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Best Money Market & High Yield Savings Accounts

Conor Keenan Author Bio By: Conor Keenan  Last updated on April 9, 2024
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, recommendations or reviews expressed in any article by our team are not endorsed by any financial institution or partner. Compareaccounts is free thanks to commissions we receive from our partner offers below. Our team's content is not commissioned by our advertising partners or any financial institution 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 & money market accounts recommended by our experts below, open your new account today and start taking advantage of compound interest now.

American Express High Yield Savings Account Logo

Annual Percentage Yield (APY)

4.30% APY

APY as of April 15, 2024

Rating:

 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 April 15, 2024.

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.

 Limited Time Offer 

4.25% APY

Rating:

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 4.25% 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 4.25% 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.

Discover Bank Logo

4.00% APY

on balances under $100,000

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Discover Bank offers 4.00% APY on balances under $100,000 with a $2,500 initial deposit on their money market account.

Earn a high interest rate with this account while still being able to access your cash via debit, checks or from over 60,000 fee-free ATMs nationwide.

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

This means you won't pay fees for things like monthly maintenance, standard checks, a replacement debit card, excessive withdrawals and more.

Deposits are insured through the FDIC for up to $250,000 per depositor and if your balance is more than $100,000 than you'll earn 4.05% APY.

If you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Maintain growth with a high APY and enjoy easy access to your funds when you open your money market account today.

See Discover Bank's Secure Site For More Details.

 Compare With

Chase Bank Logo

 Not Recommended 

0.01% APY

Rating:

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.

 High APY 

Ponce Bank Logo Powered By Raisin

5.24% APY

Rating:

On Ponce Bank's Secure Site,
FDIC Insured

Best For: High Yield + Community Focus

Ponce Bank was born in The Bronx in 1960 and has earned the title of a Certified Community Development Financial Institution (CDFI).

They earned CDFI status by investing more than 80% of their assets in low and moderate income communities.

They currently offer 5.24% APY 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.

When you invest your savings with Ponce Bank you're helping underserved communities in America.

See Ponce Bank's Secure Site For More Details.

Customers Bank Powered By Raisin

5.16% APY

Rating:

On Raisin's Secure Site
for Customers Bank, FDIC Insured

Best For: High APY + No Monthly Fees

Customers Bank high yield savings account offers 5.16% 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

Wells Fargo Logo

 Not Recommended 

0.15% APY

Rating:

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.

Cit Bank Logo

 

5.05% APY

Rating:

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.

 Compare With

Bank of America Logo

 Not Recommended 

0.01%

Rating:

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.

Cit Bank Logo

4.65% APY

Rating:

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.

Liberty Bank Logo Powered By Raisin

4.60% APY

Rating:

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.

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

American Express® High Yield Savings Account: 4.30% APY as of April 15, 2024

Discover® Bank Money Market Account: 4.00% APY on balances under $100,000

Customers Also Viewed: High-Yield Certificate of Deposit Accounts

 High APY 

Western Alliance Bank Powered by Raisin

5.26% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY

Term: 3 Months

Western Alliance Bank offers 5.26% 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.

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.

4.75% APY

Rating:

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 4.75% 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.

Discover Bank Logo

4.25% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 9 Months

Discover Bank offers 4.25% APY with no monthly fees and $2,500 initial deposit 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.

Sun Canyon Bank Powered By Raisin

4.94% APY

Rating:

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 4.94% 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

Q

Don't Miss This High Yield Savings Account

High APY Rate

Customers Bank Powered By Raisin

Rating:

APY

5.16%

On Raisin's Secure Site for
Customers Bank, FDIC Insured