Best Savings Account Rates

Conor Keenan Author Bio By: Conor Keenan  Last updated on May 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, reviews, or recommendations in our articles are solely our own & are not endorsed by any financial institution or partner. Thanks to commissions from partner offers, our site remains free. Content by our team is independent & not commissioned by any advertising partners or financial institutions 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 high yield savings accounts we recommend below, open your new account today & start earning compound interest now.

Discover Bank Logo

Rating:

APY

4.25%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 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

 

American Express High Yield Savings Account Logo

Rating:

APY

4.25%

Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $1
  • Min. Initial Deposit: $0
  • 4.25% APY
  • APY as of May 17, 2024
  • 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

 High APY 

NexBank Powered By Raisin

Rating:

APY

5.26%

  • High-Yield Savings Account
  • Min. initial deposit: $1
  • 5.26% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Chartered in 1922
  • NexBank has been a Trusted Banking Partner for 100+ Years
  • Largest Privately-Held Bank in Texas with Assets Totaling $16 billion
  • Exclusive Offer Powered by The Raisin Platform
  • See Site for Details

On Raisin's Secure Site
for NexBankTM, Member FDIC

 High APY 

Western Alliance Bank Savings Account Logo

Rating:

APY

5.36%

  • High-Yield Savings Account
  • 5.36% APY
  • Min. Opening Deposit: $500
  • Min. to Earn APY: $0.01
  • No Account Activity or Maintenance Fees
  • Interest Accrues Daily and is Paid Monthly
  • FDIC Insured up to $250,000
  • U.S.-based Customer Service Available from 9 a.m. to 5 p.m. EST Monday – Friday
  • Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
  • See Site for Details

On Western Alliance Bank's
Secure Site, Member FDIC

 High APY 

Western Alliance Bank Savings Account Logo

Rating:

APY

5.36%

  • High-Yield Savings Account
  • 5.36% APY
  • Min. Opening Deposit: $500
  • Min. to Earn APY: $0.01
  • No Account Activity or Maintenance Fees
  • Interest Accrues Daily and is Paid Monthly
  • FDIC Insured up to $250,000
  • U.S.-based Customer Service Available from 9 a.m. to 5 p.m. EST Monday – Friday
  • Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
  • See Site for Details

On Western Alliance Bank's
Secure Site, Member FDIC

 Compare With

Chase Bank Logo

Rating:

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

Rating:

APY

4.76%

  • High Yield Savings Account
  • Min. initial deposit: $1
  • 4.76% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Exclusive Offer From Customers Bank Powered by The Raisin Platform
  • The Raisin Platform is an Exclusive Selection of Savings Solutions
  • Customers Bank was Ranked as One of America's Best Banks in 2023 by Forbes with over $20 Billion in Assets
  • See Site for Details

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

 

Rating:

APY

4.25%

  • Money Market Account
  • Up to 4.25% APY
  • Rate available for new Elite Money Market Account clients
  • Min. initial deposit: $100
  • 4.25% APY Min. Balance: $25,000
  • Avoid maintence fees with $10,000+ avg. daily balance
  • Best for branch access with over 2,000 branches nationwide
  • See Site for Details

On U.S. Bank National Association's Secure Site, Member FDIC

 Compare With

Wells Fargo Logo

Rating:

APY

0.15%

Wells Fargo Details

  • Savings Account
  • Min. Initial Deposit: $25
  • No Fee Min. Balance: $300
  • 0.15% APY
  • Monthly Maintenance Fee of $5. If Below Min. Balance
  • Other Fees May Still Apply

Not Recommended.
Shown For Comparison Purposes Only.

 

Cit Bank Logo

Rating:

APY

5.00%

  • High Yield Savings Account
  • Balance for APY: $5,000
  • 5.00% 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

 

Idabel National Bank Logo Powered By Raisin

Rating:

APY

3.25%

  • High Yield Money Market Account
  • Min. initial deposit: $1
  • 3.25% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • 24 /7 Access to Funds
  • 5.3x National Avg. APY
  • Interest Compounded Daily
  • An Independent Community Bank Since 1921
  • See Site for Details

On Raisin's Secure Site for Idabel National Bank, FDIC Insured

 Compare With

Bank of America Logo

Rating:

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.

 

Cit Bank Logo

Rating:

APY

4.65%

  • High Yield Savings Account
  • Min. initial deposit: $100
  • 4.65% APY
  • No Monthly Service Fees
  • No Minimum Monthly Balances
  • 12x National Avg. APY
  • 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

 

Liberty Bank Logo Powered By Raisin

Rating:

APY

4.60%

  • High-Yield Savings Account
  • Min. initial deposit: $1
  • 4.60% APY
  • 12.4x National Avg. APY
  • No Monthly Fees
  • Founded in 1889
  • FDIC Insured up to $250,000
  • Strong History of Serving Communities Across America
  • See Site for Details

On Raisin's Secure Site for Liberty Bank, Member FDIC

 

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

Explore More Options:
Haven't found the right account yet? We've got you covered. Raisin.com, our trusted partner, connects you to a vast network of over 60 financial institutions, each with competitive rates to suit your savings needs & offers you the opportunity to access $10 million in federal deposit insurance through its network, all from a single secure login. See more high-yield savings offers now.

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 From a Top Bank

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.

Western Alliance Bank Powered by Raisin

5.05% APY

Rating:

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

 

Best For: High APY From a Top Performing Bank

Term: 12 Months

Western Alliance Bank offers 5.05% APY exclusively through the Raisin Platform on their 12 month CD.

Interest compounds daily and is posted to your account monthly.

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 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.

Frequently Asked Questions About 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.

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 Savings Account?

Arguably the best way to find the best savings accounts is right here on 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 4.40% interest on your savings. Which is nearly 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 up to $250,000.

How Do I Open a Savings Account?

Easy. Simply click on the “view details” button above of your selected finanicial instution. Once you arrive at our partners site, you’ll be able to open your new savings account safely and securely.

What Determines Savings Account Interest Rates?

Savings account interest rates are typically determined by a variety of factors, including the supply and demand for funds in the financial system, the overall level of interest rates in the economy, and the policies of the financial institution that is offering the savings account. In general, savings account interest rates tend to be lower than rates on other types of financial products, such as loans, because they involve a lower level of risk for the lender. However, the specific interest rate that a financial institution offers on a savings account can vary based on a number of factors, such as the type of account, the balance of the account, and the length of time the funds are deposited.

One other factor that can affect savings account interest rates is the level of competition among financial institutions. In a market with many banks and credit unions offering savings accounts, the institutions may need to offer higher interest rates in order to attract customers. On the other hand, in a market with fewer options for savings accounts, financial institutions may be able to offer lower interest rates and still attract depositors. Additionally, some financial institutions may offer higher interest rates on certain types of accounts, such as online-only accounts or accounts with higher minimum balance requirements, in order to differentiate their products and attract certain types of customers.

What is the Lowest Interest Rate Available?

The lowest interest rate on a savings account can vary depending on the financial institution and the specific terms of the account. Some financial institutions may offer very low interest rates on their savings accounts, like some of the banks above who only offer 0.01% APY.

Although interest rate is one of the most important factors, other factors, such as fees, minimum balance requirements, and the convenience of the institution’s locations and services, may also be important to consider. It may be a good idea to shop around on compareaccounts.com and compare the terms and conditions of different savings accounts in order to find the one that best meets your needs.

What is the Federal Reserves Role in Setting Interest Rates?

The Federal Reserve, or the “Fed,” is the central bank of the United States and is responsible for implementing monetary policy in the country. One of the main tools the Fed uses to influence monetary policy is setting the target range for the federal funds rate, which is the interest rate at which banks lend money to each other overnight. The Fed uses this tool to help achieve its goals of maximum employment, stable prices, and moderate long-term interest rates.

The Fed adjusts the federal funds rate by buying and selling securities, such as government bonds, in the open market. When the Fed wants to increase the federal funds rate, it will sell securities and take money out of circulation, which reduces the supply of funds available for lending and pushes up interest rates. Conversely, when the Fed wants to lower the federal funds rate, it will buy securities and add money to circulation, which increases the supply of funds available for lending and pushes down interest rates.

The federal funds rate is a benchmark for many other interest rates in the economy, including the prime rate, which is the rate at which banks lend to their most creditworthy customers. As a result, changes in the federal funds rate can affect the interest rates that individuals and businesses pay on loans, as well as the returns they earn on investments such as savings accounts and certificates of deposit.

One thing to note is that the Federal Reserve’s ability to influence interest rates is not unlimited. If the Fed tries to set the federal funds rate at a level that is significantly higher or lower than the level that the market would dictate based on supply and demand, it could lead to distortions in the financial system and disrupt the normal functioning of credit markets. Therefore, the Fed typically seeks to align its target for the federal funds rate with the “neutral” rate, which is the level of the federal funds rate that is consistent with sustainable economic growth and low and stable inflation over the long run.

It is also worth noting that the Federal Reserve’s ability to set the federal funds rate is not the only factor that determines interest rates in the economy. Other factors, such as the level of risk associated with a particular type of loan or the level of competition among lenders, can also affect the interest rates that are offered to borrowers. Additionally, the Federal Reserve’s monetary policy decisions can be influenced by a variety of economic and financial conditions, both within the United States and around the world.

*National Savings Rate Average as published by FDIC

American Express High Yield Savings Account Logo

Featured Account

American Express® Savings
4.25% Annual Percentage Yield
as of May 17, 2024
Member FDIC