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Best High Yield Savings Accounts
By: Conor Keenan Last updated on November 27, 2023
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.
Editorial Freedom: The opinions, reviews, or recommendations expressed in any article by our editorial team are not endorsed by any financial institution or partner. Our editorial team's content is not provided or commissioned by any financial institution or our partners herein.
Right now, banks are offering some of the highest APYs in decades. It’s your time to cash in on these returns.
Check out the best high yield savings accounts recommended by our experts below, open your new account today and start taking advantage of compound interest now.
APY as of December 04, 2023
4.30% APY
On American Express National Bank's Secure Site, Member FDIC
Best For: Competitive APY From An Online Bank
American Express is best known for their suite of incredibly rewarding credit cards. They also offer a high yield savings account with a competitive Annual Percentage Yield (APY) of 4.30% as of December 04, 2023.
Other benefits of this account include no 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, American Express ranked #1 in Customer Satisfaction with Online Only Savings Accounts from Direct Banks according to the J.D. Power 2022 U.S. Direct Banking Satisfaction Study.ⓘ
See American Express National Bank's Secure Site For More Details.
J.D. Power Award Details
American Express received the highest score in the savings segment of the J.D. Power 2022 U.S. Direct Banking Satisfaction Study of customers’ satisfaction with branchless banks. Visit jdpower.com/awards for more details.
4.35% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + No Fees
Discover Bank offers 4.35% 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.
If you're looking for a competitive APY with "No. Fees. Period." this account is for you.
See Discover Bank's Secure Site For More Details.
High APY
5.30% 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 5.30% APY exclusively through the Raisin Platform.
This APY is much higher than what you’ll find at almost all "traditional" banks and even most online banks.
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 sky 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.
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.
5.05% APY
On CIT Bank's Secure Site,
Member FDIC
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 5.05% 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.
5.07% APY
On Upgrade's Secure Site,
FDIC Insured
Best For: Online Banking + High APY Interest Rates
Are you tired of a clunky digital banking experience?
Upgrade was built from the ground up to deliver an excellent digital customer experience, evident in their top rated mobile app.
Upgrade currently offers 5.07% APY (Annual Percentage Yield) on their high yield savings account with no monthly fees. Minimum Balance for this APY is $1,000.
Upgrade is an incredible financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC and serviced by Upgrade.
U.S. based customer service is available daily via phone or email. You can open a premier savings account with Upgrade 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 Upgrade's Secure Site 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.
4.35% APY
On Idabel National Bank's Secure Site,
FDIC Insured
Best For: Above Average Yield + Employee Focus
Idabel National Bank has been an independent community bank since 1921.
They currently offer an above average rate of 4.35% APY exclusively through the Raisin platform on their high yield money market account with no monthly fees and a minimum initial deposit of $1.00.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
Idabel National Bank wants to help savers nationwide and their local employees. Full-time staffers of the bank own a share of Idabel National Bank through their retirement plans.
See Idabel National Bank's Secure Site For More Details.
4.65% 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 4.65% 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.
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.
4.60% APY
On Liberty Bank's Secure Site,
Member FDIC
Best For: High APY Interest Rates + Proven Track Record
Founded in 1889, Liberty Savings Bank is a family-owned community bank and has served its customers well for over 130 years.
Liberty Bank offers 4.60% APY on their high yield savings account with no monthly fees.
Deposits are insured by the FDIC for up to $250,000 per depositor and interest compounds daily.
You can open your account online quickly and with as little as $1.00.
Liberty Bank has a strong history of serving communities across America and supports Habitat for Humanity and its mission of building homes for people in need.
See Liberty Bank's Secure Site For More Details.
4.50% APY
On U.S. Bank National Association's
Secure Site, Member FDIC
Best For: Branch Access
U.S. Bank offers new Elite Money Market Account clients up to 4.50% APY with a $25,000 deposit.
A minimum $100 initial deposit is required to open the account.
U.S. Bank has over 2,000 branch locations in more than half of U.S. states.
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.
In order to earn the 4.50% APY, you must have a balance of $25,000 or more. If you're planning on depositing less than $25,000, we recommend choosing a different account.
Avoid maintence fees with an average daily balance of $10,000 or more.
See U.S. Bank's Secure Site For More Details.
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 4.30% APY as of December 04, 2023
Discover® Bank Online Savings Account: 4.35% APY
U.S. Bank® Money Market Account: up to 4.50% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
4.20% APY
On U.S. Bank National Association's
Secure Site, Member FDIC
Best For: Shorter Term + Branch Access
Term: 7 Months
U.S. Bank offers a 7 month CD with up to 4.20% APY with no monthly fees and $1,000 initial deposit.
Rates vary by state & zip code.
U.S. Bank has over 2,000 branch locations in more than half of U.S. states.
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.
Interest compounds daily so lock in your 7 Month CD rate today & start earning guaranteed interest now.
See U.S. Bank's Secure Site For More Details.
5.20% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 12 Months
Discover Bank offers 5.20% APY with no monthly fees and $2,500 initial deposit on their 12 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 so lock in your 12 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For 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.
Don't Miss This High Yield Savings Account
High APY Rate
APY
5.30%
On Raisin's Secure Site for
Customers Bank, FDIC Insured