After reviewing 370 savings accounts from 157 banks and credit unions, I’ve narrowed down the list to the very best. The two that stood out most are the Western Alliance High-Yield Savings and the Openbank by Santander High-Yield Savings. Both accounts offer an impressive 4.2% annual percentage yield (APY), along with low fees, reliable customer service, and convenient ATM access. These features make them excellent choices for anyone looking to grow their money safely.
When I compared accounts, APY was definitely the main factor I considered—but it wasn’t the only one. Fees, trustworthiness, and ease of use also played a big role in the final rankings. The good news is that every account on this list is federally insured up to $250,000 per depositor, giving you peace of mind. Plus, none of these accounts charge annoying monthly maintenance fees, which means your money can keep working for you without being eaten away by costs.
All APYs and account details in this review are accurate as of October 2025, so you can rely on this information when making your decision.
Top Savings Accounts for 2025
Below is a comparison of some of the top high-yield savings accounts currently available. Rates (APY), minimum deposits, and estimated annual earnings are based on a $20,000 balance.
| Bank / Institution | Account Name | APY | Minimum Deposit | Estimated Annual Earnings |
|---|---|---|---|---|
| Western Alliance Bank | High-Yield Savings Premier | 4.20% | $500 | $840 |
| Openbank by Santander | High-Yield Savings | 4.20% | $500 | $840 |
| Quorum Federal Credit Union | Quorum HighMarq Savings | Up to 4.10% | $0 | N/A |
| CIT Bank | Platinum Savings | Up to 4.00% | $100 | N/A |
| Live Oak Bank | Personal Savings | 4.00% | $0 | $800 |
| UFB Direct | UFB Portfolio Savings | Up to 3.90% | $0 | $780 |
| Quontic Bank | High Yield Savings | 3.85% | $100 | $770 |
| SoFi | Checking and Savings | Up to 3.80% | $0 | $760 |
| Synchrony Bank | High Yield Savings Account | 3.80% | $0 | $760 |
| Cash App | Savings | Up to 3.75% | $0 | $750 |
| Marcus by Goldman Sachs | Online Savings Account | 3.65% | $0 | $730 |
| Capital One | 360 Performance Savings | 3.50% | $0 | $700 |
| American Express | High Yield Savings Account | 3.50% | $0 | $700 |
| Discover Bank | Online Savings Account | 3.50% | $0 | $700 |
Key Takeaways
- Highest APY (4.20%): Western Alliance Bank and Openbank by Santander.
- Best No-Minimum Option: Live Oak Bank (4.00% APY, $0 minimum).
- Strong All-Rounders: SoFi, Synchrony, and Quontic offer competitive rates with low barriers to entry.
- Big Banks with Reliability: Capital One, American Express, Discover, and Goldman Sachs offer slightly lower APYs but come with brand trust and strong digital platforms.
Pro Tip: Always check whether the bank is FDIC or NCUA insured, confirm any balance tiers for the advertised APY, and review fees before opening an account.
Best High-Yield Savings Accounts of 2025
Synchrony Bank High-Yield Savings
Synchrony’s High-Yield Savings is a strong pick if you want a stand-alone savings account that’s simple, flexible, and designed for earning. With a competitive APY, no monthly fees, and ATM access (something many online banks don’t offer), it’s a solid choice for everyday savers.
Why it works well
Synchrony pairs a high yield with dependable customer service and low fees, giving you a package that’s easy to recommend.
What to keep in mind
It’s an online-only bank, so if you prefer face-to-face service or need to deposit cash often, this account may feel limiting.
Best fit for
This account is a good match if you want to build or grow an emergency fund without tying it to a checking account.
Pros
- Competitive savings rate with daily compounding interest
- Zero monthly fees or minimum balance requirements
- No overdraft fees
- 24/7 automated customer support
- ATM access with up to $5 in reimbursements per statement period
Cons
- No physical branches
- $25 fee for domestic outgoing wires (no international wires)
- Six withdrawal limit per month (ATM withdrawals don’t count)
Details
You’ll earn 3.80% APY, compounding daily. There are no monthly maintenance or overdraft fees, and no minimums to open or earn interest. Incoming wires are free, while outgoing domestic wires cost $25. ATM access is included through the Plus and Accel networks, and you’ll get up to $5 in U.S. ATM fee reimbursements per statement. Customer service is available 24/7 by phone, with a chatbot that can connect you to a human agent.
Capital One 360 Performance Savings Account™
Capital One’s 360 Performance Savings account strikes a balance between a competitive yield and the ability to walk into a branch when you need it. While its APY isn’t the very highest on the market, the combination of digital convenience and in-person support makes it stand out.
Why it works well
Capital One keeps fees low, doesn’t require a minimum balance, and gives you the choice of managing your money online or in person. That flexibility is rare for a high-yield account.
What to keep in mind
Although the yield beats the national average, you can find higher APYs from other banks on this list. Also, interest compounds monthly rather than daily.
Best fit for
This account is ideal if you like the security of being able to visit a physical branch—or even a Capital One Café—while still earning a solid rate on your savings.
Pros
- No monthly maintenance fees
- No minimum deposit required
- 24/7 phone customer service
- Access to bank branches nationwide
Cons
- Better APYs available elsewhere
- Fewer branches than other national banks
- Interest compounds monthly, not daily
Details
You’ll earn 3.50% APY on all balances, compounding monthly. No overdraft or maintenance fees apply, and there’s no minimum balance requirement. Wire transfers come with fees: $30 for domestic and $40 for international, which must be handled at a branch. This account doesn’t provide an ATM card, so you’ll need a checking account if you want that access. Withdrawals are limited to six per month, though this restriction isn’t currently being enforced.
American Express® High Yield Savings Account
American Express is a trusted name in finance, and its High Yield Savings Account offers a reliable option with few fees and a solid APY. While it doesn’t have the very top rate on this list, it provides strong digital banking tools and dependable customer service.
Why it works well
Amex brings the polish of a large financial institution, with easy online access, a clean mobile app, and customer service that’s consistently rated above average.
What to keep in mind
You won’t get check-writing privileges or ATM access with this account, which makes it less flexible for quick withdrawals. And while the APY is good, other banks still offer higher yields.
Best fit for
This account is a great choice if you value seamless online banking and responsive customer service, and don’t mind moving money digitally rather than withdrawing at an ATM.
Pros
- No monthly fees or minimum balance
- Daily compounding interest
- Strong customer service reputation
Cons
- Lower APY compared to some competitors
- No ATM access
- No checks or overdraft option
Details
Amex’s High Yield Savings pays 3.50% APY on all balances (as of July 23, 2025), with daily compounding. There are no monthly fees, no minimum deposits, and you can open an account with any amount. Overdrafts aren’t allowed, but wire transfers are available. While you won’t get an ATM card or checks, there’s no transaction limit, and customer service is available 24/7 through both phone and the mobile app.
Marcus by Goldman Sachs High-Yield Online Savings Account
Marcus by Goldman Sachs offers a straightforward savings account with a solid interest rate, no maintenance fees, and 24/7 customer support. It’s not the highest yield on the market, but the combination of simplicity and reliability makes it a good fit for many savers.
Why it works well
You’ll earn a competitive APY on all balances with no minimum deposit requirements. Marcus also scores highly in customer satisfaction surveys, like the 2024 J.D. Power U.S. Direct Banking Satisfaction Study, thanks to its round-the-clock support and easy-to-use platform.
What to keep in mind
The yield is attractive but not the very best available. Marcus also doesn’t offer a checking account or ATM access, so it isn’t a full-service banking option. That means it’s less convenient if you need quick, in-person access to your money.
Best fit for
This account is a great choice if you’re saving for short-term goals—like a holiday fund, vacation, or car purchase—and want an easy, low-maintenance account with excellent customer service.
Pros
- Solid APY with daily compounding
- No monthly fees or minimum balance requirements
- 24/7 customer support
- Good ratings for customer satisfaction
Cons
- Other banks offer higher APYs
- No ATM access
- No physical branches or checking account option
Details
Marcus pays 3.65% APY on all balances, with interest compounding daily. There are no minimum deposits and no maintenance fees. Wire transfers are free, but you can only send funds to accounts you own at another bank. While ATM access isn’t available, you can make unlimited transfers out of your savings. Customer support is available 24/7 by phone, and existing customers also have access to an online chatbot for instant help.
Barclays Online Savings
Barclays Online Savings is a straightforward, low-cost option that lets you start saving with any balance. It comes with a strong APY, no monthly fees, and no minimum deposit requirement—making it an easy pick for anyone who wants a simple, no-fuss savings account.
Why it works well
With daily compounding interest and no monthly charges, your money grows without hidden costs. You also won’t need to worry about minimum deposits or overdraft penalties, making it a safe space for both new and experienced savers.
What to keep in mind
Barclays doesn’t have physical branches or ATM access in the U.S., and it doesn’t offer checking accounts. If you’re looking for an all-in-one banking solution, you may find it limiting.
Best fit for
This account is ideal for someone who wants a low-maintenance, fee-free savings option with a competitive yield, and doesn’t mind doing all their banking online.
Pros
- No monthly fees or overdraft charges
- No minimum balance requirements
- Daily compounding interest
Cons
- No U.S. branches
- No ATM access
- No checking account option
Details
Barclays pays 3.70% APY on all balances, with interest compounding daily. You can open an account with any amount, though accounts with less than $1 for 180 days may be closed. There are no monthly fees, no nonsufficient funds fees, and no limits on withdrawals or transfers each month. Customer service is available seven days a week from 8 a.m. to 8 p.m. ET.
SoFi Checking and Savings Account
SoFi’s Checking and Savings Account is a modern, no-fee option that combines both checking and savings into one easy-to-manage package. It stands out by paying interest on both balances, with the savings side earning the higher APY. On top of that, SoFi provides extra perks like early paycheck access and expanded FDIC insurance up to $3 million.
Why it works well
This account does more than most: you’ll earn interest on your money whether it’s in checking or savings, enjoy overdraft protection with no fees (when you qualify), and get paid up to two days early with direct deposit. The added FDIC coverage is a big plus for high-balance savers who want extra security.
What to keep in mind
To unlock the highest APY and overdraft coverage, you’ll need to set up direct deposit. If you’re not planning to send your paycheck to SoFi, you won’t get the full benefit.
Best fit for
This account is perfect if you prefer digital banking and like the convenience of keeping both checking and savings under one roof. It’s especially rewarding if you’re comfortable routing your paycheck through SoFi to maximize all the perks.
Pros
- Earns interest on both checking and savings balances
- Early direct deposit available
- Savings roundups help grow your balance automatically
- Access to 55,000+ fee-free ATMs in the Allpoint network
- Monthly compounding interest
- Extra FDIC insurance up to $3 million
Cons
- Must meet direct deposit requirements to unlock top features
- Outbound wire transfers cost $30
- Cash deposits can cost up to $4.95 (charged by retailers)
Details
SoFi doesn’t charge monthly fees, overdraft fees, or minimum balance requirements. Outbound domestic wire transfers cost $30, and depositing cash at participating retailers comes with a service fee of up to $4.95. With direct deposit set up, you’ll gain access to SoFi’s best APYs and extra account benefits.
Citizens Access® Savings
Citizens Access® Savings is a straightforward, high-yield account designed for savers who care about one thing: earning interest. With a solid APY, no monthly fees, and just a penny required to open, it’s a simple way to grow your money without extra hurdles.
Why it works well
The account pays a respectable 3.50% APY, compounded daily, and doesn’t hit you with maintenance or overdraft fees. Plus, Citizens Access offers a clean, highly rated mobile app, making it easy to manage your savings on the go. As a division of Citizens Bank, it comes with the backing of a trusted financial institution.
What to keep in mind
You won’t find many extras here. There’s no checking account, no ATM or debit card access, and no option to deposit cash. That makes it less flexible if you need quick access to your money.
Best fit for
This account is a smart fit for digital-first savers who want to set money aside and leave it untouched. If you like the idea of separating savings from daily spending and don’t mind transferring funds online when you need them, Citizens Access is worth considering.
Pros
- Competitive 3.50% APY with daily compounding
- No monthly or overdraft fees
- Only $0.01 required to open an account
- Highly rated mobile app
Cons
- No ATM or debit card access
- No cash deposits
- No checking account or physical branches
Details
You’ll earn 3.50% APY on all balances, with interest compounding daily. There are no monthly fees or minimum balance requirements, and overdrafts aren’t allowed. Cash deposits aren’t accepted, but you can move money in and out digitally. The Citizens Access mobile app receives strong reviews on both the Apple App Store and Google Play Store, making account management simple and user-friendly.
Ally Bank Savings Account
Ally Bank’s Online Savings Account is a well-rounded option with competitive yields, no monthly fees, and customer-friendly features. While its APY isn’t the very highest on the market, the account shines with 24/7 customer support, helpful savings tools, and a strong digital banking experience.
Why it works well
Ally combines solid interest rates with easy-to-use digital features. Its “buckets” tool lets you divide your savings into categories—like travel, emergency fund, or home projects—so you can set and track specific goals. With no minimums or maintenance fees, it’s simple to get started.
What to keep in mind
Some competitors offer higher yields, and Ally doesn’t support cash deposits. The account also doesn’t come with an ATM card, so you’ll need to transfer funds to access your cash.
Best fit for
This account is best for digital-first savers who want an easy-to-manage account with goal-setting tools and round-the-clock customer service. If you like to stay organized while saving, Ally is a great match.
Pros
- 3.50% APY with daily compounding
- No monthly maintenance fees or minimum deposit requirements
- No overdraft fees
- 24/7 customer support via phone and live chat
- Savings buckets to organize goals
Cons
- Higher APYs available at other banks
- No ATM card
- No cash deposits
- Online-only (no physical branches)
Details
All balances earn 3.50% APY, compounded daily. Ally doesn’t charge monthly fees, overdraft fees, or require a minimum deposit. Incoming wire transfers are free, while domestic outgoing wires cost $20. You can make up to 10 withdrawals per month; there are no penalties for exceeding the limit, but repeated overuse may result in account closure. Customer support is available 24/7 by phone or live chat, making it easy to get help whenever you need it.
Discover® Bank Online Savings Account
The Discover Online Savings Account offers a competitive 3.50% APY with virtually no fees and no minimum balance requirements. It’s designed for savers who want simplicity, security, and 24/7 support without worrying about hidden charges.
Why it works well
Discover is known for keeping fees low—and this account follows suit. You won’t pay maintenance fees, overdraft charges, nonsufficient funds fees, or even fees for official bank checks. On top of that, customer service is U.S.-based and available 24/7, so you can always reach help when you need it.
What to keep in mind
While the APY is much higher than the national average, it’s not the very highest you can find. Also, Discover only operates one physical branch, so if you prefer in-person banking, this account won’t be a good fit.
Best fit for
This account is great for anyone who wants a reliable, no-fee savings account with strong customer support and no minimum balance requirements.
Pros
- Solid 3.50% APY with daily compounding
- No monthly maintenance fees or hidden charges
- 24/7 U.S.-based customer service
- Free overdraft protection when linked with another Discover account
Cons
- Higher APYs available at other banks
- Only one physical branch (not ideal for in-person banking)
Details
Discover pays 3.50% APY on all balances, with daily compounding interest. There are no maintenance, overdraft, or nonsufficient funds fees. Outgoing domestic wire transfers cost $30, but most other banking services are free. If you have more than one Discover account, you can set up free overdraft protection by linking them together. Customer service is available at all times with U.S.-based support.
Quontic Bank High-Yield Savings Account
The Quontic Bank High-Yield Savings account is designed for savers who want a competitive interest rate with minimal fees—though it does come with a few trade-offs. If you’re comfortable managing your money entirely online, this account can be a solid place to grow your emergency fund.
Why We Like It
This account offers a respectable 3.75% APY on all balances, with interest compounding daily. There are no overdraft or excess withdrawal fees, which makes it stress-free for anyone worried about unexpected charges. On top of that, Quontic provides access to live chat and other customer support options, making it easy to get help when you need it.
What We Don’t Like
While Quontic’s APY beats most traditional banks, you’ll still find slightly higher yields elsewhere. The $100 minimum deposit requirement may be a hurdle for some, and unlike some competitors, Quontic doesn’t reimburse out-of-network ATM fees.
Who It’s Best For
This account is a great fit if you’re comfortable with digital banking and want to avoid surprise fees. It’s also a strong choice if you occasionally make extra withdrawals, since Quontic doesn’t penalize you for going over transaction limits.
Pros & Cons
- No monthly maintenance fees
- Daily compounding interest
- Access to live chat support
- No overdraft or excess transaction fees
- No physical branches
- Must deposit at least $100 to open
- No ATM fee reimbursements
Details
- Earn 3.75% APY on all balances, compounded daily and credited monthly
- $100 minimum opening deposit required
- $25 fee for domestic wire transfers, $35 for international transfers
- $5 monthly dormant account fee if inactive
- Access to 90,000+ fee-free ATMs nationwide, though out-of-network fees are not reimbursed
- FDIC insured up to $250,000 per depositor
Recent News on Savings Interest Rates
On September 17, 2025, the Federal Open Market Committee (FOMC) announced its first rate cut of the year. Fed Chair Jerome Powell confirmed that the benchmark rate was lowered by a quarter point, bringing the target range down to 4.00%–4.25%.
This move came as a response to cooling conditions in the economy, including a slower labor market, weaker consumer spending, and inflation that remains above the Fed’s 2% target.
Since the cut was just announced, most savings accounts haven’t adjusted their rates yet. But historically, banks tend to follow the Fed’s lead, meaning we can expect savings APYs to gradually decline in the coming weeks and months.
What to Expect for Savings Rates in 2025
Instead of asking how high savings rates will climb, the better question might be how low they’ll go. The Fed has signaled it’s done raising rates, which means we’re more likely to see yields slowly drift downward through the next 6 to 12 months.
Not all banks will move at the same pace. Some may quickly reduce their APYs, while others—especially online banks with lower overhead—could keep their rates higher for longer to stay competitive and attract deposits.
If you’re trying to maximize your earnings, it’s smart to regularly check today’s top savings rates. Online banks often lead the pack with higher APYs compared to large brick-and-mortar institutions, and locking in a strong rate now could help you get ahead of future cuts.
Pro Tip: Lock In Rates with a Certificate of Deposit (CD)
If you’re concerned about declining savings rates, now may be the time to act. Certificates of Deposit (CDs) allow you to lock in today’s higher APYs for months—or even years—before banks start lowering yields.
Opening a CD before additional Fed rate cuts can help you secure a more attractive rate for longer. Just make sure you choose a CD term that matches your financial goals, since early withdrawals often come with penalties.
For savers who want stability and predictability, pairing a high-yield savings account with a CD can be a smart strategy: savings accounts give you flexibility, while CDs protect you from falling rates.
Is a High-Yield Savings Account Right for You?
A high-yield savings account can be a smart choice if your priority is to grow your money safely while avoiding unnecessary fees. These accounts are especially appealing if you:
- Want to earn a top-tier interest rate compared to traditional savings accounts
- Prefer an account with no monthly maintenance fees
- Value the security of FDIC or NCUA insurance (up to $250,000 per depositor)
That said, a high-yield savings account might not be the perfect fit for everyone. You may want to consider alternatives if you:
- Need access to in-person customer service or physical branches
- Regularly deposit cash (since many online banks don’t support this)
- Expect to make frequent withdrawals or transfers (while some banks have lifted transaction limits, this can still be a drawback for heavy users)
- Want to write checks directly from your account
- Prefer locking in a guaranteed interest rate for a set term, in which case a certificate of deposit (CD) may be better
In short, a high-yield savings account is best for building an emergency fund or setting aside cash for short- to medium-term goals. But if you need more flexibility—or if falling rates worry you—you might want to pair your savings account with other tools, like CDs or a checking account, for a more complete strategy.
How To Choose the Best High-Yield Savings Account
Picking the right high-yield savings account isn’t just about chasing the biggest advertised APY. To make the most of your money, you’ll want to weigh several key factors before opening an account.
Start with the interest rate. The APY is the main reason you’re looking at a high-yield savings account in the first place. A competitive rate ensures your money grows faster than it would in a traditional savings account. Always compare the top rates before making a decision.
Watch out for fees. Many of the best accounts don’t charge monthly maintenance fees, but you’ll still want to check the fine print. Look at the fee schedule for things like wire transfers, overdrafts, or dormant accounts. Even a few small fees can eat into your earnings.
Evaluate digital features. Since most high-yield savings accounts are online-only, a good mobile app and user-friendly online platform are essential. Extras like budgeting tools, automated transfers, or savings buckets can also help you stay on track with your goals.
Check customer reviews. Independent ratings and app store feedback give you a clearer picture of how well a bank treats its customers. It’s also worth checking for formal complaints through the CFPB or other consumer watchdogs.
Pay attention to minimums. Many banks let you open an account with $0, but others may require an initial deposit or ongoing minimum balance. If there are requirements, make sure they fit comfortably within your savings plan.
Pro Tip: Online-only banks often deliver the highest savings rates because they don’t carry the overhead costs of physical branches. When comparing accounts, prioritize those with no monthly fees—this way, every dollar of interest you earn actually stays in your pocket.
How Much Money Should You Keep in a High-Yield Savings Account?
There’s no single “right” amount of money to keep in a high-yield savings account—it really depends on your situation. A good rule of thumb is to save enough to cover three to six months of essential living expenses. That means rent or mortgage, groceries, car payments, insurance, and any other must-pay bills.
If you’re just starting your savings journey, don’t worry about hitting that target right away. Start small by setting aside a portion of each paycheck. Automating your savings with direct deposit into your account can make it much easier to build momentum over time.
One thing to keep in mind: before you open a high-yield savings account, check the bank’s withdrawal and transfer rules. You’ll want to be sure you can get quick, penalty-free access to your cash in case of an emergency.
How To Open a High-Yield Savings Account
Opening a high-yield savings account is usually a quick process that can be done entirely online. Here’s what to expect:
- Create an account. Start by entering your email and creating a password, or log in if you’re already a customer.
- Provide personal details. Banks typically ask for your full name, mailing address, and phone number.
- Verify your identity. You’ll need your Social Security number, date of birth, and a government-issued ID.
- Submit your application. If you’re opening a joint account, both parties will provide the required details.
- Fund your account. Link an external bank account, send a check, set up direct deposit, or initiate a wire transfer. Some banks require a minimum opening deposit, while others let you start with $0.
Once approved, you can start earning interest right away.
How To Maximize Your Savings With a High-Yield Savings Account
A high-yield savings account already gives you one of the best places to grow your money safely—but with a little strategy, you can get even more out of it.
1. Keep an eye on rates. Savings yields often move in step with Federal Reserve rate changes. Since banks compete for deposits, the best offers can change quickly. Check rates regularly and be willing to move your money if another bank offers a significantly better APY.
2. Save with purpose. It’s easier to stay motivated when your savings have a goal—whether that’s a home renovation, a new car, or a vacation. Some banks even let you create “buckets” or multiple accounts for different goals. This way, you can watch each balance grow toward its target.
3. Embrace restrictions. Many savings accounts limit how often you can withdraw funds each month. While that might seem inconvenient, it can actually help you resist dipping into your savings for non-essentials. Think of it as a built-in safeguard that keeps your money where it belongs—working for your future.
Alternatives to High-Yield Savings Accounts
High-yield savings accounts (HYSAs) are a great way to grow your money safely, but they aren’t the only option. Depending on your needs, you may find that a different type of account is a better fit. Here are some of the most common alternatives:
Money Market Accounts (MMAs)
Money market accounts are similar to savings accounts but often come with check-writing privileges or debit card access. They usually require a higher opening deposit—sometimes $500 or more—but may offer competitive interest rates. Keep in mind that, like HYSAs, you’re typically limited to six withdrawals per month.
Certificates of Deposit (CDs)
CDs are best for savers who don’t need immediate access to their money. In exchange for locking in your funds for a set period—anywhere from a few months to several years—you’ll earn a guaranteed, fixed interest rate. The catch: if you withdraw before the CD matures, you’ll pay an early withdrawal penalty.
Cash Management Accounts (CMAs)
Cash management accounts are often offered by brokerages and fintech companies. They function like a hybrid between a checking and savings account, typically with no monthly fees and access to debit cards, checks, and ATMs. While they may not always offer the very highest yields, CMAs are flexible and convenient if you want one account for both saving and spending.
Here’s a side-by-side comparison to help you decide:
| Account Type | Minimums | Fees | Withdrawal Rules | Spending Options |
|---|---|---|---|---|
| HYSAs | Many start at $0, but some require more | Usually no monthly fees; some service fees | Often limited to six withdrawals per month | Typically none, but some banks offer debit cards or ATM access |
| MMAs | $0 to $5,000+ | May charge monthly fees or service fees | Often limited to six withdrawals per month | Usually include checks and a debit or ATM card |
| CDs | Typically $500 or $1,000 | No monthly fees, but early withdrawal penalties apply | Locked in until maturity; penalty fees for early withdrawals | None |
| CMAs | Many start at $0, though some require more | Usually no monthly fees; some service fees | No withdrawal limits | Often include checks, debit cards, and ATM access |
Our Methodology
When it comes to choosing the right high-yield savings account, most people start with one key question: “How much interest will I earn?” That’s exactly what our survey of 2,000 American adults confirmed—high APYs matter most. But interest rates aren’t the only thing that savers care about.
Using the survey results, we built a scoring system to evaluate hundreds of savings accounts across the U.S. Each account was rated on factors that reflect what real consumers want, with weightings based on importance.
Here’s how we scored the accounts:
- APY (40%) – The annual percentage yield is the single most important factor, since it directly affects how fast your money grows.
- Trust (25%) – Includes a bank’s reputation, customer satisfaction, and reliability.
- Insurance (10%) – Accounts must be federally insured (FDIC or NCUA) to protect deposits.
- Access (15%) – Covers how easily customers can use their money, from ATM availability to mobile banking features.
- Fees (15%) – Monthly maintenance, overdraft, and wire transfer fees were evaluated, with higher fees leading to lower scores.
We also considered other elements such as mobile app ratings (iOS and Google Play), customer reviews on Trustpilot and BBB, years in operation, and whether live chat or mobile check deposit is available.
Finally, we penalized accounts that required very high balances to open or avoid fees. If an account demanded $10,000 or more just to get started—or required a large minimum balance to waive monthly fees—it lost points in our rankings.
Our goal is simple: to highlight savings accounts that are accessible, trustworthy, and rewarding for everyday savers across the country.
We crafted this list of the best high-yield savings accounts by analyzing 370 savings accounts from 157 financial institutions. Our research included a wide range of providers—from traditional brick-and-mortar banks to online banks, credit unions, and fintech companies.
Frequently Asked Questions (FAQs)
Are high-yield savings accounts safe?
Yes. High-yield savings accounts are generally safe because most are insured by the FDIC (for banks) or NCUA (for credit unions), protecting deposits up to $250,000 per depositor, per institution.
In addition to insurance, banks and credit unions typically use safeguards like multifactor authentication, fraud monitoring, encryption, and secure storage to protect customer data. You should also do your part by using strong passwords and monitoring your accounts regularly.
When should I consider opening a new savings account?
You may want to switch to a new high-yield savings account if:
- Your current APY is low – Compare your rate against leading HYSAs.
- You want to organize your savings goals – Opening multiple accounts for specific purposes (like an emergency fund or home renovation) can help you stay disciplined.
- You’re paying unnecessary fees – Many top accounts offer high APYs with no monthly maintenance fees.
How do banks calculate interest on a high-yield savings account?
Interest on HYSAs is calculated using compound interest—you earn interest on both your original deposit and the interest already credited to your account.
Most accounts compound daily or monthly and pay out interest monthly. To estimate earnings, you can use a compound interest calculator, which factors in:
- Account balance
- APY (annual percentage yield)
- Compounding frequency
- Deposit schedule
Can I have more than one high-yield savings account?
Yes. You can open multiple savings accounts at different banks or credit unions. Some institutions may limit the number of accounts of the same type you can hold with them, but having accounts across different providers can help you:
- Take advantage of the best APYs
- Separate savings goals into dedicated “buckets”
- Stay within FDIC/NCUA insurance limits
Do any banks offer a 7% APY on high-yield savings accounts?
Currently, no high-yield savings accounts offer 7% APY. The most competitive accounts today earn around 5% APY. With interest rates trending downward, it may be a while before we see anything close to 7% again.
Pro Tip: If you want to lock in higher rates before they drop further, consider a certificate of deposit (CD) instead of an HYSA. CDs provide fixed APYs for a set term, shielding you from rate cuts.
