Best High Yield Savings Accounts
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APY
0.01%
Wells Fargo Details
- Savings Account
- No Fee Min. Balance: $300
- 0.01%
- Monthly Maintenance Fee of $5. If Below Min. Balance
Not Recommended.
Shown For Comparison Purposes Only.
APY
0.01%
Bank of America Details
- Savings Account
- No Fee Min. Balance: $500
- 0.01% APY
- Monlthy Maintence Fee of $8. If Below Min. Balance
Not Recommended.
Shown For Comparison Purposes Only.
$300 Bonus
- Checking Account
- No Monthly Maintenance Fee
- Min. Opening Deposit: $10
- Send Money with Zelle®
- KeyBank Enhanced Debit Mastercard® Offers Security & Convenience
- Deposit Checks in The Mobile App
- 24-hour access to 40,000+ KeyBank & AllPoint® ATMs Nationwide
- Earn a $300 Cash Bonus: Make the Minimum Opening Deposit of $10, Plus a Total of $1,000 or more in Eligible Direct Deposits within the First 90 Days of Account Opening.
- To be Bonus Eligible, You Must Open Your Account by October 17, 2025
- Overdraft Protection Services Available
- Accounts are Subject to Approval
- Terms & Conditions Apply
- See Site for Details & Other Offers
On KeyBank's Secure Site,
Member FDIC
$300 Bonus
On KeyBank's Secure Site,
Member FDIC
Best For: Mobile Banking + Bonus
New Key Smart Checking® customers can earn a $300 Cash Bonus when you make the minimum opening deposit of $10, plus a total of $1,000 or more in eligible direct deposits within the first 90 days of account opening. To be bonus eligible, you need to open your account online by October 17, 2025.
This account offers no monthly maintenance fee, available overdraft protection services & access to 40,000+ fee-free ATMs nationwide with your KeyBank Debit Mastercard®.
Additionally, this account offers relationship benefits like better interest rates on savings and money market accounts, more cash back, loan discounts and more.
Early Pay means you could get paid up to two days early with eligible direct deposits to a KeyBank account.
With secure online & mobile banking you can deposit checks in the mobile app, pay bills, send money, lock/unlock cards and more.
The KeyBank Enhanced Debit Mastercard® offers chip security, Tap & Go technology and all the benefits of Mastercard.
Easy direct deposit set up can have your paychecks or other recurring payments automatically deposited to your KeyBank account quickly and securely.
Accounts are subject to approval. Terms and conditions apply.
Overall, this is an excellent account from a respected bank with over $187 Billion in assets.
See KeyBank's Secure Site For More Details & Other Offers.
APY
4.25%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.25% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Bank with Assets Greater Than $50 Billion in 2021, 2022, 2023 & 2024 by American Banker
- Founded in 2003, Western Alliance Bank has over $80 Billion in Assets
- Exclusive Offer Powered by The Raisin Platform
- Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, or $500 bonus for $50K deposited or more. Use promo code BOOST at sign-up.
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
Member FDIC
Best For: High APY Interest Rates
Western Alliance Bank offers 4.25% APY exclusively through the Raisin Platform.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, NY and is available via email and phone. You'll have online access to your funds 24/7.
Western Alliance Bank is consistenly ranked among the top banks. The bank has over $80 Billion in Assets and were ranked #1 top-performing large bank with assets greater than $50 billion in 2021, 2022, 2023 & 2024 by American Banker. Serving clients across the country wherever business happens.
Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, or $500 bonus for $50K deposited or more. Use promo code BOOST at sign-up.
See Raisin's Secure Site for Western Alliance Bank For More Details.
APY
4.35%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.35% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Trusted Bank with almost $13 Billion in Assets
- Exclusive Offer Powered by The Raisin Platform
- U.S. Based Customer Service
- Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, or $500 bonus for $50K deposited or more. Use promo code BOOST at sign-up.
- See Site for Details
On Raisin's Secure Site for
Live Oak Bank®, Member FDIC
Best For: High APY Interest Rates
Live Oak Bank offers 4.35% APY exclusively through the Raisin Platform.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Live Oak Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, NY and is available via email and phone. You'll have online access to your funds 24/7.
With almost $13 billion in assets, Live Oak Bank continues to serve clients nationwide with a commitment to innovation and excellence.
Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, or $500 bonus for $50K deposited or more. Use promo code BOOST at sign-up.
See Raisin's Secure Site for Live Oak Bank® For More Details.
- Trade Stocks, ETFs, & More with Ease through SoFi Securities.
- $0 Commission on Stocks & ETFs1.
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- Customized Portfolio Built for Your Goals with Automated Investing from SoFi Wealth.
- Access to Personalized Advice from a Credentialed Financial Planner with SoFi Wealth6.
- Get up to $1,000 in Stock When You Open & Fund a SoFi Active Invest7.
- Enjoy a 1% Bonus When You Transfer Your Portfolio to SoFi Active Invest8.
- See Site for Details
On SoFi® Invest's Secure Site
Best For: All-In-One Investing
Bonus: Get up to $1,000 in stock when you open & fund a new SoFi Active Invest account7.
In addition to the bonus, you'll enjoy $0 commission on stocks & ETFs1, while being able to access alternative investments usually reserved for the top 1% of investors like commodities, private credit, pre-IPO unicorns, real estate & more2.
Are you a beginner and not sure where to start? With Automated Investing, get a customized portfolio built for your goals and receive access to personalized advice from a credentialed financial planner6.
Join a community of likeminded investors and connect with other SoFi members at exclusive events & experiences.
With all these benefits, it's no wonder why so many people are choosing to invest with SoFi.
SoFi Invest Disclosures:
1. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
2. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).
3. There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
4. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options [HYPERLINK: https://www.theocc.com/getmedia/a151a9ae-d784-4a15-bdeb-23a029f50b70/riskstoc.pdf
5. Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information.
6. SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.
7. Customer must fund their Active Invest account with at least $50 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
8. Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
9. Must be a SoFi Plus member at the time a recurring deposit is received into your SoFi Active or Automated investing account to qualify. Bonus calculated on net monthly recurring deposits made via ACH and paid out as Rewards Points. See Rewards Terms of Service. SoFi reserves the right to change or terminate this promotion at any time without notice. See terms and limitations. https://www.sofi.com/sofiplus/invest/#disclaimers
10. For full promotion terms please visit: SoFi.com/ACATterms. You must transfer at least $20,000 before April 17, 2025 and keep the investments in your SoFi Active Invest account through December 31, 2025 to be eligible for the incentive, which will be paid by January 31, 2026. SoFi does not accept cryptocurrencies and has some limitations on mutual funds and OTC stock.
Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Discover® Bank Cashback Debit: Best for Online Banking Experience + Customer Service
SoFi® Checking and Savings: Best For: Bonus + Annual Percentage Yield
U.S. Bank® 5 Month CD Special: 4.00% APY - 5 Month Term
CD Simple Interest Calculator - National 1 Year CD Rate Average*: 1.80%
Enter the initial deposit, APY, term length & click calculate.
Results:
Interest Earned: $0.00
Total Balance: $0.00
Sallie Mae® Bank 14 Month CD
4.25% Annual Percentage Yield
as of April 18, 2025
Member FDIC
On Raisin's Secure Site
for Sallie Mae® Bank,
Member FDIC
Don't Miss This High Yield Savings Account
Sallie Mae® Bank 14 Month CD
4.25% Annual Percentage Yield
as of April 18, 2025
Member FDIC
On Raisin's Secure Site
for Sallie Mae® Bank,
Member FDIC
What to Look for in a High-Yield Savings Account
It’s always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in savings.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.
Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.
2. Monthly Fees
Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.
3. Required Initial Deposit
Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.
Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.
4. Minimum Balance Required
Minimum balance required to maintain your account is another feature to keep a close eye on.
Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.
The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.
5. Accessing Your Money
Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.
Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.
We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.
Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.
Frequently Asked Questions About High Yield Savings Accounts
What is a High Yield Savings Account?
A high yield savings account is a type of bank account that offers a higher Annual Percentage Yield (APY) than a checking account.
A checking account is used for money that needs to be moved quickly such as to pay bills or use for ever day spending.
Whereas a savings account is a better option for money that doesn’t need to be used right away, for example your emergency fund.
How to Find The Best High Yield Savings Account?
Arguably the best way to find the best savings accounts is right here on www.compareaccounts.com. Although we don’t showcase every single savings account available, we stand by our recommendations as the highest tier of the best accounts in America.
Why are Online High Yield Savings Accounts Better Than Traditional Ones?
Traditional banks offer low rates on savings accounts. This is because they’re managing insanely large amounts of money and need to manage their risk profile. The less “guaranteed returns” they provide, the less risky their overall portfolio becomes. As a result, traditional banks only offer about .01-.10% interest on their savings accounts. A high yield account offers up to 4.26% interest on your savings. Which is much higher than 10x the national average. Now you know why so many people are switching to a high-yield savings account.
Is My Money Safe?
Yes! The Federal Deposit Insurance Corporation (FDIC) protects savings accounts listed on this page. The Federal Deposit Insurance Corporation insures Bank and thrift deposits of up to $250,000.
How Do I Open a High Yield Savings Account?
Easy. Simply click on the “open account” button above. Once you arrive at our partner’s site, you’ll be able to open your new savings account safely and securely.
*National Savings Rate Average as published by FDIC