10 Best High Yield Savings Accounts

Sometimes you need to park cash in a bank account for a period of time. Perhaps you are saving for a new car or to buy a new house.

Or maybe you just want to store some cash in your emergency fund so that you are prepared when the unexpected happens.

If you’re still using a big bank savings account, chances are you’re losing out on the interest you could be earning with a higher-paying account.

Below are the best savings accounts we have found with the highest yield.

Note: We have ranked these accounts by yield but in some circumstances, we factor fees or minimums into the equation.

The Top High Yield Savings Accounts

Choose a high yield savings account that fits with your lifestyle and doesn’t leave money on the table.

1. Axos Bank

Current Yield: 0.61% APY

What we like:

• Competitive interest rate
• Entire balance earns interest
• No monthly balance requirements
• Free ATM card upon request

Heads up:

• Minimum $250 initial deposit
• Savings tier above $25,000 earns lower interest rate
• Paper statement fee: $5 per statement
• Domestic wire transfer fee: $35

Axos Bank offers a High-Yield Savings Account that has no monthly service fees or ongoing minimum balance requirements.

Your first $25,000 earns 0.61% APY. Any excess balance earns up to 0.25% APY.

You will need to make a minimum $250 opening deposit but don’t have to maintain a minimum account balance.

It’s possible to request a free debit card but the bank offers several free checking accounts for unlimited withdrawals. For example, the Rewards Checking account can earn up to 1.25% APY and offers unlimited domestic ATM fee reimbursements.

Read our full Axos Bank Review.

2. CIBC Agility

Current Yield: 0.52% APY

What we like:

• High APY
• $0 Maintenance fees
• $0.01 minimum ongoing balance

Heads up:

• Minimum opening deposit of $1,000
• No ATM availability

CIBC Bank has an impressive 0.52% APY on their savings accounts. However, you will need to make a minimum $1,000 initial deposit.

After opening your account, the ongoing minimum balance requirement is $0.01.

There are no account service fees.

They also have some great account options, including a health savings account.

3. Ally Online Savings

Current Yield: 0.50% APY

What we like:

• $0 Maintenance fees
• $0 Minimum deposit
• Free ATMs at Allpoint®, plus get up to $10 reimbursements per statement for non-Allpoint® ATMs
• Mobile app and deposit

I’m impartial to Ally Bank because I have an online savings account with them. Their APY is a competitive 0.50% APY on your entire balance.

The bank has a lot to offer, including:

• 24/7 customer service
• User-friendly website and mobile app
• Several banking and investing options
• No minimum balance
• No monthly service fees

Make deposits via electronic transfer, mobile check deposit, direct deposit or mail.

You can also link up to 20 external accounts to your savings account.

Ally has solid customer reviews and has many benefits, such as being able to connect Alexa to your account so you can easily ask what your balance is in your savings and other accounts.

4. Marcus by Goldman Sachs

Current Yield: 0.50%

What we like:

• 7-day a week customer service center
• $0 Maintenance fees
• Entire balance earns highest interest rate

Investment banking company Goldman Sachs joins this list for a solid online savings account called Marcus.

Your entire balance earns 0.50% APY and the initial minimum deposit is $0 to open.

There are also no fees or ongoing balance requirements.

They have a simple savings calculator on their website that shows you how much interest you’d earn with them vs a big bank.

For example, I put $10,000 with a recurring deposit of $100 on a weekly basis. In five years, I would make $578 instead of the national average, which would yield $103. That’s a difference of $475.

You might also like this platform as they offer a robo-advisor investing service that can help you effortlessly invest in stock index funds. The minimum initial investment is $1,000.

5. Synchrony Bank

Current Yield: 0.50% APY

What we like:

• No minimum balance
• $0 Maintenance fees
• $0 Minimum deposit
• Entire balance earns the best rate

Synchrony Bank is another bank to consider for its high-interest savings. In fact, their High Yield Savings account consistently pays one of the highest interest rates on this list.

The account is free to open and maintain. Your entire account balance earns 0.50% APY.

Unlike some banks, you won’t have to receive qualifying direct deposits or maintain a minimum balance to get the highest rate.

Another reason to consider this bank is to get loyalty perks that can waive incidental fees on select activities. Your tier status depends on your total account balance.

Here are the tiers:

• Basic: Less than $10,000
• Silver: $10,000-$49,999.99
• Gold: $50,000-$99,999.99
• Platinum: $100,000-$249,999.99
• Diamond: $250,000+

Depending on which status tier you’re in, benefits include:

• Complimentary identity theft resolution services
• Discounts for travel
• Receive up to three free wire transfers per statement cycle

6. CIT Bank

Current Yield: Up to 0.50% APY

What we like:

• Daily compounding interest
• $0 Maintenance fees
• Mobile app and deposit

Heads up:

• $100 minimum to open the account

CIT Bank lets you earn up to 0.50% APY depending on which savings account option you choose.

The Savings Connect account earns 0.50% when you direct deposit at least $200 per month into a linked eChecking account. The base rate is 0.42% without the qualifying direct deposits.

You can also open a Savings Builder account and earn 0.40% with one of these monthly actions:

1. Deposit at least $100 in new funds each month
2. Maintain a minimum $25,000 account balance

You only earn the base rate of 0.28% APY if you don’t complete one of the above tasks.

There are no account maintenance fees and you can check balances as well as make deposits via the mobile app.

You need at least $100 as your initial opening deposit to sign up.

In addition to the savings accounts, CIT Bank offers these products:

• Term CDs
• No penalty, 11-month CD
• Jumbo CDs
• High-yield money market account
• Free checking account

CIT Bank Money Market account also earns a competitive interest rate and may earn more than a savings account.

Read our CIT Bank review to compare your options.

7. Discover Bank

Current Yield: 0.40% APY

What we like:

• No minimum balance
• $0 Maintenance fees
• $0 Minimum deposit to open

Discover Bank offers a robust savings account that easily keeps up with the competition with high interest rates and non-existent fees.

Their savings account has a 0.40% APY that’s in line with the other high-yield savings accounts mentioned here and applies to the entire balance.

They also offer free online checking account that earns up to 1% back on debit card purchases.

You might consider this bank if you want a checking and savings account with many features at the same place.

Read our Discover Bank review to learn more about this no-fee bank.

8. American Express® Personal Savings

Current Yield: 0.40% APY

What we like:

• 24/7 customer service
• $0 Maintenance fees
• $0 Minimum deposit

American Express® Personal Savings High Yield Savings Account earns 0.40% APY on the entire balance. The account also has no monthly fees and no minimums.

They offer convenience and flexibility by allowing you to easily link your existing checking accounts seamlessly and allow you to link up to three accounts.

You can also make up to nine withdrawals and transfers each month. Most online savings accounts only allow you to make up to six withdrawals.

Their customer service is offered 24 hours a day, 7 days a week.

9. Barclays Online Savings

Current Yield: 0.40% APY

What we like:

• No ongoing balance requirements
• $0 Maintenance fees
• $0 Minimum deposit to open

British-based international bank Barclays also has an online savings account that has a high APY, no minimum balances to open and zero fees to maintain it each month.

Your entire savings balance can earn 0.40% APY.

The Barclay Online Savings website has a free resource called Savings Assistant. It helps you calculate how much you to save based on a particular goal, what you can contribute monthly, and how much your goal costs.

I tested it out and put in “retirement” as the goal, with $1,000,000 as the cost and a monthly contribution of $2,000. When I hit “calculate,” it said I’d need to save for 38 years and 8 months to reach a million.

If you want to trust the name of a big bank like Barclays but want a competitive rate for savings, this is a great choice.

10. Capital One®

Current Yield: 0.40% APY

What we like:

• No minimum balance
• $0 Maintenance fees
• $0 Minimum deposit to open
• Great for tracking goals (digital tools, apps)

Heads up:

• No local branch access

Capital One® 360 offers the 360 Performance Savings account that earns a competitive 0.40% APY interest rate on all balances.

There are no maintenance fees or balance requirements to keep the account open. The initial minimum deposit is $0 too.

You can open up to 25 sub-accounts to track different savings goals.

For example, you may have three savings-based goals, including a holiday fund, vacation fund and emergency fund.

Capital One® 360 also has locations in many large cities that are a hybrid of a bank, cafe and workspace. You can go there and learn more about their products and services, get a cup of coffee and hang out.

This bank can also be a good option if you want a free checking account with exciting perks.

Summary

As you can see from the list, many of the savings accounts from the most competitive online banks are similar in APY, have no fees and even provide you with calculators to determine how much you need to meet your goals.

Is a reputable name brand important to you? If so, you might want to go with Barclays, American Express or Discover. But, if you want stellar customer service that’s U.S.-based, try Ally Bank.