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Published: Nov 06, 2023 25 min read
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Earn 5.05% APY* with CIT's Platinum Savings Account

  • With $5,000 min. balance for APY
  • Get started with as little as $100
  • No account opening or monthly services fees
  • Opening an account takes about 5 minutes on your computer or mobile 
  • FDIC insured


*Rate as of 8/1/2023

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Savings Account with up to 4.60% APY* (see website for details)

  • Cash Bonus up to $250 with direct deposit set up (Terms apply)
  • No monthly fees 
  • Up to 2-day-early paycheck
  • Up to $2M of additional FDIC insurance through a network of participating banks


*Rate as of 10/24/2023

Our Partner

Earn 4.35% APY* with Discover's Savings Account 

  • Earn over five times the national average with a high-yield savings account
  • No minimum opening deposit
  • No monthly fees
  • No overdraft fees
  • FDIC insured


*Rate as of 10/27/2023

Our Partner

Earn 5.00% APY* with Valley Bank’s Savings Account

  • $1 min. required to open
  • No monthly account fees
  • 24/7 online and mobile access
  • FDIC insured


*Rate as of 7/27/2023

*Rates subject to change.

*Rates and APYs are subject to change. All information provided here is accurate as of November 3, 2023.

A high-yield savings account offers an annual percentage yield (APY) that's significantly higher than a traditional savings account. Typically, interest on a high-yield savings account (HYSA) is compounded daily and credited monthly. These features make saving with a HYSA an excellent option for both short and long-term goals, such as buying a laptop, saving for a down payment on a house or setting aside an emergency fund.

Read on for our best high-yield savings account picks, plus how to choose the best one for your personal finance goals.

Our Top Picks for the 6 Best High-Yield Savings Accounts of November 2023

  • Valley Direct - Best Online Bank for High-Yield Savings Accounts (5.25% APY)
  • UFB Direct - Best High-Yield Savings with ATM Card (5.25% APY)
  • Popular Direct - Best High-Yield Savings Account with a Minimum Deposit (5.40% APY)
  • My Banking Direct - Best Regional Bank for High-Yield Savings Accounts (5.35% APY)
  • Varo - Best High-Yield Savings Account and Checking Combination (5.00% on up to $5,000; additional balance earns 3.00% APY)
  • BrioDirect - Best High-Yield Account for Serious Savers (5.35% APY)
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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.

Pros
  • $1 minimum deposit requirement
  • Zelle integration for fast deposits and withdrawals
  • No transaction limits on incoming and outgoing electronic transfers
  • Mobile check deposit via the Valley Direct app
Cons
  • $100 fee if you close your account within 180 days of opening
  • ACH returned item fee of $5, overdraft fee of $30 per item
  • No ATM card
HIGHLIGHTS
APY
5.25%
MINIMUM DEPOSIT TO OPEN
$1
MONTHLY FEES
None
S&P GLOBAL RATING
BBB (parent company, Valley National Bank)

Why we chose it: Valley Direct takes the top spot for the best online bank for high-yield savings accounts because of its above-average annual percentage yield and unlimited number of outgoing transfers, which include Zelle payments.

Valley Direct’s high-yield savings account stands out not only for offering one of the leading annual percentage yields available today, but also for its integration of Zelle — a feature typically only seen with checking accounts. Using Zelle, customers can send and receive payments within minutes and there are no limits on the number of transactions.

Customers can also request a check by mail by contacting Valley Direct customer support. However, there is a maximum withdrawal limit of up to $3,500 per day or $12,500 per month total. Still, Valley Direct’s withdrawal protocol is far more generous compared to HYSAs from other financial institutions.

There is no fee for transactions declined due to insufficient funds, but if the transaction processes and is returned, you’ll be charged $5. Additionally, overdraft fees are high at $30 per item. Valley Bank also adds 5.5% interest annually on unpaid overdrafts.

There are multiple ways to add funds to your account: mobile deposit on the Valley Direct app, direct deposit, electronic transfer from an external account and Zelle payments. While Valley Direct is an online bank, your account can be serviced in person by its parent company, Valley Bank. Branches are located throughout Alabama, Florida, New Jersey and New York.

Pros
  • Among the highest APYs of all companies evaluated
  • ATM card included
  • No monthly service fees
  • No initial deposit or minimum balance required
Cons
  • Overdraft fee is $25 per item ( $75 maximum per day)
  • Only one physical branch, located in San Diego, California
HIGHLIGHTS
APY
5.25%
MINIMUM DEPOSIT TO OPEN
None
MONTHLY FEES
None
S&P GLOBAL RATING
N/A

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 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.

Pros
  • No monthly service fees
  • Deposit checks and make transfers with the Popular mobile app
  • No withdrawal limits
  • Easy account opening
Cons
  • A minimum deposit of $100 is required to open a Popular Direct Select Savings account
  • $25 fee if the account is closed within 180 days
  • Can only change connected external bank account every 70 days
HIGHLIGHTS
APY
5.40%
MINIMUM DEPOSIT TO OPEN
$100
MONTHLY FEES
None
S&P GLOBAL RATING
BB+ (parent company, Popular Inc.)

Why we chose it: Popular Direct is our choice for the best high-yield savings account with a minimum deposit because of the high APY rates of both of its savings account options.

Popular Direct, an online bank owned by Popular Bank, provides a high-earning savings option with its Select Savings account. An initial deposit of $100 is required to open the account, but there are no ongoing minimum balance requirements. 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 by transferring funds online 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.

Pros
  • Interest earned on daily balances of $1 or more
  • No monthly or maintenance fees
  • Mobile deposit via app
Cons
  • $500 minimum deposit to open an account
HIGHLIGHTS
APY
5.35%
MINIMUM DEPOSIT TO OPEN
$500
MONTHLY FEES
None
S&P GLOBAL RATING
N/A

Why we chose it: My Banking Direct is our pick for best regional bank for high-yield savings accounts because, after an initial $500 deposit, all of its accounts qualify for the highest APY, so long as you maintain a balance of $1 or more.

My Banking Direct offers a high-yield savings account with a competitive annual percentage yield and no monthly fees. You need to make an initial deposit of $500 to open an account, but after that, the required minimum balance is only $1. All of My Banking Direct's high-yield savings accounts are eligible for the highest annual percentage yield available, regardless of the user's balance.

Mobile deposits can be made using the app, and you can easily transfer funds from other accounts or set up recurring deposits. Still, you can't withdraw funds from your high-yield savings account through an ATM, since My Banking Direct doesn’t offer a debit card for this product. Checks aren’t available either, but you can transfer funds to other accounts or contact the bank to process a withdrawal.

Pros
  • Free auto-savings tools to help you increase savings
  • No monthly balance requirement
  • No minimum opening deposit
  • Highest APY among all companies we evaluated
Cons
  • Highest APY only available up to $5,000; additional funds earn 3%
  • Highest APY requires having both a checking and savings account
HIGHLIGHTS
APY
5.00% on up to $5,000; additional balance earns 3.00%
MINIMUM DEPOSIT TO OPEN
None
MONTHLY FEES
None
S&P GLOBAL RATING
N/A

Why we chose it: Varo is our choice for best high-yield savings and checking combination because its high-yield account offers a strong APY, and its checking account includes perks, such as early direct deposit and cash advances.

Varo, a digital-only bank, offers several extras for customers who bundle a high-yield savings account with a checking account. There is no monthly fee, minimum balance requirement or minimum deposit for either of these accounts.

When you receive at least $1,000 each month in direct deposits to your savings account, you get the highest APY available on balances up to $5,000. Checking account holders have access to a fee-free cash advance of $20 and, with consistent on-time payments, access to advances of up to $250 with minimal fees.

Customers looking to increase their savings account can use automatic round-ups. Through this feature, Varo will round transactions to the nearest dollar and transfer the difference to your high-yield savings account. Furthermore, with “Save Your Pay,” customers can designate a percentage of their checking account direct deposit to be automatically transferred to their savings account.

Pros
  • Among the highest APYs of all companies we evaluated
  • Minimum balance is only $25 after the initial $5,000 deposit
  • Link up to five external accounts for transfers
  • No monthly fees
Cons
  • $5,000 minimum deposit to open an account
  • No mobile check deposit
  • No physical branches
HIGHLIGHTS
APY
5.35%
MINIMUM DEPOSIT TO OPEN
$5,000
MONTHLY FEES
None
S&P GLOBAL RATING
BBB+ (parent company, Webster Bank)

Why we chose it: BrioDirect is our top choice for best high-yield savings account for serious savers due to its high returns after an initial $5,000 deposit.

If you’re ready to invest at least $5,000, BrioDirect — an online banking brand by the longstanding, Connecticut-based Webster Bank — is an ideal account for making the most of your savings. Its high-yield savings account boasts a strong annual percentage yield and no monthly maintenance fees. Plus, the ongoing minimum balance required after the initial $5,000 deposit is only $25.

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.

One major bonus, as compared to other high-yield savings accounts with withdrawal limits: BioDirect does not impose any cap on the number of outgoing transfers you can make per cycle. Note, though, that outgoing transfers to external accounts are capped at $25,000 per three days (or as soon as the transfer is processed), or $100,000 in a given cycle. To transfer more, you’ll have to speak to a customer service representative.

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Open an account in 5 minutes

Earn 5.05% APY* with CIT's Platinum Savings Account

  • With $5,000 min. balance for APY
  • Get started with as little as $100
  • No account opening or monthly services fees
  • Opening an account takes about 5 minutes on your computer or mobile 
  • FDIC insured


*Rate as of 8/1/2023

Up to 2-day-early paycheck

Earn up to 4.60% APY* with SoFi's Savings Account

  • Cash Bonus up to $250 with direct deposit set up (Terms apply)
  • No monthly fees 
  • Up to 2-day-early paycheck
  • Up to $2M of additional FDIC insurance through a network of participating banks


*Rate as of 10/24/2023

No minimum opening deposit

Earn 4.35% APY* with Discover's Savings Account 

  • Earn over five times the national average with a high-yield savings account
  • No minimum opening deposit
  • No monthly fees
  • No overdraft fees
  • FDIC insured


*Rate as of 10/27/2023

No monthly account fees

Earn 5.00% APY* with Valley Bank’s Savings Account

  • $1 min. required to open
  • No monthly account fees
  • 24/7 online and mobile access
  • FDIC insured


*Rate as of 7/27/2023

Other high-yield savings accounts we considered

Mph.bank

Pros
  • No overdraft fees or monthly service fees
  • Offers multiple financial tools, including credit report access
  • Mobile app with a personalized dashboard
Cons
  • APY of 5.00% is high, but other banks are offering even higher rates
  • No physical branches

Mph.bank’s savings account — the Future account — pays competitive interest on your balance. No matter how high or low, any balance qualifies for the highest APY. There are no overdraft fees, no monthly fees and no minimum balance required to open a new account.

Why mph.bank didn’t make the cut: Mph.bank was formerly our favorite online bank for high-yield savings accounts, but another bank (Valley Direct) has bumped it out of the top spot by offering a higher annual percentage yield.

Bask Bank

Pros
  • High APY at 5.10%
  • No monthly fees or minimum balance requirement
Cons
  • No bonus features, e.g. savings tools, credit reports
  • No cash deposits
  • This is a new product, so we can't evaluate its APY history over time

Bask Bank is the digital bank of the Texas Capital Bank, a brick-and-mortar bank founded in 1998. Its Interest Savings Account debuted this year. Previously, Bask only offered a savings product that accrued American Airlines mileage, not cash.

Why Bask Bank didn’t make the cut: While Bask Bank offers a high APY savings account with no fees, it doesn’t include the extras (e.g. savings tools) that other banks with the same rate offer.

Discover

Pros
  • Ranked 1st in J.D. Power's 2022 Direct Banking Satisfaction Survey
  • No monthly fees
  • No initial deposit or minimum balance requirement
Cons
  • APY of 4.35% is lower than other companies we evaluated
  • No ATM access for standalone savings account

Discover is best known for its credit cards, but the company also offers banking products. This includes an online savings account with no monthly fee and no initial deposit requirement. You aren’t required to maintain a minimum balance, either.

Why Discover didn’t make the cut: The APY for Discover’s online savings account is currently lower than what’s offered by the best high-yield savings accounts available today.

Marcus by Goldman Sachs

Pros
  • No fees or minimum deposit
  • No withdrawal limits
  • No minimum initial deposit
Cons
  • APY of 4.40% is lower than other companies we evaluated
  • Company ratings on third-party review sites are more negative than positive

A product of Goldman Sachs, the Marcus Online Savings account charges no fees and requires no minimum deposit to open. However, third-party review sites show many complaints about the company overall. Most of these cite poor customer service, while some customers claim they were locked out of their savings accounts without notice.

Why Marcus by Goldman Sachs didn’t make the cut: Its APY is lower than other companies in our top picks. Additionally, the many negative reviews on third-party review sites are a concern.

Synchrony High Yield Savings

Pros
  • APY of 4.75% is on par with industry average
  • No monthly fees or minimum balance requirement
  • Optional ATM card available
Cons
  • ATM card must be specifically requested and is only available after making a deposit
  • Withdrawals by online transfer and point-of-sale purchases are limited to six per statement cycle

Synchrony Bank, an online-only bank, offers a high-yield savings option. No minimum deposit to open the account and no monthly fees are charged. The bank also offers an online savings calculator to help you set financial goals.

Why Synchrony Bank didn’t make the cut: The APY Synchrony offers is on par with what’s currently available elsewhere, but other financial institutions offer higher APYs.

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?

High-yield savings accounts, also known as high-interest rate savings accounts, are bank accounts that earn you a higher APY than a traditional savings account. For many, saving money is critical to their personal finance goals — and high-yield savings account rates are stronger than many other types of savings accounts.

Additionally, high-yield savings accounts allow unlimited access to funds through various withdrawal methods. This is unlike other high-interest-bearing savings products, such as certificates of deposits (CDs), which are offered in set term lengths. Customers who withdraw funds early from CDs are typically penalized.

How does a high-yield savings account work?

By offering a higher interest rate than the traditional, average savings accounts, high-yield savings accounts help savers grow their money in a shorter span of time. This type of account also limits the ways in which you can access your money, so you’re less likely to stray from your savings goals.

These limitations are not the same for every high-yield savings account and some online and traditional banks allow you to order checks or request a debit card to allow easier access to your funds.

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: Given that the main selling point of a high-yield savings account is its higher interest rate, a high APY should be the main factor to consider when shopping around.

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 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 alternatives

High-yield savings accounts are one way to save money and earn interest, but there are additional options to consider. Read on to see how a HYSA measures up to the alternatives.

High-yield savings vs. money market account

While high-yield and money market accounts are both high-interest savings accounts, even some of the best money market accounts don’t offer APYs as high as HYSAs. Find out other ways in which these accounts differ in the table below.

High-yield savings accounts

Money market accounts

Deposits and withdrawals

Electronic transfer, in person at branches. Only some banks offer ATM access or debit cards

Checks, debit cards, electronic transfers, ATM withdrawals, in person at branches

Limitations on access to funds

Few accounts limit debit card, check and electronic transfer withdrawals

Some accounts limit debit card, check and electronic transfer withdrawals to six per cycle

Minimum balance requirement

Usually none

Generally, yes — varies by bank

Maintenance fees

Usually none

Generally, yes — varies by bank

 

High-yield savings account vs. traditional savings account

A traditional savings account is much like a high-yield savings account. While they’ve traditionally offered lower APYs, today’s best savings accounts have undergone rate changes that now compete with HYSAs, making the two accounts more similar than ever before.

High-yield savings accounts

Traditional savings account

Deposits and withdrawals

Electronic transfer, in person at branches. Only some banks offer ATM access or debit cards

Checks, debit cards, electronic transfers, ATM withdrawals, in person at branches

Limitations on access to funds

Few accounts limit debit card, check and electronic transfer withdrawals

Few accounts limit debit card, check and electronic transfer withdrawals to six per cycle

Minimum balance requirement

Usually none

Generally, yes — varies by bank

Maintenance fees

Usually none

Generally, yes — varies by bank

 

High-yield savings account vs. certificate of deposit (CD)

Unlike a high-yield savings account, with a Certificate of Deposit (CD) account, you agree to leave your funds in your account for a fixed period of time, usually from six to 72 months. You’ll likely incur a fee if you withdraw funds early. The best CD rates are on par with APYs offered by high-yield savings accounts.

High-yield savings accounts

Certificate of Deposit (CD)

Deposits and withdrawals

Electronic transfer, in person at branches. Only some banks offer ATM access or debit cards

Checks, debit cards, electronic transfers, ATM withdrawals, in person at branches

Limitations on access to funds

Few accounts limit debit card, check and electronic transfer withdrawals

Not intended for withdrawal during the CD fixed period. Fees for withdrawing funds early, but some banks allow monthly interest withdrawals

Minimum balance requirement

Usually none

Usually $500 or more

Maintenance fees

Usually none

Usually none

 

High-yield savings vs. money market fund

A high-yield savings deposit account is quite different from a money market fund, which 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.

High-yield savings accounts

Money market fund

Deposits and withdrawals

Electronic transfer, in person at branches. Only some banks offer ATM access or debit cards

Checks and electronic transfer

Limitations on access to funds

Few accounts limit debit card, check and electronic transfer withdrawals

Most accounts allow withdrawals anytime without penalties, but transfers can take around two business days

Minimum balance requirement

Usually none

Generally $1,000 or more, though some MMFs require only a $1 minimum investment

Maintenance fees

Usually none

Yes, plus additional fees
 

 

 

High-yield savings vs. checking account

A HYSA is a type of account that bears interest, while a checking account typically does not. Generally, checking accounts are meant for saving, but instead receiving and spending funds.

However, some of the best 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.

High-yield savings accounts

Checking account

Deposits and withdrawals

Electronic transfer, in person at branches. Only some banks offer ATM access or debit cards

Debit card/ATM, electronic transfer, peer-to-peer payment (e.g. PayPal), checks, in-person withdrawals at branches

Limitations on access to funds

Few accounts limit debit card, check and electronic transfer withdrawals

None

Minimum balance requirement

Usually none

Usually none

Maintenance fees

Usually none

Usually none

 

Why open a high-yield savings account?

High-yield savings accounts are a great alternative to traditional savings accounts due to their higher interest rates. They’re particularly useful if you have short- to medium-term savings goals, such as saving for college, a new car, or a new house.

Of course, high-yield savings accounts can also serve as a replacement for a traditional savings account. Considering their higher interest rates, they’re an excellent tool for putting away any surplus cash you might not want in your checking account.

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 extra funds for emergencies or short-term purchase goals.
  • High-yield savings account - A type of savings account with a higher interest rate 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 up to $250,000.

Best High-Yield Savings Accounts FAQs

What is a high-yield savings account?

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High-yield savings accounts are deposit accounts that pay higher interest rates than standard savings accounts, with some offering rates up to 25 times higher than the Fed National Bank average. Although it is possible to find this type of financial product at traditional brick-and-mortar banks, online banks offer the highest savings account rates.

Are online savings accounts safe?

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Yes, online savings accounts are a safe way to invest. As is the case with savings accounts at brick-and-mortar banks, online savings accounts are FDIC-insured. This protects customer deposits for up to $250,000 per bank, per account type.

Are high-yield savings accounts worth it?

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If you're looking to save money and earn interest on those funds you've set aside, a high-yield savings account at a financial institution that offers a high annual percentage yield is a good option. However, if you're trying to turn your money into more money fast, other options, such as investments, may offer quicker returns.

Can you lose money in a high-yield savings account?

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If your high-yield savings account does not grow at the same rate as inflation, you will lose money in the sense that the purchasing power of your savings will diminish. High-yield savings accounts can also make you lose money if you don't keep track of maintenance and service fees and wind up paying more than you're earning.

How much does a high-yield savings account earn?

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A high-yield savings account typically earns the highest rates of interest compared to other types of savings accounts, such as a traditional savings account or a money market account. The more funds you put into your account, the more interest — or money — you will earn.

How We Chose the 6 Best High-Yield Savings Accounts of November 2023

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.

  • 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.
  • 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.
  • 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. ATM withdrawal options are a plus; not all banks offer debit cards with high-yield savings accounts.
  • Transparency: Financial institutions must make easily accessible the account terms and conditions, such as monthly fees, overdraft charges and interest rates.
  • Ease of use and accessibility: We looked for user-friendly mobile apps and easy-access online platforms.
  • 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.
  • Strong financial standing: Your financial institution of choice should have a solid financial rating from a reputable credit rating agency. S&P Global Ratings, Moody’s, and Fitch Group 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). The FDIC covers up to $250,000 per depositor, per ownership category, per FDIC-insured institution. For credit unions only, insurance by the National Credit Union Administration (NCUA) is acceptable. The NCUA also covers up to $250,000 per depositor, per ownership category, per NCUA-insured institution.

Comparison to other banks and financial institutions

To best evaluate the quality of a high-yield savings account, we researched and compared accounts across a multitude of banks and financial institutions, including Alliant Credit Union, Ally Bank, American Express high-yield savings from American Express National Bank, Apple Savings account, Axos, Bank of America, Barclays Online Savings, BluPeak Credit Union, Bread Savings, Capital One 360 Performance Savings, Chase Savings, CIBC U.S., CIT Bank Savings Builder, Citi Bank, Citizens Bank, Emigrant Bank, Everbank (formerly TIAA Bank), First Citizens Bank, First Foundation Bank, First Internet Bank, FNBO, Jovia Financial Credit Union, LendingClub, My Savings Direct, Nationwide, Newtek Bank, PayPal Savings, Pentagon Federal Credit Union (PenFed), Primis, Quontic Bank, Regions Bank, Sallie Mae Bank, SoFi, TotalDirect Bank, U.S. Bank, USAA Bank, Vio Bank, Wealthfront and Wells Fargo.

Summary of Money’s 6 Best High-Yield Savings Accounts of November 2023

  • Valley Direct - Best Online Bank for High-Yield Savings Accounts (5.25% APY)
  • UFB Direct - Best High-Yield Savings with ATM Card (5.25% APY)
  • Popular Direct - Best High-Yield Savings Account with a Minimum Deposit (5.40% APY)
  • My Banking Direct - Best Regional Bank for High-Yield Savings Accounts (5.35% APY)
  • Varo - Best High-Yield Savings Account and Checking Combination (5.00% on up to $5,000; additional balance earns 3.00% APY)
  • BrioDirect - Best High-Yield Account for Serious Savers (5.35% APY)