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Best high-yield savings accounts of October 2020

Find the best high-interest savings accounts available and reach your goals sooner.

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Fact checked

Editor's pick: American Express® High Yield Savings

American Express® High Yield Savings logo

0.6%

APY

  • No monthly fee
  • Competitive APY
  • No minimum balance
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The best high-yield savings account helps you build your nest egg at record speed with a high APY and fewer fees. That’s why we researched over 80 accounts to bring you the best high-interest savings accounts available today.

How’d we do it? By digging into important factors like interest rates, monthly fees, availability and minimum deposit requirements.

The 15 best high-interest savings accounts

Use this table to explore the best high-yield savings accounts available today. Want to see how much interest you could earn? Enter your deposit amount into the box and click Calculate.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
0.60%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Synchrony High Yield Savings
0.65%
$0
$0
Earn one of the highest interest rates without the fees.
Vio Bank High Yield Online Savings
0.76%
$5 per month
(can be waived)
$100
This account features no monthly fees, is FDIC insured and earns a great interest rate.
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Closer look at the best high-yield savings accounts

American Express® High Yield Savings

American Express® High Yield Savings logo
Finder Rating: 4.6 / 5

★★★★★

Apply now
at American Express's secure site
0.6%
APY
None
Fees
None
Min. opening deposit
Thought American Express was only for credit cards? Think again. This high-yield savings account has no monthly fees and a competitive APY — but you won't get an ATM card.
  • Competitive APY. Grow your savings with a competitive 0.6% APY on your total balance.
  • No fees. The American Express Personal Savings High Yield Savings has no monthly fees, so your money can grow unhindered.
  • No ATM access. You won't get an ATM card, so you can't withdraw cash on the go.
  • No in-person support. As with most online accounts, you can't get in-person help at a branch, so you're limited to phone and email support.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit 6
Fee per transaction over limit $0

Axos Bank High Yield Savings

Axos Bank High Yield Savings logo
Apply now
at Axos Bank's secure site
0.61%
APY
None
Fees
$250
Min. opening deposit
With Axos Bank High Yield Savings, you'll earn 0.61% APY regardless of your account balance. But you'll need at least $250 to get started.
  • ATM card. Unlike other savings accounts, this one comes with an ATM card so you can withdraw cash on the go.
  • No minimum balance. You'll earn 0.61% APY on your total account balance. There are no special hoops to jump through.
  • No monthly transaction limits. This account typically has a six-monthly transaction limit, but Axos is waiving it due to the coronavirus pandemic.
  • High opening deposit. You'll need at least $250 to open this account. Most savings accounts require deposits of $0.
  • No overdraft protection. Expect to pay $25 each time you overdraft, up to $75 a day.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit $10

Discover Online Savings Account

Discover Online Savings Account logo
Finder Rating: 4.6 / 5

★★★★★

Apply now
at Discover's secure site
0.6%
APY
None
Fees
None
Min. opening deposit
Discover is notorious for having a suite of bank accounts with many $0 fees — this savings account included. You won't pay for expedited check deliveries, minimum balance or incoming wire transfers.
  • High APY. Your total account balance earns 0.6% APY, a rate much higher than the current national average.
  • Auto redemption. If you have a Discover Cashback Debit checking account, your cashback bonus is automatically deposited into your savings account each month.
  • 24/7 customer service. Call 800-347-7000 or start a live chat online anytime you need assistance.
  • Only one branch. Its only branch location is in Greenwood, Delaware.
  • Can't deposit cash. Discover's mostly online presence means your primary ways to deposit money include direct deposits, online transfers and mobile check deposits.
  • Outgoing wire transfer fee. While incoming wire transfers are free, outgoing ones cost $30 each.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $0

Synchrony High Yield Savings

Synchrony High Yield Savings logo
Finder Rating: 4.9 / 5

★★★★★

Apply now
at Synchrony's secure site
0.65%
APY
None
Fees
None
Min. opening deposit
The Synchrony High Yield Savings account packs a punch with a competitive 0.65% APY, ATM access, $0 minimum deposit and more. But Synchrony only has one branch, so there's limited in-person support.
  • Free ATM card. Unlike most savings accounts, this one comes with a free ATM card and up to $5 in fee reimbursements when you use out-of-network ATMs.
  • Customer rewards. As a Synchrony customer, you can earn access to additional ATM fee reimbursements, free wire transfers and more.
  • No excessive transaction fee. Synchrony won't charge you a fee when you make more than six outgoing transactions a month. But it still reserves the right to close your account if it happens too often.
  • Withdraw limit. You can't withdraw more than $1,000 daily from an ATM.
  • Limited in-person support. Synchrony's only branch is in Bridgewater, New Jersey, so you're limited to online support if you live outside this area.
  • High wire fees. Expect to pay $25 for each outgoing wire transfer you make.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $0

Vio Bank High Yield Online Savings

0.76%
APY
$5
Fees
$100
Min. opening deposit
The Vio Bank High Yield Online Savings account has all the best features of a high-yield savings account — no monthly fees and a strong APY. But you'll need at least $100 to open an account.
  • Competitive APY. Enjoy no monthly fees and a strong 0.76% APY on every single penny you save.
  • Daily compound interest. Interest on this account is compounded daily and posted to your account monthly, which means your nest egg grows even faster.
  • Daily phone support. Need help or have questions? Customer support is available any day of the week.
  • Hold on deposits. Vio Bank puts a five-day hold on new deposits. But don't worry, your money will still earn interest before it posts to your account.
  • Excess transaction fee. Expect to pay $10 each time you make more than six outgoing transactions a month from your account.
  • High opening deposit. Most high-yield savings accounts let you get started with as little as $0, but you'll need at least $100 to open a Vio Bank High Yield Online Savings account.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit 6
Fee per transaction over limit $10

Alliant High-Rate Savings

0.65%
APY
$1
Fees
$5
Min. opening deposit
The Alliant Credit Union High Rate Savings account has no initial deposit requirements or monthly fees. Earn 0.65% on your total balance.
  • Competitive APY. This account's 0.65% APY is competitive with other top banks and credit unions.
  • No maintenance fees. There are no monthly fees as long as you opt in to e-statements.
  • Low initial deposit. For new members, Alliant will pay the $5 initial deposit for you.
  • Withdrawal limit. You can't withdraw more than $500 a day or $200 a day if you have a ChexSystems record.
  • Limited branch locations. Alliant is almost entirely online, so it's not for those who prefer to bank in person.
  • Fees. Expect to pay $50 for outgoing international wire transfers, $10 for inactive accounts and $5 for ACH transfers initiated by phone.
Interest compounding Daily
Minimum to earn interest $100
Monthly transaction limit 6
Fee per transaction over limit

CIBC Agility Savings

0.7%
APY
None
Fees
$1,000
Min. opening deposit
This online account from CIBC has a 0.7% APY and 24/7 online support. But you'll need at least $1,000 to get started.
  • High interest.This account rewards you with a 0.7% APY while other accounts offer 0.06% APY or less.
  • No maintenance fees. This account doesn't charge anything for monthly maintenance.
  • 24/7 support. You can contact customer support at any time by phone, email or through the app.
  • High opening deposit. CIBC requires an opening deposit of at least $1,000 to open its Agility Savings account.
  • Initial limited transfer of funds. You're not allowed to make any external transfers for the first 90 days of account opening.
Interest compounding Monthly
Minimum to earn interest $0.01
Monthly transaction limit 6
Fee per transaction over limit $10

Barclays Online Savings

0.5%
APY
None
Fees
None
Min. opening deposit
Barclays is one of the 50 largest banks in the world and its Online Savings account is a good option for those who are comfortable banking online.
  • 0.5% APY. Earn 0.5% on your total account balance, regardless of how much or how little you keep in the account.
  • No opening deposit. Open this account with as little as $0 and start saving today.
  • No maintenance fees. Barclays doesn't charge any fees for opening or maintaining this account, which means you have more money at the end of the month to put toward your savings goals.
  • Excessive transaction fee. Expect to pay $5 each time you make more than six outgoing transactions a month.
  • No cash deposits. As with most online accounts, this one doesn't accept cash deposits or withdrawals. If you need cash, you'll need to transfer money to an external account first.
  • Five-day hold on deposits. Barclays puts a five-day hold on all funds you deposit into your account.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $5

Marcus by Goldman Sachs Online Savings

0.6%
APY
None
Fees
None
Min. opening deposit
Marcus by Goldman Sachs Online Savings features a competitive 1.3% APY, no monthly maintenance fees and same-day ACH transfers of up to $100,000.
  • No minimum opening deposit. Open your Marcus by Goldman Sachs Online Savings account with as little or as much money as you'd like.
  • No fees. You won't pay fees to open or maintain this savings account.
  • High APY. Earn a competitive 0.6% APY on your balance, which is considerably higher than national competitors that offer rates in the 0.04% APY range.
  • No ATM or bank branch access. You're limited to electronic and wire transfers only.
  • Withdraw limit. Marcus by Goldman Sachs reserves the right to close your account if you make more than six outgoing transfers a month.
  • Maximum balances enforced. You can't hold more than $1 million in your Marcus by Goldman Sachs Online Savings account, including interest.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit 6
Fee per transaction over limit

Ally Bank Online Savings Account

0.6%
APY
None
Fees
None
Min. opening deposit
The Ally Bank Online Savings Account has a competitive APY, no hidden fees and comes with around the clock customer support. But you can't deposit cash.
  • Strong APY. This account earns a solid 0.6% APY on all account balances, which is much higher than the current national average.
  • No hidden fees. Ally has a Straight Talk product guide that clearly lists out its fees.
  • No minimum deposits. You can open this account with as little as $0.
  • No ATM access. This account doesn't come with an ATM card, so you can't withdraw cash.
  • No cash deposits. Ally is a fully online bank, which means you can't walk into a branch and deposit cash.
  • 30 days to fund. You can open this account with $0, but Ally will close it if it's not funded within 30 days.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $10

First Foundation Bank Online Savings Account

First Foundation Bank Online Savings Account logo
Up to 0.75%
APY
None
Fees
$1,000
Min. opening deposit
First Foundation Bank Online Savings Account is located throughout California, Nevada and Hawaii. But anyone in the US can open an Online Savings account and take advantage of no monthly fees and a high interest rate.
  • High APY. Earn 0.75% APY across your entire account balance.
  • Optional ATM card. Withdraw cash on the go when you request your free ATM card at account opening.
  • No service fee. You won't pay anything to maintain this account.
  • Opening deposit. You need at least $1,000 to open this account and earn 0.75% APY.
  • New money only. If you're an existing customer, you must fund this account with new money to qualify for the advertised APY.
  • Excessive transaction fee. You'll pay a whopping $20 fee each time you make more than six outgoing transactions a month. Most banks usually charge $5 to $10. Although this policy could be waived temporarily due to COVID-19.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit
Fee per transaction over limit $20

TAB Bank High Yield Savings

TAB Bank High Yield Savings logo
Finder Rating: 4.3 / 5

★★★★★

0.9%
APY
None
Fees
None
Min. opening deposit
The TAB Bank High Yield Savings account is simple; Earn 0.90% APY on your total balance with no monthly fees or minimums required.
  • No opening deposit. Open this account with as little as $0.
  • No monthly fee. You won't have to pay any monthly maintenance fees when you open a TAB Bank High Yield Savings account.
  • Competitive APY. TAB Bank offers one of the highest APYs available on the market today.
  • Excessive withdrawals. TAB Bank charges $20 each time you make more than six outgoing transactions a month. For reference, most banks charge $5 or $10 for excessive transactions.
  • Account closure. You'll pay a $10 fee if you close this account.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit 6
Fee per transaction over limit $20

SFGI Direct Savings Account

SFGI Direct Savings Account logo
0.81%
APY
None
Fees
$500
Min. opening deposit
SFGI Direct is a division of Summit Community Bank located in Moorefield, West Virginia. Its savings account boasts 0.81% APY and no monthly fees.
  • No monthly fee. When you bank with SFGI Direct, you won't have to worry about a monthly fee eating into your savings.
  • Competitive APY. You'll earn 0.81% APY on your total account balance, compared to the national average which is just 0.05%.
  • Quick online application.It takes less than 10 minutes to set up an SFGI Direct Savings account online.
  • High opening deposit. You'll need at least $500 to open an account. Other banks let you get started with as little as $0.
  • One way to access funds. The only way to deposit and withdraw money is through an electronic transfer from another bank account.
  • Only one account. SFGI Direct only offers one bank account, so it's not ideal for those who want to keep all their accounts at one institution.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit
Fee per transaction over limit

SmartyPig Savings

SmartyPig Savings logo
Up to 1.05%
APY
None
Fees
None
Min. opening deposit
The SmartyPig Savings account from Sallie Mae is a free account that helps you save for all your short and long-term goals.
  • No fees. The SmartyPig savings account doesn't have any monthly or withdrawal fees.
  • Competitive APYs. Even Sallie Mae's lowest APY tier of 0.65% is higher than most high-yield savings accounts available today.
  • Goal tracking. Create goals in your SmartyPig account and have money automatically dispersed between those goals when you make a deposit.
  • APY drops as balance grows. Most savings accounts reward you with more interest as your balance grows, but SmartyPig does the opposite. You'll earn: 1.05% on balances up to $2,500, 0.95% on balances from 2,500.01 to $10,000, 0.75% on balances from $10,000.01 to $50,000, 0.65% on balances of $50,000.01 or more.
  • Limited customer support. The only way to reach customer service is by phone at 877-751-6884. There's no email or live chat support.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit

Rising Bank High Yield Savings

Rising Bank High Yield Savings logo
0.6%
APY
None
Fees
$1,000
Min. opening deposit
The Rising Bank High Yield Savings Account has no monthly fees and a competitive 0.6% APY. But you'll need to keep at least $1,000 in the account to earn interest.
  • Competitive APY. Earn 0.6% APY on your total balance when you keep at least $1,000 in the account.
  • ATM card. Most savings accounts don't come with an ATM card, but this one does.
  • High opening deposit. You'll need to set aside at least $1,000 to open this account.
  • Account closure fee. Expect to pay a $10 fee if you close your account within 120 days of opening.
Interest compounding Daily
Minimum to earn interest $1,000
Monthly transaction limit
Fee per transaction over limit

How to choose the best high-yield savings account for you

There are a few simple steps you can take to ensure you choose the best high-yield savings account for your needs:

  • Look for a high interest rate. Some banks pay as much as 5% interest, but only the first $1,000 of your money. Others may pay a flat rate on your total balance. Read the fine print so you know how much you can expect to earn.
  • Investigate potential fees. Read the account’s Fee Schedule to see if you’ll be charged fees for maintaining the account. Bonus tip: most online savings accounts don’t have a monthly fee.
  • Consider accessibility. There are usually several ways to access your savings, including mobile, online and phone banking. But some accounts even come with ATM cards. Decide how you plan to use your funds and choose an account that aligns with your needs.
  • Look for bonus features. Some savings accounts come with budgeting features. Other come with automatic savings programs to help you reach your goals.

Should I switch to a high-interest savings account?

Switching to a high-yield savings account can earn you more money with a higher interest rate and save you more money with lower fees. It’s a win-win.

The table below shows how much money you’d earn by switching from a savings account with a 0.01% interest rate to one with a 1%, 2% or 3% rate.

Account balance0.01% APY1% APY2% APY3% APYFirst-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

Alternative high-yield savings accounts

These accounts have high APYs, but they didn’t make our best list because they have limited availability or strict or unusual account requirements. That said, they may still be good options depending on your needs.

Fitness Bank Fitness Savings Account

Fitness Bank Fitness Savings Account logo
0.95%
APY
$10
Fees
$100
Min. opening deposit
Open a Fitness Bank Fitness Savings Account online and start saving today. Simply connect the FitnessBank Step Tracker app to your FitBit, Garmin, Apple Health or Google Play app and get paid to exercise. The more steps you take a day, the higher your APY will be.
  • Earn highest APY your first month. Because there's no data to go off of your first month, you'll automatically receive the highest APY.
  • Get paid to walk. You'll earn 0.95% APY for 12,500 steps, 0.85% APY for 10,000 to 12,499 steps, 0.75% APY for 7,500 to 9,999 steps, 0.65% APY for 5,000 to 7,499 steps and 0.50% APY for 0 to 4,999 steps.
  • Different rates for seniors. If you're at least 65, your APYs range from 0.95% to 0.65% and you only have to walk 10,000 steps a day to earn the highest rate.
  • Monthly fee. There's a $10 maintenance fee, but Fitness Bank waives it when you keep at least $100 as your daily balance in your account.
  • Low APY for lower steps. If you walk less than 7,500 steps a day, you may find higher rates elsewhere.
  • Hold on deposits. Fitness Bank holds your funds for three to five business days before they're posted to your account.
Interest compounding Monthly
Minimum to earn interest $100
Monthly transaction limit 6
Fee per transaction over limit $10

Prime Alliance Bank Personal Savings Account

Prime Alliance Bank Personal Savings Account logo
0.75%
APY
None
Fees
$1
Min. opening deposit
The Prime Alliance Bank Personal Savings Account earns 0.75%. Plus, there are no fees and you can open the account online. But watch out for a 60-day freeze on new accounts.
  • Strong APY. You'll earn 0.75% on all balances.
  • No service fees. There's no monthly service fee or minimum deposit requirements to open this account.
  • Easy application. Open this account online or stop by a local branch.
  • 60-day hold on new accounts. Prime Alliance Bank Personal Savings Account places a 60-day freeze on all new accounts, so you can't access your money during this time.
  • Excessive transaction fee. Normally you'd pay a $25 fee if you passed the six transaction limit, but you'll want to check with Prime Alliance to see if this policy is temporarily suspended.
  • One branch location. Prime Alliance has one physical location in Woods Cross, Utah, so in-person support is limited.
Interest compounding Daily

Varo

Varo logo
Up to 2.8%
APY
None
Fees
None
Min. opening deposit
The Varo Savings Account has a competitive APY and automatic savings tools to help you grow your money faster. But you have to open a Varo bank account to be eligible for the savings account, which is why it didn't make our best list.
  • No monthly fees.Open this account with as little as $0.01 and never worry about maintenance fees eating into your savings.
  • Automatic savings tools. Use Save Your Pay to have a percentage of your money automatically transferred to savings. Use the Save Your Change feature to have transactions rounded up to the nearest dollar and swept into savings.
  • Can't open directly. You'll have to open a Varo Bank account to open this savings account, which may not be ideal if you already have a spending account you enjoy.
  • APY rules. To earn 2.8%, you'll need to make at least five qualifying Varo debit card purchases a month, have at least $1,000 monthly direct deposits and keep your balance below $10,000.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit
Fee per transaction over limit

Pros and cons of a high-interest savings account

If you’re considering a high-interest savings account, consider the following advantages and disadvantages:

Pros

  • Reach your goals faster. If you apply for a high-yield savings account that matches your savings style, you can get a head start on reaching your financial goals.
  • Minimal fees. The majority of high-interest savings accounts don’t charge fees for maintaining the account.
  • No risk. Savings accounts are considered one of the safest investments in the financial system, next to a certificate of deposit. Most banks are guaranteed by the FDIC, which means that eligible deposits are insured up to $250,000 a person, per bank.

Cons

  • Minimum balance requirements. Some high-yield savings accounts only pay interest if your balance is above a certain threshold. Know that amount and monitor your balance so that your money is always earning interest.
  • Interest rate changes. 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.
  • Transfer time can take up to three business days. The limited access could prove troublesome if you suddenly need the money for an important purchase. You’re also limited to six monthly withdrawals, due to federal law limitations.

What is a high-yield savings account?

A high-yield savings account — also referred to as a high-interest savings account — offers a competitive interest rate that’s typically 20 times higher than the national average. So if the national average is 0.05%, a high-yield savings account may offer rates around 1%. For comparison, interest rates for traditional savings accounts usually match the national average.

Examples of high-interest savings accounts include:

  • Online savings accounts. These accounts usually offer easy access for deposits and withdrawals and have some of the most competitive interest rates, but you can only manage your funds via Internet and mobile banking.
  • Savings accounts with bonuses or rewards. Some savings accounts offer signup bonuses such as cash rewards. While tempting, be sure that this account is good for you long term — a signup bonus usually isn’t enough to make up for a low interest rate.
  • Traditional high-interest savings accounts. Brick-and-mortar banks offer various savings account options. High-interest accounts usually come with conditions, such as a minimum opening amount or a minimum balance. If you meet all of the conditions, these accounts can be competitive, though check the fees.

How is interest taxed on my savings account?

Are high-yield savings accounts safe?

High-yield savings accounts are just as safe as traditional accounts as long as they’re federally insured. If you get an account at a bank, it’ll be FDIC insured. If you open one with a credit union, it’ll be NCUA insured. Either way, this means you’ll get your money back if the financial institution goes bankrupt.

Bottom line

Opening a high-interest savings account can help you take advantage of getting the highest return on your money even when the market rates shift. They’re also a good option if you’re looking to earn more money without losing easy access to your savings in case of an emergency. To get the most out of your account, shop around for the terms and conditions that will save you the most.

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