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.
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.
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.
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.
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.
Minimum to earn interest
Monthly transaction limit
Fee per transaction over limit
In prior years we focused on bringing you the best savings accounts with the highest rates available today — regardless of secondary features like monthly fees, low minimum deposit requirements and account perks. But in April 2020 we switched gears and focused on finding the best savings accounts that have high APYs, but also have other features worth bragging about.
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.
First-year switch benefit (3% vs. 0.01%)
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.
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.
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.
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.
Pros and cons of a high-interest savings account
If you’re considering a high-interest savings account, consider the following advantages and disadvantages:
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.
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.
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.
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
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