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Best high-yield savings accounts of May 2021

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

Editor's pick: American Express® High Yield Savings

0.4%

APY

  • No monthly fee
  • Competitive APY
  • No minimum balance
Go to site

This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.

The best high-yield savings account are found online because online banks don’t have to maintain expensive physical branches. By forgoing wages for tellers and branch managers, janitorial staff, utility bills and other expenses, banks can pass the savings on to you in the form of stronger interest rates. We researched over 80 providers and dug into important factors like interest rates, monthly fees, availability and minimum deposit requirements to bring you the best high interest savings accounts available today.

What’s changed in 2021?
We added Chime Savings and Axos High Yield Savings to our best list.

The 16 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 Annual percentage yield (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$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.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Vio Bank High Yield Online Savings
Finder Rating: 3.9 / 5: ★★★★★
Vio Bank High Yield Online Savings
0.57%
$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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Compare up to 4 providers

American Express® High Yield Savings

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

★★★★★

Apply now
at American Express's secure site
0.4%
APY
None
Fees
None
Min. opening deposit
  • Competitive APY. Grow your savings with a competitive 0.4% 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

Chime Savings

Chime Savings logo
Finder Rating: 4.6 / 5

★★★★★

Apply now
at Chime's secure site
0.5%
APY
None
Fees
None
Min. opening deposit
  • No fees. Chime doesn't charge any fees for its savings account, and you can get started with as much money as you'd like.
  • High interest. You'll earn 0.5% interest on every penny you keep in your Chime Savings account. This APY is higher than most savings accounts available today.
  • Automatic savings. Put your savings on autopilot by having Chime round up your debit card purchases and sweep the spare change into savings. Plus, have up to 10% of each paycheck transferred to savings when it hits your account.
  • Chime Spending account required. You must open a Chime Spending account before you can open a Chime Savings account, which could be a disadvantage if you're not in the market for a new checking account.
  • Limited access to funds. The only way to withdraw money from your Chime Savings account is to transfer it to your Spending account first.
  • No joint accounts. You can't open this account with a partner, child or family member as Chime doesn't support joint accounts.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit
Fee per transaction over limit

Axos Bank High Yield Savings

Axos Bank High Yield Savings logo
Finder Rating: 4 / 5

★★★★★

Apply now
at Axos Bank's secure site
0.61%
APY
None
Fees
$250
Min. opening deposit
  • ATM card. Unlike most savings accounts, this one comes with an ATM card so you can access your money on the go. You'll also get reimbursements for all non-network ATM fees you incur.
  • Competitive APY. Earn a competitive 0.61% APY on your total account balance, no strings attached.
  • Minimal fees. This account doesn't have any monthly fees and Axos Bank is currently waiving its six-monthly transaction limit due to the coronavirus pandemic.
  • High opening deposit. Most banks let you open a savings account with as little as $0, but you'll need at least $250 to open this one.
  • Overdraft fee. This account doesn't come with overdraft protection, so you'll pay $25 each time you overdraw on your savings account, 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
0.4%
APY
None
Fees
None
Min. opening deposit
  • High APY. Your total account balance earns 0.4% 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

0.4%
APY
None
Fees
None
Min. opening deposit
  • 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

0.57%
APY
$5
Fees
$100
Min. opening deposit
  • Competitive APY. Enjoy no monthly fees and a strong 0.57% 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

0.55%
APY
$1
Fees
$5
Min. opening deposit
  • Competitive APY. This account's 0.55% 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

0.52%
APY
None
Fees
$1,000
Min. opening deposit
  • High interest.This account rewards you with a 0.52% 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

0.4%
APY
None
Fees
None
Min. opening deposit
  • 0.4% APY. Earn 0.4% 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

0.5%
APY
None
Fees
None
Min. opening deposit
  • 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 0.5% 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

0.5%
APY
None
Fees
None
Min. opening deposit
  • Strong APY. This account earns a solid 0.5% 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

Up to 0.6%
APY
None
Fees
$1,000
Min. opening deposit
  • High APY. Earn 0.6% 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 0.6% 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 6
Fee per transaction over limit $20

TAB Bank High Yield Savings

0.65%
APY
None
Fees
None
Min. opening deposit
  • 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
Finder Rating: 3.7 / 5

★★★★★

0.56%
APY
None
Fees
$500
Min. opening deposit
  • 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 0.56% 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

Up to 0.7%
APY
None
Fees
None
Min. opening deposit
  • No fees. The SmartyPig savings account doesn't have any monthly or withdrawal fees.
  • Competitive APYs. Even Sallie Mae's lowest APY tier of 0.45% 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 0.7% on balances up to $10,000 and 0.45% on balances from $10,000.01 to $50,000 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
Finder Rating: 3.7 / 5

★★★★★

0.5%
APY
None
Fees
$1,000
Min. opening deposit
  • Competitive APY. Earn 0.5% APY on your total balance when you keep at least $1,000 in the account.
  • No monthly fee. You won't pay a dime to maintain your account.
  • Customer service availability. You can reach customer service 24/7.
  • High opening deposit. You'll need to set aside at least $1,000 to open this account.
  • No compounding interest Your interest doesn't compound with this account
  • No cash transactions You can deposit or withdraw cash.
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 extra features. Interest rates fluctuate over time, so don’t go with a bank solely because it has highest rate. Instead, focus on one that has a high APY, but has other perks you’re looking for, such as ATM access, budgeting or savings tools.
  • Make sure the bank or credit union insures deposits. If you bank somewhere that isn’t insured, you could lose all your savings if it goes under. Instead, look for an FDIC-insured bank or an NCUA-insured credit union — both insure deposits up to $250,000.

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

Where can I find the highest interest savings account?

The highest interest savings account we’ve seen yet is the Primary Savings Account from Digital Federal Credit Union (DCU), which earns up to 6.17% APY. But it didn’t make our best list because you only earn 6.17% on the first $1,000 in your account. After that, the rate drops to 0.25%. You also must be a DCU member to open.

If you want a high yield savings account that’s easily accessible and earns a competitive APY on your total balance, then the highest rate account is SmartyPig Savings by Sallie Mae.

3 tips to get the best interest rate

Don’t stop at the advertised interest rate when comparing savings accounts. Here are various points to consider that will help you make the most out of your interest rate:
  1. Introductory rates. Some savings accounts offer sign-up bonuses or introductory rates that are higher but last for a limited time. Check to see for how long that rate is in effect and if you need to meet any requirements to get it or maintain it. But compare this rate with the account’s standard rate. If the standard rate is much lower, you might find a higher standard rate on another account where you could be better off in the long term.
  2. Compound interest. Ideally, you want a high-interest savings account with interest that compounds daily and is paid into the account monthly. This allows your money to grow faster by being paid for interest that you have already earned.
  3. Terms. Check to see if the interest rate is applied to tiers or under certain conditions, such as maintaining a minimum balance or making a certain number of deposits.

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.

Varo

Up to 3%
APY
None
Fees
$0.01
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 3%, 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 $5,000.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit
Fee per transaction over limit

Fitness Bank Fitness Savings Account

Fitness Bank Fitness Savings Account logo
0.65%
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 0.65% APY for 12,500 steps, 0.55% APY for 10,000 to 12,499 steps, 0.45% APY for 7,500 to 9,999 steps, 0.35% APY for 5,000 to 7,499 steps and 0.25% APY for 0 to 4,999 steps.
  • Different rates for seniors. If you're at least 65, your APYs range from 0.65% to 0.35% 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
0.6%
APY
None
Fees
$1
Min. opening deposit
The Prime Alliance Bank Personal Savings Account earns 0.6%. 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 0.6% 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
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $25

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.
  • Competitive rates.You’ll typically find higher interest rates with online accounts because they don’t have physical branches that require high maintenance and upkeep costs. You get this savings in the form of higher rates and lower fees.
  • 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 you maintain a certain balance. Know that amount and monitor your balance so that your money is always earning interest.
  • Interest rate changes. Savings accounts have variable interest rates, meaning your bank could lower APYs at any time. Contact your bank if you’re not sure why your account’s rate has changed.
  • Transfer time can take up to three business days. This delay could be an issue if you need money in an emergency. You’re also limited to six monthly withdrawals, due to federal law limitations.
  • No bank branches or debit cards. Many online savings accounts aren’t supported by physical bank branches or debit cards, which could be inconvenient if you rely on them.

Watch our short explainer video on pros and cons of online savings accounts:

Are online high-yield savings accounts worth it?

Online banks have lower overhead than traditional banks, so they’re able to pass on these savings to you in the form of higher interest rates and lower fees. Even though rates have dropped tremendously since the coronavirus pandemic, online savings accounts are worth it because their rates are still higher than the national average, which is currently around 0.05%.

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. Lets you do all your banking online without having to visit a local branch. Most don’t have monthly fees, offering an inexpensive way to build your savings. Interest on your balance is typically calculated daily and deposited into your account monthly.
  • 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?

Tax implications

Any interest earned on a high-yield account is taxable as income. This includes earnings on children’s accounts and CDs. However, you can claim deductions on expenses tied to earning the income. This can include account-keeping fees from the bank, management fees or financial consultations.

What’s the difference between an online high-yield savings and a traditional savings account?

Online savings and regular savings accounts have a few key differences you should keep in mind:

FeaturesOnline high-yield savings accountRegular savings account
Lower monthly fees
Higher interest rates
Larger ATM network
More branch locations
Longer customer service hours
Quicker access to your money
Better mobile banking experience
Insured deposits up to $250,000

Are high-yield savings accounts safe?

You can’t lose money in a high-yield savings account 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, up to $250,000, if the financial institution goes bankrupt.

How can I withdraw and deposit money in an online savings account?

Most online savings accounts don’t accept cash deposits and don’t come with an ATM card, but there are still several ways to access your money:

Deposits

  • Direct deposit
  • Remote check deposit
  • Wire transfer
  • Transfer from an external account

Withdrawals

  • Outgoing wire transfer
  • Transfer to an external account

    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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