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High Yield CDs & Savings Accounts
By: Conor Keenan Last updated June 14, 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.
A high yield savings account can offer as high of an APY as a CD, but with much more flexibility. Compare CDs & savings accounts with ease, find the right one for you, and open your account in minutes.
Best For: Shorter Term + High APY From a Top Bank
Term: 3 Months
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.
Western Alliance Bank offers 4.40% 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.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
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.
High APY
4.30% APY
On Openbank By Santander Bank's
Secure Site, Member FDIC
Best For: High APY From An Online Bank
Now available in the U.S. with FDIC insurance up to $250,000 per depositor and industry-leading security, Openbank offers top-tier rates with the stability of a top global bank.
Openbank was built by Santander, a top global bank with nearly 170 million customers worldwide and is best for consumers looking for an online bank with a highly competitive yield on a savings account without monthly fees or transaction fees.
This high yield savings account offers 4.30% APY with a minimum opening deposit of $500. Terms Applyⓘ
As of 2023, Santander’s total assets were almost $2 trillion (USD) worldwide.
As the biggest 100% digital bank in Europe, Openbank was created to make banking simple & seamless. Join millions around the world & start earning a higher APY now.
See Openbank by Santander's Secure Site For More Details.
High APY
4.30% APY
On Openbank By Santander Bank's
Secure Site, Member FDIC
Best For: High APY From An Online Bank
Now available in the U.S. with FDIC insurance up to $250,000 per depositor and industry-leading security, Openbank offers top-tier rates with the stability of a top global bank.
Openbank was built by Santander, a top global bank with nearly 170 million customers worldwide and is best for consumers looking for an online bank with a highly competitive yield on a savings account without monthly fees or transaction fees.
This high yield savings account offers 4.30% APY with a minimum opening deposit of $500. Terms Applyⓘ
As of 2023, Santander’s total assets were almost $2 trillion (USD) worldwide.
As the biggest 100% digital bank in Europe, Openbank was created to make banking simple & seamless. Join millions around the world & start earning a higher APY now.
See Openbank by Santander's Secure Site For More Details.
Annual Percentage Yield (APY)
3.60% APY
APY as of June 14, 2025
On American Express® National Bank's
Secure Site, Member FDIC
Best For: High Yield Savings + Award-Winning Service
Earn a competitive 3.60% Annual Percentage Yield (APY) as of June 14, 2025 with the American Express® High Yield Savings Account — a top-tier rate from a brand known for trust, stability, and exceptional service.
Interest compounds daily and is deposited monthly, helping your savings grow effortlessly.
Enjoy no monthly fees, no minimum balance requirements, and 24/7 U.S.-based customer support.
Your deposits are FDIC insured up to $250,000 per depositor, offering you complete peace of mind.
Manage your savings easily through the American Express® App, where you can check balances, deposit funds, track transactions, and stay in control — anytime, anywhere.
If you're looking for a secure, reliable place to grow your savings — backed by award-winning service — the American Express® High Yield Savings Account is a clear standout.
See American Express National Bank's Secure Site For More Details.
4.00% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 12 Months
Discover Bank offers 4.00% APY with no monthly fees and no minimum deposit required to open an account on their 12 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 so lock in your 12 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
Compare With
Not Recommended
0.03% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 12 Months
Bank of America, another large bank that offers nearly nothing on their CDs.
They currently offer a regretful 0.03% APY on their 12 Month CD.
Bank of America requires a minimum opening deposit of $1,000 to earn this sad, low APY.
Because of there are better options on this page to earn a higher APY from trusted banks, we don't recommend you opening a CD with Bank of America.
Best For: Welcome Bonus With Qualifying Deposits
Discover Bank offers 3.60% APY with no monthly fees and $0 initial deposit.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.
For a limited time, Discover Bank is also offering a bonus for qualifying deposits on your first Discover Online Savings Account.
You can earn a $150 bonus when you deposit at least $15,000 or a $200 bonus when you deposit at least $25,000 within 45 days of account open date. Terms apply.ⓘ
Bonus Promo Code: CA325
You must open your account by 9/11/2025 to be eligible for the bonus.
This account is insured by the FDIC for up to $250,000 per depositor and Discover also boasts 100% U.S.-based Customer Service Available 24/7.
If you're looking for a competitive APY with "No. Fees. Period." and a nice welcome bonus, then this account is for you.
See Discover Bank's Secure Site For More Details.
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.
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
4.00% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: Shorter Term + High APY
Term: 6 Months
Western Alliance Bank offers 4.00% APY exclusively through the Raisin Platform on their 6 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.
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 Raisin's Secure Site for Western Alliance Bank to Get More Details.
Up to $300 Bonus
Annual Percentage Yield (APY)
3.80% APY
with qualifying activities
On SoFi®'s Secure Site,
Member FDIC
Best For: Bonus + Large Deposits
SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.
Bonus: up to $300 with direct deposit.ⓘ
In addition to the bonus, you'll enjoy up to 3.80% annual percentage yield (APY) on savings balances with qualifying activities and 0.50% APY on checking balances, fee-free overdraft coverage up to $50 and access your direct deposit funds up to two days early, giving you greater financial flexibility. Terms apply.
The current savings APY without direct deposit is 1.00%. Although this is still higher than the national average, if you don't plan on setting up direct deposit, you should look at the other offers on this list unless you want more FDIC insurance.
Your deposits are FDIC-insured up to $250,000 per depositor and you can also access up to $3,000,000 of additional FDIC insurance through a network of participating banks. Ensuring your money stays safe and secure.
Limited Time Offer: New account holders earn +0.20% boost to 4.00% on their Savings APY for up to 6 months with eligible direct deposit. Terms apply.
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.
8. 0.20% Savings APY Boost
Qualify for a 0.20% Annual Percentage Yield (APY) Boost on your SoFi Savings account for up to 6 months when you open a new SoFi Checking & Savings account AND enroll in SoFi Plus for the first time by 6/17/25. Rates are variable and subject to change. Terms apply at sofi.com/banking/. SoFi Bank, N.A. Member FDIC.
4.00% APY
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 4.00% 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
Not Recommended
2.00% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 12 Months
Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their CD accounts.
They currently offer a sad 2.00% APY on their 12 Month CD.
They require a minimum opening deposit of $2,500 and depending on where you live, your interest rate may vary as rates vary from state to state.
Because of the bottom barrel APY and varying rates by state, we don't recommend you opening a savings account with Wells Fargo.
3.90% APY
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 3.90% 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.
3.80% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Longer Term + Customer Service
Term: 24 Months
Discover Bank offers 3.80% APY with no monthly fees and no minimum deposit required to open an account on their 24 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 so lock in your 24 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 3.60% APY as of June 14, 2025
Discover® Bank Online Savings Account: 3.60% APY - Earn up to $200 with Promo Code: CA325
Western Alliance Bank® High Yield Savings Account: 4.25% APY - Earn up to $500 with Promo Code: BOOST
SoFi® Checking and Savings: 3.80% APY & Earn up to $300 with qualifying activities
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
Western Alliance Bank® High-Yield CD: 4.40% APY - 3 Month Term
Western Alliance Bank® High-Yield CD: 4.00% APY - 6 Month Term - Earn up to $500 with Promo Code: BOOST
Discover® Bank Certificate of Deposit Account: 4.00% APY - 12 Month Term
Sallie Mae® Bank Certificate of Deposit: 4.35% APY - 10 Month Term - Earn up to $500 with Promo Code: BOOST
Discover® Bank Certificate of Deposit Account:3.80% APY - 24 Month Term
Don't Miss This High Yield Savings Account
American Express® Savings
3.60% Annual Percentage Yield
as of June 14, 2025
Member FDIC
On American Express National Bank's
Secure Site, Member FDIC
Explore More Options:
Haven't found the right rate or term 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 certificate of deposit offers now.
What to Look for in a Certificate of Deposit Account
It’s always wise to compare your options when opening a new certificate of deposit account.
Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in the account.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a certificate of deposit is one of its most important features. However, a very high interest rate can get completely wiped out if you have to pay a penalty fee because you need to withdrawl your funds before the term is complete.
Besides interest rate, term length is the second most important factor. Other important features of your certificate of deposit account include the required initial deposit, and minimum balance required.
2. Term Length
Most banks will charge you what’s called a “penalty fee” for withdrawing your funds before the term length has been completed.
This means, that if you open a 12-month CD, but withdraw your funds within 6 months, then you’ll pay a penalty fee.
Therefore, you need to decide when you’ll need these funds again.
For any term less than a year, we recommend a high-yield savings account.
If this is your first CD account, we recommend starting with a 12 – 15 month term.
If you’ve opened a CD account in the past, then you choose which term is right for you and your unique situation.
3. Required Initial Deposit
Initial deposit is another important factor when deciding to open up a certificate of deposit. Most banks require at least a $500 initial deposit to open a CD account.
While others require much more than $500 to open the account.
Again, because the initial deposit is in the hundreds if not thousands, we recommend you open a high-yield savings account if you need these funds within a year.
*National Savings Rate Average as published by FDIC