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Savers who want to earn the most interest on their money should look at the best high-yield savings accounts. With interest rates on the rise, savers are earning higher rates in HYSA than they have in more than a decade.
These accounts offer the functionality of traditional savings accounts but receive a much higher interest rate to grow your balances. Many of these accounts have no opening balance or minimum balance requirements, so they are open to every type of saver. Learn more about how to choose your savings account, how they work and the best type of account based on your goals.
Top high-yield savings accounts compared
|Name||APY||Minimum Deposit||Best For|
NameCIT Platinum Savings
APYUp to 4.85%*
Best ForUnique promotions
NameUFB Premier Savings
Best ForNo limits to earning best APY
NameBask Bank Savings
Best ForCustomer support
NameSoFi Checking and Savings
Best ForWelcome bonus
NameMarcus Online Savings
Best ForAccess to cash
NameQuontic High Yield Savings
Best ForMultiple high-yield products
Best ForMinimum balance required
NameCiti Accelerate High-Yield Savings
Best ForAll-around banking
NameAmerican Express HYSA
Best ForMonthly maintenance fees
Best ForChecking/Savings Combo
Open a high-yield savings account
CIT Platinum Savings : Best for unique promotions
CIT Bank's Platinum Savings Account is an excellent choice for those seeking a high-yield savings product. The bank's 4.85% Annual Percentage Yield (APY)* stands out in the market, providing customers a competitive edge in growing their savings. What makes CIT Bank particularly intriguing are its unique promotions, which typically offer substantial bonuses or even higher interest rates for new deposits or accounts. While the bank operates primarily online, its user-friendly interface and top-notch customer service make banking a breeze. Security is also paramount at CIT Bank, ensuring your funds are safe and protected. However, keep in mind that this savings account may not be the best choice for those who prefer traditional, brick-and-mortar banking, or for those who frequently need to withdraw funds, as it might come with certain limitations. In summary, the CIT Bank's Platinum Savings Account, with its high APY* and attractive promotions, is an excellent option for customers looking to maximize their savings potential.
UFB Direct Preferred Savings: Best for earning high APY*
UFB Premier Savings ranks among the best high-yield savings accounts. Customers can earn 4.81% APY* across all of their balances with no minimum deposit. Additionally, there are no maintenance or service fees to worry about. Customers receive a complimentary ATM card and can transfer money between accounts for free.
Bask Bank Savings: Best for customer support
The Bask Interest Savings Account offers 4.75% APY* with no monthly account fees and no minimum account balance. And Bask Bank is a standout for service. Customers can call the support line between 7 am and 7 pm CST Monday through Friday, and on Saturdays between 9 am and 4 pm. There’s also information online and on the Bask app. The account doesn’t provide an ATM or debit card, however.
Quontic High Yield Savings: Best for multiple high-yield products
Quontic stands out for the many ways you can increase the earning potential of your cash. In addition to their high-yield savings account growing your money at a 4.25% APY*, Quontic also offers certificates of deposit and money market accounts.** For example, as of this writing Quontic six-month CDs earn 3.75% APY*, and two-year CDs earn 4.40% APY*.
Sofi Checking and Savings: Best for welcome bonus
If you want to earn a welcome bonus for opening a high-yield savings account, consider SoFi Checking and Savings. New customers can earn up to $250 when they open a new account and set up direct deposit. Plus, the account earns up to 4.20% APY* with no account fees.
Marcus Online Savings: Best for access to your cash
Customers who need access to their cash quickly will benefit from a Marcus Online Savings from Goldman Sachs, a company well-known for investing and private banking. The account has no monthly fees or minimum deposit requirements while earning 3.90% APY*. Customers enjoy same-day transfers of up to $100,000 to or from other banks, so there's no delay in accessing their money.
Citi Accelerate High-Yield Savings: Best for all-around banking
Deposits searching for a high-yield savings account with no minimum should open a Citi Accelerate High-Yield Savings account. It offers a 3.85% APY* with no minimum to open the account and no limit on earnings. The account is FDIC-insured and Citi is one of the world's largest financial institutions. Citi also offers money market accounts (MMA), credit cards, investing and other financial products.
Barclays Online Savings: Best for minimum balance required
Accounts with no minimum balance requirements help customers avoid monthly fees. The Barclays offer a high rate of interest without monthly fees or minimum balance requirements.
American Express HYSA: Best for monthly maintenance fees
Avoiding monthly maintenance fees ensures that the interest you earn is yours to keep. While primarily known for offering credit cards, American Express offers a high-yield savings account with no monthly maintenance fees and a solid interest rate. With this account, your interest compounds daily and is deposited into your account each month.
Chime®: Best for checking/savings combo
The best checking and savings combo for customers who want one bank to handle all of their accounts is through Chime®. Customers get checking and savings accounts with no monthly fees or minimum balance requirements. The checking account has no overdraft fees and enables customers to get paid up to two days early^. Savings accounts earn 2.00% APY* and customers can build their balances quickly with automated round-ups and "save when I get paid" features.***
What is a high-yield savings account?
A high-yield savings account is a traditional savings account but with a higher interest rate. Just like savings accounts, they are liquid, so you can add or withdraw money at any time. Additionally, they are guaranteed up to $250,000 by the FDIC.
How do high-yield savings accounts work?
High-yield savings accounts offer much higher rates of interest than traditional savings accounts. They work the same way as traditional savings accounts, but many are online-only accounts that cannot be opened in a traditional brick-and-mortar branch. These accounts must also follow Regulation D, which limits the number of certain types of withdrawals each month.
Many high-yield savings accounts are offered by online banks and have reduced fees and balance requirements. In some cases, there are no minimum balance requirements to open or maintain an account. Plus, many eliminate monthly service charges, so there are costs to keep your account open.
However, some high-yield savings accounts require larger balances to avoid fees or earn the best interest rates. Banks may implement tiered interest rates that offer the best rates to certain types of customers.
How to choose your high-yield savings account
When comparing the best high-yield savings accounts, customers should focus on fees, interest rates and the functionality of the accounts. Here are a few features that matter most when choosing your account.
- Opening balance requirement. How much do you need to deposit when opening your account? Many accounts allow customers to open an account with no minimum balance or as little as one dollar.
- Monthly fees. Most banks waive the monthly fees when you maintain a minimum balance. Some banks waive fees entirely.
- Monthly minimum balance. Some high-yield savings accounts require customers to meet a minimum balance to earn the highest interest rates.
- Interest rate. The amount of interest you'll earn based on your balance is advertised so you know how much your money will make.
- Interest rate tiers. Does the bank offer different interest rates based on your balance? Some banks reserve the highest rates for larger customers, while others cap the balances that can earn the best rates. For example, CIT Platinum Savings pays a higher rate on balances of $5,000 or more.
- Compounding. When your interest compounds, the accrued interest is added to your balance, and the new, higher balance then also earns interest. Ideally, your interest should compound at least monthly.
- Access to account. How easy is it to access your funds, and how long does it take? Some high-yield savings accounts also offer an ATM card to withdraw cash.
Frequently asked questions (FAQs)
What do you need to open a high-yield savings account?
To open a high-yield savings account, you'll need to provide your name, contact information, Social Security Number and date of birth. Additionally, you should be prepared to make an initial deposit to fund your account and start earning interest. It is wise to have existing bank account information so you can link your accounts for future transfers.
Are high-yield savings rates increasing?
Yes, high-yield savings rates have increased as the Federal Reserve has raised rates to combat inflation. Customers with money in their savings accounts benefit from these rising rates by earning more interest.
How do banks determine APYs for high-yield savings accounts?
Interest rates are represented as annual percentage yield (APY) to factor in compounding interest. APY is based on the account's interest rate and the number of times the bank pays interest each year. The APY formula is 100 [(1 + Interest/Principal)(365/Days in term) - 1], but most people use a calculator instead of figuring it out by hand.
What is a good APY for a high-yield savings account?
A good APY depends on the current market, economic conditions and the available alternative options. In today's interest rate environment, you should aim for an account that earns at least 3.50%. Many banks offer interest rates at this level or higher without charging monthly fees or requiring large balances.
Can you lose money in a high-yield savings account?
Bank accounts are insured for up to $250,000 per person at each bank. If you keep your balances below this level, you will not lose money, even if the bank goes out of business.
How often do savings rates change?
Unlike a CD, banks change savings account interest rates on a regular basis. They adjust rates based on market conditions, what competitors are doing and how much they need deposits. If your bank's interest rates are not competitive, consider opening a new high-yield savings account.
*APY as of May 9th, 2023. APYs vary, so check with your financial institution to get the most up-to-date information.
** Withdrawals on CDs before maturity date are subject to penalties. Money market funds are limited to 6 withdrawals per statement cycle. High-interest checking accounts require 10 debit card point of sale transactions of $10 or more per statement cycle to earn the maximum APY per account balance tier. If the qualifying activity requirement is NOT fulfilled, the interest rate paid on the entire balance will be 0.10% APY. APY stands for Annual Percentage Yield.
*** Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. 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 October 25, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
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