Best  High Yield Savings Accounts

Conor Keenan Author Bio By: Conor Keenan  Last updated April 18, 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.

Open your new account with confidence. Each of our recommendations is insured up to $250,000 per depositor. Fund your new account & take advantage of the power of compound interest today!

 Bonus Offer 

Discover Bank Logo

5.0

CompareAccounts™ Score

APY

3.70%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • Monthly Fees: $0
  • 3.70% 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

On Discover Bank's Secure Site, Member FDIC

 

American Express High Yield Savings Account Logo

5.0

CompareAccounts™ Score

APY

3.70%

Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $0
  • Min. to Open: $0
  • 3.70% APY
  • APY as of April 18, 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

Western Alliance Bank Powered by Raisin

5.0

CompareAccounts™ Score

APY

4.25%

  • High Yield Savings Account
  • Min. initial deposit: $1
  • 4.25% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Ranked #1 Top-Performing Bank with Assets Greater Than $50 Billion in 2021, 2022, 2023 & 2024 by American Banker
  • Founded in 2003, Western Alliance Bank has over $80 Billion in Assets
  • Exclusive Offer Powered by The Raisin Platform
  • 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 Western Alliance Bank,
Member FDIC

 

Up to $300 Bonus

SoFi Logo

4.5

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

On SoFi'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.

 

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

 

Customers Bank Powered By Raisin

4.0

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
  • This Customers Bank Offer is powered by Raisin
  • The Raisin Platform Brings Together 70+ Insured banks
    & Credit Unions Using a Single Secure Login
  • See Site for Details

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

 

 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.

 

RBMax High Yield Savings Account Powered by Raisin

3.5

CompareAccounts™ Score

APY

3.66%

  • High Yield Savings Account
  • Min. initial deposit: $1
  • 3.66% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • RBMAX is Republic Bank's Digital Banking Service
  • Founded in 1982, Republic Bank Now Has Over $6 Billion in Assets
  • Exclusive High APY Offer Powered by The Raisin Platform
  • See Site for Details

On Raisin's Secure Site for
RBMAX, FDIC Insured

 

3.0

CompareAccounts™ Score

APY

2.00%

  • Money Market Account
  • Min. initial deposit: $1
  • 2.00% 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.

 

American Express High Yield Savings Account Logo

5.0

CompareAccounts™ Score

APY

3.70%

Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $0
  • Min. to Open: $0
  • 3.70% APY
  • APY as of April 18, 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

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

Discover® Bank Online Savings Account: 3.70% APY - Earn up to $200 with Promo Code: CA325

American Express® High Yield Savings Account: 3.70% APY as of April 18, 2025

Western Alliance Bank® High Yield Savings Account: 4.25% APY - Earn $250 with Promo Code: GET250

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

Customers Also Viewed: Bonus Checking Accounts

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

 

 $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: AFL2425TR1400
  • Offer valid through 04/30/2025.
  • 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

On SoFi'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.

Frequently Asked Questions About High Yield Savings Accounts

What is a High Yield Savings Account?

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

A checking account is used for money that needs to be moved quickly such as to pay bills or use for ever day 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 High Yield 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 High Yield 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! The Federal Deposit Insurance Corporation (FDIC) protects savings accounts listed on this page. The Federal Deposit Insurance Corporation insures Bank and thrift deposits of up to $250,000.

How Do I Open a High Yield Savings Account?

Easy. Simply 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.

*National Savings Rate Average as published by FDIC

Ad Disclosure

 
 Featured Account 

American Express® Savings
3.70% Annual Percentage Yield
as of April 18, 2025
Member FDIC

Ad Disclosure American Express High Yield Savings Account Logo

Featured Account

American Express® Savings
3.70% Annual Percentage Yield
as of April 18, 2025
Member FDIC