Best high-interest savings accounts

Reach your financial goals sooner by finding the best high-interest savings accounts available

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You’ve worked hard on building a rainy day or emergency fund. The best way to maintain easy access to that cash with no-risk growth is to place it in a high-interest savings account. We’ve got you covered with the best high-yield savings accounts around.

Compare some of the best high-interest savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
UFB Direct High Yield Savings
1.90%
$0
$100
Earn a competitive rate with a balance higher than $10,000.
UFB Direct Premium Money Market Account
1.90%
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
HSBC Direct Savings
2.00%
$0
$1
Get one of the highest interest rates available without high balance requirements or fees.
PNC Virtual Wallet
2.00%
$7 per month
(can be waived)
$25
A high interest savings, a short-term savings and a checking account, paired with digital money management tools – all working together to help you better manage your financial life.
CIT Bank Savings Builder High Yield Savings Account
1.80%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Citi Accelerate Savings
1.85%
$4.50 per month
(can be waived)
$0
This savings account offers no minimum deposit and a competitive APY in select areas.

Compare up to 4 providers

Find the best high-yield savings account

  • Look for: High and competitive interest rates

Make sure you know how much of your savings is earning the advertised interest rate. Some banks pay as much as 5% interest, but only the first $1,000 of your money. Other banks only pay a high rate on large account balances, like $100,000. Also, pay attention to the conditions required to earn the interest rate. The offer may only apply to new customers or you may need to meet deposit and withdrawal conditions.

  • Look for: 24/7 accessibility

There are usually several ways to conveniently access your savings, including mobile, online and phone banking. Some savings accounts even come with ATM cards. However, if you’re trying to stop yourself from dipping into your savings, consider an account with limited or no accessibility. Certificates of deposit (CDs) offer a higher rate of interest the longer you agree to keep your money inside. The catch is that you won’t have access to your savings for the duration of the term unless you want to pay a hefty penalty.

  • Look for: Whether you can link your existing bank account or need to open another account.

Depending on your bank, you may be required to link your high-interest savings accounts to a checking account in the same bank. If you have a checking account at a different bank, find out if you can link it to your high-yield savings account. Otherwise, you may be forced to pay another monthly fee for a bank account you might not need.

  • Look for: Zero fees

Check for fees for maintaining the account, though it’s common for savings accounts to have no monthly fees.

It can take time to compare your savings options, but preparing for the future can be more than worth the time. Each of these accounts have benefits and drawbacks, so you’ll need to find one that best fits your situation. Take control of your financial future, even if it’s just a few dollars at a time.

Should I switch savings accounts?

Your balance0.01%/year1%/year2%/year3%/yearFirst-year switch benefit (3% vs. 0.01%)
$1,000$0.10$10.05$20.20$30.45$30.35
$5,000$0.50$50.25$101.00$152.27$151.77
$10,000$1.00$100.50$202.01$304.53$303.53
$25,000$2.50$251.25$505.02$761.33$758.83

This table shows interest that is calculated daily and paid monthly. It doesn’t take into account any other deposits made into your account — if you make additional deposits, you’ll accumulate more interest.

Not only can you earn money by switching to a high-interest savings account, but you can also save money. If you have money sitting in a low- or no-interest everyday checking account that charges banking and transaction fees, you may actually be losing money.

With so many different high-interest savings accounts available online, there’s no reason to pay fees. The more you deposit into a high-yield savings account, the more interest you’ll earn on your money. Learn more about how to compare these accounts in our guide to high-interest savings accounts.

What to watch out for when using your high-yield savings account

Choose the high-interest savings account that best serves your needs to help avoid the following scenarios:

  • Variable interest rates could mean that you lose out when the federal interest rate decreases.

Banks can lower their rates for a few reasons, and if your account has a variable interest rate, you may lose out if the federal rate drops. If the rate on your account has changed and you’re not sure why, contact the bank.

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