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Best high-yield savings accounts for May 2024

Updated May 28, 2024

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High-yield savings accounts can be a great place to put money that you’re saving and want to earn a competitive APY on, but you aren’t sure on the time horizon for the money. Bankrate’s top high-yield savings offers pay much higher APYs than the national average yield of 0.65 percent.

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Current savings trends
Bankrate Partner average
4.89% APY
National average
0.65% APY

Best high-yield savings accounts for May 2024

Note: Annual percentage yields (APYs) shown were updated between May 22 and May 28. All other information is current as of May 28. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

BrioDirect

BrioDirect_logo
Rating: 4.7 stars out of 5
4.7

Overview

BrioDirect offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open.
Invest Rate
5.35% APY
Loan
$5,000 min. deposit to open

TAB Bank

TAB Bank_logo
Rating: 4.9 stars out of 5
4.9

Overview

TAB Bank is known for offering competitive yields. It’s also known for its unique checking account for truck drivers. TAB Bank’s High Yield Savings Account doesn’t require a minimum opening deposit and doesn’t have a monthly maintenance fee. TAB Bank pays the same yield on any balance. (But of course, you’ll want to make sure that you’re within FDIC insurance limits and guidelines.)
Invest Rate
5.27% APY
Loan
$0 min. deposit to open

UFB Direct

UFB Direct_logo
Rating: 4.5 stars out of 5
4.5

Overview

UFB Direct is known for its high-yield savings account and money market account. Both the UFB Secure Savings account and UFB Secure Money Market account have very competitive yields. One of the differences is that the UFB Secure Savings account, which has ATM access, doesn’t have a monthly service fee. The UFB Secure Money Market account has a $10 monthly maintenance fee if you don’t keep at least $5,000 in the account.
Invest Rate
5.25% APY
Loan
$0 min. deposit to open

EverBank (formerly TIAA Bank)

EverBank (formerly TIAA Bank)_logo
Rating: 5 stars out of 5
5.0

Overview

The EverBank Performance Savings account earns more than the national average APY. There’s no minimum deposit required to open the account. The account comes with EverBank’s Yield Pledge promise: EverBank adjusts its APY so that it remains within the top 5 percent of accounts.
Invest Rate
5.15% APY
Loan
$0 min. deposit to open

Bread Savings

Bread Savings_logo
Rating: 4.8 stars out of 5
4.8

Overview

Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs. Bread Savings requires at least $100 to open this account.
Invest Rate
5.15% APY
Loan
$100 min. deposit to open

Popular Direct

Popular Direct_logo
Rating: 4.8 stars out of 5
4.8

Overview

Popular Direct is known for offering competitive yields. But those competitive yields have $100 minimum opening deposit requirements with the Popular Direct High-Rise Savings account. (The minimum opening requirement is twice that for its CDs.) The account also has a $25 fee for closing it within your first 180 days, so definitely make sure you’re going to keep this account for at least that amount of time.  Popular Direct has been around since 2016. It offers a savings account and eight terms of CDs. The CDs have terms ranging from three months to five years.
Invest Rate
5.15% APY
Loan
$100 min. deposit to open

Bask Bank

Bask Bank_logo
Rating: 4.7 stars out of 5
4.7

Overview

Bask Bank is known for its high-yielding Bask Interest Savings account. It’s also known for a unique account, the Bask Mileage Savings account, where you can earn American Airlines miles.  Bask Bank, a division of Texas Capital Bank, made its debut in early 2020 with its Mileage Savings Account. In February 2022, Bask introduced its Interest Savings Account, which offers a very competitive yield and doesn’t require a minimum opening deposit.
Invest Rate
5.10% APY
Loan
$0 min. deposit to open

Salem Five Direct

Salem Five Direct_logo
Rating: 4.9 stars out of 5
4.9

Overview

Salem Five Direct is known for being the online division of Salem Five, a bank founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995. It’s also known for offering a high-yield savings account, checking account and CDs. Its eOne Savings account only requires a $10 opening deposit, and it doesn’t have a monthly service fee or minimum balance requirements.
Invest Rate
5.01% APY
Loan
$10 min. deposit to open

CIBC Bank USA

CIBC Bank USA_logo
Rating: 4.9 stars out of 5
4.9

Overview

CIBC Bank USA is currently known for offering a competitive yield on its CIBC Agility Online Savings Account, which charges no monthly service fee. The bank also is known for offering CDs that have a slightly higher yield with a deposit of at least $25,000. But its savings account has a much lower minimum opening deposit amount of $1,000.
Invest Rate
5.01% APY
Loan
$1,000 min. deposit to open

LendingClub Bank

LendingClub Bank_logo
Rating: 4.9 stars out of 5
4.9

Overview

LendingClub was known for its lending products. But with its acquisition of Radius Bank, which closed in early 2021, LendingClub is also known for its deposit products. LendingClub Bank’s High-Yield Savings account doesn’t have a monthly service fee and comes with an ATM card. You can open the account with $100.
Invest Rate
5.00% APY
Loan
$0 min. deposit to open

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Recent news on high-yield savings account rates

Even though the Federal Reserve didn’t change rates in May, you can currently find savings accounts with yields greater than the rate of inflation.

It’s likely that the Fed might cut rates three times this year. Those rate cuts might reduce top savings yields, but it’s important to remember that the Fed raised rates 11 times in the current cycle, and some of those were large increases.

Returns on savings accounts will likely remain at attractive levels for some time, with little change expected until the prospect of Fed rate cuts becomes clearer. — Greg McBride, CFA, Bankrate chief financial analyst

While it’s easy to find a top-yielding account these days that beats inflation, there are plenty of other savings accounts that earn uncompetitive rates. For instance, the national average savings account rate as of May 29, 2024 is just 0.65 percent APY, according to Bankrate’s most recent survey of banks. That average factors in competitive rates commonly offered by online banks, as well as rock-bottom rates often found at large brick-and-mortar banks.

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Bankrate insights

Only 1 in 5 Americans with short-term savings currently has an online savings account that earns a competitive yield of 3 percent or greater, Bankrate’s Online Savings Survey earlier this year found.

  • Nearly a quarter of people with a savings account earn a rock-bottom rate of less than 1 percent.
  • Online banks are often where the high yields can be found. Among online banks surveyed by Bankrate earlier this year, the APY most commonly offered was 3.75 percent, while rates of 4 percent or greater are earned by 40 percent of accounts.

How to choose an online high-yield savings account

The top three factors to look for when choosing a high-yield savings account are:

What to know about high-yield savings accounts

High-yield savings accounts typically pay a much higher APY than traditional savings accounts, providing savers the ability to earn more on their money while still enjoying the security of a federally insured account. Traditional savings accounts are commonly offered at brick-and-mortar banks and larger banks. These accounts may yield close to nothing, often around 0.01 percent APY. High-yield savings accounts can earn hundreds of times more these days.

Most high-yield savings accounts have a variable APY, which means the yield is subject to change. Consumers looking for a guaranteed yield should consider a certificate of deposit (CD), and a no-penalty CD might be a good option for those who prefer both a fixed APY and access to their money without incurring a penalty.

Savings accounts usually earn compound interest, which simply means you’ll earn interest on interest. As such, you’ll earn interest on your principal as well as the interest that accumulates over time.

Below are a few important features to consider when searching for a high-yield savings account. When choosing which account is right for you, also take a look at Bankrate’s expert reviews of popular banks, many of which offer high-interest savings accounts.

Annual percentage yield (APY)
APY incorporates the effect of compounding. Simply stated, compound interest is the interest you earn on interest. You’ll earn interest on your initial deposit as well as on the interest that accumulates over time.
Minimum opening deposit required
The amount you’ll need to open your account.
Minimum balance required
The balance you’ll need to keep in your account to avoid a monthly service fee.
Monthly maintenance fees
The fee you’ll incur if your balance falls below the minimum balance requirement in your account.

Who should get an online high-yield savings account?

A high-yield savings account is ideal for someone who’s currently earning low interest on their savings account – or no interest at all – and is eager to boost their savings potential. 

A good time to get a savings account is when: 

  • You’re not earning any interest – or you’re earning a low APY – in your current bank account.
  • You don’t have an emergency fund, or you have your emergency fund commingled with your checking account at a brick-and-mortar bank.

High-yield savings accounts with no minimum opening deposit requirement, no minimum balance requirement and no monthly service fees can be a good choice for nearly anyone. People can have different money-related goals and be at different stages in their financial life and benefit from these accounts. Here are a few examples:

Mortgage
Future homebuyers

A high-yield savings account is a great way to ensure your down payment money will grow until you need it to buy a house, condo or apartment. And unlike most CDs, you can add to your balance at any time.

Retirement
Jetsetters and road-trippers

A good strategy when saving for your next vacation is to determine how much you’ll need for the trip and then open a dedicated savings account for it. Consider automating your savings to keep your savings goals on track. 

Congrats
Soon-to-be married couples

A high-yield savings account allows you to earn a competitive yield on your balance as you save for your wedding. You can keep adding to this account all the way up until you say “I do.” Having a separate account devoted to wedding savings can help you monitor your progress more easily, which helps you meet your savings goals for the big day.

How to open a savings account

Before you dump your money into an account at your local bank, there are several steps you should take.

Learn more

Pros and cons of high-yield savings accounts

Savings accounts are a good place to set aside funds for many financial goals. Here are the pros and cons of online high-yield savings accounts, so you can make sure one is right for you.

Pros

  • Checkmark

    Online high-yield savings accounts typically pay a much higher APY than traditional savings accounts.

  • Checkmark

    Many high-yield savings accounts offer digital tools that allow you to manage your savings easily through your computer, smartphone or tablet.

  • Checkmark

    High-yield savings accounts at most banks and credit unions are insured by the federal government, meaning your money is safe.

  • Checkmark

    Unlike with a certificate of deposit, funds in a high-yield savings account are easily accessible.

Cons