In contrast, high-yield savings accounts offer the same safety and security but can earn up to a 4% annual percentage yield (APY) or more on your deposits. We've thoroughly researched dozens of the top savings accounts to identify the options that combine the highest interest rates with the lowest fees. You can compare the top high-yield savings accounts from our top online banks below.
What to Look for in a High-Yield Savings Account
- APY: Look for accounts with higher APYs to help your savings grow faster. For example, a $10,000 deposit in an account with 4% APY would earn about $400 in a year.
- FDIC insurance: The FDIC protects your money up to $250,000 per depositor if a bank fails. Make sure your chosen bank has this government-backed protection.
- Minimum deposit: Look for a high-yield savings account with a minimum opening deposit that fits your budget. While some accounts require $1,000 or more to start, others let you begin with as little as $0 to $100.
- Account fees: Many banks offer fee-free savings accounts, but always check the fee schedule for potential charges like maintenance, transfer, or minimum balance fees.
Withdrawal limits: The Federal Reserve's monthly withdrawal limit on savings accounts was removed in 2020, but some banks still enforce similar restrictions. Check these limits when comparing accounts to ensure they match your needs.
Our Best High-Yield Savings Accounts for 2025
1. SoFi®Checking and Savings
SoFi* offers a competitive high-yield savings account that integrates seamlessly with its checking features. As an online bank, it focuses on providing high interest rates and a user-friendly digital experience for savers looking to maximize their returns.
Why we like it: SoFi offers up to 4.00% APY, which provides a solid return for a high-yield savings account. The lack of minimum deposit requirements and zero fees makes it accessible to savers at any level. Its digital platform offers robust savings tools, including separate "Vaults" for different savings goals, automated savings rules, and round-up features to help accelerate your savings growth.
Potential drawbacks: The main limitation is the APY requirement — you'll need either direct deposits or manual deposits of $5,000 per month to earn the highest rate. Without meeting these requirements, the rate drops to 1.20% APY. Additionally, while SoFi offers quick transfers, there may be holding periods for larger deposits.
Expert tip: Consider Sofi's high yield savings if you can make regular monthly deposits. You'll get the most value using the goal-tracking features for purposes like building an emergency fund or saving for specific goals.
| Feature | Details |
|---|---|
FDIC member | Yes |
Current APY | Up to 4.00% with qualifying deposits |
Minimum deposit | $0 |
Monthly fees | None |
Minimum balance | $0 |
Mobile app | Yes |
Welcome bonus | $300 with $5,000+ direct deposit |
Interest compounding | Daily |
Withdrawal speed | 1-3 business days for external transfers |
2. American Express High Yield Savings Account
American Express provides a straightforward high-yield savings account with a simple approach to earning interest. The account focuses on the essentials of savings without complicated requirements or tiered rates.
Why we like it: American Express offers a consistent 3.90% APY without any deposit requirements or complex earning rules. The account maintains a no-fee structure. There are no monthly maintenance fees, minimum balance fees, or hidden charges. All deposits begin earning interest immediately, making it an accessible option for savers at any level.
Potential drawbacks: You can't withdraw cash directly from this account since there's no ATM card. To access your money, you'll need to transfer it to a linked checking account. This step might be inconvenient if you need quick access to your savings.
Expert tip: This account works best for people who want a simple savings account with no complicated rules. Plus, if you already have an American Express credit card, you can manage your savings in the same app.
| Feature | Details |
|---|---|
FDIC member | Yes |
Current APY | 3.90% |
Minimum deposit | $0 |
Monthly fees | None |
Minimum balance | $0 |
Mobile app | Yes |
Welcome bonus | None |
Interest compounding | Daily |
Withdrawal speed | 1-3 business days for external transfers |
3. CIT Bank Platinum Savings
CIT Bank's Platinum Savings account offers a tiered approach to high-yield savings, with rates that vary based on your account balance. The account stands out for its higher-than-average APY for larger deposits.
Why we like it: The account offers a high 4.55% APY on balances of $5,000 or more, making it an attractive option for people with larger savings. This rate can be beneficial when saving for a house or building a larger emergency fund. Plus, you only need $100 to open an account, and there are no monthly maintenance fees to worry about.
Potential drawbacks: If your balance falls below $5,000, you'll only earn 0.25% APY, which is significantly lower than the premium rate. The $100 minimum opening deposit, while modest, might be a barrier for some savers.
| Feature | Details |
|---|---|
FDIC member | Yes |
Current APY |
|
Minimum deposit | $100 |
Monthly fees | None |
Minimum balance |
|
Mobile app | Yes |
Welcome bonus | None |
Interest compounding | Daily |
Withdrawal speed | 1-2 business days for external transfers |
4. Discover Online Savings
Discover offers a straightforward high-yield savings account that focuses on simplicity and transparency, with no complex requirements to earn interest.
Why we like it: The account earns a competitive 3.90% APY on all balances without any hoops to jump through. Discover truly charges no fees — there are no bank check fees, excessive withdrawal fees, insufficient fund fees, or monthly maintenance fees. Every dollar you deposit starts earning interest right away.
Potential drawbacks: While the APY is competitive, you might find slightly higher rates elsewhere. Some merchants don't accept Discover cards, which could be limiting if you plan to connect a Discover checking account for quick transfers.
Expert tip: This account works well for people who want a simple savings account with no extra requirements beyond depositing money. It's particularly convenient if you already use other Discover banking products.
| Feature | Details |
|---|---|
FDIC member | Yes |
Current APY | 3.90% |
Minimum deposit | $0 |
Monthly fees | None |
Minimum balance | $0 |
Mobile app | Yes |
Welcome bonus | None |
Interest compounding | Daily |
Withdrawal speed | 1-2 business days for external transfers |
5. Barclays Online Savings
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Barclays provides an online-only high-yield savings account that emphasizes simplicity with competitive rates and no minimum balance requirements.
Why we like it: Barclays offers a 4.10% APY without requiring a high deposit amount or direct deposit setup. You can start earning interest on any amount you deposit, and there are no monthly fees. Interest compounds monthly, helping your savings grow steadily. The account includes a useful savings calculator that helps you track your progress toward specific goals.
Potential drawbacks: Barclays doesn't offer a checking account, so you'll need to link an external account for transfers. The mobile app experience could be better, particularly for Android users who report some usability issues.
Expert tip: This account is ideal for long-term savers who want a dedicated savings account separate from their everyday banking. The high rate with no minimum balance makes it particularly good for those just starting to build their savings.
| Feature | Details |
|---|---|
FDIC member | Yes |
Current APY | 4.10% |
Minimum deposit | $0 |
Monthly fees | None |
Minimum balance | $0 |
Mobile app | Yes |
Welcome bonus | None |
Interest compounding | Monthly |
Withdrawal speed | 2-3 business days for external transfers |
6. Western Alliance Bank High-Yield Savings Premier
Western Alliance Bank High-Yield Savings Premier provides an online-only high-yield savings account that emphasizes simplicity with competitive rates and no minimum balance requirements.
Why we like it: Western Alliance Bank pays a higher rate than most online banks, with a current APY of 4.46%. This rate makes it a great place for stashing your emergency fund, home down payment, or other savings.
Potential drawbacks: You need at least $500 to open the account, and account transfers from connected external banks can take up to five business days.
Expert tip: To maximize the benefits of the 4.46% APY, you could use this as a secondary savings account since the APY is high. Consider setting up automatic transfers from your checking account to steadily grow your savings.
| Feature | Details |
|---|---|
FDIC member | Yes |
Current APY | 4.46% |
Minimum deposit | $500 |
Monthly fees | None |
Minimum balance | $0 |
Mobile app | Yes |
Welcome bonus | None |
Interest compounding | Daily |
Withdrawal speed | Up to 5 business days for external transfers |
Methodology: How We Rate Our Best High-Yield Savings Accounts
We aim to provide you with a comprehensive and trustworthy guide to high-yield savings accounts. To achieve this, we've conducted thorough research analyzing interest rates, fees, user experience, and more, focusing on the key factors clients should consider before choosing an account.
We've identified the most important factors for choosing the right high-yield savings account, including:
High interest rates (APY): We recognize that earning competitive interest rates is a top priority for users choosing a high-yield savings account. We evaluate accounts based on their APY, seeking products that offer higher returns.
Fees: We value high-yield savings accounts that are transparent and fee-free. We assess banks based on their fee structures, looking for those that avoid overdraft fees, ATM fees, minimum balance requirements, and other hidden charges.
Security: Security is crucial for users who deposit cash into any online bank. We analyze banks' security measures, such as two-factor authentication, data encryption, and fraud prevention protocols. We also look for FDIC insurance to ensure that user funds are always protected up to the legal limit.
User-friendly mobile app: We prioritize high-yield savings accounts with intuitive and functional mobile apps. We assess apps for their ease of navigation, speed, feature set, and overall user experience.
Seamless online experience: We prioritize high-yield savings accounts that provide a smooth and user-friendly online experience. We evaluate websites and apps for their design, responsiveness, and ease of use. We look for banks that make online banking intuitive and accessible.
Easy transfers: We value high-yield savings accounts that make transferring funds between accounts convenient and fast. We assess banks based on their transfer capabilities, including internal transfers and transfers to external accounts. We look for banks that offer quick and hassle-free transfer options.
Additional Factors
While not always critical, we also consider:
Direct deposit: Many high-yield savings accounts offer incentives for setting up direct deposits, which can be a factor for some users.
Personalization: Features like savings "buckets" and goal-setting tools can be important for users who want to manage their finances effectively.
By using these criteria and conducting thorough research, we provide a comprehensive and reliable guide to help you choose the high-yield savings account that best meets your needs and preferences.
How to Choose a High-Yield Savings Account
Choosing the most suitable high-yield savings account for your needs and financial goals requires considering a few key factors:
APY: This is, perhaps, the most important factor to look at. You want to find an account that offers the highest APY possible so your money can grow at the fastest rate. Accounts with APYs of 3% to 4% or more are considered high-yield.
Minimum opening deposit: Some high-yield savings accounts require a minimum amount to open the account, like $500 or $1,000. Make sure you have enough funds to meet the minimum deposit for your preferred account.
Minimum balance required: Similarly, some accounts require you to maintain a minimum balance, such as $5,000, to earn the advertised APY. Be sure you can comfortably keep that minimum balance in the account.
Monthly maintenance fees: Avoid accounts with monthly maintenance fees or other account fees. Our best high-yield savings accounts have no monthly fees or balance requirements.
What to Know About High-Yield Savings Accounts
High-yield savings accounts (HYSAs) offer a smart and effective way for people to grow their savings more quickly. With interest rates significantly higher than those of traditional savings accounts, HYSAs provide an opportunity for individuals to make the most of their money and reach their financial goals faster.
Here are some situations where a HYSA might be just what you need:
Your current account offers little to no interest.
You need a dedicated place for an emergency fund.
You’re looking for a savings tool with no fees or balance requirements.
You want to save for specific goals, like a vacation or a wedding.
Key Groups That Can Maximize Their Savings with HYSAs
Future homebuyers: Saving for a down payment is a long-term process. Keeping these funds in an HYSA allows you to earn more interest as you save. Many HYSAs provide tools to establish and monitor specific savings goals.
Vacation planners: An HYSA can help you reach your vacation savings target more quickly or simply keep your travel funds separate to avoid unintentional spending.
Couples saving for a wedding: With weddings often involving significant expenses, maximizing your savings in an HYSA, whether funded by you or family contributions, is a smart strategy. Joint high-yield accounts are an option for saving together.
Parents saving for education: For parents building a college fund, especially for near-term education costs, an HYSA offers a way to earn more interest and help offset rising tuition expenses.
Frequently Asked Questions (FAQs)
Can I lose money in a high-yield savings account?
High-yield savings accounts are generally considered low-risk, given most are insured for up to $250,000 per depositor by the Federal Deposit Insurance Corp. or the National Credit Union Administration (NCUA). However, you'll want to ensure your account carries this insurance and that you don't lose funds to fees and overages.
How do I choose a high-yield savings account?
Choosing a high-yield savings account depends on several factors, including the interest rate (APY), account fees, account minimums, and requirements to earn the best rate. A well-designed mobile app and easy transfers can also make an account more appealing. Choose one that fits your needs and financial situation to earn the most interest on your cash.
How often can I take out money out of a high-yield savings account?
Most high-yield savings accounts allow you to withdraw as many times as you’d like,but some impose withdrawal limitations based on Federal Reserve Regulation D. This limitation previously only allowed six outbound transfers or withdrawals per month from a high-yield savings account before a fee was imposed for excessive transactions. The limit was removed in 2020, though many banks still impose it.
Is a high-yield savings account the same as a savings account?
High-yield accounts pay significantly higher interest rates, typically 3% to 4% APY, compared to 0.10% or less for standard savings. They may also have withdrawal limits and lower/no fees.
*SoFi Disclaimer
*Terms Apply
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances(including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See theSoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/
Additional FDIC Insurance - SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
