Being strategic about where you put your money can give your savings a boost and help you meet your goals sooner. So, if you’re earning a low interest rate on your money, consider putting it in a high-yield savings account.

Not sure where to find the best high-yield savings accounts available today? We did the heavy lifting for you: Our team compared today's high-yield savings accounts offered by federally insured financial institutions and identified the 10 best based on interest rate, fees, account features, customer service and more.

Table of contents

• Best high-yield savings accounts

• What is a high-yield savings account?

• What is APY?

• Pros and cons of high-yield savings accounts

• Alternatives to high-yield savings accounts

• Historical savings rates

• Tips for finding the best high-yield savings account

• How to open a high-yield savings account

• HYSA frequently asked questions (FAQs)

• Best high-yield savings account methodology

Interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.

• APY: Up to 4.00%

• Minimum opening deposit: $0

• Monthly fee: $0

SoFi’s online bank account — a combination checking and high-yield savings account — made our list for its competitive APY, lack of fees, and bundled approach to saving and spending.

It currently offers up to 4.00% APY on savings balances and 0.50% APY on checking account balances. There are no monthly maintenance fees, minimum balance requirements, or minimum deposit requirements to open an account.

The online bank account from SoFi comes with several additional perks, such as purchase round-ups that are deposited into your savings account and multiple savings vaults to help you stay organized and save for different goals. Right now, new customers can also earn up to a $300 bonus when they meet certain requirements.

Read our full review of SoFi

• APY: 4.10%

• Minimum opening deposit: $0

• Monthly fee: $0

The Barclays Online Savings Account offers an APY almost 10 times the national average. With no monthly maintenance fees and no minimum balance required to open, this account is a great option for savers who are just getting started and may not have a lot of money to put away just yet. Barclays also offers a free savings assistant tool to help customers figure out how much they need to save each month to reach their goals.

Read our full review of Barclays Bank

• APY: 4.65%

• Minimum opening deposit: $0

• Monthly fee: $0

At 4.65% APY, the Interest Savings Account from Bask Bank pays more than 10 times the national average. With no minimum opening deposit or monthly fees, this account could be a great option for savers who want to keep their banking costs low.

Bask operates as an online-only bank, meaning there are no physical branches. However, if you need assistance with your account, Bask Bank provides generous phone customer support hours, including Saturdays.

Read our full review of Bask Bank

• APY: 4.10%

• Minimum opening deposit: $0

• Monthly fee: $0

The Online High Yield Savings Account from Synchrony Bank offers a competitive 4.10% APY — which is nearly 10 times the national average for traditional savings accounts.

This account is free to open and doesn’t charge any monthly fees. Interest is compounded daily and credited monthly. Synchrony also offers an optional ATM card for savings account holders; the bank refunds customers up to $5 per statement cycle for any domestic ATM fees they have incurred.

Read our full review of Synchrony Bank

• APY: 4.01%

• Minimum opening deposit: $0

• Monthly fee: $0

UFB Direct’s Portfolio Savings Account offers a competitive 4.01% APY, which applies to all balances. UFB customers also receive a complimentary ATM card for easy access to their funds and a host of digital tools to make banking easier, including mobile deposits and SMS banking.

This account also stands out due to UFB’s highly rated mobile app. Customers can use the app to check account balances, view transaction history, transfer funds between eligible accounts, and contact a customer service representative.

Read our full review of UFB Direct

• APY: 4.75%

• Minimum opening deposit: $0

• Monthly fee: $0

EverBank’s Performance Savings Account gives account holders the opportunity to earn 4.75% APY on their savings balance with no minimum opening deposit, minimum balance requirements, or monthly maintenance fee. Interest is also compounded daily.

Note that while EverBank does have extended customer service hours, the only way to reach a representative is by telephone — there is no live chat or email option.

• APY: 3.85%

• Minimum opening deposit: $0

• Monthly fee: $0

The Ally Bank Savings Account is a high-yield savings option with no minimum deposit required to open and zero monthly fees. At 3.85% APY, this account’s interest rate is more than eight times the national average.

Account holders can maximize their savings potential through round-ups, recurring transfers to their savings account, and surprise savings through tools that analyze your checking account spending and transfer “safe-to-save” money to your savings account.

Read our full review of Ally Bank

Account details:

• APY: 3.90%

• Minimum opening deposit: $0

• Monthly fee: $0

The American Express High-Yield Savings Account made our top 10 list thanks to its competitive 3.90% APY and lack of minimum opening deposit or minimum balance requirements. Interest on your account balance is compounded daily and deposited into your account on a monthly basis.

One drawback: This account does not provide account holders with an ATM card, debit card, or checks. In order to access your money, you’ll need to transfer your funds electronically. That’s why this account may be better for those who plan to keep their funds on deposit for the long-term and don’t anticipate needing immediate access.

Read our full review of American Express National Bank

Account details:

• APY: 4.10%

• Minimum opening deposit: $0

• Monthly fee: $0

The Marcus by Goldman Sachs High-Yield Online Savings Account boasts a competitive rate of 4.10% APY with no fees or minimum deposit requirements. Accounts can be opened online or within the Marcus app.

Additionally, this account comes with benefits such as same-day transfers of up to $100,000 and no limit on monthly transactions. If you have questions or need help with your account, representatives are available 24/7 via phone and chat.

Read our full review of Marcus by Goldman Sachs

Account details:

• APY: 4.52%

• Minimum opening deposit: $0

• Monthly fee: $0

The TAB Bank Save account offers a competitive 4.52% APY, which is 10 times the national average. This account also has no monthly maintenance fees or minimum deposit requirements.

TAB savings accounts are FDIC insured up to the federal limit of $250,000 per depositor.

Read our full review of TAB Bank

A high-yield savings account (HYSA) is a type of deposit account offered by brick-and-mortar banks, online banks, neobanks, and credit unions. As with traditional savings accounts, high-yield savings accounts typically don’t offer debit cards or check-writing privileges; you may be able to transfer money between your HYSA and other accounts via online transfers.

An HYSA functions similarly to a traditional savings account, except you can earn much more interest. In some cases, you can get an annual percentage yield (APY) that is 10 times higher than the national average savings account rate. In fact, HYSAs currently offer some of the highest rates available on deposit products, with some financial institutions advertising APYs over 5%.

High-yield savings accounts typically have no minimum opening balance requirements or monthly fees, though some banks may require you to maintain a minimum balance to earn interest or avoid a monthly service charge. Depending on the financial institution, you may earn the same rate regardless of your balance, or your APY may be tiered based on your balance.

High-yield savings accounts work the same way traditional savings accounts do; the main difference is the interest rate. Savings account interest rates are typically less than 1%, while high-yield savings accounts offer rates as high as 4% and 5%. Fees, restrictions, and minimum deposit requirements depend on the financial institution for both account types, and both types of accounts are FDIC-insured.

Read more:

• High-yield savings account vs. traditional savings account: Which one is better?

• Why open a savings account?

A high-yield savings account’s interest rate represents how much you’ll earn in simple interest (interest earned on the principal balance). The annual percentage yield (APY) is the rate of return, including compound interest, which is the interest you earn on the principal balance and accrued interest. Most savings accounts compound interest daily or monthly. The more often interest compounds, the faster your money will grow.

HYSAs come with variable interest rates. That means your bank or credit union can change your APY at any time. Generally, APYs increase when the economy is doing well, and the Federal Reserve raises its benchmark rate. Conversely, rates can drop when the economy weakens, and the Fed lowers rates.

Read more:

• What is annual percentage yield (APY)?

• What is a good savings account interest rate?

• What is compound interest, and how is it calculated?

• Savings interest rates today

• Savings accounts that offer 5% APY and up

There are many benefits of opening a high-yield savings account, particularly the opportunity to earn a competitive rate on your balance. However, there are some drawbacks to consider as well. Let’s take a closer look at the pros and cons of high-yield savings accounts:

• Higher interest rates: You’ll generally earn more interest than you would with a traditional savings account.

• Compound interest: Compounding interest helps your balance grow more quickly. Interest in an HYSA may compound daily or monthly.

• Accessibility: These accounts are a great place to stash money you may need to access quickly, such as your emergency fund. Other types of accounts, such as certificates of deposit (CDs), offer high rates but impose penalties if you withdraw money prior to the maturity date.

• Minimal or no fees: Fees with high-yield savings accounts are rare, so you won’t need to worry about these costs eating into your balance.

• Low-risk: High-yield savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Plus, unlike investments, account performance isn’t tied to the stock market and you can’t lose money, making HYSAs a low-risk option for your money.

• Variable rates: Your savings account’s APY can increase or decrease over time. While individual banks set rates at their discretion, these rates are loosely tied to the federal funds rate. Banks may choose to increase or decrease savings rates when the Fed adjusts its target rate.

• Minimum balance requirement: Some accounts may have a high minimum opening deposit.

• Tiered APYs: Some banks may have tiered APYs depending on the deposit amount. For instance, you may earn a higher rate if you deposit $5,000 vs. $100. So, while a $5,000 deposit isn’t necessarily required, it could result in a better APY.

• Better for short-term savings: High-yield savings accounts aren’t the best choice for long-term savings goals, like retirement. Investment accounts tend to offer higher long-term returns.

• Withdrawal limits may apply: Depending on your bank, you may have a limit on monthly withdrawals.

Read more: Understanding the pros and cons of high-yield savings accounts

An HYSA can be a smart place to store your savings, but it's not your only option. Here's a look at some of the alternatives you may want to consider.

Money market accounts and high-yield savings accounts both offer higher interest rates compared to traditional savings accounts. However, these accounts come with different features. For instance, MMAs typically offer check-writing abilities and debit cards, though they might require higher minimum balances to earn the top interest rates. High-yield savings accounts, on the other hand, are designed to store your savings longer-term with fewer withdrawal options. Learn more about money market accounts vs. high-yield savings accounts.

Read more: Money market account vs. high-yield savings account: Which is right for you?

Like high-yield savings accounts, CDs can provide a safe place to store your savings while earning a competitive return. The big difference is that CDs require you to lock in your money for a set period, known as the term, which can range from a few months to several years. For this reason, CDs are a better option for people who don't need immediate access to their funds. Learn more about high-yield savings accounts vs. CDs.

Read more: High-yield savings account vs. CD: Which is right for you?

High-yield savings accounts and investing serve vastly different financial goals and risk profiles. HYSAs provide stable, low-risk returns with interest rates higher than traditional savings accounts. They're best for short-term financial goals or emergency funds due to their liquidity and FDIC insurance. Investing in bonds, stocks, mutual funds, and other securities typically involves higher risk — but also the potential for higher returns over the long run. Investing your money makes more sense for long-term financial goals like retirement since the returns generally outpace inflation and help grow wealth over time. Learn more about high-yield savings accounts vs. investing.

Read more: High-yield savings account vs. investing: Which is right for you?

Today's savings account rates are the highest they've been in more than a decade, making it a great time to put your money in one. Here's a look at how historical savings rates have changed since 2014.

Competitive rates are great, but considering other factors besides APY can help you find an account that best meets your needs.

Look at high-yield savings account offers for new depositors with high APYs, low to no account fees, and are free to open.

High savings account rates will earn you more interest, but the financial institution offering those rates might not necessarily be the best option for your finances, so do your research before opening an account.

Research applicable deposit requirements. Is there a minimum initial deposit requirement? Do any other deposit requirements apply? Are there tiered APYs depending on your deposit amount?

Some accounts may have monthly maintenance fees or other fees. Look into which fees may apply before opening a new account.

Understand how you can access your money before opening a new account. For example, can you log into an online dashboard? Does your bank have a mobile app? Is it connected to an ATM network?

Review available deposit options. Are mobile check deposits via a mobile banking app an option? Can you make direct deposits via an ATM?

Look into whether you can link your new account to an existing checking account at another bank. Make sure there are no restrictions or waiting periods when it comes to accessing your money.

Read more: How to choose the right high-yield savings account for you

Once you’ve determined the best high-yield savings account for you, opening one is simple and can be done in person or online. You’ll generally need to provide your personal information, proof of identity, and address to open a new account. Make sure you have your driver’s license, Social Security number, and copies of a recent mortgage statement or utility bill.

Depending on the account, a minimum deposit amount could apply when you open your HYSA account. If that’s the case, you’ll also need to be ready to transfer money from an existing account to meet the deposit requirement. Learn more about opening a high-yield savings account.

As long as your account is held by an FDIC- or NCUA-insured institution, your money is federally insured up to the $250,000 limit.

Savings account rates are subject to change at your bank’s discretion. To get the most recent rate information for the accounts you’re considering, you’ll need to visit those institutions’ websites or call them directly to learn more.

Yes, you can withdraw money from a high-yield savings account. However, these accounts may have rules in place regarding the maximum number of withdrawals you can make within a given month or statement period without incurring a fee.

Among our list of the 10 best high-yield savings accounts, the highest rate available is 5.05% APY, offered by EverBank.

Yes, the interest earnings from high-yield savings accounts are considered taxable income. You should receive a Form 1099-INT from your bank if you earn more than $10 in interest during the year, which you need to report on your tax return.

High-yield savings accounts are one of the best places to keep extra cash, whether for your emergency fund or short-term savings. The best rates currently hover between 4% and 5% APY.

Interest rates on savings accounts can change at any time. They're influenced by several factors, including the federal funds rate, general economic conditions, and individual bank policies.

Typically, high-yield savings accounts, CDs, and money market accounts offer higher interest rates compared to standard checking or savings accounts.

In most cases, you won't lose money in a high-yield savings account as long as the financial institution is insured by the FDIC or NCUA, which cover up to $250,000 per depositor, per institution, per ownership category. However, there are certain instances when your HYSA could lose money.

Our grading system, collected and carefully reviewed by our personal finance experts, comprised nearly 300 data points for approximately 30 federally insured savings accounts to develop our list of the top 10 high-yield savings accounts. We considered accounts with yields higher than the national average for traditional savings accounts.

We evaluated these accounts according to several key metrics, including annual percentage yield, minimum opening deposit, minimum balance requirement, monthly fees, compounding frequency, and more.

The accounts on our list could earn a maximum of 45 points across all metrics. Here’s a closer look at the categories we considered:

• Annual percentage yield (APY): Accounts with higher APYs were rewarded with more points than those with lower APYs. Note that rates on our list are current at the time of publishing but are subject to change at any time.

• Minimum balance to earn interest: Some banks and credit unions require a minimum balance to earn the advertised rate. We favored accounts that had no or low minimum balance requirements.

• Minimum opening deposit: Many high-yield savings accounts require a minimum deposit to open an account. High-yield savings accounts with no or low minimum deposit requirements were given preference in our rankings.

• Monthly fees: It’s not uncommon for high-yield accounts to charge a monthly maintenance or service fee. We rewarded accounts with no monthly fees.

• Compounding frequency: Compounding can happen daily, monthly, or even annually. We awarded more points to accounts that compound interest frequently.

• Account bonus: Accounts with a current bonus promotion earned extra points.

• Maximum bonus amount: We awarded more points to the accounts with higher welcome bonuses.

• Customer service contact methods: Our team awarded one point for every contact method available to customers (phone, email, chat).

• Mobile app rating: High-yield savings accounts at banks with a higher average mobile app rating on the Apple and Google storefronts scored more points than those with lower user ratings.