Customers Bank High Yield Savings through Raisin
Finder score
APY | 5.26% |
---|---|
Fee | $0 |
Minimum deposit to open | $1 |
Narrow down high-yield savings accounts based on fees, interest rates and minimum opening deposits. Select Compare for up to four products to see how they stack up against one another.
Customers Bank High Yield Savings through Raisin
Finder score
APY | 5.26% |
---|---|
Fee | $0 |
Minimum deposit to open | $1 |
Cloud Bank 24/7 through Raisin
Finder score
APY | 5.26% |
---|---|
Fee | $0 |
Minimum deposit to open | $1 |
UFB Secure Savings
Finder score
APY | 5.25% |
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Fee | $0 |
Minimum deposit to open | $0 |
Upgrade - Premier Savings
Finder score
APY | 5.21% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Bread Savings™ High-Yield Savings
Finder score
APY | 5.15% |
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Fee | $0 |
Minimum deposit to open | $100 |
Varo
Finder score
APY | Up to 5.00% |
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Fee | $0 |
Minimum deposit to open | $0 |
TAB Bank High Yield Savings
Finder score
APY | 5.27% |
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Fee | $0 |
Minimum deposit to open | $0 |
Bask Bank Interest Savings Account
Finder score
APY | 5.10% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Finder’s banking experts analyze hundreds of savings accounts weekly to find the best ones that can help you build up a nest egg and accumulate interest quickly. We weigh these factors to determine the accounts that make the final cut:
Among the hundreds of savings accounts we analyze, there were a few worth mentioning that didn’t quite make the cut of our strict APY minimum in our methodology. These accounts still exceed standards thanks to their wide availability, few or no fees, good reputation and higher-than-average interest rates.
These savings providers were highly rated by their customers in Finder’s 2024 Savings Customer Satisfaction Awards.
Brand | Overall satisfaction | Customers who’d recommend | Review | More Info |
---|---|---|---|---|
★★★★★ | 89% | Ally is an online-only bank that offers competitive rates on its savings and checking accounts. Customers praise its savings features, easy-to-use app, competitive rates and helpful customer service. | Read our review | |
★★★★★ | 91% | CIT Bank offers a variety of free interest-bearing accounts to choose from to build up your savings. Customers praise CIT’s helpful customer service and its competitive rates. | Go to site | |
★★★★★ | 93% | Marcus by Goldman Sachs offers exclusively online accounts with competitive rates and no fees. Customers praise its high rate, its banking and investing strategies and how easy it is to save and budget with Marcus. | Read our review | |
★★★★★ | 90% | Discover is a full-service online bank offering checking, savings, credit cards and more. Customers praise its competitive rate and like that Discover helps you build your credit and savings. | Go to site | |
★★★★★ | 86% | Chase is one of the largest banks in the US offering a variety of financial products like checking, savings and credit cards. Its savings accounts come with an autosave feature and new customers could snag a welcome bonus offer. | Read our review | |
★★★★★ | 87% | American Express offers competitive rates, $0 fees and online account access. Customers praise its competitive rates, reliability and helpful customer service. | Go to site | |
★★★★★ | 86% | SoFi is an online bank known for offering a range of products like its checking and savings hybrid account, investing, loans and more. Customers praise its easy-to-use mobile app, competitive rates and customer service. | Go to site | |
★★★★★ | 83% | Varo is an FDIC-insured digital bank account offering a checking and savings account with no monthly fees. Customers praise its no-hassle online savings experience and friendly customer service. | Go to site | |
★★★★★ | 84% | Synchrony is an online bank that specializes in savings products, like savings and money market accounts, CDs and IRAs. Customers praise its customer service and reliability. | Read our review | |
★★★★★ | 81% | Citizens bank is a regional bank offering a large branch network in the Midwest, Northeast and Florida. Customers praise its reliability and easy-to-use online banking platform. |
The only difference between a regular savings account and a high-yield savings account is the significantly higher rate — they are the same type of deposit account. High-yield savings accounts aren’t a different savings product but are different from a money market account and a certificate of deposit.
Run-of-the-mill savings accounts tend to have APYs between 0.01% and 0.47%, whereas high-yield accounts tend to have rates above this.
The only potential downside with high-yield savings accounts is that they’re typically found at online banks or fintechs. These institutions don’t have to maintain physical branches, so they can afford to offer high APYs. This means if you want the high rate, you’ll likely have to be comfortable managing the account exclusively online.
Here are a few pointers when comparing savings accounts:
Savings rates can change frequently. They have variable interest rates, so they can change in response to interest rate changes enacted by the Federal Reserve. The Federal Reserve meets eight times annually (every six weeks) but can meet more often when economic events require it. Since 2022, interest rates on savings products have nearly doubled.
With inflation numbers easing, the Federal Reserve has signaled that rate cuts are possible in 2024.
Savings accounts compound interest
The money in your savings account passively grows, thanks to compound interest. Savings accounts can compound interest daily, monthly or yearly, meaning you are earning interest on your already earned interest. Most savings accounts compound it daily, and earned interest is paid monthly, helping your savings grow faster.
— Bethany Hickey, Writer, Banking and Loans.
How much you can earn with a high-yield savings account depends on your interest rate, balance, monthly contributions and how long you let it sit. And if you have a monthly fee, you’ll need to factor that in as well.
A free savings account with a $10,000 deposit earning 0.46% APY can only earn $47.23 in one year.
With a 5.00% APY account and a $10,000 deposit, you can earn $513.75 in interest after one year. That’s a huge difference.
Use our calculator to see how much you can earn with your intended deposit, desired interest rate amount and planned monthly contributions.
You’ll need to provide your full name, address and government-issued ID to apply for a savings account. Some accounts require an opening deposit, which you can meet by transferring funds from another account or depositing cash if the bank has physical branches.
If you’re not sure a high-yield account is the right type of savings account for you, consider these alternatives for saving and storing your money.
The Federal Reserve had something called Regulation D, which stipulated that a bank can’t allow consumers to withdraw more than six times per month. That Regulation has since been suspended, but many banks and credit unions still abide by this standard.
No, traditional savings accounts won’t come with a debit card. You can find accounts that offer ATM cards, but they can’t be used for purchases. If you want a hybrid of a sayings and checking account, look into money market accounts — these are interest-bearing accounts that often come with a debit card and checkwriting privileges.
Not all savings accounts come with opening deposit requirements. Those that do often range around $20 to $100 for an initial deposit.
Apple’s new savings account has a high APY and simple set up, rivaling top competitors.
The Ponce Bank high-yield money market account offers 5.28% APY and comes with no account fee and a low $1 minimum opening deposit.
Here’s how we rate popular savings accounts, covering what we look for in interest rates, fees, minimums, customer service and account features.
Emergency funds can be a huge relief when an unexpected bill pops up. Learn more about how to build and where to put your emergency fund.
Top-rated savings accounts to save for a Disney vacation.
Our favorite vacation savings account is the SoFi Checking and Savings account because of its high APY, cashback offers and savings roundups.
If you struggle to save, you could benefit from a savings account or CD that won’t allow you to withdraw funds.
A compound interest account reinvests your earned interest into your balance. This new balance then continues to earn interest, knowing as compounding.
How to choose the best savings account for your situation.