11 Best High-Yield Savings Accounts of 2024

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Money’s Main Takeaways

• We found that the best high-yield savings accounts this month offer 5.10% APY or higher.

• The top HYSA rate is at Digital Federal Credit Union (DCU), with 6.17% available on balances of up to $1,000.

• My Banking Direct offers the second-highest APY on our list at 5.35%.

• Newtek Bank and Jenius Bank both offer 5.25% APY with no initial deposit required.

• There are no monthly fees for any of the high-yield savings accounts in our top picks.

*Rates and APYs are subject to change. All information provided here is accurate as of April 23, 2024.

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Our Top Picks for the 11 Best High-Yield Savings Accounts of 2024

The companies listed below are in alphabetical order.

• BrioDirect - Best High-Yield Savings Account with a $5,000 Minimum Deposit (5.35% APY)
• Digital Federal Credit Union (DCU) - Best APY for Balances Up to $1,000 (6.17% APY)
• Ivy Bank - Best High-Yield Savings with a $2,500 Minimum Deposit (5.30% APY)
• Jenius Bank - Best High-Yield Savings for Unlimited Transfers (5.25% APY)
• My Banking Direct - Best High-Yield Savings Account with a $500 Minimum Deposit (5.35% APY)
• Newtek Bank - Best High-Yield Savings Account Rate with No Minimum Deposit (5.25% APY)
• Public - Best for Investors (5.10% APY)
• Popular Direct - Best High-Yield Savings Account with a $100 Minimum Deposit (5.15% APY)
• Raisin - Best Marketplace for High-Yield Savings Accounts (5.26% APY)
• TAB Bank - Best Online Bank for High-Yield Savings (5.27% APY)
• UFB Direct - Best High-Yield Savings with an ATM Card (4.77% APY)

Best High-Yield Savings Accounts Reviews

Each company’s annual percentage yield (APY) is accurate at the time of this publication, but they may vary according to the rates set by the Federal Reserve.

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Why we chose it: BrioDirect offers one of the highest-earning HYSAs on our list with a minimum deposit of $5,000. Additionally, there is no minimum balance requirement after the initial deposit.

BrioDirect — an online banking brand by the longstanding, Connecticut-based Webster Bank — is an ideal account for making the most of savings of $5,000 and up. Its high-yield savings account boasts a strong annual percentage yield and no monthly maintenance fees. Additionally, there are no limits on how many withdrawals you can make.

You can fund your account via transfer from an external bank; BrioDirect allows customers to link up to five accounts at one time. Unfortunately, there is no mobile check deposit feature currently, and there are no physical branches for in-person deposits — but BrioDirect does accept checks for deposit by mail, as well as wire transfers.

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Why we chose it: DCU’s Primary Savings account has an exceptionally high APY for balances of up to $1,000, plus no monthly fees.

Digital Federal Credit Union (DCU) offers three different savings accounts, and its Primary Savings option offers the highest annual percentage yield. However, the rate only applies to balances up to $1,000. After that, the APY drops significantly. Still, with its strong interest rate, DCU’s Primary Savings is a solid option for starting your savings journey.

To open the account, you must deposit $5. Your deposit also establishes your membership with the credit union. There are no monthly fees on the Primary Savings account and no minimum balance requirements. Additionally, DCU sets no limit on how many transfers you can make in or out of your high-yield savings account.

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Why we chose it: Ivy Bank’s high-yield savings account has a guaranteed high APY through June 30, 2024, for balances of $2,500 and up.

Ivy Bank offers an above-average annual percentage yield on its HYSA, which requires a minimum initial deposit of $2,500. There is no monthly fee for this account — including if your balance drops below the minimum requirement. (Balances under $2,500 earn a significantly lower APY.)

Note that withdrawals are limited to six per month. Additionally, Ivy Bank does not offer checks or ATM access via ATM card. Outgoing transactions can only be initiated via electronic transfer. To make a deposit, you can transfer funds from an external account, use the remote check deposit feature on the Ivy Bank mobile app, mail a check or transfer via domestic wire.

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Why we chose it: Compared to other high-yield savings accounts that offer unlimited transfers and withdrawals, Jenius Bank has the highest APY available.

Jenius Bank offers a high APY on all balances, with no monthly maintenance fee. Additionally, there’s no limit on how many transfers or withdrawals you can make. You can move funds in and out of your account via external transfer as often as you’d like.

One downside: Jenius Bank doesn’t currently have a mobile app. The bank states on its website that an app is coming soon, but in the meantime, this means there’s no mobile check deposit option. However, you can easily transfer funds into or out of your Jenius Savings account via external transfer on the Jenius Bank website.

Jenius Bank doesn’t charge a monthly maintenance fee. Plus, while some banks impose a penalty for closing a new account within a certain amount of time, Jenius doesn’t. If you decide to close your Jenius account, there is no charge. Jenius doesn’t charge overdraft fees, either.

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Why we chose it: After the initial $500 deposit, My Banking Direct savings accounts with a balance of at least $1 qualify for the online bank’s highest available APY.

My Banking Direct’s high-yield savings account offers a competitive annual percentage yield with no monthly service charge. You can fund your account via transfer from an external bank or via remote deposit using the online bank’s mobile app, which is operated by its parent company, New York Community Bancorp.

The NYCB app also offers the option to set up recurring deposits and transfers to external accounts. You can also connect your Zelle account for peer-to-peer (P2P) payments. There are no transaction or withdrawal limits on the My Banking Direct HYSA. The online bank does not offer a debit card, though, so you can't withdraw funds through an ATM.

Read our full review of My Banking Direct high-yield savings accounts here.

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Why we chose it: The NewTek personal high-yield savings account offers one of the highest annual percentage yields among the companies we evaluated. There is no minimum deposit amount required to open, no minimum balance requirement and no monthly fees.

NewTek Bank is primarily focused on business banking and merchant accounts, but it also offers consumer savings products: a personal high-yield savings account and certificates of deposit (CDs). Both accounts earn interest at a rate of more than 10 times the national average, according to the FDIC Weekly National Rates and Rate Caps.

There’s no minimum deposit required to open the NewTek personal high-yield savings account, and all balances over $0.01 earn the highest available APY. Newtek also doesn’t charge any overdraft fees.

However, mobile check deposit is reserved for business accounts only. To fund your personal high-yield savings, you must transfer funds from an external account. Additionally, you can only make up to six withdrawals per month. You may be charged a fee if you exceed this amount.

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Why we chose it: Public offers a strong interest rate on its high-yield cash account, which has no monthly fees, plus a brokerage account for investment trading. Customers can see all their Public products together in the mobile app or the online banking site.

Public is primarily an investing platform for trading stocks, bonds, treasuries, exchange-traded funds (ETFs) and crypto, but the broker-dealer company also offers a competitive interest rate on its high-yield cash account (which functions similarly to a HYSA). If you’re looking to maintain several financial growth avenues with a single company, Public may be a solid option for you.

There are no monthly fees with Public’s HYSA, and there is no limit on how many transfers or withdrawals you can make. There is no subscription fee required to start investing, either. You can add funds on Public via electronic transfer from an external bank account or with a debit card from a participating financial institution. You can also move uninvested funds in your brokerage account to your high-yield cash account at any time.

Third-party reviews for Public’s mobile app experience are overwhelmingly positive and note the ease of use, especially for beginner investors. However, there are a small handful of complaints regarding difficulty reaching customer service representatives.

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Why we chose it: Popular Direct’s HYSA rate is among the highest available. After the initial $100 deposit, there is no ongoing minimum balance requirement.

Popular Direct provides a high-earning savings option with its Select Savings account. There are no balance caps on APY, either. All balances of at least $0.01 qualify to earn the highest available annual percentage yield.

You can fund your account via mobile deposit or via transfer from an external bank account. Note that you must use the external bank account designated at account sign up for at least 70 days. You cannot change the account until after this time has passed, and any subsequent swaps must be initiated 70 days apart. Additionally, you can only link one external bank account at a time.

Popular Direct does not charge any monthly fees for its high-yield savings account. However, if you overdraft your account for more than $50, you’ll be charged $10 per transaction (with a max of three fees per business day). Additionally, there’s a $25 fee if you close your account within 180 days of opening it.

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Why we chose it: Raisin provides HYSA options from a slew of partner banks and credit unions, making it easy to compare features and choose your ideal account. Additionally, once you sign up, you can easily add more savings products to your Raisin account.

Raisin is a savings marketplace that currently features HYSAs with annual percentage yields as high as 5.26%. You can sort through offerings according to APY and product type (HYSA vs. money market account). There’s also a filter to find banks that fit specific criteria, such as not-for-profit or minority-led, as well as financial institutions that support the local community and small businesses.

There are several HYSAs available through Raisin that require a minimum initial deposit of only $1. Additionally, many of these products are free of monthly fees.

After you’ve signed up for your first savings product through Raisin, you can easily add additional accounts, including certificates of deposit (CDs), from Raisin partners. You can see all of your savings products at once on your account dashboard via the Raisin website or mobile app.

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Why we chose it: TAB Bank has a strong APY and no limit on withdrawals via online transfer to external bank accounts.

TAB Bank currently provides one of the highest rates among online high-yield savings accounts. The FDIC-insured community bank also sets no limit on how big your savings can grow; no matter the size of your account, you’ll still earn the highest available APY.

Additionally, TAB Bank doesn’t charge a monthly fee, and there’s no minimum deposit to open an account. You can fund your account via mobile check deposit or transfer from an external bank account.

However, while there is no limit on how many outgoing transactions you can make (so long as it doesn’t exceed $3,000 daily), there is a waiting period for new customers. For the first 90 days, you cannot make external transfers.

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Why we chose it: UFB Direct is our choice for Best High-Yield Savings with ATM Card because it includes a debit card with its high-yield savings account and doesn’t limit the number of withdrawals you can make.

UFB Direct, a division of the digital financial institution Axos Bank, currently offers one of the highest APYs in the high-yield savings account market. Additionally, the UFB High Yield Savings account comes with a debit card, which isn’t standard for accounts of this kind. Plus, there’s no cap on how many withdrawals you can make.

However, it’s worth noting that UFB charges a $25 fee for each charge that exceeds your account balance. (The maximum fee you can pay in a single day is $75.) The only overdraft protection UFB offers is coverage of negative balances through linked UFB checking accounts.

Still, with no monthly fees and no minimum deposit or balance requirements, UFB’s high-yield savings account is a solid choice — especially considering its competitive annual percentage rates.

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High-Yield Savings Accounts Guide

High-yield savings accounts are relatively easy to understand but share many characteristics with other bank products. Read on to learn about high-yield savings accounts, from how they work to which features to look for when choosing an account.

What is a high-yield savings account?

A high-yield savings account (HYSA) typically earns a higher interest rate on your balance than the traditional, average savings account. Currently, you can find many HYSAs with high interest rates starting at 5.00%.

Some high-yield savings accounts operate on a tiered interest rate system, under which balances of a certain size earn a lower annual percentage yield. Be sure to check the details of a HYSA product before signing up for an account.

How does a high-yield savings account work?

Because a high-yield savings account is intended for savings — as opposed to spending, like a checking account — many banks, credit unions and other financial institutions offering these accounts impose limits on how many withdrawals you can make per statement cycle.

These accounts don’t typically always come with an ATM card or checks. Instead, withdrawals are possible via transfer to an external bank account. You can also fund your account via online transfer. Some financial institutions also offer mobile check deposit and direct deposit.

How to open a high-yield savings account

• Apply online, over the phone, or if the bank has brick-and-mortar branches, go there in person

• Enter personal information, such as full name, address, driver’s license or government-issued ID, phone number, Social Security number and where your deposits will come from (e.g., transfers from other accounts, direct deposits, mobile deposits) as requested

• Agree to terms and conditions after reviewing; check for fees and specifics on rates

• Receive instant approval or, in some cases, wait for confirmation from the bank via email or regular mail

• Consider setting up direct deposit if required to earn the highest APY. You can also transfer funds into your account from another institution through online transfer. With brick-and-mortar banks, you can deposit funds in person.

How to pick a high-yield savings account

Follow these steps to pick a high-yield savings account that fits your needs.

1. Evaluate your savings goals: If you’re looking for fast but small gains on your savings, a high-yield savings account may be right for you. However, if you’re looking to turn a greater profit, you may want to consider other savings or investment options.

2. Compare APYs across HYSAs: Look at savings account interest rates at a variety of banks to find the top interest rates. (Our best high-yield savings accounts list is a great place to start.)

3. Look for accounts with zero fees: Many HYSAs are entirely free to use, while some banks set a monthly fee that can be waived by meeting certain requirements, such as a set amount of direct deposits per cycle. Avoid accounts with monthly fees that can’t be waived, as these costs cut into your interest earnings.

4. Make sure your bank notes “member FDIC” or “member NCUA”: You’ll find this information at the bottom of the financial institution’s website. FDIC insurance or NCUA insurance is a must, because it safeguards your money if your bank or credit union should fail due to bankruptcy or insolvency.

High-Yield Savings Account Glossary

• Annual Percentage Yield (APY) - APY is the effective rate of return on your investment after factoring in the effects of compound interest. The APY is considered in relation to the federal funds rate set by the Federal Reserve, also called the Fed.

• Interest - Simply put, interest is the amount of money that a bank pays its customers to hold their money. It is usually expressed as a percentage of the amount that each individual customer has deposited.

• Compound interest - You can think of compound interest as “interest on your interest.”

• Savings account - A type of bank account with higher interest rates than a checking account. They’re designed to help you put away money for an emergency fund or other short-term savings goals.

• High-yield savings account - A type of savings account with a higher interest rate and higher APYs than a traditional savings account. They’re meant to help you build funds for short- or medium-term purchase goals, such as a new car, college or even a new home.

• Money market account - Money market accounts are similar to high-yield savings accounts but aimed at businesses. They are more likely to allow for debit cards and checks, particularly for individual employees who need to access business funds regularly.

• Checking account - A type of bank account designed for everyday spending. They allow for checks and ATM cards. The interest rates offered by these accounts are typically the lowest.

• Neobank - This type of bank is an online-only bank with no physical branches. It’s considered a type of fintech (financial technology) company.

• ACH transfer - An ACH transfer is an electronic transfer of funds from one bank to another. The ACH stands for “automated clearing house,” referring to the network that manages these transfers.

• FDIC/NCUA insurance - Money in a brick-and-mortar bank, online bank, credit union or any type of financial institution is secure as long as the financial institution is insured by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Administration). Most high-yield savings accounts are FDIC or NCUA-insured at the standard of 250,000 per depositor, per account.

High-yield savings account alternatives

High-yield savings accounts are one way to save money and earn interest, but there are additional options to consider.

Money market account (MMA)

A money market account (MMA) is a type of high-interest savings account that typically does not have monthly fees. Annual percentage yields for MMAs tend to be on par with or higher than those of high-yield savings accounts. Minimum initial deposit requirements vary.

Depending on the financial institution, you can access your money market account funds via electronic transfer, ATM withdrawals, debit cards, checks or in person at a brick-and-mortar bank. Like HYSAs, the number of withdrawals you can make per cycle may be limited.

To learn more about MMAs, see our list of the best money market accounts.

Traditional savings account

Traditional savings accounts have historically offered the lowest annual percentage yields of all savings producers. However, many financial institutions now offer accounts with APYs that compete with HYSAs.

Like with a HYSA, most traditional savings accounts do not charge monthly fees. Access to funds is via electronic transfer and at bank branches. Depending on the financial institution, you may also be provided checks. However, most traditional savings accounts do not include an ATM card or debit card.

To learn more about traditional savings accounts, see our guide to the best savings accounts.

Certificate of deposit (CD)

With a certificate of deposit (CD) account, you agree to leave your funds in your account for a fixed period of time, referred to as the CD term length, that can range from six to 72 months. You’ll likely incur a fee if you withdraw funds before the term ends.

Certificate of deposit rates are fixed, not variable, and may be slightly higher than those offered by HYSAs. Often, CD rates increase with longer term lengths.

To learn more about certificates of deposit, check out our list of the best CD rates.

Money market fund (MMF)

A money market fund (MMF) is a type of mutual fund regulated by the U.S. Securities and Exchange Commission (SEC). You earn interest on your money market funds because the bank or financial institution invests those funds on your behalf across several low-risk debt securities, such as Certificates of Deposit (CDs), U.S. Treasury bills and corporate bonds.

To learn more about money market funds, see our comparison of money market accounts vs. money market funds.

Checking account

Checking accounts aren’t typically used for saving, but instead for receiving and spending money. However, some checking accounts do accrue interest, albeit at significantly lower rates than those offered by high-yield savings accounts. Some also offer cash back on purchases and sign-up bonuses on new accounts. Monthly fees for checking accounts are rare.

Looking for a checking account with benefits? See our list of the best checking accounts.

How We Chose the 11 Best High-Yield Savings Accounts of 2024

To identify the best high-yield savings accounts, we evaluated more than 50 banks, credit unions, online banks and other financial institutions. Below you’ll find the methodology behind our choices for the best high-yield savings accounts.

• Access to funds: We reviewed each account’s methods for withdrawal and deposits, such as electronic transfers, wire transfers, mailed checks or linking to external checking accounts. Easy access via ATM withdrawals is a plus; not all banks offer debit cards with high-yield savings accounts.

• Account fees: We looked for accounts with no maintenance fees, no minimum balance fees and free online transfers. We also prioritized banks that do not charge overdraft fees. For accounts with debit cards, we checked ATM fee policies.

• Competitive annual percentage yield rates: Financial institutions must offer competitive rates as compared to the average among the high-yield savings accounts we evaluated. Some banks were disqualified because of low annual percentage yields.

• Customer service: We recognize that direct banking customers should be familiar with online and mobile platforms, but customer support must be readily available when needed. The best online savings accounts offer chat, phone, and email support; some even guarantee 24/7 customer support.

• Ease of use and accessibility: Mobile banking apps and online platforms should be user-friendly and intuitive.

• Financial strength: We verified that the banks, credit unions and other financial institutions on our list are in good financial standing using credit ratings issued by S&P Global Ratings, Moody’s and Fitch Group. (These credit rating agencies are known as The Big Three in the industry, and you can search their databases for information on the bank of your choice.)

• Member FDIC or NCUA: We require that any top pick includes “member FDIC” on its site to make it publicly known that it’s an insured bank or financial institution in accordance with the standards of the Federal Deposit Insurance Corporation (FDIC).

• Minimum deposit requirement: We considered accounts with no or low minimum deposit requirements and included these only when merited through benefits to account holders.

• Mobile app: We assessed the ease of use as well as the ratings of the mobile apps of each financial institution.

• Perks: We looked for banks that offer account holders additional features for free, such as savings tools or a debit card/ATM card.

• Privacy: Financial companies often share your personal information so that you can use their products effectively. Details about information sharing should be clearly stated in a financial institution’s privacy policy. However, customers should be given the choice to opt out of sharing their personal information with third parties, as per federal law.

• Security: We analyzed banking sites and mobile app security measures, such as end-to-end data encryption, multi-factor authentication and biometric login options.

• Transparency: Financial institutions must make easily accessible the account terms and conditions, such as monthly fees, overdraft charges and interest rates.

Summary of Money’s 11 Best High-Yield Savings Accounts of 2024

The companies listed below are in alphabetical order.

• BrioDirect - Best High-Yield Savings Account with a $5,000 Minimum Deposit (5.35% APY)
• Digital Federal Credit Union (DCU) - Best APY for Balances Up to $1,000 (6.17% APY)
• Ivy Bank - Best High-Yield Savings with a $2,500 Minimum Deposit (5.30% APY)
• Jenius Bank - Best High-Yield Savings for Unlimited Transfers (5.25% APY)
• My Banking Direct - Best High-Yield Savings Account with a $500 Minimum Deposit (5.55% APY)
• Newtek Bank - Best High-Yield Savings Account Rate with No Minimum Deposit (5.25% APY)
• Public - Best for Investors (5.10% APY)
• Popular Direct - Best High-Yield Savings Account with a $100 Minimum Deposit (5.15% APY)
• Raisin - Best Marketplace for High-Yield Savings Accounts (5.26% APY)
• TAB Bank - Best Online Bank for High-Yield Savings (5.27% APY)
• UFB Direct - Best High-Yield Savings with an ATM Card (4.77% APY)