High Yield CDs & Savings Accounts
By: Conor Keenan Last updated on October 14, 2024
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and 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. Open your new account with confidence. Each of our recommendations is federally insured up to $250,000 per depositor.
Best For: Online Banking Experience + No Fees
Discover offers 4.00% APY with no monthly fees and $0 initial deposit.
Discover 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.
If you're looking for a competitive APY with "No. Fees. Period." this account is for you.
See Discover's Secure Site For More Details.
Best For: High APY + Short Term
Term: 3 Month
New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
Exclusively through the Raisin platform, Ponce Bank currently offers 4.40% APY on their 3 Month CD with no monthly fees and a minimum initial deposit of $1.00.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
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.
Interest compounds daily and is posted to your account monthly.
Ponce Bank was born in The Bronx in 1960 and has earned the title of a Certified Community Development Financial Institution (CDFI).
They earned CDFI status by investing more than 80% of their assets in low and moderate income communities.
When you invest your savings with Ponce Bank you're helping underserved communities in America.
See Raisin's Secure Site For Ponce Bank to Get More Details.
Annual Percentage Yield (APY)
4.00% APY
APY as of November 08, 2024
On American Express National Bank's
Secure Site, Member FDIC
Best For: Competitive APY From An Online Bank
Your interest compounds daily and is deposited in your account monthly.
Other benefits of this account include $0 monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.
To top it off, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.
See American Express National Bank's Secure Site For More Details.
Best For: Shorter Term + High APY
Term: 6 Months
Western Alliance Bank offers 3.75% APY exclusively through the Raisin Platform on their 6 month CD.
New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
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.
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 4.70% 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.
Best For: Mid-Term + High APY From a Renowned Bank
Term: 10 Months
Sallie Mae was founded in 1972, since then the bank has continued to grow with almost $30 billion in total assets and has some of the highest CD rates around.
Sallie Mae bank currently offers 3.95% APY on their 10 month CD, exclusively through the Raisin Platform.
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 and representatives are available via phone Monday - Friday 9:00am - 4:00 pm ET. You can also email or send them a message through the secure message center at any time.
This account is insured by the FDIC for up to $250,000 per depositor and comes with $0 monthly maintenance fees.
You'll have 24/7 access to your account and funds.
Sallie Mae has been putting educational & financial success within reach for more than 50 years, open your account and let them help you today.
New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
See Raisin's Secure Site for Sallie Mae® Bank For More Details.
Best For: Online Banking Experience + Customer Service
Term: 12 Months
Discover Bank offers 4.10% 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.
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 4.35% 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.
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
Discover® Online Savings Account: 4.00% APY
American Express® High Yield Savings Account: 4.00% APY as of November 08, 2024
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
Ponce Bank® Certificate of Deposit Account: 4.40% APY - 3 Month Term
Western Alliance Bank® High-Yield CD: 3.75% APY - 6 Month Term
Sallie Mae® Bank Certificate of Deposit: 3.95% APY - 10 Month Term
Discover® Bank Certificate of Deposit Account: 4.10% APY - 12 Month Term
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