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Best high-yield savings accounts of August 2020

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

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Editor's pick: CIT Bank Savings Builder High Yield Savings Account

CIT Bank Savings Builder High Yield Savings Account logo

0.75%

APY

  • Monthly fees: $0
  • Interest compounded daily
  • Minimum deposit to open: $100
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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 13 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 More info
Vio Bank High Yield Online Savings
1.21%
$5 per month
(can be waived)
$100
Read review
View details
This account features no monthly fees, is FDIC insured and earns a great interest rate.
Synchrony High Yield Savings
1.05%
$0
$0
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View details
Earn one of the highest interest rates without the fees.
Discover Online Savings Account
0.80%
$0
$0
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View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
CIT Bank Savings Builder High Yield Savings Account

0.75% on $25,000+ or set up a direct deposit of $100+ each month
0.55% on $0 to $24,999
$0
$100
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View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Popular Direct Select Savings
0.75%
$4 per month
(can be waived)
$5,000
Read review
View details
Competitive rate and secure access to your money via your desktop or mobile device. Interest that compounds daily.
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Closer look at the best high-yield savings accounts

American Express® Personal Savings High Yield Savings

1%
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 1% 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

CIT Bank Savings Builder High Yield Savings Account

CIT Bank Savings Builder High Yield Savings Account logo
Finder Rating: 4.3 / 5

★★★★★

Apply now
at CIT Bank's secure site
Up to 0.75%
APY
None
Fees
$100
Min. opening deposit
CIT Bank Savings Builder High Yield Savings Account rewards those who stash money away on a regular basis. To earn the highest APY, you'll need to save at least $100 a month or maintain a minimum $25,000 balance.
  • Low fees. CIT Bank doesn't charge any fees for opening or maintaining your account. Plus, you'll never pay for online transfers or incoming wires, though outgoing wires cost $10 each.
  • Tiered rates. Earn 0.55% on balances up to $24,999 and 0.75% on balances of $25,000 or more or when you set up a minimum $100 monthly direct deposit. New customers automatically earn the highest APY their first month.
  • Multiple linked accounts. Link up to 10 external accounts to your Savings Builder account to easily transfer funds.
  • Limited support. Customer service hours are from 8 a.m. to 9 p.m. ET on weekdays and hours are shorter during the weekends. CIT Bank also doesn't have a live chat function on its site, unlike other online banks.
  • Long deposit holds. CIT Bank holds your initial deposit for up to 10 days before it posts to your account.
  • No physical branches. As with most high-yield savings accounts, CIT Bank is fully online, which means you won't be able to bank in person.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit

Discover Online Savings Account

Discover Online Savings Account logo
Finder Rating: 4.6 / 5

★★★★★

Apply now
at Discover's secure site
0.8%
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 0.8% 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
1.05%
APY
None
Fees
None
Min. opening deposit
The Synchrony High Yield Savings account packs a punch with a competitive 1.05% 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

1.21%
APY
$5 monthly
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 1.21% 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

HSBC Direct Savings

0.7%
APY
None
Fees
$1
Min. opening deposit
HSBC is an international bank offering an impressive 0.7% APY on its online-only savings account — but the account doesn't come with ATM access.
  • Competitive APY. Grow your money even faster with 0.7% APY on your total HSBC Direct Savings balance.
  • No monthly fees. You won't pay any monthly fees to maintain your HSBC Direct Savings account.
  • 24/7 live chat. Chat with a customer support representative anytime you need assistance.
  • No ATM access. As an online-only account, you can't access your money from an ATM.
  • Closing fee. You'll pay a $25 fee if you close your account within 180 days of opening.
  • Wire transfer fee. Although this is the average for most savings accounts, you'll pay $15 for each incoming wire transfer.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $0

Popular Direct Select Savings

0.75%
APY
$4 monthly
Fees
$5,000
Min. opening deposit
The Popular Direct Select Savings account comes with 24/7 customer support and a competitive APY — but you need at least $5,000 to open an account.
  • High interest rate. This account's most attractive feature is its strong 0.75% APY.
  • Avoidable monthly fee. Popular Direct waives the $4 monthly balance when you keep at least $500 in your account.
  • 24/7 customer support. Reach out to a customer support specialist by phone, email or via an online form 24/7.
  • High opening deposit. You'll need at least $5,000 to open an account, a minimum deposit much higher than most savings accounts.
  • No checking option. Popular Direct doesn't offer any checking accounts, so it's not ideal if you want to keep all your banking under one roof.
  • 70-day ACH transfer restriction. During the first 70 days of account opening, new Popular Direct customers can only make ACH transfers from one external account. After that, you can transfer funds to multiple accounts.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit 6
Fee per transaction over limit $5

Barclays Online Savings

0.8%
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.
  • 0.8% APY. Earn 0.8% 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

1.05%
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 1.05% 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

BrioDirect High Yield Savings

BrioDirect High Yield Savings logo
0.95%
APY
None
Fees
$25
Min. opening deposit
This free savings account from BrioDirect offers a strong APY and no monthly fees. Plus, you get started with as little as $25.
  • Strong APY. While its 0.95% APY is lower than the others on our best list, it's still higher than the national average.
  • Low opening deposit. You only need $25 to open this account.
  • No monthly fees. You won't pay anything to maintain a BrioDirect High Yield Savings account.
  • No ATM card. This account doesn't come with an ATM card, so you won't be able to withdraw cash from an ATM or branch.
  • No branch locations. BrioDirect is the online-only arm of Sterling National Bank, so it doesn't have any physical branches.
  • Limited customer support window. Most online-only banks are open 24/7. But BrioDirect is only available weekdays from 8 a.m. to 8 p.m. ET and Saturdays from 8:30 a.m. to 3 p.m. ET.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit

Dollar Savings Direct Dollar Savings

1%
APY
None
Fees
$1
Min. opening deposit
Don't let this no-frills account fool you — it has a strong APY and no monthly fees. But tech-savvy users may want to pass because there's no mobile app.
  • Minimal fees. Dollar Savings Direct doesn't charge customers for monthly maintenance, inactivity or excessive transactions.
  • No minimum deposit. With this account, you can save as much money as you'd like without worrying about minimum balance requirements.
  • Daily customer support. Chat with a customer support representative seven days a week from 8 a.m. to 11:30 ET.
  • No mobile app. Oddly enough, Dollar Savings Direct doesn't have a mobile app, so the only way to manage your account online is by logging in through its website, which looks like it was designed over a decade ago.
  • No check deposits. There are only two ways to deposit funds: direct deposits from an employer and external bank transfers. You can't deposit checks or cash.
  • One way to access funds. The only way to access funds is through an external bank account, which takes two to five business days to process.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit

Ally Bank Online Savings Account

1%
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 1% 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

RSI Bank Go Digital! Savings

RSI Bank Go Digital! Savings logo
0.9%
APY
None
Fees
$100
Min. opening deposit
This newly launched savings account has an impressive 0.9% APY. Plus, there are no monthly fees or minimum balance requirements. But you'll need at least $100 to open the account.
  • Competitive APY. Its 0.9% APY might be low compared to other savings accounts at other banks, but it's higher than the national average.
  • Minimal fees. RSI Bank doesn't charge any fees for monthly maintenance or minimum balance requirements.
  • Branch locations. While most of the accounts on our list are offered by online-only banks, RSI Bank has four branch locations in New Jersey.
  • Opening deposit. You need at least $100 to open this account.
  • Limited customer support. RSI Bank is a small bank based in New Jersey, so there aren't many customer support options. You can send a secure message through your account portal or call the bank during its hours of operation.
  • New account. This account was just launched in January 2020, so we're not sure how often the bank will change its interest rates.
Interest compounding Daily
Minimum to earn interest $10
Monthly transaction limit 6
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
1.05%
APY
$10 monthly
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 1.05% APY for 12,500 steps, 0.95% APY for 10,000 to 12,499 steps, 0.85% APY for 7,500 to 9,999 steps, 0.75% 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 1.05% to 0.75% 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

First Foundation Bank Online Savings Account

First Foundation Bank Online Savings Account logo
Up to 1.2%
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 1.2% 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 1.2% APY. If your balance dips below $1,000, your APY drops to 0.35%.
  • 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

Prime Alliance Bank Personal Savings Account

Prime Alliance Bank Personal Savings Account logo
1.01%
APY
None
Fees
$1
Min. opening deposit
The Prime Alliance Bank Personal Savings Account earns 1.01%. 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 1.01% 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

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-interest 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, APYs for traditional savings accounts are usually on par with the national average. You’ll find most high-yield savings accounts at online banks because they have lower overhead and are able to pass these savings onto you in the form of higher interest.
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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