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Best Compound Interest  Savings Accounts

Conor Keenan Author Bio By: Conor Keenan  Last updated May 23, 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.

Compare compound interest savings accounts with ease, find the right one for you, and open your account in minutes.

Up to $300 Bonus

SoFi Logo

5.0

CompareAccounts™ Score

up to APY

3.80%​

Annual Percentage Yield (APY)

  • Checking & Savings Account
  • Min. to Open: $0
  • Bonus: up to $300 with Direct Deposit
  • Up to 3.80% APY on Savings Balances with Qualifying Activities
  • $0 Monthly Fees
  • FDIC Insured up to $250,000
  • Up to $3,000,000 of additional FDIC insurance through a network of participating banks
  • Terms Apply
  • See Site for Details
Q

1. Up to $300 Bonus Tiered Disclosure

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

3. Fee Policy

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

4. Additional FDIC Insurance

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms See list of participating banks at SoFi.com/banking/fdic/receivingbanks


5. ATM Access

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

7. Overdraft Coverage

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

On SoFi's Secure Site,
Member FDIC

American Express High Yield Savings Account Logo

5.0

CompareAccounts™ Score

APY

3.60%

Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $0
  • Min. to Open: $0
  • 3.60% APY
  • APY as of May 23, 2025
  • Interest Compounded Daily
  • $0 Monthly Fees
  • 24/7 Customer Service
  • FDIC Insured up to $250,000
  • Backed by the Service & Reliability of American Express
  • Terms Apply
  • See Site for Details

 On American Express National Bank's Secure Site, Member FDIC

 Bonus Offer 

Discover Bank Logo

4.5

CompareAccounts™ Score

APY

3.60%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • Monthly Fees: $0
  • 3.60% APY
  • Insured up to $250,000
  • Open Your First Discover Online Savings Account & Earn up to a $200 Bonus
  • Deposit at least $15,000 to Earn a $150 Bonus
  • Deposit at least $25,000 to Earn a $200 Bonus
  • Open Account By 9/11/2025
  • Deposit Funds within 45 Days of Account Open Date
  • Terms Apply
  • Use Promo Code: CA325
  • See Site For Details
Q
Disclosure for promo code CA325:

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CA325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.

On Discover Bank's Secure Site, Member FDIC

 

Cit Bank Logo

4.0

CompareAccounts™ Score

APY

4.00%

  • High Yield Savings Account
  • Min. initial deposit: $100
  • 4.00% APY
  • No Monthly Service Fees
  • No Minimum Monthly Balances
  • Mobile App Online Banking
  • Deposit Checks Remotely & Make Transfers Easily
  • FDIC Insured up to $250,000
  • Sign Up in Under 5 Minutes
  • See Site for Details

On CIT Bank's Secure Site, Member FDIC

 

 Compare With

Chase Bank Logo

1.0

CompareAccounts™ Score

APY

0.01%

Chase Bank Details

  • Savings Account
  • 0.01% APY
  • Min. Balance to Avoid Service Fee: $300
  • Monthly Service Fees: up to $5
  • Limit 6 Withdrawals per Monthly Statement Period
  • Withdrawal Overage Fees: up to $15 per month
  • Other Miscellaneous Fees Apply

Not Recommended.
Shown For Comparison Purposes Only.

 

Customers Bank Powered By Raisin

4.5

CompareAccounts™ Score

APY

4.01%

  • High Yield Savings Account
  • Min. initial deposit: $1
  • 4.01% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Ranked as One of America's Best Banks in 2023 by Forbes with over $20 Billion in Assets
  • Exclusive Offer Powered by The Raisin Platform
  • The Raisin Platform Brings Together 70+ Insured banks
    & Credit Unions Using a Single Secure Login
  • Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, or $500 bonus for $50K deposited or more. Use promo code BOOST at sign-up.
  • See Site for Details

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

 

Cit Bank Logo

4.0

CompareAccounts™ Score

APY

4.10%

  • High Yield Savings Account
  • Balance for APY: $5,000
  • 4.10% APY
  • No Monthly Service Fees
  • Earn a Higher APY with a Higher Min. Balance
  • Mobile App Online Banking
  • Deposit Checks Remotely & Make Transfers Easily
  • FDIC Insured up to $250,000
  • Sign Up in Under 5 Minutes
  • See Site for Details

On CIT Bank's Secure Site, Member FDIC

 

 Compare With

Wells Fargo Logo

1.0

CompareAccounts™ Score

APY

0.01%

Wells Fargo Details

  • Savings Account
  • Min. Initial Deposit: $25
  • No Fee Min. Balance: $300
  • 0.01% APY
  • Monthly Maintenance Fee of $5. If Below Min. Balance
  • Other Fees May Still Apply

Not Recommended.
Shown For Comparison Purposes Only.

 

4.0

CompareAccounts™ Score

APY

4.00%

  • Money Market Account
  • Min. initial deposit: $1
  • 4.00% APY
  • Great Lakes Credit Union is Federally Insured by NCUA, the National Credit Union Administration
  • NCUA Insured up to $250,000
  • No Monthly Fees
  • 24 /7 Access to Funds
  • Interest Compounded Daily
  • Great Lakes Credit Union Has Served Its Members for Over 75 Years
  • See Site for Details

On Raisin's Secure Site for Great Lakes Credit Union,
NCUA Insured

 

 Compare With

Bank of America Logo

1.0

CompareAccounts™ Score

APY

0.01%

Bank of America® Details

  • Savings Account
  • No Fee Min. Balance: $500
  • 0.01% APY
  • Monlthy Maintence Fee of $8. If Below Min. Balance
  • $5 Fee for Statement Copies
  • Other Fees May Still Apply

Not Recommended.
Shown For Comparison Purposes Only.

 

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

SoFi® Checking and Savings: 3.80%​ APY & Earn up to $300 with qualifying activities

Discover® Bank Online Savings Account: 3.60% APY - Earn up to $200 with Promo Code: CA325

Customers Bank High Yield Savings Account: 4.01% APY - Earn up to $500 with Promo Code: BOOST

Customers Also Viewed: Bonus Checking Accounts

 $400 Bonus 

Truist Bank & Online Banking Logo

5.0

CompareAccounts™ Score

  • Checking Account
  • Visa® Debit Card
  • Minimum Deposit: $50
  • Overdraft Fees: $0
  • $100 Negative Balance Buffer for eligible clients.
  • Mobile Check Deposit
  • No ATM Fees at Truist ATMs
  • Earn $400 with qualifying activities. For new checking clients only.
  • Use Promo Code: TRUIST25AFL400
  • Offer valid through 10/29/2025.
  • Terms & Conditions Apply
  • See Site for Details

On Truist's Secure Site,
Member FDIC

Up to $300 Bonus

SoFi-Logo

5.0

CompareAccounts™ Score

  • Checking & Savings Account
  • No Monthly Fees
  • No Overdraft Fees
  • Fee-Free Overdraft Coverage Available
  • Bonus: up to $300 with Direct Deposit
  • Set Up Direct Deposit & Access Funds up to 2 Days Sooner with Early Pay
  • Access 55,000+ Fee-Free ATMs within the Allpoint® Network
  • Send Money with SoFi's Peer-to-Peer Payment System
  • Earn 0.50% Annual Percentage Yield (APY) on Checking Balances
  • Earn up to 3.80% APY on Savings Balances with Qualifying Activities
  • See Site for Details
Q

1. Up to $300 Bonus Tiered Disclosure

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

3. Fee Policy

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

4. Additional FDIC Insurance

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks


5. ATM Access

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

7. Overdraft Coverage

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

On SoFi's Secure Site,
Member FDIC

 

Up to $360 Bonus

Discover Bank Logo

5.0

CompareAccounts™ Score

  • Checking Account
  • No. Fees. Period.
  • No Monthly Fee
  • No Insufficient Funds Fee
  • Fee-Free Overdraft Protection
  • Set Up Direct Deposit & Access Funds up to 2 Days Sooner with Early Pay
  • Access 60,000+ Fee-Free ATMs
  • Send Money with Zelle®
  • Cashback Bonus: up to $360 per year
  • Debit Card Cashback – Earn 1% Cash Back on up to $3,000 in Debit Card Purchases Each Month
  • See Site for Details

On Discover's Secure Site,
Member FDIC

 

Frequently Asked Questions About Compound Interest Savings Accounts

What is a Savings Account?

A savings account is a type of bank account that offers a higher Annual Percentage Yield (APY) than a checking account.

Money in your savings account earns interest that compounds at set intervals. This compounding interest allows your money to make money for you.

A checking account is used for money that needs to be moved quickly such as to pay bills or use for everyday 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 Savings Account?

Arguably the best way to find the best savings accounts is right here on www.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 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! Savings accounts listed on this page are protected by the Federal Deposit Insurance Corporation (FDIC). The Federal Deposit Insurance Corporation insures Bank and thrift deposits of up to $250,000.

How Do I Open a Savings Account?

Easy. Simply pick your bank and 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.

What is Compound Interest?

Compound interest is the interest that is earned on the initial principal of a loan or deposit, as well as on the accumulated interest of previous periods. In other words, compound interest is the interest that is calculated not only on the initial amount of money that you deposit or borrow, but also on the interest that has been accumulating over time.

For example, let’s say that you deposit $1000 in a savings account that earns 3% annual compound interest. After the first year, you will have earned $30 in interest, so the balance of your account will be $1030. In the second year, you will earn 3% interest on the new balance of $1030, which is $30.90. This means that your balance at the end of the second year will be $1060.90.

Compound interest can be a powerful tool for growing your wealth over time, especially if you are able to save and invest a large amount of money. However, it can also work against you if you are borrowing money and have to pay compound interest on your loans. In this case, the interest that you pay will continue to grow over time, which can make it more difficult to pay off your debt.

How to Calculate Compound Interest:

There are several ways to calculate compound interest, but one common method is to use the following formula:

Compound Interest = Principal * (1 + Interest Rate/n)^(n*t) – Principal

In this formula, “Principal” is the initial amount of money that you are depositing or borrowing, “Interest Rate” is the annual interest rate, “n” is the number of times that interest is compounded per year, and “t” is the number of years that the money is invested or borrowed.

Here is the same example with a 3% annual interest rate and quarterly compound interest:

Let’s say that you have a savings account with an initial balance of $1000 and an annual interest rate of 3%. The interest is compounded quarterly, which means that n = 4. If you leave the money in the account for 2 years, then t = 2. To calculate the compound interest earned over these 2 years, we can use the following formula:

Compound Interest = Principal * (1 + Interest Rate/n)^(n*t) – Principal

Plugging in the values from the example, we get:

Compound Interest = $1000 * (1 + 0.03/4)^(4*2) – $1000

= $1000 * (1.0075)^8 – $1000

= $1060.38 – $1000

= $60.38

This means that you would have earned a total of $60.38 in compound interest on your initial deposit of $1000 over the course of 2 years, with a 3% annual interest rate and quarterly compound interest.

However, many of the savings accounts we recommend compound interest daily. This means that you’ll earn a slightly higher return the longer you leave your funds in the account.

When it comes to compound interest, higher is always better.

Before the invention of electronic calculators, bankers and other financial professionals used various methods to calculate compound interest. These methods included:

1. Using tables: Some bankers used tables that provided pre-calculated values for compound interest, based on different interest rates and time periods. These tables could be used to quickly and easily determine the amount of compound interest that would be earned or paid on a given principal.

2. Using slide rules: Slide rules were mechanical devices that could be used to perform mathematical calculations, including compound interest. To use a slide rule to calculate compound interest, a financial professional would set the interest rate and time period on the slide rule, and then use the device to determine the compound interest.

3. Using pencil and paper: Some bankers and financial professionals calculated compound interest by hand, using pencil and paper. This method involved using the compound interest formula to perform the necessary calculations.

4. Using mechanical calculators: Mechanical calculators were early mechanical devices that could be used to perform mathematical calculations, including compound interest. These calculators were more advanced than slide rules, and could perform a wider range of calculations. However, they were still slower and less accurate than modern electronic calculators.

Compound Interest the 8th Wonder of the World

Albert Einstein is often credited with saying that “compound interest is the eighth wonder of the world,” and that “he who understands it, earns it; he who doesn’t, pays it.”

Einstein’s quote highlights the power of compound interest to generate wealth over time. When you earn compound interest on your investments or savings, the interest that you earn in each subsequent period is based not only on the initial amount of money that you invested, but also on the accumulated interest of previous periods. This means that the longer you leave your money invested or saved, the more compound interest you will earn, and the faster your wealth will grow.

On the other hand, if you have to pay compound interest on a loan or debt, the interest that you pay will continue to grow over time, which can make it more difficult to pay off the debt. In this case, understanding the principle of compound interest can help you make informed decisions about borrowing and repayment, and avoid paying more interest than necessary.

Warren Buffet, a successful investor and business magnate, has also spoken about the power of compound interest. In one of his annual letters to shareholders, Buffet wrote:

“The most powerful force in the universe is compound interest. He who understands it, earns it … he who doesn’t … pays it. Einstein called it the greatest mathematical discovery of all time.”

Buffet’s quote emphasizes the importance of understanding compound interest and how it can be used to grow wealth over time. By investing and saving wisely, and taking advantage of the power of compound interest, it is possible to build a significant amount of wealth over the long term. On the other hand, if you don’t understand compound interest, or if you make poor financial decisions that result in paying high levels of interest on debt, you may end up losing money rather than earning it.

When it comes to investing you should listen to people like Albert Einstein and Warren Buffet. That’s why its important to have a savings account that not only compounds interest, but that has a high yield and preferrably compounds on a daily basis.

To take advantage of the power of compound interest, it is important to start saving and investing as early as possible. The longer you are able to leave your money invested, the more compound interest you will earn, and the faster your wealth will grow.

*National Savings Rate Average as published by FDIC