Best high-interest savings accounts of April 2020

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

Last updated:

Woman sitting on an airport using her cellphone

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

It seems like there are more high-yield savings accounts than ever before. While this is certainly a good thing, it can be hard to sort through the noise to find the best option for you. 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 done the research and sorted through over 80 accounts to bring you the best high yield savings accounts around.

Editor's pick: American Express® Personal Savings High Yield Savings

  • 1.60% APY
  • No monthly fee
  • No minimum balance

Editor's pick: American Express® Personal Savings High Yield Savings

Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.

  • Around-the-clock online and phone support
  • No fees to hassle with
  • FDIC insured

Compare the best high-interest savings accounts

Below you can see the savings accounts with the highest interest. In addition to considering their high APY, use the table below to compare account features such as fees or required deposit. Click compare on several products to see an alternative comparison view.

Name Product Interest rate (APY) Fee Minimum deposit to open More info
PNC Virtual Wallet
2.00%
$7 per month
(can be waived)
$25
Read review
View details
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.
Citi Accelerate Savings
1.85%
$4.50 per month
(can be waived)
$0
Read review
View details
This savings account offers no minimum deposit and a competitive APY in select areas.
American Express® Personal Savings High Yield Savings
1.60%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
UFB Direct High Yield Savings
1.70%
$0
$100
Go to site
View details
Earn a competitive rate with a balance higher than $10,000.
HSBC Direct Savings
1.70%
$0
$1
Read review
View details
Get one of the highest interest rates available without high balance requirements or fees.
Barclays Online Savings
1.60%
$0
$0
Go to site
View details
Earn 20x the national savings account average with no fees or minimums.
Discover Online Savings Account
1.60%
$0
$0
Go to site
View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
loading

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 high APYs 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.

  • 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.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site