10 Best High-Yield Savings Accounts

Putting your money in a high-yield saving account can help you save for large expenses or build an emergency fund quickly.

What makes high-yield savings account so unique is that you receive a higher interest rate than you would in a traditional savings account. The compound interest lets you earn interest over interest and rapidly increase your money. With this comes a high annual percentage yield (APY) which comes with better returns, way more than what you’d get in a traditional savings account. 

According to the Federal Deposit Insurance Corporation (FDIC), the national average APY stands at 0.21 in savings accounts. This rate is less than you would get in some of the highest-yield savings accounts. Luckily, banks may start reviewing their APYs upwards now that the Fed is raising interest rates. 

But which banks can you rely on for competitive high-yield savings accounts?

To determine the best accounts for you, we analyzed and compared rates offered by credit unions, brick-and-mortar banks, and online financial institutions. Sure, online banks lack physical branches near us. However, they still provide lucrative APYs, more benefits, and lower fees than some traditional banks near us. 

After reviewing each bank’s account accessibility, minimum balance requirement, monthly fees, ease of use, and APY, we arrived at the list of the best high-yield savings accounts. 

The accounts discussed below are FDIC-insured, have no minimum balance requirement, and have no maintenance fees. 

Best High-Yield Savings Accounts

1. UFB Direct

This bank is an Axos affiliate but mainly operates online. Nonetheless, you can still use a free ATM to transact at about 100,000 locations across the country. Currently, UFB Direct offers a lucrative APY of 3.83% with no account minimum or fees. Besides the competitive APY, UFB Direct is adored for various customer support options. 

2. Current

This neo-bank is FDIC insured and comes with even better APY on savings. If we only considered the APY, we would have placed this account in the first slot was it not for UFB Direct bank’s convenient customer support. Current offers a stellar APY of 4% on your savings account that you open freely without maintenance fees. 

3. Sofi

This San Francisco-based online bank has less than 5 locations across the country but you can still access the network in over 50,000 ATMs. Note that Sofi combines checking and savings account and offers 3% APY. Besides, Sofi offers customers access to fee-free ATMs countrywide and have no fees or balance requirements. 

4. Salem Five Direct

Salem Five Direct’s parent company is Salem Five Bank, headquartered in Salem, Massachusetts. If you live in Boston, you can find several branches near you. If you prefer online deals, Salem Five Direct offers free ATM access to over 50,000 locations across the country. We included the bank in our list due to its competitive 3.5% APY with no monthly fee requirement. 

5. LendingClub

The LendingClub bank recently rebranded from Radius Bank, which is popular for mobile and online banking. You can manage your account through an app and transact at over 40,000 ATM locations nationwide. While the 3% APY is lower than some other accounts listed here, it’s still higher than most and better than the national average.  

6. Bask Bank

The Texas Capital Bank created the Bask bank as its online-only division based in Dallas. Note that you won’t need a debit or ATM card to withdraw cash. Instead, you’ll need to transact with an external bank through an ACH transfer. Despite the lack of physical branches and cards, the APY stands at 3.6%, and customer support is exceptional. 

7. Ivy Bank

Ivy Bank only allows virtual deposits and withdrawals through domestic wire transfers and eTransfer. Savers with any amount in the bank account qualify for a 3.5% APY and no maintenance fee. Besides, you can reach customer service by phone during working hours. 

8. Capital One

Capital One is based in Virginia and is among the top five largest banks in consumer deposits. In addition to a robust online presence, Capital One has numerous physical locations and over 70,000 ATM locations countrywide. Its 3% APY is 15 times more than the national average, and you can automate your savings. 

9. Synchrony Bank

While Synchrony Bank has no physical location, you can still access every service online and transact through many ATMs. In addition to a 3% APY, Synchrony Bank reimburses you up to $5 per month for any out-of-network ATM withdrawal. The bank also has an app from which you can manage your account.

10. 10.TAB Bank

Tab bank is for you if you care more about APY than ATM fees. The online bank is based in Utah and offers CDs, the money market, checking, and savings services. However, you’ll have to pay a fee to withdraw your cash through the ATM. With no minimum balance requirements or maintenance fees, you receive a 3% APY on any amount you have in your savings account. 

Earn Compound Interest When You Save

If you’ve been looking for some of the best high-yield savings accounts, we’ve shared options to help you put your money where your mouth is. All the banks and financial institutions included in this list are NCUA and FDIC-insured. You only have to keep an eye on any changes on the fee structure, and the APY rate of the high-yield savings account. 

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