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BEST High Yield Savings Accounts

Stop letting your bank profit off your savings.
If you were to put $10,000 in a traditional savings account at Chase, Bank of America, or Wells Fargo you’ll earn just $1* at the end of the year.
But with a High-yield Savings Account you’d earn $400-500* and yes it’s FDIC insured and you can take out your money anytime. 
The higher the rate, the faster your savings will grow- but these rates won’t last forever.
Open and fund a high-yield account below to start growing your savings today! Check below for more info.

A Few Things to Know Before Choosing an Account

Savings accounts are a form of deposit account from a bank or credit union that typically earns interest. Usually savings accounts will earn higher interest than a checking account.

A high-yield savings account (HYSA) is a type of savings account that offers a higher interest rate compared to traditional savings accounts, helping your money grow faster.

A Money Market Account (or MMA) is a type of savings account that often offers higher interest rates in return for a higher minimum deposit, usually around $5,000 or more.

Interest is money the bank pays into your account over time based on the balance of your acount and interest rate they offer on the account.

Compound interest is the addition of interest to the principal sum of your deposit amount, or in other words, interest on interest. In an account that pays compound interest, the return is added to the original principal at the end of every compounding period, typically daily or monthly.

Annual Percentage Yield (or APY), is the amount of compound interest an account earns in a year. The calculation is based on the account’s interest rate and the number of times interest is paid during the year. A savings account with the highest APY grows faster than an account with a lower yield.

An HYSA earns interest on your deposits, typically calculated daily and paid out monthly. The interest rate is expressed as an Annual Percentage Yield (APY), which compounds over time.

You can open an HYSA at online banks, credit unions, and some traditional banks. Online banks usually offer the highest rates due to lower overhead costs. Check out our favorites here.

  • Higher interest rates than traditional savings accounts
  • FDIC insurance protection
  • Easy access to funds while earning interest
  • No risk of losing money like with investments

Yes, as long as the account is with a FDIC-insured bank, your deposits are protected.

Some banks require a minimum deposit, while others allow you to open an account with as little as $1. Most of our recommendations have $0 minimum deposits.

Many high-yield savings accounts have no monthly fees, but some may charge fees for excessive withdrawals, low balances, or other account services.

Yes, but some banks limit withdrawals to six per month due to federal regulations. Exceeding this limit may result in fees or restrictions.

Interest is typically calculated daily based on your balance and paid out monthly. The APY reflects the total interest earned over a year, including compounding.

HYSAs currently offer 3% – 5% APY. While interest rates fluctuate, HYSAs continue to hold a significantly higher interest rate than traditional savings accounts, helping you make the most of your savings.

Yes, rates are variable and can change based on market conditions and the Federal Reserve’s interest rate policies.

Yes, most banks allow you to link your HYSA to a checking account for easy transfers.

Consider factors like:

  1. High APY (interest rate)- The higher the rate, the faster your money grows. don’t underestimate the advantage of even a small percentage hike when it comes to interest.
  2. Lower or No Fees (monthly maintenance)- Avoid accounts that charge fees unless you enjoy the benefits of that account which outweigh the fees.
  3. Flexible Deposits or Withdrawals- Choose an account that meets your specific needs. Most banks make this really easy.
  4. Ease of access and online banking features
  5. FDIC insurance- All our recommendations are insured but please confirm the account insured if you go with another.

*$10,000 (.01%) = $1, assuming a traditional 0.01% interest rate from the big banks
*$10,000 (4%) = $400, assuming a 4-5% interest rate from a high yield savings account

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