Best high-yield savings accounts with up to 12% interest

Environmentally-friendly bank account

Aspiration Spend & Save Account

"This account starts off with rewards right away — receive a $150 bonus after spending $1,000 in the first 60 days. You can also get up to 10% cash back when you buy from socially conscious stores under the Conscience Coalition. Plus, earn an almost unbeatable 5.00% APY on your balance of up to $10,000, if you qualify."

by Megan Horner

APY

5.00%

Min. balance to earn interest

$0

Go to site on Aspiration's secure site

Best for traditional bank

Barclays Online Savings

" Earn a competitive 0.7% APY, and never worry about monthly fees or minimum balance requirements."

by Megan Horner

APY

1.10%

Min. balance to earn interest

$0

Go to site on Barclays's secure site

High-yield savings

Quontic Bank High Yield Savings

" Earn an impressive APY, and access your funds at any time with the included ATM card."

by Megan Horner

APY

1.58%

Min. balance to earn interest

$0

Go to site on Quontic Bank's secure site

Compare high-interest savings accounts and alternatives

Use this table to compare high-yield savings accounts based on their fees, interest rates and minimum opening deposits. See how providers stack up against each other by checking the Compare box under each account.

1 - 5 of 5

Name	Annual Percentage Yield (APY)	Fee	Minimum deposit to open
Bread Savings™ High-Yield Savings Finder Rating: 4.3 / 5: ★★★★★	1.65%	$0	$100	Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.	Go to site View details	Compare	loading Fetching your data...
Aspiration Spend & Save Account Finder Rating: 4.2 / 5: ★★★★★	5.00%	$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)	$10	New customers get a $150 bonus when they open an account and spend $1,000 in the first 60 days. Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $150 bonus when you spend $1,000 in your first 60 days.	Go to site View details	Compare	loading Fetching your data...
Quontic Bank High Yield Savings Finder Rating: 4.6 / 5: ★★★★★	1.58%	$0	$100	Interest is compounded daily. No monthly service fees. Competitive rates	Go to site View details	Compare	loading Fetching your data...
Barclays Online Savings Finder Rating: 4.6 / 5: ★★★★★	1.10%	$0	$0	Barclays Online Savings account offers key features that can help you save, including a high-interest rate, no monthly fees, and no minimum deposit.	Go to site View details	Compare	loading Fetching your data...
OnJuno Finder Rating: 4.8 / 5: ★★★★★	Up to 1.20%	$0	$0	Metal checking is free for the first 6 months. Earn up to 5% cashback and a 1.2% bonus rate on balances up to $50,000 with this high-yield checking account.	Go to site View details	Compare	loading Fetching your data...

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Compare up to 4 providers

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.

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.

How much money will I earn if I keep $1,000 in my account?

You could earn anywhere from $0.10 to $10.05 with an account balance of $1,000, depending on your savings account’s interest rate. 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 up to a 1% rate.

Account	APY	Total earned
Wells Fargo Way2Save Savings	0.01%	$0.10
American Express® High Yield Savings Account	1.0%	$7.53
Alliant High-Rate Savings	0.75%	$6.02
TAB Bank High Yield Savings	0.75%	$7.53
Sally Mae SmartyPig	0.70%	$7.02
Communication Federal Credit Union Blue Savings	1%	$10.05

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:

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.
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.
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.

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 — asignup 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:

Features	Online high-yield savings account	Regular 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.

High-yield savings accounts of July 2022

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