to enjoy the high interest rate, and unlike most online savings accounts, Betterment Cash Reserve imposes no limit on the number of withdrawals you can make monthly.
Your funds are not invested like their other products, meaning no risk involved. Plus, your deposits are FDIC-insured up to $1 million.
HSBC Direct
HSBC (FDIC #57890) features a Direct Savings account that offers a competitive interest rate, requiring a very low opening deposit of just $1.
Direct Savings customers gain access to comprehensive Money Management Tools, enabling you to organize finances, set savings goals, and develop budgets. You can also configure email alerts and monitor your financial progress easily.
As a Direct Savings customer, you can access your account 24/7 via HSBC’s online platform or mobile banking app.
>> Open an Account Here
American Express Personal Savings
American Express Personal Savings (FDIC #27471) allows you to link three external bank accounts to facilitate easy transfers to and from your high-yield savings account with no opening deposit or minimum balance requirements.
While their online savings account rates are competitive, you can find even higher rates elsewhere.
American Express also offers CDs, but they do not provide checking accounts.
>> Open an Account Here
Discover Savings
Discover Bank (FDIC #5649) provides an online savings account with an attractive 3.90% APY, requiring no minimum deposit to open. Customers do not have to worry about minimum balance requirements or fees of any kind, making it an appealing choice complemented by outstanding 24/7 customer service.
Account holders can manage their savings seamlessly using the Discover mobile app available on both Android and iOS. You can effortlessly deposit checks by taking a photo and swiftly transfer funds between accounts. The app even offers a quick view option to see your balance without needing to log in.
While Discover is renowned for its credit card offerings, it also provides popular banking services such as checking accounts, savings accounts, and IRAs. For students, Discover also offers student loans to help finance educational expenses.
For a chance to earn quickly while saving, Discover’s online savings account stands out with its high interest rate. Read our complete review here or click below to get started.
PenFed Savings
Pentagon Federal Credit Union, or PenFed, offers premium online savings accounts with currently a 2.70% APY. As a non-profit organization, PenFed is able to provide a higher interest rate as a member benefit.
Established in 1935, PenFed accounts are insured by the NCUA up to $250,000, similar to FDIC insurance but tailored for credit unions. Access to a savings account is exclusive to PenFed members, who must be military personnel, their families, or affiliated with certain organizations. If you’re eligible for membership, PenFed is a fantastic savings option.
Opening an account requires a minimum deposit of $5, and there are no monthly maintenance fees.
PenFed members can make free online transfers, though their savings account cannot be accessed via ATMs. Excellent customer service is available through calls, emails, or online chats via their website.
PenFed has dedicated over 80 years to serving its members, and their premium savings account further demonstrates their commitment.
VIO Bank
VIO Bank (FDIC #4063) offers one of the highest APYs on this list. This high-yield online savings account requires just a $100 minimum deposit to open, with no monthly fees thereafter.
To fund your savings, transfers can be made via ACH from external bank accounts. Vio also provides a free app, online banking, and access to live customer service representatives for assistance.
>> Open an Account Here
Citizens Access
Citizens Access (FDIC #57957), part of Citizens Bank, provides competitive online savings accounts featuring attractive average yields. While there are no monthly fees, a minimum balance of $5,000 is required to maintain their best rate. Falling below this limit will result in a lower interest rate.
Keeping in mind that Citizens Access doesn’t offer checking accounts, fund transfers can only be initiated through external bank accounts or check deposits. They also do not provide a mobile app, although their website is mobile-optimized.
>> Open an Account Here
Pure Point Financial
Pure Point Financial (FDIC #22826) offers a highly competitive high-yield savings account, but it’s ideal for those who can deposit significant sums initially.
A $10,000 minimum deposit is needed to open an account, which must also be maintained to keep the top interest rate. Balances dipping below $10,000 see rates plummet to 0.10%.
Despite these requirements, the only fee charged is a $10 fee for exceeding six monthly transactions. You can monitor your account from any device via desktop, tablet, or mobile phone. If you’re looking to save over $10,000 with minimal fees, this account may be the perfect fit.
>> Open an Account Here
Alliant Credit Union
Alliant Credit Union (NCUA #67955) offers an impressive high-yield savings account with a competitive interest rate. Their rates rival those of the best online savings accounts currently available.
Alliant customers can easily access their accounts through their mobile app. If you opt for paperless statements, there are no fees to worry about. You only need a $5 minimum deposit to open an account.
Alliant also allows deposits and withdrawals through thousands of ATMs nationwide, alongside various options like checking accounts, custodial accounts, and CDs. As a federally insured credit union, Alliant guarantees the same $250,000 coverage as FDIC-insured accounts.
>> Open an Account Here
TIAA Bank
TIAA Bank (FDIC #34775) offers a basic online savings account with a $25 minimum opening deposit, which is also IRA eligible—making it a good complement to TIAA’s basic checking account.
While you might find superior rates elsewhere, TIAA Bank is well-known for its Yield Pledge checking accounts, money market accounts, and CDs with higher APYs. They also provide personal lending and investment services for their clients.
>> Open an Account Here
Capital One 360
Capital One 360 (FDIC #33954) is a well-known name, although its APY rates fall short compared to many online banks. Nonetheless, they offer some flexibility not found with other banks.
Capital One 360 savings accounts are free of fees and minimum balance requirements. You can fund your account via mobile deposit, set up an Automatic Savings Plan, transfer from another Capital One account or an external bank, or wire funds into your account. Deposits can also be made at any of the 39,000 Capital One and AllPoint® ATMs across the country.
Tech enthusiasts will appreciate that Capital One 360 provides an outstanding mobile app for easy access to accounts.
>> Open an Account Here
BBVA
BBVA (FDIC #19048) offers ClearConnect online savings accounts. Unfortunately, BBVA’s APY rates are not particularly competitive. You’d likely find better rates with BBVA’s money market accounts, which are quite competitive compared to other high-yield savings accounts.
While ClearConnect accounts do not incur quarterly fees, they may have various other fees. Please refer to their terms and conditions for details.
BBVA also offers checking accounts, CDs, IRA accounts, credit cards, mortgages, and auto loans.
>> Open an Account Here
How Do High-Yield Savings Accounts Work?
So, why not simply keep your funds in a checking account? A high-yield savings account works differently, often allowing you to secure a better return.
Many checking accounts do not pay interest unless you maintain a high daily balance. Federal regulations also restrict savings accounts to six outgoing transactions per statement cycle, including transfers and withdrawals, ensuring they can’t function like checking accounts.
Like checking accounts, high-yield savings accounts are FDIC or NCUA insured, protecting your funds up to $250,000. Depending on the bank, the interest you earn can be compounded daily or monthly.
In addition, online savings accounts typically feature significantly higher interest rates than traditional offerings. High-yield savings accounts are ideal for creating an emergency fund, a travel fund, or any special savings goal you may have.
How are Savings Accounts Different from Money Market Accounts?
As you explore your options, you’ll notice some key differences between savings accounts and money market accounts.
Money market accounts typically combine features of savings and checking accounts and often earn more interest than standard savings accounts. However, high-yield savings account rates frequently rival or exceed those of money market accounts.
Money market accounts usually come with debit cards and checks, yet like savings accounts, they limit outgoing transactions to six per statement cycle and may include longer waiting periods after withdrawals. The main distinctions between the two types of accounts primarily relate to how banks are allowed to manage those funds.
See Also: Best Money Market Accounts This Year
