Best High-Yield Savings Accounts of November 2024

Many banks now offer high-yield savings accounts with rates above 5.00%. That’s far above the average rate of a traditional savings account: currently 0.45%. If you have just $5,000 in savings, moving that money into a high-yield savings account results in an extra $227 in annual interest earnings.

The federal funds rate is at the highest it has been since the early 2000s. Additionally, the number of high-yield savings accounts has grown over the years, especially in the online space. This competition has played a role in pushing banks to increase their rates.

At DepositAccounts, we are regularly adding new high-yield savings accounts to our database, and we update rates daily. But the interest rate isn’t the only feature to consider when you’re shopping for a high-yield savings account. DepositAccounts also tracks details such as minimum deposit and balance requirements, fees and rate trends.

Why you can trust DepositAccounts
Why you can trust DepositAccounts

DepositAccounts strives to produce high-quality content that exceeds your needs and expectations. Content is fact-checked to ensure accuracy and objectivity. DepositAccounts currently tracks over 100,000 rates from financial institutions across the country to identify the best rates for you.

Trusted by

nyt logo
cnbc logo
hm logo
fox logo
consumer reports logo
and people like you
 

Best high-yield savings account rates of November 2024

Member FDIC
ONLINE BANKING
MOBILE APPLICATION
BrioDirect
High-Yield Savings
APY
5.00%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$25
Min to Open
Min to Open
$5k
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
APY
5.00%
Member FDIC
Service Charge
$0
Min. to Earn
$25
Min to Open
$5k
BrioDirect
High-Yield Savings
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
SoFi Bank, N.A.
SoFi Checking and Savings
APY
4.20%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$0
Sponsored Note: Earn up to 4.20% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
APY
4.20%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$0
SoFi Bank, N.A.
SoFi Checking and Savings
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Earn up to 4.20% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
Vio Bank
Cornerstone Money Market
APY
4.90%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$100
Sponsored Note: Interest is compounded daily, growing your money fast
APY
4.90%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$100
Vio Bank
Cornerstone Money Market
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
American Express®
High Yield Savings Account
APY
4.00%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$0
Sponsored Note: Interest compounds daily, deposited monthly
APY
4.00%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$0
American Express®
High Yield Savings Account
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
ONLINE BANKING
MOBILE APPLICATION
Jenius Bank
Jenius Savings Account
APY
4.80%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$0
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.
APY
4.80%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$0
Jenius Bank
Jenius Savings Account
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.

Compare top savings rates nationwide

Search our robust database of banks and credit unions to find your perfect account.

Location
Deposit Amount
Filters
Institution
APY
Service Charge
Min. to Earn
Min. Deposit
Pibank
Member FDIC
Pibank Savings
2.5 (15 Reviews)
5.50%
$0
$0
$0
View
Pibank
Pibank Savings
View
2.5 (15 Reviews) Member FDIC
APY 5.50%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
TIMBR
Member FDIC
High Yield Savings
2.7 (7 Reviews)
5.25%
$0
$0
$1k
View
TIMBR
High Yield Savings
View
2.7 (7 Reviews) Member FDIC
APY 5.25%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $1k
Bank of Hope
Member FDIC
High Yield Savings
4.5 (4 Reviews)
5.10%
$0
$0
$1
View
Bank of Hope
High Yield Savings
View
4.5 (4 Reviews) Member FDIC
APY 5.10%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $1
Ivy Bank
Member FDIC
High-Yield Savings
2.5 (38 Reviews)
5.00%
$0
$2.5k
$2.5k
View
Ivy Bank
High-Yield Savings
View
2.5 (38 Reviews) Member FDIC
APY 5.00%
Service Charge $0
Minimum to Earn $2.5k
Minimum Deposit $2.5k
Laurel Road, A Brand of KeyBank N.A.
Member FDIC
Laurel Road High Yield Savings Account
1.2 (9 Reviews)
5.00%
$0
$5k
$0
View
Laurel Road, A Brand of KeyBank N.A.
Laurel Road High Yield Savings Account
View
1.2 (9 Reviews) Member FDIC
APY 5.00%
Service Charge $0
Minimum to Earn $5k
Minimum Deposit $0
First Foundation Bank
Member FDIC
Online Savings Account - New Money
2.6 (60 Reviews)
4.90%
$0
$0
$1k
View
First Foundation Bank
Online Savings Account - New Money
View
2.6 (60 Reviews) Member FDIC
APY 4.90%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $1k
Texas Capital Bank
Member FDIC
Star High Yield Savings Account - Texas
1.0 (1 Review)
4.90%
$0
$0
$0
View
Texas Capital Bank
Star High Yield Savings Account - Texas
View
1.0 (1 Review) Member FDIC
APY 4.90%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
1st Colonial Community Bank
Member FDIC
Online High Yield Savings Account
0.0 (0 Reviews)
4.86%
$0
$0
$500
View
1st Colonial Community Bank
Online High Yield Savings Account
View
0.0 (0 Reviews) Member FDIC
APY 4.86%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $500
Bask Bank
Member FDIC
Bask Interest Savings Account
2.6 (97 Reviews)
4.85%
$0
$0
$0
View
Bask Bank
Bask Interest Savings Account
View
2.6 (97 Reviews) Member FDIC
APY 4.85%
Service Charge $0
Minimum to Earn $0
Minimum Deposit $0
EagleBank
Member FDIC
Eagle High-Yield Savings Account - New Money
2.4 (16 Reviews)
4.85%
$0
$0
View
EagleBank
Eagle High-Yield Savings Account - New Money
View
2.4 (16 Reviews) Member FDIC
APY 4.85%
Service Charge $0
Minimum to Earn $0
Minimum Deposit
My Banking Direct
Member FDIC
High Yield Savings
2.4 (62 Reviews)
4.85%
$0
$1
$500
View
My Banking Direct
High Yield Savings
View
2.4 (62 Reviews) Member FDIC
APY 4.85%
Service Charge $0
Minimum to Earn $1
Minimum Deposit $500
Bread Savings
Member FDIC
High-Yield Savings Account
2.1 (136 Reviews)
4.75%
$0
$100
$100
View
Bread Savings
High-Yield Savings Account
View
2.1 (136 Reviews) Member FDIC
APY 4.75%
Service Charge $0
Minimum to Earn $100
Minimum Deposit $100
First Bank (MO)
Member FDIC
Promo Statement Savings - New Money
3.2 (4 Reviews)
4.75%
$100
View
First Bank (MO)
Promo Statement Savings - New Money
View
3.2 (4 Reviews) Member FDIC
APY 4.75%
Service Charge
Minimum to Earn $100
Minimum Deposit
Flagstar Bank
Member FDIC
Promo Flagstar Performance Savings - New Money
1.7 (83 Reviews)
4.75%
$25k
View
Flagstar Bank
Promo Flagstar Performance Savings - New Money
View
1.7 (83 Reviews) Member FDIC
APY 4.75%
Service Charge
Minimum to Earn $25k
Minimum Deposit
Jovia Financial Credit Union
NCUA Insured
Online Savings - New Money
1.9 (12 Reviews)
4.75%
$2
View
Jovia Financial Credit Union
Online Savings - New Money
View
1.9 (12 Reviews) NCUA Insured
APY 4.75%
Service Charge
Minimum to Earn $2
Minimum Deposit
Next

What is a high-yield savings account?

Most high-yield savings accounts are online savings accounts that must be opened and managed online or with a mobile app. Some banks that offer high-yield savings accounts are online only, while others have physical branches that offer traditional savings accounts as well.

Online banks have lower overhead costs than traditional banks with physical branches, and they typically pass this savings to customers in the form of higher interest rates. This savings also allows online banks to offer accounts with low minimum balance requirements and no or low fees.

Online savings account rates have a long history with rates six to 10 times higher than traditional savings account rates. Currently, the average online savings account rate — an annual percentage yield (APY) of 4.40% — is close to 10 times the average savings account rate of 0.45% APY.

How do high-yield savings accounts work?

High-yield savings accounts pay interest just like traditional savings accounts. Interest typically accrues and compounds daily. At the end of each month, the total accrued interest for the month is credited to the account, making it available for withdrawal.

With compound interest, you earn interest on both the original amount and the interest earned from the previous period. Daily compounding maximizes interest earnings, but its effect compared with monthly compounding is minor. Its effects are a little more apparent on a high-yield savings account due to the higher interest rate.

For example, if a savings account has an interest rate of 5.00%, daily compounding results in an APY of 5.13%. For a $10,000 balance over one year, a 5.13% APY would result in $513 of interest, $13 more than what you would earn with a 5.00% interest rate and no compounding.

Are high-yield savings accounts safe?

Any savings account that you open at a bank insured by the Federal Deposit Insurance Corporation (FDIC) will be protected up to FDIC coverage limits. The FDIC insurance applies regardless of whether the account is opened at a physical branch of the bank or at a website owned by the bank.

Several credit unions also offer high-yield savings accounts. Credit unions have deposit insurance through the National Credit Union Administration (NCUA), and the coverage is essentially equivalent to FDIC insurance.

FDIC and NCUA deposit insurance protects accounts only if the financial institution fails. Federal regulations, however, limit your liability for losses on your savings account caused by certain forms of fraud. You’re responsible for notifying the bank of an unauthorized withdrawal in a timely fashion. Review your bank statements monthly to check for unauthorized withdrawals.

Pros and cons of high-yield savings accounts

A high-yield savings account can be useful for growing an emergency fund or working toward short-term goals. However, it has some disadvantages compared with other types of accounts. Here are the pros and cons to consider:

Pros:

Cons:

How to choose a high-yield online savings account

The interest rate is only one of many factors to consider when choosing a high-yield savings account. Here are four important factors to weigh:

Interest rates. In addition to the current interest rate, look at the account’s rate history. Does it have a long history of above-average rates?

Account fees. Avoid high-yield savings accounts with monthly maintenance fees, even if the fees can be waived with a minimum balance. Also, watch out for fees for exceeding a certain number of withdrawals per month.

Deposit requirements. Most high-yield savings accounts have a minimum initial deposit requirement of $100 or less, but a few require $1,000 or more. Once opened, accounts may have different minimum balance requirements to earn the advertised interest rate or to avoid monthly service fees.

Access to your funds. Most banks allow you to link your high-yield savings account to your checking account. Using that link, you can electronically transfer funds. Make sure you review the features of a bank’s transfer system. Check the limits on the dollar amount of transfers, the limits on the number of transfers, the speed of transfers and the hold time before deposits will be available for withdrawals.

Alternatives to high-yield savings accounts

Some of the alternatives to high-yield savings accounts are similar, while others have key differences. Here are a few to think about:

Money market account. Like a high-yield savings account, a money market account is a bank account with deposit insurance. Money market accounts sometimes have limited check-writing privileges, while savings accounts rarely have check-writing privileges.

CD. A high-yield savings account often allows unlimited deposits and multiple monthly withdrawals without fees. A CD, however, typically permits only an initial deposit, with no additional deposits or free withdrawals until the CD term ends. Before the end of the term, withdrawals are limited and usually incur early withdrawal penalties. Another important difference is the variability of the interest rate. The interest rate is fixed on a CD until the term ends, while rates can change at any time on a high-yield savings account.

Money market fund. A money market fund is not a bank account. It’s a type of mutual fund that’s available from brokerage firms. It’s considered to have very low risk, but it’s not federally insured. Money market funds often have yields comparable to high-yield savings accounts. In certain situations, money market fund yields can be higher.

Average online savings account rate

The Online Savings Account Index is intended to provide a representative yield that’s available from today’s online savings accounts. The Index is the average yield of 10 mature online savings accounts from well-established online banks. Changes in the Index since 2017 have been tracked and compared with the federal funds target rate.

Methodology

The savings accounts in our rate table are ranked based on APY, with the highest APY listed on top. APYs are checked daily to ensure they match APYs listed on the financial institutions’ websites.

If the savings account has tiered rates, the APY listed is based on the deposit amount specified in the rate table’s filter box. If the deposit amount is below the minimum balance required to earn the APY, the account may not be listed. If the selected deposit amount is above the maximum balance to qualify for the APY, the account may also not be listed.

To be listed in our rate table, the savings accounts must be from either FDIC-insured banks or NCUA-insured credit unions. Also, the savings accounts must not require a checking account relationship to either open the savings account or qualify for the top-tier APY.

Frequently asked questions

How many high-yield savings accounts can I open?

There is generally no limit on the number of high-yield savings accounts you can open. However, some banks may reject your application due to ChexSystems if you have recently opened too many accounts at other banks.

Do you pay tax on a high-yield savings account?

Interest earned on savings accounts from banks or credit unions is typically taxed as ordinary income. Banks and credit unions are required to report all interest earned on Form 1099-INT when the total interest earned from all accounts during the previous tax year is at least $10.