Discover^® Bank High Yield Savings Account

Best For: Welcome Bonus With Qualifying Deposits

Discover Bank offers 3.75% APY with no monthly fees and $0 initial deposit.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.

For a limited time, Discover Bank is also offering a bonus for qualifying deposits on your first Discover Online Savings Account.

You can earn a $150 bonus when you deposit at least $15,000 or a $200 bonus when you deposit at least $25,000 within 45 days of account open date. Terms apply.^ⓘ

Bonus Promo Code: CA924

You must open your account by 3/13/2025 to be eligible for the bonus.

This account is insured by the FDIC for up to $250,000 per depositor and Discover also boasts 100% U.S.-based Customer Service Available 24/7.

If you're looking for a competitive APY with "No. Fees. Period." and a nice welcome bonus, then this account is for you.

See Discover Bank's Secure Site For More Details.

SoFi^® Checking and Savings Details

Best For: Bonus + Annual Percentage Yield

SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.

Bonus: up to $300 with direct deposit.^ⓘ

In addition to the bonus when you set up direct deposit,  you'll enjoy 4.00% annual percentage yield (APY) on savings balances and 0.50% APY on checking balances, fee-free overdraft coverage up to $50 and access your direct deposit funds up to two days early, giving you greater financial flexibility. Terms apply.

Withdraw cash without fees using your SoFi Debit Mastercard^® from a network of 55,000+ ATMs, and make transactions seamless with SoFi’s intuitive, mobile-first banking. Use the app to transfer money, pay bills, deposit checks, or track your savings—all at your fingertips.

Your deposits are FDIC-insured up to $250,000 per depositor, ensuring your money stays safe and secure.

See SoFi's Secure Site For More Details.

SoFi^® Checking and Savings Details

Best For: Bonus + Very Large Deposits

SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.

Bonus: up to $300 with direct deposit.^ⓘ

In addition to the bonus when you set up direct deposit,  you'll enjoy 4.00% annual percentage yield (APY) on savings balances and 0.50% APY on checking balances, fee-free overdraft coverage up to $50 and access your direct deposit funds up to two days early, giving you greater financial flexibility. Terms apply.

The current savings APY without direct deposit is 1.20%. Although this is still higher than the national average, if you don't plan on setting up direct deposit, you should look at the other offers on this list unless you want more FDIC insurance.

Your deposits are FDIC-insured up to $250,000 per depositor and you can also access up to $2,000,000 of additional FDIC insurance through a network of participating banks. Ensuring your money stays safe and secure.

See SoFi's Secure Site For More Details.

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

Discover^® Online Savings Account: 3.75% APY

AlumniFi^® High-Yield Savings Account: 4.25% APY

Openbank^™ by Santander^® High Yield Savings Account: 4.75% APY

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 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

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC.

Disclosure for Promo Code: GET20

*To be eligible for the $20.00 Chime Visa® Debit Card activation promotion (the “Promotion) monetary reward, the participant (“Participant”) must: (1) have never previously opened a Chime® Checking Account (“Account”) before participating in this Promotion; (2) obtain a valid promotional code from either one of Chime’s official affiliate partners via webpage or email; (3) enter the promotional code into the designated field labeled “Promo Code” on the specified promotional webpage and receive a green success notification tag; (4) successfully open an Account; and (5) activate their physical Chime Visa® Debit Card within 30 days of opening an Account. Participants will receive a physical Chime Visa® Debit Card in the mail at the mailing address they provide. Eligible Participants may only receive this promotional reward once. Participants who satisfy the above conditions will receive a $20.00 credit to their Account typically within ten (10) business days after activating their new physical Chime Visa® Debit Card. This Promotion will run from [May 1, 2024-September 30, 2024] or as otherwise designated by Chime. Chime reserves the right to amend the Promotion duration and may permit Participants to enter a valid promo code after the listed date. In the event that the Promotion has ended, Participants will receive a “not a valid promo code” message after they enter the applicable promotional code, so that the Participant knows they are not eligible for the monetary reward prior to enrolling in an Account. Chime reserves the right to cancel or modify the Promotion terms or terminate the Participant’s eligibility at any time with or without prior notice. An Account may be available to citizens or legal permanent residents of the fifty (50) United States (“U.S.”) or the District of Columbia; who are at least 18 years of age with a valid Social Security number; and who provide Chime with a U.S. residential street address (not a P.O.