Best Savings Account Rates
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.
Review the high yield savings accounts we recommend to our family and friends below. Open your new account now and start earning compound interest today.
APY
4.35%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.35% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Trusted Bank with almost $13 Billion in Assets
- Exclusive Offer Powered by The Raisin Platform
- U.S. Based Customer Service
- 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
Live Oak Bank®, Member FDIC
up to APY
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
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
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
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.
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
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
Compare With

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.
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
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

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™
Live Oak Bank® High Yield Savings Account: 4.35% APY - Earn $250 with Promo Code: GET250
SoFi® Checking and Savings: 3.80% APY & Earn up to $300 with qualifying activities
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
RBMAX High Yield Savings Account: 3.66% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
APY
4.30%
3 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 3 Months
- 4.30% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, 2023, & 2024 by American Banker
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured
Best For: Online Banking Experience + Customer Service
Term: 9 Months
Discover Bank offers 3.80% APY with no monthly fees and no minimum deposit required to open an account 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.
Best For: High APY From a Top Performing Bank
Term: 12 Months
Western Alliance Bank offers 3.95% 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.
Limited Time Offer: New customers can earn a $250 bonus when you deposit $25,000 or more. Use promo code GET250 at sign-up.
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 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 3.75% 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 www.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