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Right now, the U.S. national average interest rate on savings account balances is nowhere near enough to keep pace with inflation. The good news is you can do better with high-yield savings accounts.
We’ve reviewed the best high-yield savings accounts on the market, exploring their rates, fees, and account perks.
Best High-Yield Savings Accounts & Rates
We evaluated dozens of online banks, traditional banks, and credit unions to find the best high-yield savings accounts available right now.
All of these accounts yield multiple times the national savings account average. They can help build your emergency savings fund faster and fight back against inflation.
All are FDIC-insured up to the current limit of $250,000 per account.
Cash App Savings
Savings Yield: 3.50% APY with $300+ monthly direct deposits; 1.50% APY base rate*
Minimum Balance: $0
Monthly Fee: $0
Cash App Savings offers a competitive APY on all balances with no monthly fees or minimum balance requirements.
Cash App has evolved from a peer-to-peer payment app into a more comprehensive financial platform, with its savings feature being one of its newest additions. The account earns 3.50% APY when you direct deposit at least $300 monthly and have a Cash App Card. Without meeting the direct deposit requirement, you’ll earn a base rate of 1.50% APY.
A standout feature is the ability to organize your savings with up to five custom savings goals. You can also use the Round Up feature to automatically save your spare change from Cash App Card purchases. There are no limits on transfers between your Cash App balance and savings, unlike traditional banks that may restrict monthly transfers.
Cash App isn’t a bank itself but partners with Wells Fargo Bank, N.A. and Sutton Bank (both Members FDIC) to provide banking services that can be eligible for FDIC insurance up to $250,000 per person. The minimum to open is just $1, and there are no monthly maintenance fees.**
Learn More
Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). See cash.app for more details. Prepaid debit cards issued by Sutton Bank, Member FDIC. See Terms and Conditions. Direct deposit provided by Cash App, a Block, Inc. brand.
*To earn the highest interest rate on your Cash App savings balance, you need to be 18 or older, have a Cash App Card, and direct deposit at least $300 monthly into Cash App. Sponsored Accounts are not eligible to earn interest. Other exceptions may also apply. Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. Savings yield rate is subject to change.
**With a Cash App Card, your funds are eligible for FDIC pass-through insurance through our Program Banks, Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See Terms and Conditions.
American Express® High Yield Savings Account
Savings Yield: 3.50% Annual Percentage Yield (APY) (as of July 23, 2025)
Minimum Balance to Open: $0
Monthly Fee: $0
American Express® High Yield Savings Account (Member FDIC) has an above-average savings yield and several high yield CDs, but it really shines for its ease of use and 24/7 customer service.
American Express® High Yield Savings is the best high yield savings account option for people seeking account help anytime, anywhere.
It offers 24/7 live customer support by phone and a robust self-help portal with answers to common questions that come up in a typical online banking relationship.
In addition to the savings account, Amex has several high yield CDs. It’s also one of the few online-only banks without a fee for paper statements.
Read Money Crashers Expert Take: American Express National Bank Review
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any savings product issuer.
Barclays Tiered Savings
Savings Yield: up to 4.20% APY ($250,000+ minimum balance needed to receive max APY)
Minimum Balance: $0
Monthly Fee: $0
Barclays Tiered Savings yields up to 4.20% APY, which is at least ten times the national average for savings accounts. It is a no-frills savings account that requires no minimum balance to open or earn APY. With that said, the higher your balance, the more APY you can earn.
Barclays has a nice lineup of high-yield CDs as well. Terms range from 6 months to 60 months.
Other notable features include a seamless online transfer system, easy direct deposit setup for part or all of your paycheck, and savings and CD calculators to help you budget and save more efficiently.
Read Money Crashers Expert Take: Barclays Bank Review
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UFB High-Yield Savings Account
Savings Yield: 3.76% APY (up to 3.96% APY with bundle)
Minimum Balance: $0
Monthly Fee: $0
UFB’s high-yield savings account earns a competitive 3.76% APY on all account balances, with no minimum balance requirements or monthly fees. Customers can boost their rate to 3.96% APY by bundling with UFB Freedom Checking and meeting qualifying activities.
A division of Axos Bank, UFB Direct offers some of the best savings rates in the country. The account has no minimum deposit requirements and comes with a free ATM card for convenient access to over 91,000 ATMs nationwide.
To earn the maximum 3.96% APY, you’ll need to open a UFB Freedom Checking account (which earns 2.00% APY) and complete qualifying activities: $5,000+ in monthly direct deposits, maintain a $10,000+ minimum daily balance in checking, and complete 10+ debit card transactions per statement cycle.
If you’re looking to diversify and want an account with check-writing privileges, UFB also offers a high-yield money market account earning 4.01% APY (with a $10 monthly fee waived when you maintain a $5,000 minimum balance).
Read Money Crashers Expert Take: UFB Review
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Discover® Bank Online Savings
Savings Yield: 3.40% APY
Minimum Balance: $0
Monthly Fee: $0
The Discover Bank Online Savings Account (FDIC Insured) has an above-average yield (currently 3.40% APY) on all balances and no monthly maintenance fee or minimum balance requirement.
The account doesn’t charge for excessive withdrawals, expedited official bank check deliveries, stop payment orders, or insufficient funds.
Read Money Crashers Expert Take: Discover Bank Review
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Bask Bank Interest Savings Account
Savings Yield: 4.85% APY
Minimum Balance: $0
Monthly Fee: $0
With a high yield and no maintenance fees or account minimums, Bask Bank’s Interest Savings Account is a rewarding pick.
Bask offers a range of interest-bearing and rewards checking, savings, and CD accounts.
It’s backed by Texas Capital Bank, Member FDIC, providing $250,000 of insurance per account type and depositor.
There are no account minimums to meet and no monthly maintenance fees. You can make six transfers per statement cycle up to $150,000 and connect two outside bank accounts.
Read Money Crashers Expert Take: Bask Bank Review
CIT Bank Platinum Savings
Savings Yield: Up to 3.85% APY
Minimum Balance: $100 minimum deposit to open; no minimum balance required
Monthly Fee: $0
Platinum Savings offers the highest yield of any CIT Bank savings account. If you keep $5,000 or more in the account, you’ll earn 3.85% APY on your entire balance, otherwise you earn 0.25% APY.
CIT Bank’s Platinum Savings account is the best high-yield savings account on this list for folks with larger balances. If you can’t quite clear the $5,000 threshold, CIT Bank has other high-yield savings accounts plus several high-yield CDs and a money market account.
CIT Bank, Member FDIC, offers competitive rates with no monthly maintenance fees and daily compounding interest.
Read Money Crashers Expert Take: CIT Bank Review
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Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
Popular Direct Select Savings Account
Savings Yield: 4.76% APY
Minimum Balance: $0
Monthly Fee: $0
Popular Direct offers one of the more competitive yields on the market on all account balances.
Popular Direct is the online subsidiary of Popular Bank, which has been in business for more than a century.
The Select Savings Account offers solid interest rates without a monthly fee or minimum balance, though it does require an initial deposit of $100.
Popular Direct keeps its fees to a minimum, but it’s worth noting that there’s a $10 penalty for overdrafting your account by more than $50. You’ll also be liable for a $25 early closure fee if you decide to close your account within 180 days of opening it.
Bread High-Yield Savings
Savings Yield: 4.75% APY
Minimum Balance: $0
Monthly Fee: $0
Once you make an initial deposit of $100, you can earn an impressive APY on all account balances with Bread’s high-yield savings account.
Bread, formerly Comenity Direct, is a subsidiary of Comenity Capital Bank. The popular online bank specializes in high-yield savings accounts and CDs.
While you have to make a $100 opening deposit, there aren’t any ongoing deposit requirements.
The account provides free incoming wire transfers and ACH transfers, with a $25 fee for outgoing wire transfers.
Marcus Online Savings Account
Savings Yield: 4.10% APY
Minimum Balance: $0
Monthly Fee: $0
Marcus Online Savings yields 4.10% APY on all balances with no fees, minimums, or other requirements to earn interest.
Marcus by Goldman Sachs Online Savings earns a competitive yield on all balances (currently 4.15% APY) and complements a growing lineup of other high-yield Marcus deposit accounts, including traditional and no-penalty CDs.
Marcus also has an unusually large allowance for same-day transfers: up to $100,000.
Just schedule If you schedule your transfer by 12 p.m. Eastern on a business day, and the recipient should have the funds in hand by 5 p.m. Eastern the same day.
Read Money Crashers Expert Take: Marcus Online Savings Account Review
LendingClub Bank High-Yield Savings
Savings Yield: 4.30% APY
Minimum Balance: $0
Monthly Fee: $0
While it’s most popular for its loans, LendingClub also offers a formidable high-yield savings account with a solid APY and a complimentary ATM card.
LendingClub offers an impressive lineup of financial products for individuals and businesses, in addition to its lending products.
Its high-interest savings account offers 4.30% APY on all account tiers. Once you fund your account with at least $100, you’ll start earning the full APY with no ongoing balance requirements.
Account holders also have widespread access to ATMs, with free withdrawals from the SUM and MoneyPass networks. And unlike a lot of savings accounts, it comes with a free ATM card.
Read Money Crashers Expert Take: LendingClub Bank Review
What Is a High-Yield Savings Account?
A high-yield savings account offers a higher interest rate compared to traditional savings accounts.
These accounts are typically offered by online banks or credit unions, and they provide an opportunity for individuals to grow their savings more quickly.
The competitive rates are the main feature that sets high-yield savings accounts apart from regular savings accounts.
With a high-yield savings account, you can earn more money on your savings over time, allowing your funds to grow at a faster rate. This can be especially beneficial if you’re looking to save for a specific financial goal, such as a down payment on a house or an emergency fund.
However, it’s important to note that high-yield savings accounts may have limitations compared to traditional savings accounts, like minimum balance requirements or withdrawal limits.
It’s important to research and compare different high-yield savings account options to find the one that best suits your needs and financial goals. If you do that, a high-yield savings account can be a useful tool to help you save more effectively and achieve your financial objectives.
Pros and Cons of High-Yield Savings Accounts
Before you open an account, take a look at the benefits and drawbacks of a HYSA.
Pros
Higher interest rates: High-yield savings accounts offer higher interest rates than traditional savings accounts, so your money grows faster.
Safety: These accounts are typically backed by FDIC-insured banks, which means your deposits are protected.
Easy access: They also provide quick and easy access to your funds. That means you can withdraw money whenever you need it without penalties or restrictions.
Low minimum balance: Many high-yield savings accounts have low minimum balance requirements, making them accessible to a wide range of savers. You don’t need a large sum of money to open an account and start earning interest.
Compounded interest: The interest earned in a high-yield savings account is often compounded, which means you earn interest on your initial deposit and the accumulated interest.
Cons
Lower liquidity: High-yield savings accounts offer easy access to your funds, but some accounts may have a maximum number of withdrawals per month or fees for excessive withdrawals.
Inflation risk: While interest rates on high-yield savings accounts are higher than regular savings accounts, they may not keep pace with inflation. Over time, the purchasing power of your savings may decrease.
Opportunity cost: HYSAs are a safe option, but they may not provide the highest possible returns. If you’re comfortable taking on more risk, other investment options like stocks or real estate could potentially offer higher long-term gains.
Limited services: High-yield savings accounts may offer fewer services than full-service banking accounts. These accounts may not have features like check-writing abilities or ATM cards, limiting the ways you can access your money.
Alternatives to High-Yield Savings Accounts
HYSAs aren’t the only way for savers to accelerate their financial goals. As you compare account options, see if your bank offers some of the following account types:
Certificate of Deposit (CD): A CD is a fixed-term deposit offered by banks and credit unions. It typically offers a higher interest rate than a regular savings account, but you cannot withdraw the funds until the maturity date.
Money Market Account (MMA): A money market account is similar to a savings account but typically offers a higher APY. MMAs often have limited check-writing capabilities and require a higher minimum balance.
Government bonds: Investing in government bonds, such as Treasury bonds, can provide a steady and predictable return. These bonds are considered low-risk investments and are backed by the government.
Corporate bonds: Corporate bonds are debt securities issued by corporations. They generally offer higher interest rates than government bonds but come with a higher level of risk.
How to Choose a High-Yield Savings Account
When you’re choosing a high-yield savings account, there are several key factors to consider.
To help you make the most informed decision, here’s a detailed list of what to look for:
Interest: Look for an account with high-interest rates. By choosing the account with the highest rates, you’ll be able to grow your account faster. Rates change, so it’s important to check before opening an account.
APY: Annual Percentage Yield (APY) tells you how much compound interest you’ll earn in a year. Choose an account with a high APY for maximum returns. The best high-yield savings account rates are significantly higher than traditional rates.
Minimum deposit requirements: Some accounts require a minimum deposit amount to earn the advertised interest rate. Make sure it aligns with your savings goals and you can comfortably maintain it.
Fees: Check for monthly service fees, transaction fees, and ATM fees. Avoid accounts with excessive fees as they can eat into your savings.
Accessibility: Consider how easily you can access your funds. Online banking and mobile apps make it convenient to manage your savings, and some accounts may offer ATM cards or checks.
FDIC insurance: Ensure the savings account is backed by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA). This protection guarantees your deposits up to $250,000 per depositor, per insured bank or credit union.
Customer service: Look for a bank with good customer service. Read reviews and ask for recommendations to choose a bank that has a positive relationship with its customers.
Account features: Some accounts come with additional perks and features like automatic transfers, goal-setting tools, or budgeting apps. Think about which ones matter most to you.
Bank reputation: Research the reputation and stability of the bank offering the account. Look for established financial institutions that have a track record of reliability.
Account accessibility: If you prefer in-person banking, consider whether the bank has physical branches or ATM networks in your area. You should also compare features in the mobile banking app and online.
By keeping these factors in mind, you can find a high-yield savings account that suits your needs and helps you grow your savings efficiently.
How to Open a High-Yield Savings Account
Do your research: Start by researching different financial institutions that offer high-yield savings accounts. Look for reputable banks and credit unions with high savings account interest rates.
Check account requirements: Look for any minimum balance requirements or monthly fees associated with the savings account. Choose an account that aligns with your financial goals and doesn’t impose unnecessary charges.
Gather necessary documents: Prepare the necessary identification documents such as a valid ID, social security number, and proof of address. These documents are typically required when opening an account.
Apply online: Follow the steps on the bank’s website to open your account. It should only take a few minutes to apply.
Fund your account: Decide on the initial deposit amount required by the bank and transfer the funds from your existing bank account. This can usually be done through a wire transfer, ACH transfer, or by mailing a check.
Review the account terms: Carefully read and understand the terms and conditions of your high-yield savings account. Pay attention to any withdrawal limits, penalties, or expiration dates.
Methodology
Here’s how we select the Best High-Yield Savings Accounts.
Our editorial team evaluates high-yield savings accounts on several key metrics that can make or break your experience as an account holder.
For each metric, we select the account that surpasses all other competitors — giving you the confidence you need to choose the product that works best for you.
High yield (High APY): “What’s the interest rate?” is probably the first question you ask yourself when evaluating a savings account. A higher interest rate, or yield, means your money grows faster. When inflation runs hot, yield is your best defense against falling buying power.
Low fees: Account fees are your enemy. The best high-yield savings accounts charge no monthly maintenance or minimum balance fees or have a way to get out of them. They should have low or no overdraft fees and no fees for person-to-person transfers.
Account opening bonus: We also distinguish banks that offer bonuses when you open a new account. See our list of the best new bank account promotions for our top picks right now.
Other Account Types Available: Some banks and financial technology apps offer savings accounts only, or checking and savings accounts only. That’s fine, but all else being equal, we prefer those that have a wider range of account types, including checking accounts, money market accounts, and CDs.
Savings automation: We also prioritize banks that let you automate your savings, with features like round-ups or the ability to set aside a portion of your paycheck.
Mobile Experience: Your bank’s mobile app should do everything its desktop banking portal does. We factor in features like the app’s ability to accept mobile check deposits, execute (free) P2P funds transfers, pay your bills, manage your savings plan, and more. And it should look good on a small screen.
Frequently Asked Questions
How Do High-Yield Savings Accounts Calculate Interest, & What Is Compounding?
Your savings account’s yield is a function of its interest rate and compounding frequency.
Compounding frequency describes how often your account adds the interest it’s earned to the original (principal) balance. The higher the compounding frequency, the longer each extra bit of interest has to earn interest on itself.
For example, imagine two seemingly identical savings accounts. Both earn 0.50% interest. The only difference: Account A compounds annually and Account B compounds daily.
You seed both accounts with $10,000 and make no further deposits. The interest rate remains level at 0.50%. By Year 10, how much bigger is Account B’s balance?
A whopping $1.31, that’s how much. After accounting for inflation, the difference is even smaller.
Can You Lose Funds Held in a High-Yield Savings Account?
Federal deposit insurance (FDIC coverage) protects savings balances held with member FDIC institutions up to at least $250,000. That protection kicks in if the member bank fails.
Always ensure your bank is FDIC-insured. Otherwise, there’s no guarantee you’ll get your money back if it closes its doors.
FDIC insurance doesn’t cover everything that can go wrong at your bank. It might not reimburse you if your account is hacked and drained without your consent or if you fall victim to a financial scam.
Do Banks Still Charge Excess Withdrawal Fees for High-Yield Savings Accounts?
Some banks continue to charge excess withdrawal fees. But a growing number of financial institutions now choose to waive them.
That’s because of a long-overdue change to a Federal Reserve bylaw known as Regulation D (Reg D). For years, Reg D limited withdrawals or payments from savings and money market accounts to six per statement period.
In April 2020, the Federal Reserve announced that deposit institutions were no longer bound by the strict monthly withdrawal limit.
How Safe Are High-Yield Savings Accounts?
FDIC-insured high-yield savings accounts are completely safe, insuring your funds for up to $250,000, with some banks offering even higher levels of protection.
The best high-yield savings accounts also take extensive measures to protect your private information
Final Word
Choosing a high-yield savings account can feel overwhelming, so take a step back before you make your pick and consider which factors matter most to you.
Often, the decision process begins and ends with yield. If that’s the case for you, choose the highest-yielding savings account you can find.
Try not to overthink it. Opening a savings account isn’t something to be done lightly, but it’s also not as big a deal as buying a car or house. You can always open another one if you decide your first choice wasn’t the right one.
Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the Money Crashers Expert’s alone, not those of the bank advertiser, and have not been reviewed, approved, or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
