- Offers an exceptional savings interest rate of 4.65% APY.
- Provides a savings/checking combo for easy money transfers.
- Allows instant transfer of money between accounts.
10 Best High-Yield Savings Accounts in December 2024
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Savers who want to earn the most interest on their money should look at the best high-yield savings accounts. Though interest rates are beginning to decline due to the Federal Reserve’s rate cuts of 0.50% on Sept. 18 and 0.25% on Nov. 7, they are still on the high end for high-yield savings accounts.
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.
Our recommendations
My Banking Direct High-Yield Savings
My Banking Direct High-Yield Savings
APY*
4.65%
Min. deposit
$500
Min. balance to earn APY
$1.00
Monthly fee
$0
Why we like it:
My Banking Direct has an exceptional APY, a reasonable minimum deposit, and a unique savings/checking combo that makes both saving and spending money easy. It offers a savings/checking combo that allows you to transfer money between accounts easily and instantly. Additionally, it offers a competitive savings interest rate of 4.65% APY* and doesn't charge monthly maintenance fees. A $500 minimum deposit opens an account.
Pros & cons:
Pros:
Cons:
- No physical branches.
- Limited account options.
Western Alliance Bank High-Yield Savings Premier
Western Alliance Bank High-Yield Savings Premier
APY*
4.46%†
Min. deposit
$500
Min. balance to earn APY
$0.01
Maintenance Fees
$0
Why we like it:
Western Alliance Bank offers a top interest rate with no required minimum balance and no monthly fees.. It is a solid option for high-yield savings accounts with no account activity or maintenance fees. It offers a competitive interest rate and requires a minimum balance of $500 to open an account. Additionally, it offers 24/7 online access to your account.
Pros & cons:
Pros:
- Competitive interest rate of 4.46%†
- Easy money transfers.
- Online and mobile banking options.
Cons:
- No physical branches.
- No debit card or checks.
UFB Portfolio Savings
UFB Portfolio Savings
APY*
4.01%
Min. deposit
$0
Min. balance to earn APY
$0.01
Monthly fee
$0
Why we like it:
UFB Direct offers a high yield for all savers, regardless of savings balance. It also offers seamless account access due to excellent remote tools.
UFB Direct may not be a household name for bank accounts, but its UFB Portfolio Savings offers competitive interest rates without unnecessary fees. This high-yield savings account is an excellent choice for all levels of savers because all customers receive the same high interest rate, no matter what their balances are.
Customers can quickly and easily open an account online through this digital bank and then seamlessly access their account through the bank's remote tools. UFB customers can access their account online, through the bank's mobile apps or by texting. The bank-by-text feature is ideal when internet access is limited or when time is of the essence. All customers also receive a complimentary ATM card to withdraw cash on the go.
This savings account is also easy on the wallet because there are no monthly fees or minimum balance requirements. Additionally, there's no minimum balance required in order to earn its premium interest rate. Plus, you can keep your existing bank account since UFB Direct offers free transfers between linked deposit accounts.
Pros & cons:
Pros:
- No required minimum deposit.
- Easy account access via mobile app or text.
- Expanded FDIC insurance coverage up to $225 million.
Cons:
- Limited branch access.
- Account types are limited to savings and money market.
Bask Bank Savings
Bask Bank Savings
APY*
4.65%
Min. deposit
$0
Min. balance to earn APY
$0.01
Monthly fee
$0
Why we like it:
Bask Bank has one of the best customer service operations in the business including by phone, online, and on the Bask app.
The Bask Interest Savings Account offers a high rate with $0 monthly account fees and $0.01 minimum account balance to earn APY*. 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. It is important to note that while there does not appear to be a minimum opening deposit required, any account with no balance will be closed after 15 days.
Pros & cons:
Pros:
- No minimum required account balance.
- Exceptional mobile app.
- Highly rated customer service.
Cons:
- No ATM access or debit card.
- Limited number of withdrawals each month..
Betterment Cash Reserve
Betterment Cash Reserve
APY*
4.25%
Min. deposit
$10
Min. balance to earn APY
$0.01
Monthly fee
$0
Why we like it:
Betterment offers integration with the Betterment online investment platform and FDIC insurance up to $2 million ($4 million for joint accounts) using its program banks.
Betterment Cash Reserve is a high-yield savings account offered by Betterment, a popular online investment platform. This savings account offers a competitive interest rate of 4.50% APY with a low minimum opening deposit of $10 and no minimum balance requirement to earn the APY. Additionally, there are no monthly fees associated with this account.
One of the key advantages of Betterment Cash Reserve is its seamless integration with the Betterment platform, allowing customers to easily manage their savings alongside their investment accounts. The account provides a simple and user-friendly online interface for account management and transfers.
However, it's important to note that Betterment Cash Reserve does not offer physical branch locations or checking account features, so it may not be suitable for those who require in-person banking services or a combined checking and savings account.
Pros & cons:
Pros:
- Competitive interest rates.
- No minimum balance requirement.
- FDIC insurance up to $1 million.
Cons:
- Limited to six withdrawals per statement cycle.
- No physical branches for in-person assistance.
CIT Platinum Savings
CIT Platinum Savings
APY*
4.55%
Min. deposit
$100
Min. balance to earn APY
$5,000
Monthly fee
$0
Why we like it:
CIT offers frequent bonuses and promotions, especially for new customers, that make it one to watch.
CIT Bank's Platinum Savings Account is an excellent choice for those seeking a high-yield savings product. The bank's rate stands out in the market, providing customers a competitive edge in growing their savings. Currently, the CIT Bank's Platinum Savings Account offers a 4.55% APY* with a balance of $5,000 or more, but you can start with as little as $100 with 0.25% APY. 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.
Pros & cons:
Pros:
- Competitive interest rates
- Frequent promotions
- User-friendly interface
Cons:
- No physical branches
- Minimum balance requirement
- Limited account access compared to traditional banks
Quontic High-Yield Savings
Quontic High-Yield Savings
APY*
4.00%
Min. deposit
$100
Min. balance to earn APY
$0.01
Monthly fee
$0
Why we like it:
Quontic offers multiple options for growing deposits including HYSA, CDs, and MMAs.
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 high rate, Quontic also offers certificates of deposit and money market accounts.
Pros & cons:
Pros:
- Competitive interest rates.
- Easy online account management.
- Account includes a debit card.
Cons:
- Limited physical branch locations.
- Minimum balance requirements may apply.
Live Oak Personal Savings
Live Oak Personal Savings
APY*
4.20%
Min. deposit
$0
Min. balance to earn APY
$0.01
Monthly fee
$0
Why we like it:
Live Oak Bank lets you initiate wire transfers from your savings account and also lets you connect to Quickbooks.
Customers can quickly open an online savings account with Live Oak to receive a competitive interest rate with no monthly fees or minimum balance requirements. Two features that set it apart are the ability to initiate wire transfers from your savings account and to connect with QuickBooks. These features make it an ideal savings account for entrepreneurs and small business owners. While there are no minimum deposit or balance requirements, if your account balance is less than $10.01 for 24 consecutive months, the bank will close your account and charge a dormant account fee equal to your remaining balance.
Pros & cons:
Pros:
- Competitive interest rates.
- Easy online account management.
Cons:
- No physical branches.
- Minimum balance requirements for top-tier interest rates.
Barclays Tiered Savings
Barclays Tiered Savings
APY*
Up to 4.65%
Min. deposit
$0
Min. balance for APY
See Rate Requirements
Monthly fee
$0
Bonus
$200 Bonus
Why we like it:
Barclays Bank lets you link to a Barclays checking account, making transfers convenient and quick.
With a high APY of Up to 4.00%*, Barclays Bank’s high-yield savings account includes many of the same features as other similar accounts, including secure 24/7 account access, free online transfers, direct deposit, no minimums and no minimum deposit to open. Barclays also offers tools to help you reach your savings goals.
Bonus details:
| Offer: | $200 Bonus |
|---|---|
Product: | Barclays Tiered Savings Account |
Offer Period: | November 4, 2024 – January 3, 2024 |
Eligibility: | New to bank customers (existing Savings and CD accounts holders not eligible) |
Qualifying Activities: | Need a minimum deposit of $25,000 |
$25,000 needs to be deposited within 30 days of opening account | |
Need to maintain $25,000 for 120 days | |
Qualification timeline: | (1) Open a new Savings account |
(2) Deposit $25,000 or more within 30 days | |
(3) Maintain at least $25,000 for the next 120 days | |
(4) After the $25,000 balance is maintained for 120 consecutive days, the $200 bonus will be added directly to the account | |
Redemption: | Credit to the account within 60 days after the requirements have been completed |
APY Details:
Tiered Products
| Deposit Amount | Savings Rate |
|---|---|
Less than $250K | 4.35% |
More than $250K | 4.65% |
Pros & cons:
Pros:
- Competitive interest rates.
- Easy online account management.
- Option to link to a Barclays checking account for easy transfers.
Cons:
- No physical branches.
- Limited account options compared to traditional banks.
- No ATM withdrawals with savings.
Discover® Online Savings Account
Discover® Online Savings Account
APY*
3.75%
Min. deposit
$0
Min. balance to earn APY
$0.01
Monthly fee
$0
Why we like it:
Discover Bank's competitive interest rate, robust platform, and fee-free wire transfers make it an easy choice for savers.
Discover® Online Savings is the ultimate choice for those seeking a hassle-free wire transfer experience without incurring any fees. With its robust online banking platform, customers can effortlessly initiate wire transfers from the comfort of their own homes, eliminating the need for time-consuming visits to physical branches.
Discover® Bank prioritizes customer convenience and ensures that hard-earned money can be moved swiftly and securely, all at no extra cost. Furthermore, their Online Savings account offers a highly competitive Annual Percentage Yield (APY), allowing individuals to maximize their earnings on savings.
By combining the convenience of fee-free wire transfers with a lucrative APY, Discover® Bank empowers its customers to effortlessly grow their savings while enjoying unparalleled flexibility and financial freedom. Member FDIC.
Pros & cons:
Pros:
- Competitive interest rates
- Easy online account management.
- Fee-free wire transfers.
Cons:
- No physical branches.
- Limited account options compared to traditional banks.
Best high-yield savings accounts compared
| Account | APY* | Minimum opening deposit | Minimum balance to earn APY | Monthly fee |
|---|---|---|---|---|
My Banking Direct High-Yield Savings | 4.65% | $500 | $1.00 | $0 |
Western Alliance Bank High-Yield Savings Premier | 4.46%† | $500 | $0.01 | $0 |
UFB Portfolio Savings | 4.01% | $0 | $0.01 | $0 |
Bask Bank Savings | 4.65% | $0 | $0.01 | $0 |
Betterment Cash Reserve | 4.25% | $10 | $0.01 | $0 |
CIT Platinum Savings | 4.55% | $100 | $5,000 | $0 |
Quontic High-Yield Savings | 4.00% | $100 | $0.01 | $0 |
Live Oak Personal Savings | 4.20% | $0 | $0.01 | $0 |
Barclays Tiered Savings | Up to 4.65% | $0 | See Rate Requirements | $0 |
Discover® Online Savings Member FDIC | 3.75% | $0 | $0.01 | $0 |
More high-yield savings accounts
High-yield savings account guide
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.
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 no costs to keep your account open.
However, some high-yield savings accounts require larger balances to avoid fees or earn the best savings account interest rates. Banks may implement tiered interest rates that offer the best rates to certain types of customers.
Savings account calculator
Wondering how a high-yield savings account can impact your money over time? Input your initial deposit, the interest rate, and your preferred duration to see a clear projection of your savings' growth.
How to choose your high-yield savings account
When comparing the best 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 best savings account 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 savings 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?
After several years of steady increases, high-yield interest rates began to decline following the Federal Reserve’s rate cuts in September and November totaling 0.75%. However, the decline has been minimal so far, so high-yield savings accounts are still a good place to earn interest on your cash.
How do banks determine APYs for high-yield savings accounts?
Savings account 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. The APYs for the accounts profiled above range from 3.90% to 4.85%. Many banks offer interest rates in this range 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 can your savings rate change?
Unlike CD rates, 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.
†The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
*APY is subject to change. APY is updated as of Dec. 2, 2024.
The information presented here is created by TIME Stamped and overseen by TIME editorial staff. To learn more, see our About Us page.
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