Make a Plan to frequently Compare Savings Rates to earn more. Many high-yield savings accounts pay multiples of the national average but rates change frequently. You can stay ahead of the game by checking back here regularly to be sure that you are always earning a top rate and moving your money to a bank with a top rate if your bank or credit union is no longer competitive.
Always keep your money in insured accounts. People lose their hard earned money by putting it with institutions that aren't federally licensed and insured. Fintechs and neobanks may have sexy names, but you should deposit money only with FDIC-insured banks and NCUA-insured credit unions and even then only up to $250,000 per ownership category.
Online Accounts may have higher rates. High yield savings accounts from online banks provide you with the same flexibility as savings accounts at local banks and often offer more competitive rates.
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4.15% |
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4.10% |
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4.10% |
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4.10% |
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4.01% |
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4.01% |
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4.01% |
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J Dally | June 13, 2023 | |
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4.00% | ||
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Laura K | July 14, 2021 | My husband and I opened an account here. We were happy to get the slightly higher rate for a bit, but they were quick to lower it. And, then the fees started. More Reviews |
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4.00% | ||
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JeromeK | September 18, 2022 | Let's see. A bank with a name like "LendingClub" that is focused on predatory straight cash lending in an economy that has gone from flush with cash to a deep recession (depression?) and that has a website... More Reviews |
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4.00% | ||
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John Grierer | September 3, 2023 | The ACH processes at this bank are terrible. At maturity of my CD, the bank refused an external ACH drawn from an outside bank, in spite of providing assurances that this would not happen together with th... More Reviews |
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4.00% |
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4.00% | ||
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Lowered the rate yesterday,d damnit | June 29, 2023 | I had a Luminary account at 5.25% that I opened a week ago. When I login in, it had changed to a Magnetic account at 4.65%. I will close my account before the weekend and never do business with this ba... More Reviews |
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4.00% |
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joe smith | February 7, 2023 | I was a customer for years but they would not give me the 3.68% money market unless I was a new customer.... so I am no longer a customer More Reviews |
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4.00% |
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3.96% |
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3.95% |
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PB VeganChic | November 7, 2023 | The rates are good but it was a hassle getting my account set up. The app does not work. I purchased a 5 year CD and I hope I don't have any issues when it's time to cash it out. I wouldn't recommend Bread... More Reviews |
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3.90% |
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Jeff T | November 21, 2023 | Everbank is the same name that was issuing foreign currency CDs and saying there was no risk and then violating their own T&C to not pay out. It is back. Terrible bank, no matter what the name. More Reviews |
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3.90% |
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3.90% |
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3.85% |
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3.85% |
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3.85% | ||
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Tracy1969 | April 29, 2023 | Primis's online savings account is a half-baked product that isn't ready for market. They brought this live and expect their customers to be these beta testers. I'd choose something else. More Reviews |
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3.85% | ||
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Siegalman again | November 13, 2023 | Indexed savings product from this bank is now 5.71%. Better than anything else on this site or available anywhere. More Reviews |
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3.82% |
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3.80% |
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3.80% |
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Eldridge jaw 01 | November 27, 2021 | I tried to open account and was rejected. Called and was treated worse than I could have imagined any bank ever treating anyone. These guys can go to hell. More Reviews |
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3.80% |
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3.80% |
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3.80% |
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nunya | May 22, 2023 Your personal experiences OUTSIDE the bank shouldn't be the basis for your review of how the bank actually functions. More Reviews |
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3.75% |
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howdoyoudo | July 18, 2022 | And how is this an online bank if they are inundating me with invitations to a customer appreciation free movie showing in some remote location in Utah? More Reviews |
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3.75% |
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JQ25 | July 20, 2023 | This should be a red flag on their CD accounts! "APYs on term deposits assumes reinvestment of principal and interest at maturity, fees may reduce earnings on accounts." More Reviews |
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3.75% | ||
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Yeon Marquez | May 27, 2023 | Citi Bank located on 15410 Whittier Blvd, Whittier, CA 90603 has violated CA BUSINESS AND PROFESSIONAL CODE 17200, Chapter 1 of Part 3 of Division 7. My husband and I, each with separate business accounts... More Reviews |
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3.75% | ||
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JPreston | January 7, 2023 | Called and asked them to match rates offered through save better for a 15 year client since directly offered rates are no longer competitive. Received nasty response. My only regret now is that I need to c... More Reviews |
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3.75% |
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3.75% |
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wellden1 | October 2, 2022 easy workaround - open account with minimum balance, download app, do your steps, fund your account at end of month. easy. More Reviews |
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3.75% |
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Jenny Pratt 8-1972 | May 8, 2023 | This is just a wonderful bank to do business with. I have some concerns about all of these smaller California banks so my husband and I just stay below FDIC insurance amounts ($500,000 as a couple). It is ... More Reviews |
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3.75% |
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Great | June 21, 2021 | This account is great. Had first opened an online savings account and then I locked into the 18-month No Penalty CD. While interest is still lost if you get out before a quarterly payment date, it provides... More Reviews |
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3.75% |
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Something has changed | May 3, 2023 | Something changed with CIT. They are offering a higher rate, but funding it by substantially increasing the hold times on transfers out and in. Marcus is terrible with the rates, but I can still get my m... More Reviews |
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3.75% | ||
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Jeff T | February 15, 2024 | Absolutely the worst bank imaginable. I thought my mind was playing tricks on me, but no it is basically a fraud on the public. More Reviews |
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3.75% | ||
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RAPG | March 13, 2023 Correction: Apparently, they profit by paying less interest on previously opened accounts, where the lower rate stays the same, unless YOU request the account be converted to the NEWLY advertised account N... More Reviews |
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3.75% |
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3.75% |
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3.65% |
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3.65% | ||
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JTurlow | November 9, 2021 | Higher rate but same old bank. Still engages in a process of not crediting deposits for two days after they are drawn. As a result, any transfers initiated after Wednesday will miss earning interest over t... More Reviews |
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3.61% |
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Frog Stephane | October 30, 2022 | I got into this one and a couple of other small Utah banks last years when I saw that they were a little higher than national rates (something like 0.70% versus 0.50%). Whatever I made with this adjustme... More Reviews |
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3.60% | ||
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5Bme | December 12, 2022 | Great rate, easily application process. It is the only rate as of today that beats a 13-month Treas so makes sense for anyone like me in Florida or another 0 state tax. More Reviews |
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3.55% |
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3.55% |
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3.52% |
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Wesley | May 30, 2023 | Thank you to this site for showing this CD rate. I could not find it on the three leading sites (Bankrate, BestCashCow or Nerdwallet). Heck, I couldn't even find it easily on CIBC's own website, but that... More Reviews |
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3.51% |
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3.50% | ||
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JPreston | January 7, 2023 | Called and asked them to match rates offered through save better for a 15 year client since directly offered rates are no longer competitive. Received nasty response. My only regret now is that I need to c... More Reviews |
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3.50% |
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3.50% |
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Wazup | October 13, 2022 | might be a good as a local bank, but not set up as an online bank More Reviews |
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3.50% | ||
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disappointed | April 3, 2023 |
everything is a challenge for these guys. |
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3.50% | ||
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Laura K | July 14, 2021 | My husband and I opened an account here. We were happy to get the slightly higher rate for a bit, but they were quick to lower it. And, then the fees started. More Reviews |
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3.50% |
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3.50% |
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3.50% |
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3.50% |
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3.48% |
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3.46% |
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3.45% |
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3.40% | ||
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JPreston | January 7, 2023 | Called and asked them to match rates offered through save better for a 15 year client since directly offered rates are no longer competitive. Received nasty response. My only regret now is that I need to c... More Reviews |
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3.40% | ||
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Leslie G | December 7, 2021 | I've been unable to log on all evening because of the AWS outage. Also, I waited on hold for over 1 hour before giving up. Unable to get access to my money and disappointed by the AWS reliance with no re... More Reviews |
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3.35% |
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Nuisance but good | June 13, 2023 | These Emigrant subsidiaries - Dollar Savings Direct and My Banking Direct - are a real nuisance when one offers a better rate that the other will not match. Transfers are next day though. So I can trans... More Reviews |
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3.35% |
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3.35% | ||
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Nuisance but good | June 13, 2023 | These Emigrant subsidiaries - Dollar Savings Direct and My Banking Direct - are a real nuisance when one offers a better rate that the other will not match. Transfers are next day though. So I can trans... More Reviews |
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3.35% | ||
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JeromeK | September 18, 2022 | Let's see. A bank with a name like "LendingClub" that is focused on predatory straight cash lending in an economy that has gone from flush with cash to a deep recession (depression?) and that has a website... More Reviews |
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| Bank Institution | Interest Rate (APY) | Minimum Balance for APY |
Best For |
|---|---|---|---|
| Forbright Bank | 4.15% | $0 | Growth Savings |
| Neighbors Bank | 4.10% | $25,000 | Online Savings Account |
| PiBank, a division of Intercredit Bank, NA | 4.10% | $0 | Savings |
| Vault Bank | 4.10% | $100 | Savings Account |
| Peak Bank, a division of Idaho First Bank | 4.01% | $100 | Envision Savings |
| Total Bank, a division of City National Bank of Florida | 4.01% | $2,500 | Money Market |
A savings account is an interest-bearing bank account that allows you to preserve your cash. Your cash is secure as long as you remain within FDIC limits (or NCUA limits for federal credit unions).
A money market account is virtually identical to a savings account, except not bound by certain transaction restrictions (the most significant of which is a limit of 6 outbound transactions to outside bank accounts per month). Rates&Info does not distinguish between savings accounts and money market accounts. We list the best rates above for both products above.
As long as your total deposit accounts (savings, checking, CDs, etc.) with each bank do not exceed $250,000 for each ownership category, your deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) which is backed by the full faith and credit of the U.S. Learn more here. The National Credit Union Administration (NCUA) provides similar insurance for deposits with its member credit unions.
The table above lists the best online bank accounts with high interest rates. It also lists the highest yielding money market accounts and the best high yield savings account rates at banks and credit unions near you. By listing all of these rates on one table, Rates&Info enables you to determine the best bank for your savings account based on not just the best high yield savings rates that are available to you but also the convenience of a local branch.
The five most recognized online banks for savings in the US are currently Ally Bank, Barclays Bank Delaware, CIT Bank, Goldman Sachs Bank and Synchrony Bank. All of these have low account opening requirements and low or no minimum account maintenance requirements. The rates at these banks can vary. This table shows you which of these banks, and others, have the highest online savings account rates. Customer service levels, website and mobile app functionality, and transfer speeds also vary widely. User reviews on other websites may help you to determine which of these is the best for your needs.
Many people still prefer to keep their money at local credit unions and local banks because they prefer personal (not telephonic or internet-based) interaction with their banks, want to build a relationship with a local banker for other transactional matters, and often need cash or cashier’s checks instantly. The table above demonstrates all of the rates in one table so that you can compare rates at these institutions with online rates. If online rates are more competitive than those rates at banks and credit unions near you, you should consider opening a savings account at a bank with a branch near you and tying it to an online savings account where you can keep cash above those minimum levels required by your local bank or credit union.
Opening an online savings account or money market account is simple. Online banks first verify your identity through a driver’s license or other ID and a credit pull from Experian or Equifax (usually soft). You will then need to fund the account through mailing a check or entering an ABA and account number from an account that you may have at another bank (a funding account). Confirming ownership of the funding account requires entering your username and password for that account or confirming the amounts of one or two small test deposits after they have arrived.
Savings rates can be lowered or raised at any time by the bank or credit union at their discretion. That is the nature of the product. If you have cash that you are extremely unlikely to require access to and seek a higher rate of return, you should consider a certificate of deposit (CD). You can compare CD rates at online banks, local banks and credit unions here.
A child savings account is a great way to teach children about the importance of saving money. This is a hard lesson to teach when rates are so low (and remain below real inflation rates)! Although some online banks (Ally and Capital One 360) offer these accounts, local banks are usually better set up for child savings accounts. Depending on the state in which you reside, a guardian (usually a parent) is required to open the account and to oversee the account until the age of 18 or 21. Because of the documentation required, you should consider opening a child savings account at a bank with which you or your spouse already have a banking relationship.
The graph above shows how the average rates for online savings accounts have trended over the last several years.
5% + on a savings rate is attractive, but the phone reps are trained to tell people as a first response to come to a branch to address any inquiries. (Thankfully, I don't live in Florida but I also means ... More Reviews