20 Best High-Yield Savings Accounts

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Not all savings accounts are created equal. Those associated with traditional, nationally known banks like Wells Fargo and Bank of America typically have ultra-low yields that pale in comparison to the prevailing inflation rate.

For instance, Wells Fargo and Bank of America savings accounts yield less than 0.10% APY, regardless of what’s going on with prevailing rates. Both banks charge monthly service fees of $5, $10, or even higher if you don’t maintain a minimum balance or schedule regular transfers from a linked checking account.

There’s no way around it: Those yields stink. Even as prevailing interest rates have risen steadily in other areas of the economy, big banks’ deposit account yields have barely budged since the global financial crisis back in the late 2000s.

The good news is you can do better – possibly much better.

To attract new customers and funds, many online banks and community banks offer high-yield savings accounts with better interest, terms, and incentives. The majority of them are available anywhere in the U.S., even if they don’t have a physical location near you. All come with FDIC insurance, protecting your deposits up to $250,000 (and sometimes more) per account.

There is a catch, however. By law, savings account withdrawals are limited to six per month, so you should plan ahead if you anticipate drawing on your savings frequently. Withdrawals above this monthly limit are subject to hefty fees – $10 per withdrawal is common – or declined. For this reason, savings accounts generally aren’t suitable for day-to-day use. Fortunately, some of the banks listed below also offer industry-leading free checking accounts.

Best High-Yield Savings Accounts

With that caveat out of the way, let’s dive into the best high-yield savings accounts on the market today.

1. Capital One Bank

A subsidiary of Capital One Financial, Capital One Bank (also known as Capital One 360) offers a high-yield savings account (360 Performance Savings) with no minimum deposit. With checking accounts and CDs available, it can easily be a one-stop shop for your banking needs.

  • Yield: 1.15% APY on all balances.
  • Minimum Deposit and Balance Requirements: No minimum deposit and no minimum balance after that.
  • Tax-Advantaged Retirement Options: You can open a Capital One 360 savings account as a traditional, Roth, or SEP IRA. Yields may be lower on these tax-advantaged options, however.
  • Other Rewards and Incentives: You can set up an automatic savings plan to make weekly or monthly savings account deposits in any amount. The CheckMate app allows you to make mobile check deposits anytime, anywhere. Also, you earn $50 for opening a new checking account, which automatically ties to your savings account.
  • Fees: There’s an excess transaction fee for withdrawals beyond the six-per-month limit.

See our Capital One Bank review for more details.


2. UFB Direct

UFB Direct has the highest-yielding savings account of any bank on this list, though that’s subject to change at any moment, of course. There’s just one catch: You need to maintain a balance of at least $10,000 to earn UFB Direct’s advertised 1.00% APY.

On the bright side, you’ll encounter no minimum deposit or balance requirements and virtually no fees, and you’ll get a complimentary ATM card for your trouble. The Premium Money Market product, which has an excellent yield on balances above $25,000 and boasts check-writing privileges, is a nice complement.

  • Yield: 1.00% APY on balances above $10,000.
  • Minimum Deposit and Balance Requirements: $100 required to open an account. There’s no ongoing minimum balance requirement.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Enjoy free mobile check deposit and free transfers between direct deposit accounts.
  • Fees: UFB Direct has virtually no fees. Check its account disclosures for additional details.

See our UFB Direct review for more information.

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3. Citi® Accelerate Savings

The Citi® Accelerate Savings account is a user-friendly high-yield account that pays 12 times the national savings account average – up to 1.35% APY in select markets. Earn higher rates as your balance grows and automate your savings with Citi’s Auto Save feature to get there faster.

The Citi® Accelerate Savings account is available to customers in AL, AK, AZ, AR, CO, DE, GA, HI, ID, IN, IA, KS, KY, LA, ME, MA, MI, MN, MO, MS, MT, NE, NH, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, WA, WV, WI, and WY.

  • Yield: Up to 1.35% APY on all balances (in select markets only). Rate is current as of May 28, 2020.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Move money for free between your Citi and non-Citi accounts, plus access cash from more than 60,000 fee-free ATMs nationwide. Link your Accelerate Savings account to a qualifying Citi checking account to earn ThankYou Rewards points redeemable for gift cards, cash, and more.
  • Fees: See Citi’s terms and conditions for details.

4. Aspiration Spend & Save Account

Aspiration offers an innovative cash management account known as the Aspiration Spend & Save Account. Spend & Save Account deposits are always fossil fuel-free, meaning they won’t go to fund oil pipelines or drilling. And they’re FDIC-insured up to $2 million per depositor when swept to FDIC member institutions (for details on FDIC insurance with Aspiration, see Aspiration’s FAQ and visit the FDIC’s website).

  • Yield: Earn up to 1.00% APY* on Save account balance after you upgrade to Aspiration Plus ($3.99 per month or $44.99 per year).
  • Minimum Deposit and Balance Requirements: None.
  • Other Rewards and Incentives: Earn up to 5% cash back at Conscience Coalition merchants (up to 10% after you upgrade to Aspiration Plus). Plus, when you spend at least $1,000 in cumulative debit card transactions within 60 days of opening your Aspiration Spend & Save Account, you’ll earn a $100 bonus. Terms apply.
  • Fees: You choose your account maintenance fee, even if it’s zero. See Aspiration’s website for a complete list of possible fees and expenses.

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* The Annual Percentage Yield (“APY”) associated with the Aspiration Spend & Save Account is available only to customers enrolled in Aspiration Plus. APY is variable and accurate as of [current date]. Rates may be changed from time to time without notice. To earn 1.00% APY interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must be enrolled in Aspiration Plus and spend $1,000 or more, monthly, with their Aspiration debit card. Balances over $10,000.00 will earn 0.10% APY. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY. Minimum deposit required to open an Aspiration Save Account is $10.00. Enrollment fee and Pay What Is Fair fees debited directly from the Aspiration Save Account could reduce earnings. Customers not enrolled in Aspiration Plus will not earn interest.  For more information, click here


5. Betterment

Betterment is better known as a technology-driven investing platform. It was among the first robo-advisors on the market and remains a go-to for investors who don’t want to pay more for performance than strictly necessary.

More recently, Betterment got into the banking game, and its Everyday Cash Reserve account is a doozy, yielding up to 0.40%.

Everyday Cash Reserve has virtually no fees, no minimums, and no limits on the number of withdrawals you can make each month. After beating full-service wealth managers at their own game, Betterment looks poised to deliver traditional banks the same fate.

  • Yield: Up to 0.40% APY on all balances.
  • Minimum Deposit and Balance Requirements: $10 to open and no minimum balance after that.
  • Tax-Advantaged Retirement Options: Betterment’s investing arm offers traditional and Roth IRAs, SEP IRAs, and Roth conversion IRAs.
  • Other Rewards and Incentives: As a technology-driven wealth management firm, Betterment offers a slew of perks for current and prospective investors, including one-off advice packages that put you in touch with Certified Financial Planners. And the unlimited savings withdrawal perk is worth reiterating; it’s quite rare. Another bonus is FDIC insurance of up to $1 million on Everyday Cash Reserve balances deposited with Betterment partner banks.
  • Fees: Virtually none. See Betterment’s banking terms and conditions for details.

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6. CIT Bank

CIT Bank focuses on high-yield deposit accounts, including its excellent Savings Builder Account. CIT’s long-term CDs and money market accounts have even better yields, so you won’t want to put all your funds in one basket.

  • Yield: 0.95% APY on all balances with a $25,000 minimum balance or $100 recurring monthly deposit.
  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100.
  • Tax-Advantaged Retirement Options: None (IRA options available for money markets and CD accounts).
  • Other Rewards and Incentives: You can set up a CIT Bank savings account as a tax-advantaged custodial account for a minor and exercise control over it until the child reaches age 21.
  • Fees: CIT Bank doesn’t charge an excess transaction fee for its savings account. Instead, it just denies any withdrawal attempts beyond the six-per-month limit. The money market account does have an excess transaction fee, however.

See our CIT Bank review for more information.

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7. HSBC

HSBC Direct Savings is a free high-yield savings account with a very attractive yield (1.01% APY on all balance tiers) and a token minimum opening deposit ($1). Mobile-friendly check deposits and 24/7 online account access mean saying goodbye to in-branch banking once and for all.

  • Yield: 1.01% APY on all balance tiers.
  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Deposit checks simply by taking a picture with your mobile device. Enjoy 24/7 online account access and no monthly maintenance fees.
  • Fees: See terms and conditions for a complete list of possible fees.

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Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.


8. Bask Bank

Bask Bank offers the only savings account that earns American Airlines AAdvantage® miles, not interest. Every dollar deposited in your Bask Savings Account earns 1 AAdvantage® mile per year.

Those miles are worth anywhere from $0.014 to $0.019 apiece, depending on who you ask. If you’re a frequent flyer based near an airport served by American Airlines or its partners, banking with Bask Bank is an easy call.

  • Yield: 1 AAdvantage® mile per year for every $1 on deposit.
  • Minimum Deposit and Balance Requirements: None, but Bask Bank reserves the right to close unfunded accounts after 60 days of inactivity.
  • Tax-Advantaged Retirement Options: None
  • Other Rewards and Incentives: Bask Bank has a slew of bonus opportunities for new account holders. Start by depositing $1,000 in new money within 30 days of account opening and maintaining that balance for at least 30 of the first 60 days your account is open to earn 5,000 bonus miles. Earn up to 40,000 bonus miles when you meet minimum funding requirements (up to $100,000 in new money) during the first 60 days and maintain that same minimum balance through the 360-day offer period. Earn up to 25,000 bonus miles for referring up to five new customers to Bask (5,000 bonus miles per referral) and maintaining a balance of $10,000 or more for 90 consecutive days between June 17 and December 31, 2020. And earn 1,000 bonus miles for completing a simple feedback survey online or through the Bask Bank app. The value of this offer will be reported to the IRS and the recipient is responsible for any federal, state or local taxes on this offer.
  • Fees: None

Read our Bask Bank review for more information.

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Bask Bank and BankDirect are divisions of Texas Capital Bank, N.A. Member FDIC. The sum of your total deposits with (i) Bask Bank; (ii) BankDirect; and (iii) Texas Capital Bank, N.A. are insured up to $250,000.  Additional coverage may be available depending on how your assets are held.


9. American Express National Bank (American Express Personal Savings)

American Express® Personal Savings is a low-key, FDIC-insured online savings bank from the people who brought you the Platinum Card from American Express and other excellent premium credit cards. Although it’s decidedly not an everyday bank, American Express Personal Savings is a great place to park your money for a few months to a few years. And with A-plus name recognition, you can rest assured that your funds are in good hands.

  • Yield: 1.00% Annual Percentage Yield (APY) on balances of $1 or more as of June 25, 2020.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: It’s a breeze to set up and manage recurring transfers from a linked external account. If you’re OK with tying your funds up for at least six months, check out American Express Personal Savings’ CDs, whose terms range from six to 60 months.
  • Fees: None.

See our American Express Personal Savings review for more details.


10. Credit Karma Savings

You may know Credit Karma as the leading purveyor of free credit scores and reports (and financial product recommendations based on those scores and reports).

Lately, Credit Karma has branched out, adding low-cost online tax prep to the mix. Its latest innovation is Credit Karma Savings, a totally free product with one of the best yields in the business. With no fees, no minimum opening deposit or balance requirements, and no minimum balance to earn APY, it’s difficult to argue with Credit Karma Savings’ premise – even if there’s no full-service bank to back it up.

  • Yield: Credit Karma Savings adjusts yields more frequently than other banks, so check its website for the latest rate information.
  • Minimum Deposit and Balance Requirements: There’s no minimum opening balance, nor any minimum balance to earn APY.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Credit Karma has a free online tax prep service and a host of value-added features, including free credit scores and reports.
  • Fees: Credit Karma Savings charges no fees, period.

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11. My Savings Direct

A division of Emigrant Bank, My Savings Direct is a no-frills, online-only bank that advertises the highest yield on any U.S. savings account not requiring a minimum deposit or balance. It also offers CDs with promotional rates up to 1.90% APY. But with no checking accounts, My Savings Direct is not a day-to-day type of bank.

  • Yield: 1.00% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: You can set up automatic deposits of any amount and frequency.
  • Fees: My Savings Direct doesn’t charge excess transaction fees. It simply denies withdrawal attempts beyond the six-per-month limit.

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12. Salem Five Direct

Massachusetts-based Salem Five Direct offers a savings account with a market-leading yield. Beyond savings, its eOne CD products offer juicy yields, especially on longer-term products.

Meanwhile, eOne Checking (0.25% APY) supports day-to-day banking and offers yields far above what you can expect from mainstream banks’ checking accounts. Plus, your entire deposit is insured up to Salem Five Direct’s account size limits, courtesy of supplemental Depositors Insurance Fund (DIF) insurance. DIF is a private, bank-funded deposit insurance program that applies to all banks based in Massachusetts.

  • Yield: 1.00% APY on all balances.
  • Minimum Deposit and Balance Requirements: $100 to open but no minimum balance after that.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: All Salem Five Direct savings accounts come with DIF insurance for balances above the FDIC’s $250,000 insurance limit.
  • Fees: There’s an excess transaction fee for transactions beyond the six-per-month limit.

See our Salem Five Direct review for more information.

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13. Synchrony Bank

Synchrony Bank offers good savings account yields, but with no checking account, it isn’t the best choice for your day-to-day finances. Other savings options include multiple CDs with above-average yields and a flexible money market account with very good yields.

  • Yield: 1.30% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None on the savings account (money markets and CDs only, both available as Roth and traditional IRAs).
  • Other Rewards and Incentives: The Synchrony Bank Perks program rewards you based on the size of your account balance, how long you’ve been with the bank, or both. For instance, with a balance of $10,000 or more and one year or more with the bank, you earn Silver status and become eligible for discounts at participating budget (Best Western) and luxury (Omni) hotels. Benefits increase at each successive tier, culminating in coveted Diamond status, which requires a $250,000-plus balance or five years or more with the bank.
  • Fees: There is no excess transaction fee, but Synchrony Bank reserves the right to close your account if you habitually make excess withdrawals.

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14. SoFi Money

Better known as an innovative lender offering student loan refinancing, personal loans, home loans, and more, SoFi also happens to be in the banking and investing game. With virtually no fees and unlimited ATM fee reimbursements, its SoFi Money cash management product is a worthy addition for frugal consumers who prize on-demand cash access. Lower-balance depositors who frequently withdraw cash at the ATM may come out ahead here.

  • Yield: See SoFi’s website for the latest yields.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: SoFi Money balances are FDIC-insured up to $1.5 million. Peer-to-peer (P2P) transfers are always free. Joint accounts are permitted. And SoFi members get a slew of exclusive perks, including rate discounts on other SoFi products, career services, customized financial planning, and member-exclusive offers from SoFi partners.
  • Fees: Virtually none. See SoFi Money’s account disclosures for more details.

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15. Chime Savings

The Chime Savings Account has a yield on all balances* with no minimum deposit or balance requirements. Two Automatic Savings features make it easy to sock money away for a rainy day: Round Up automatically rounds up debit card purchases to the nearest dollar, and Save When I Get Paid puts away 10% of your paycheck as soon as it hits your Chime Spending Account.

  • Yield: See terms and conditions for current yield information.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: The Chime Savings Account offers two ways for members to boost their savings: Round Up and Save When I Get Paid. Round Up automatically rounds up debit card purchases to the nearest $1 and transfers the money from your Chime Spending Account to your Chime Savings Account. Save When I Get Paid automatically sets aside 10% of every paycheck and transfers the money to your Chime Savings Account.
  • Fees: Over-the-counter and ATM cash withdrawal.

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*The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of Feb 18, 2020. No minimum balance required. Must have $0.01 in savings to earn interest.


16. FNBO Direct

FNBO Direct is an online-only bank owned by First National Bank of Nebraska, which has physical locations throughout the central U.S. Its savings account has an enticing yield, and you can pair it with checking accounts, multiple CDs, and an exclusive rewards credit card.

  • Yield: 1.00% APY on all balances.
  • Minimum Deposit and Balance Requirements: $1 minimum deposit with no minimum balance after that.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: FNBO Direct supports multiple mobile payment apps – see its website for a full list – plus a P2P transfer app called Popmoney, which facilitates free funds transfers between FNBO and non-FNBO accounts. You can also set up an automatic savings plan for weekly or monthly deposits in any amount.
  • Fees: There’s a fee for each withdrawal beyond the six-per-month limit.

See our FNBO Direct review for more information.

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17. Bank5 Connect

Bank5 Connect offers a savings account with a fantastic yield. If you’re looking for other savings options, check out its short-term CDs (which also have above-average yields) and an investment CD that lets you make as many deposits as you wish during its 24-month term.

With an interest-bearing checking account, you can also handle your everyday banking here. And like all Massachusetts-chartered deposit institutions, Bank5 Connect offers supplemental DIF insurance on all balances above the FDIC’s $250,000 limit.

  • Yield: 1.10% APY on all balances greater than $100.
  • Minimum Deposit and Balance Requirements: $10 to open and $10 minimum balance, but $100 minimum balance to earn interest.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: In addition to FDIC insurance up to $250,000, all Bank5 Connect savings accounts come with DIF insurance for balances above that amount.
  • Fees: There’s an excess transaction fee for withdrawals beyond the six-per-month limit.

See our Bank5 Connect review for more information.

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18. Ally Bank

Ally Bank was one of the first online banks. It’s best known for its high-yield savings account with no minimum deposits. But it also has an excellent checking account, money market account, and multiple CD options with above-average yields.

Ally’s No Penalty CD, which waives early withdrawal penalties, is great for depositors who aren’t sure whether they’ll need their funds before maturity. Another big perk is its 24/7 customer service.

  • Yield: 1.50% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: You can structure an Ally Bank savings account as a traditional, Roth, or SEP IRA. You can also set up a trust with an Ally Bank savings account.
  • Other Rewards and Incentives: Ally offers anytime, anywhere mobile check deposits and free person-to-person transfers via Zelle, a secure service that lets you send and request money using the other party’s mobile phone number. You can execute Zelle transfers with anyone, not just Ally Bank customers, but this service is subject to the standard limit of six withdrawals per month.
  • Fees: There’s a fee for each transaction beyond the six-per-month limit. You can also opt in to overdraft protection on savings accounts (many banks only offer this on checking accounts), subject to variable fees that may change at Ally’s sole discretion.

See our Ally Bank review for more information.

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19. Sallie Mae Bank

Sallie Mae Bank is often overshadowed by Sallie Mae’s student loan offerings. But its attractive high-yield savings account yields warrant attention too. Sallie Mae Bank also pays competitive interest rates on its money market account and multiple CDs, and the yield on its flexible SmartyPig product outmatches its high-yield savings yield.

  • Yield: 1.10% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Sallie Mae’s SmartyPig account lets you set savings goals and track your progress toward each, according to the pace and deadlines you set. The account yields 1.60% APY on all balances and comes with a $10-per-person referral bonus.
  • Fees: Excess transaction fee for all withdrawals beyond the six-per-month limit.

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20. TIAA Bank

TIAA made its name selling insurance to government and nonprofit employees. But its online-only bank – heir to Florida-based TIAA Bank, a popular provider with a high-yield pedigree – is available to anyone who lives in the U.S. Its Basic Savings account provides a serviceable yield with no strings attached. Its high-yield CDs, checking, and money market accounts offer even better deals.

  • Yield: 1.01% APY on all balances.
  • Minimum Deposit and Balance Requirements: $25 to open; no minimum balance after that.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: You can make mobile check deposits anytime, anywhere with the proprietary Mobile Banking app. You can also earn up to $100 for initiating direct deposit with a new or existing TIAA Direct checking account, so it may be worthwhile to set one up if you’re planning on opening a savings account here.
  • Fees: There’s a fee for withdrawals beyond the six-per-month limit. If you exceed this limit more than three times in a rolling 12-month period, TIAA automatically closes your savings account and sets up an interest-bearing checking account instead.

See our TIAA Bank review for more details.

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Final Word

A high-yield savings account is a relatively safe place to hold your hard-earned savings and enjoy a competitive yield in the meantime. However, it can’t address all of your financial needs. With sizable penalties for exceeding the legal limit of six withdrawals per statement period, most of the savings accounts on this list limit on-demand access to your funds.

If you’re looking for an account that can handle your day-to-day finances, many online banks administer free checking accounts that pay interest. So if you suspect you can do better than your current bank, you’re probably right. Maybe it’s time to shop around.

Do you have a favorite high-yield savings account? What do you like about it?

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