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Best High Yield Savings Accounts
By: Conor Keenan Last updated February 06, 2025
Conor Keenan, co-founder of CompareAccounts, is a notable personal finance expert with work seen in Wall Street Journal, CNN, Fox News, MSN & 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.
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.
Annual Percentage Yield (APY)
3.80% APY
APY as of February 06, 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.
Best For: High APY From An Online Bank
Now available in the U.S. with FDIC insurance up to $250,000 per depositor and industry-leading security, Openbank offers top-tier rates with the stability of a top global bank.
Openbank was built by Santander, a top global bank with nearly 170 million customers worldwide and is best for consumers looking for an online bank with a highly competitive yield on a savings account without monthly fees or transaction fees.
This high yield savings account offers 4.75% APY with a minimum opening deposit of $500.
As of 2023, Santander’s total assets were almost $2 trillion (USD) worldwide.
Openbank High Yield Savings is currently unavailable to individuals who reside in CT, DE, MA, NH, NJ, NY, PA, or RI, and to Santander Bank customers with: (1) a deposit account(s) opened in these states or FL, or (2) a lending account. Terms Applyⓘ
As the biggest 100% digital bank in Europe, Openbank was created to make banking simple & seamless. Join millions around the world & start earning a higher APY now.
See Openbank by Santander's Secure Site For More Details.
Best For: High APY From a Top Bank
Founded in 1927, Valley Bank has been helping customers for nearly 100 years.
Valley Bank is a high-performing regional bank with assets greater than $62 billion and currently offers a 4.39% APY on their high yield savings account 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. Financial companies that complete annual SOC 2 compliance demonstrate exceptionally high level of assurance and robust “internal corporate governance and risk management processes,” according to American Institute of Certified Public Accountants (AICPA).
By partnering with Raisin, Valley Bank is able to extend its high yield savings offer past its 200 branch locations to help savers nationwide earn more.
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.
Rest easy, deposits are insured through the FDIC for up to $250,000 per depositor.
See Raisin's Secure Site for Valley Bank For More Details.
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.
Best For: Customer Experience + High APY Interest Rates
CIT Bank ranked #1 in the nation for humanizing the customer experience in a recent survey conducted by American Banker of more than 5,000 consumers covering 50 financial institutions.
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 4.30% APY on their high yield savings account with no monthly fees. Minimum Balance for this APY is $5,000.
You can open a CIT Bank platinum savings account in as little as 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.
Best For: High APY Interest Rates
Western Alliance Bank offers 4.30% 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.
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.
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.
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.
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.
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 February 06, 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™
Discover® Bank Online Savings Account: 3.75% APY - Earn up to $200 with Promo Code: CA924
American Express® High Yield Savings Account: 3.80% APY as of February 06, 2025
Valley Bank High Yield Savings Account: 4.39% APY
RBMAX High Yield Savings Account: 3.65% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
APY
4.17%
3 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 3 Months
- 4.17% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, 2023, & 2024 by American Banker
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured
APY
3.80%
9 Month CD
- High Yield CD
- Term: 9 Months
- Min. Initial Deposit: $0
- 3.80% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
APY
3.95%
12 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 12 Months
- 3.95% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured
APY
3.00%
18 Month Term
- High Yield CD
- Term: 18 Months
- 3.00% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- Daily Compounding Interest to Maximize Your Earning Potential
- Set Up & Manage Your Account Online
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, 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.