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.

  • Best interest rate overall: 1.85% Betterment Everyday Cash Reserve
  • Best interest rate with a low minimum deposit: 1.5% BBVA Money Market
  • Best interest rate with no fee or minimum: 2% MySavings Account

How did we choose the best accounts?

With so many high-yield savings accounts out there to choose from, we narrowed down the options to a list of the top 10 by considering key factors like how rewarding an account was in terms of growing savings and how easy it was to open. That meant digging into account details like account type, annual percentage yield (APY), monthly fee, minimum deposit to open the account, minimum balance to earn interest and signup bonus.

Editor's pick: UFB Direct High Yield Savings

  • High APY
  • No monthly fee
  • Free online banking tools

Editor's pick: UFB Direct High Yield Savings

Earn a competitive rate with a balance higher than $10,000.

  • Low $100 minimum deposit
  • Optional ATM card
  • ATM fee reimbursements for all transactions

Compare some of the best high-interest savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
2.00%
$0
$100
Earn a competitive rate with a balance higher than $10,000.
2.00%
$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.
2.15%
$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.
2.05%
$4.50 per month
(can be waived)
$0
This savings account offers no minimum deposit and a competitive APY in select areas.
2.05%
$0
$1
Get one of the highest interest rates available without high balance requirements or fees.
1.85%
$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. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply

Compare up to 4 providers

CIT Bank Savings Builder High Yield Savings Account

Variable 1.85% APY

If you can commit to a direct deposit of $100 per month in order to qualify, this savings account has a super-high interest rate. You can also get the top rate with a $25,000 balance.

American Express® Personal Savings High Yield Savings

Variable 1.75% APY

Enjoy no monthly fees or minimums and a competitive annual percentage yield (APY) with this online-only savings account from one of the world’s most recognizable brands.

Synchrony High Yield Savings Account

Variable 1.80% APY

You won’t need to hold a minimum balance or deal with monthly service fees when you save with Synchrony. Mobile check deposit is also available through Synchrony’s iOS and Android apps.

Marcus by Goldman Sachs Online Savings account

Variable 1.70% APY

Don’t worry if you can’t stash any money right away — with a GS savings account, there’s no minimum deposit. You’ll also have daily compounded interest to maximize the growth of your savings.

Barclays Online Savings account

Variable 1.70% APY

You won’t find any monthly maintenance fees or minimum balances to open with Barclay. There’s also 24-hour access to your account and funds — and a savings assistant to help you meet your goals.

Ally Bank Online Savings Account

Variable 1.70% APY

Enjoy no monthly maintenance fees and domestic ATM withdrawal fees along with your high APY. You can also deposit funds remotely using Ally’s eCheck deposit system. Interest is compounded daily to help you grow your savings quickly.

Discover Online Savings Account

Variable 1.70% APY

Discover boasts quite a few $0 fees that you might run into with other savings accounts. Monthly maintenance, minimum balance, official bank check, expedited delivery for those bank checks or incoming wire transfers won’t cost you a thing with Discover. You also don’t need to make a deposit to open the account.

Alliant High-Rate Savings account

Variable 1.65% APY

With Alliant, there’s a $5 fee to open a savings account. But the good news is that they’ll pay it for you. You’ll need an average daily balance of $100 in the account to actually start earning interest, but you won’t have to worry about monthly fees eating away at your balance. And tools are available to help you keep on the path to building your savings.

BankPurely SavingPurely account

Variable 1.80% APY

If you’re looking for a savings account with a heart, BankPurely might be the answer. For every savings account opened, a tree is planted through Plant-It 2020. You’ll only need $1 to open the account, and there’s no minimum balance required to avoid a monthly fee.

Capital One 360 Performance Savings account

Variable 1.90% APY

Offering a bit lower APY than its competitors, Capital One 360 has quite a few features, including apps for iPhone, Android, Apple Watch and iPad. You’re also free to open multiple savings accounts, set up savings goals and direct deposit checks remotely.

How to get the savings account you need, and the interest rate you want

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 balance 0.01%/year 1%/year 2%/year 3%/year First-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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