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Best high-yield savings accounts of June 2020

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

Updated . What changed?

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

American Express® Personal Savings High Yield Savings logo

1.15%

APY

  • 1.15% APY
  • No monthly fee
  • No minimum balance
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With savings account interest rates dropping from 0.9% to 0.6% APY in 2020, it’s more important than ever to look at high-yield savings accounts to earn more. High-yield savings accounts offer rates that are 20 times more than the national average. To make your search easier, we’ve researched and sorted over 80 accounts to bring you the best high-yield savings accounts offering rates over 1.10% APY.

How did we choose the best high-yield savings accounts?

We narrowed down our best high-interest savings accounts by digging into important factors like annual percentage yield (APY), monthly fees, minimum deposit requirements and minimum balance to earn interest. We excluded any accounts that had high interest rates but made you work for it with strict balance requirements or limited availability.

What’s changed in 2020?

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 on finding the best savings accounts that had high APYs, but also had secondary factors worth bragging about.

Compare the 12 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 rates (APY) Fee Minimum deposit to open More info
Vio Bank High Yield Online Savings
1.50%
$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.
American Express® Personal Savings High Yield Savings
1.15%
$0
$0
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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.
HSBC Direct Savings
1.30%
$0
$1
Read review
View details
Get one of the highest interest rates available without high balance requirements or fees.
Popular Direct Ultimate Savings
1.50%
$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.
CIT Bank Savings Builder High Yield Savings Account

1.25% on balances of $25,000+ or set up a direct deposit of $100+ each month
1.06% on balances of $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
Discover Online Savings Account
1.15%
$0
$0
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View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
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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
1.5%
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 1.5% APY for 12,500 steps, 1.3% APY for 10,000 to 12,499 steps, 1.15% APY for 7,500 to 9,999 steps, 0.90% 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% to 1.5% 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
1.6%
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 1.6% 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 1.6% 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
1.55%
APY
None
Fees
$1
Min. opening deposit
The Prime Alliance Bank Personal Savings Account earns 1.55% to 1.45% APY depending on your account balance. Plus, there are no fees and you can open the account online. But watch out for a 60-day freeze on new accounts.
  • Strong APYs. You'll earn 1.45% APY on balances up to $9,999.99 and 1.55% on balances of $10,000 or more.
  • 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

How to find the best high-yield savings account

There are a few simple steps you can take to ensure that you find the best high-yield savings account that meets your needs:

  • Shop around for high interest rates. Compare savings accounts to find one that offers a high maximum interest rate. Some banks pay as much as 5% interest, but only the first $1,000 of your money. Others may only pay you the advertised rate when you meet certain conditions, such as being a new customer or meeting minimum deposit or withdrawal requirements.
  • Check how often interest is compounded. The more often interest is compounded, the more your balance will grow. An account that compounds interest daily or monthly will earn more than an account that compounds annually.
  • Investigate potential fees. Read the account’s Fee Schedule to see if you’ll be charged fees for maintaining the account — although it’s common for savings accounts to have no monthly fees.
  • Consider 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.
  • Find out if you need to open another account or link to an existing one. Most banks let you link your savings account to an external checking account. Others may require you to open a checking account at the same bank before you can open a high-yield savings account.

Should I switch to a high-yield savings account?

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.

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

Pros and cons of a high-yield 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-yield savings account, also referred to as a high-interest savings account, offers a competitive interest rate for money you keep in your account designed to help you save more money. Typically, these accounts pay compound interest that’s typically calculated daily and paid out monthly. And because many are also online savings accounts not connected to physical bank branches, they come with a free, 24/7 online banking platform to access your funds.
How is interest taxed on my savings account?

Bottom line

Opening a high-yield 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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