6 High-Yield Savings Accounts Offering 4.00% or More Right Now

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At the end of a year filled with unprecedented savings rate increases, we’re starting to cross another milestone: accounts earning 4.00% APY. 

Just earlier this year, even the best high-yield savings accounts earned only around 0.50% APY. But after seven consecutive interest rate hikes from the Federal Reserve — including the latest increase today — banks are offering more to savers than they have in several years. 

 And though the Fed is signaling that the new year may bring more moderated increases, you can still benefit by choosing a competitive savings account for your portfolio — whether you’re just starting to build an emergency fund or you’re adding to your savings for a specific goal, like a new car or a wedding.

Here at NextAdvisor, we regularly track the moves of dozens of bank accounts, to bring you the best, and most rewarding, of what’s out there. These are all the banks we could find with a current savings account rate over 4.00% APY, and what other factors to consider when you choose a high-yield savings account.

How We Found These Banks

To determine the highest savings interest rates available today, we evaluated over 80 savings accounts from a mix of banks and credit unions. We compiled a list based on the Federal Reserve’s largest commercial banks, the NCUA’s analysis of largest credit unions, our own existing list of best high yield savings accounts, and other commonly reviewed and searched-for banks and credit unions across the country. 

Unlike the accounts included on our list of best savings account rates, we did not disqualify accounts on the basis of fees, minimum deposits, or other prohibitive requirements. However, we did include only rates for standalone savings accounts. Some savings accounts earn tiered rates based on opening multiple accounts with a bank or using other products offered, but we limited our analysis to the highest savings account rate available for a single savings account.

The accounts listed here all earn a minimum of 4.00% APY, and account for some of the highest rates available right now. As more banks move rates above this threshold, we will keep this page updated.

Where to Earn at Least 4.00% APY on Savings Right Now

After an analysis of over 80 bank accounts, these are the highest-earning high-yield savings options we could find.

We also included how much you can earn in a year from each of the accounts, given a $5,000 savings balance. While this is a very high starting balance for some savers, it can help illustrate just how much the interest rate can help you earn.

The list below is in alphabetical order, and includes additional account details for each:

Bask Bank: 4.03% APY

Bask Bank’s Interest Savings Account is a high-yield account with no monthly fees and no minimums (you will need to deposit something in your account within 15 days of opening to keep the account active).

Bask also offers a savings account that earns American Airlines AAdvantage miles and a small range of traditional CD accounts.

  • Starting Balance: $5,000
  • Balance After 1 Year: $5,201.50

Customers Bank: 4.05% APY

Customers Bank is a Pennsylvania-based bank with a few branch locations as well as online banking products. Its high-yield digital savings account has no monthly fees and requires only $0.01 to open. 

Customers Bank also offers a range of checking accounts, CDs, and additional savings account options. 

  • Starting Balance: $5,000
  • Balance After 1 Year: $5,202.50

First Foundation Bank: 4.00% APY

First Foundation Bank’s online savings account carries a very high interest rate, but it does require a steep opening deposit of $1,000. There are no monthly fees.

First Foundation’s other deposit accounts include a checking account, a money market account, and CDs with varying term lengths.

  • Starting Balance: $5,000
  • Balance After 1 Year: $5,200

Salem Five Direct: 4.10% APY

Salem Five Direct is an online bank with the highest savings account rate we have found right now. To open a high-yield savings account with Salem Five, you’ll need at least a $10 deposit, but there are no monthly fees and no minimum balance requirements after opening. 

Salem Five also offers an online checking account and a few high-yield CD terms.

  • Starting Balance: $5,000
  • Balance After 1 Year: $5,205

UFB Direct: 4.11% APY

UFB Direct is a division of Axos Bank. Its high-yield savings account charges no monthly fees and no minimum deposit or balance requirement. You can even access your account via ATM card, which you’ll receive upon account opening. 

UFB Direct has a money market account option as well, and mortgage loans through its parent Axos Bank.

  • Starting Balance: $5,000
  • Balance After 1 Year: $5,205.50

Valley Direct: 4.00% APY

Valley Direct, the online division of Valley Bank, has a high-yield savings account with no monthly maintenance fees and no ongoing minimum balance requirements — but you will need at least $1 deposited to open your account.

Valley Direct is a streamlined savings option; the high-yield savings account is the bank’s only online banking product.

  • Starting Balance: $5,000
  • Balance After 1 Year: $5,200

How to Choose a High-Yield Savings Account

A great interest rate can boost your savings balance, but it’s not the only factor to consider when you open a new high-yield savings account. In fact, there’s a reason some of the banks above, with the highest rates available today, aren’t on our list of best high-yield savings accounts.

At NextAdvisor, we believe it’s important to choose a savings account that aligns with your financial goals and your personal banking situation. Interest rates are important, but here are some additional things to factor into your decision before opening a new account:

  • Fees. Look for not only monthly maintenance fees, but other fees that may apply for certain activities, such as sending or receiving wire transfers, using an ATM, requesting a check, stopping payments, overdrafts, and more.
  • Minimum deposit requirements. Banks often require you to deposit a certain amount when you open a new account. Especially if you’re just starting to save, a too-high deposit amount could keep you from successfully opening your account.
  • Minimum balance requirements. Additionally, some banks require you to maintain a specific balance within your account to keep it open. If you have enough of a cushion, this may not be an issue, but a large minimum balance requirement could cost you if you need to withdraw a large sum at once.
  • Account access. The primary way to transfer money to or from many online high-yield savings accounts is via electronic transfer. Some may also allow ATM access or other methods. You should also be aware of whether your bank has a mobile app or if online access is only available via the web.

More Resources

Check out the NextAdvisor articles below for more about saving in today’s rising rate environment: