Best High Yield Savings Accounts
By: Conor Keenan Last updated on January 7, 2025
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Review the high yield savings accounts we recommend to our family and friends below.
High APY
4.40% APY
On Raisin's Secure Site for
Western Alliance Bank, FDIC Insured
Best For: High APY Interest Rates
Western Alliance Bank offers 4.40% 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.
See Raisin's Secure Site for Western Alliance Bank For More Details.
Annual Percentage Yield (APY)
3.80% APY
APY as of January 14, 2025
On American Express National Bank's
Secure Site, Member FDIC
Best For: Competitive APY From An Online Bank
Your interest compounds daily and is deposited in your account monthly.
Other benefits of this account include $0 monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.
To top it off, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.
See American Express National Bank's Secure Site For More Details.
Bonus Offer
3.75% APY
On Discover Bank's Secure Site,
Member FDIC
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.
Compare With
Not Recommended
0.01% APY
Not Recommended. Shown For Comparison Purposes Only.
Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.01% APY on their savings account.
In fact, if you're not careful and perform enough qualifying activies, having a savings account with them can actually cost you money.
The average minimum balance to avoid a monthly service fee is $300. Monthly service fees can be up to $5 per month. They limit withdrawals to 6 per monthly statement period. If you go over this number, you'll be hit with an overage fee up to $15 per month.
Other miscellaneous fees may apply as well. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Chase Bank.
4.01% APY
On Raisin's Secure Site
for Customers Bank, FDIC Insured
Best For: High APY + No Monthly Fees
Customers Bank high yield savings account offers 4.01% APY exclusively through the Raisin Platform.
Using a single secure login, the Raisin Platform brings together 70+ federally insured banks & credit unions to help accomplish your savings goals.
In addition to this high APY, Customers Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
These features plus the high APY make this account a rare offer.
Founded in 2009, Customers Bank is a super-community bank with over $22 billion in assets.
Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.
See Raisin's Secure Site for Customers Bank For More Details.
3.65% APY
On Raisin's Secure Site for
RBMAX, FDIC Insured
Best For: High APY Rates
RBMAX, Republic Bank's digital banking service, offers a high yield savings account with 3.65% APY exclusively through the Raisin Platform.
Raisin is a SOC 2 certified platform, meaning it has been validated by outside auditors across five (5) key information security principles.
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.
In addition to this high APY, RBMAX offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
Republic Bank was founded in 1982, was recently announced as one of America's best online lenders by Newsweek & now has over $6 billion in assets.
See Raisin's Secure Site for RBMAX For More Details.
Compare With
Not Recommended
0.15% APY
Not Recommended. Shown For Comparison Purposes Only.
Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their savings accounts.
They currently offer a sad 0.15% Way2Save Savings Account.
They require a minimum opening deposit of $25 and also force people to jump through hoops to avoid their monthly fees. You can avoid the fee with a $300 minimum daily balance, qualified transfers from a linked Wells Checking account and vice versa or if the primary account holder is 24 years old or under.
However, other fees may still apply. See terms for full details.
Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Wells Fargo.
4.00% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: High APY Interest Rates + Mobile App
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
They currently offer 4.00% APY on their high yield savings connect account with no monthly fees.
CIT Bank’s mobile app give you 24/7 access to your savings account. It also lets you deposit checks remotely & make transfers easily. The mobile app is available for both IOS & Andriod devices.
You can open a CIT Bank savings connect account with as little as $100 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
3.90% APY
On Raisin's Secure Site for
GreenState Credit Union, NCUA Insured
Best For: Credit Union + High Interest Rates
GreenState Credit Union offers 3.90% APY exclusively through the Raisin Platform.
Established in 1938, GreenState Credit Union has been serving its members for over 85 years.
It is the 18th Largest Credit Union by assets in the USA with over $11 Billion in Assets and 400,000+ members living in all 50 states.
This APY is substantially higher than what you’ll find at a typical credit union.
In addition to this high APY, GreenState Credit Union offers $0 monthly maintenance fees, unlimited withdrawals and is federally insured by the NCUA for up to $250,000 per depositor.
The NCUA, National Credit Union Association, is like the FDIC for credit unions. When you deposit your savings with GreenState Credit Union, you'll be confident that your funds are safe and secure.
See Raisin's Secure Site for GreenState Credit Union For More Details.
Compare With
Not Recommended
0.01%
Not Recommended. Shown For Comparison Purposes Only.
Bank of America, another large bank that offers nearly nothing on their savings accounts.
They currently offer a regretful 0.01% APY on their Advantage Savings Account.
Bank of America will charge you a $8 monthly maintence fee unless one of the following conditions is met.
Minumum daily balance of $500, if you are a Bank of America Preferred Rewards client, if you link your Savings account to your Bank of America Advantage Relationship Banking® account, are under the age of 18 or if you're under the age of 25 and can qualify as a student.
Other miscellanerous fees may apply as well, such as $5 for statement copies. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Bank of America.
Annual Percentage Yield (APY)
3.80% APY
APY as of January 14, 2025
On American Express National Bank's
Secure Site, Member FDIC
Best For: Competitive APY From An Online Bank
Your interest compounds daily and is deposited in your account monthly.
Other benefits of this account include $0 monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.
To top it off, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.
See American Express National Bank's Secure Site For More Details.
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 3.80% APY as of January 14, 2025
Discover® Bank Online Savings Account: 3.75% APY - Earn up to $200 with Promo Code: CA924
RBMAX High Yield Savings Account: 3.65% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
High APY
4.17% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: Shorter Term + High APY From a Top Bank
Term: 3 Months
Western Alliance Bank offers 4.17% APY exclusively through the Raisin Platform on their 3 month CD.
Interest compounds daily and is posted to your account monthly.
This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
3.80% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 9 Months
Discover Bank offers 3.80% APY with no monthly fees and no minimum deposit required to open an account on their 9 Month CD.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.
Interest compounds daily on this offer so lock in your 9 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
3.87% APY
On Raisin's Secure Site
for Sun Canyon Bank,
FDIC Insured
Best For: Mid-Term CD + High APY
Term: 11 Months
Sun Canyon BankTM is a division of Banterra® Bank, which was founded in 1975, has $3 billion in assets & is ranked in the Top 10% of U.S. Charter Banks.
They offer market leading rates. Exclusively through the Raisin platform, Sun Canyon Bank currently offers 3.87% APY on their 11 Month CD with no monthly fees and a minimum initial deposit of $1.00.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See Raisin's Secure Site For Sun Canyon Bank to Get More Details.
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.
*National Savings Rate Average as published by FDIC