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Best high-yield savings accounts for March 2024

Updated March 18, 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 0.57 percent.

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Current savings trends
Bankrate Partner average
4.79% APY
National average
0.57% APY

Best high-yield savings accounts for March 2024

Note: Annual percentage yields (APYs) shown are as of March 19, 2024. All other information is current as of March 18, 2024. 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: 4.5 stars out of 5
4.5

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

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

CIT Bank

CIT Bank_logo
Rating: 4.2 stars out of 5
4.2

Overview

CIT Bank is known for offering competitive APYs on some products. It’s also known for having most of the bank accounts a person would ever need. It has two savings accounts, a money market account, a checking account and CDs. CIT Bank’s Savings Connect account can be opened with $100. The bank offers a competitive APY and doesn’t charge a monthly service fee for this account.
Invest Rate
5.05% APY
Loan
$5,000 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

Synchrony Bank

Synchrony Bank_logo
Rating: 5 stars out of 5
5.0

Overview

Synchrony Bank’s High Yield Savings is known for its competitive yield and its ATM access. The bank also reimburses up to $5 per month in domestic ATM fees, which will help for the occasional ATM user. Synchrony’s savings account doesn’t have monthly fees, it doesn’t require a minimum deposit to open the account and you don’t have to keep a minimum balance in the account. The bank also offers a money market account, regular CDs, a no-penalty CD and a rate bump CD.
Invest Rate
4.75% APY
Loan
$1 min. deposit to open

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Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

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Recent news on high-yield savings account rates

Even though the Federal Reserve didn’t increase rates for a 12th time in January, you can currently find savings accounts with yields greater than the rate of inflation.

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 Mar. 19, 2024 is just 0.57 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.

What is a high-yield savings account?

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.

High-yield savings terms to know

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.

Are online high-yield savings accounts safe?

High-yield savings accounts offer a safe place to earn interest on your money, as long as the funds are federally insured. The FDIC insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Similarly, the National Credit Union Administration (NCUA) insures up to $250,000 per share owner, per insured credit union, for each account ownership category.

This federal insurance guarantees consumers that their money is safe in the event of a bank failure, as long as it’s within the limits and guidelines. You can confirm your bank is FDIC-insured by using the FDIC’s BankFind Suite. Meanwhile, if you bank at a credit union, make sure the institution is backed by NCUA insurance.

Who should get an online high-yield savings account?

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 choose an online high-yield savings account

Choose a savings account that offers a competitive APY to help achieve your money-saving goals, especially one that either doesn’t have a monthly service fee or has a minimum balance requirement that you can try to waive.

Here are some steps to follow as you look for the best place to stash your savings:

  1. Determine what your money will be used for. To maximize the potential use of your money, it’s important to allocate it in the proper accounts. For example, funds that will be withdrawn to pay for more immediate expenses, such as bills, are better placed in a checking account, compared with stashing money in a savings account or a CD to build an emergency fund or save for a large expense.
  2. Compare account offers. Research banks and credit unions and compare rates. Check to see if there are any minimum balance requirements or monthly maintenance fees that could negatively impact you down the line. Generally, rates are highest at online banks, but it’s possible for a brick-and-mortar bank or a credit union to offer competitive yields.
  3. Open the savings account and deposit the funds into your account.

How to open a high-yield savings account

To find the best account for your financial needs, consider an account that has the following features:

  • Earns a high, competitive APY.
  • Has a low minimum opening deposit or no minimum.
  • Doesn’t have a monthly service fee.

Opening a high-yield savings account is relatively simple. Here’s how:

  1. Shop around. High-yield savings accounts are offered by online banks and traditional banks that operate branches and credit unions. Online-only banks typically offer the highest yields.
  2. Fill out an application. Once you’ve chosen a high-yield savings account, you’ll need to fill out an application, whether online or in person. This includes your driver’s license number, Social Security number, mailing address and date of birth. When applying online, you might need to scan a copy of a government-issued photo ID. You might also need to lift a security freeze on your credit file, if you have one.
  3. Fund your account. After your application is approved, it’s time to fund the account if the bank requires an opening deposit. This can be done online by linking a checking account to the new savings account and transferring funds. Depending on the bank, you might be able to fund the new savings account through a wire transfer or by mailing a check. A mobile check deposit might also be an option.

Be sure to deposit enough money to meet the account’s minimum deposit requirement.

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

  • Rates for high-yield savings accounts are variable and could fall.

  • Some banks restrict withdrawals/transfers to only six a month.

  • Checks generally can’t be written using savings accounts.

  • Your money could get higher returns if you invest it.

  • Not all online banks offer branch or ATM access.

Alternatives to high-yield savings accounts

High-yield savings vs. traditional savings account

High-yield savings accounts and traditional savings accounts share certain similarities, yet there are some key differences. High-yield accounts are frequently available online, while some traditional savings accounts — which include both passbook and statement savings accounts — might be restricted to opening and managing at a bank branch.

As the name suggests, high-yield savings accounts typically earn much higher rates than traditional savings accounts, and they may require a larger opening deposit and have minimum monthly balance requirements. Both accounts are subject to monthly fees, depending on the institution, but many banks offer high-yield and traditional savings accounts that charge no fees.

High-yield savings account vs. certificate of deposit (CD)

A high-yield savings account is a liquid account that’s meant for money you might need to withdraw at any time. Besides the flexibility of making withdrawals on demand (though they might be limited per statement cycle), you’re also able to add money to this account anytime.

Unlike savings accounts, CDs lock in your money for a set term, and if you withdraw your money before the term expires, you’ll usually incur an early-withdrawal penalty. What’s more, you typically can’t add money to a regular CD during its term.

High-yield savings account vs. money market account

Generally, a high-yield savings account doesn’t permit account holders to write checks against the account, while many money market accounts provide check-writing privileges. 

Otherwise, money market and high-yield savings accounts are similar and typically available at FDIC-insured banks. Savings accounts are slightly more common than money market accounts, but many banks offer both.

High-yield savings account vs. checking account

A high-yield savings account is likely to pay a better yield than a checking account. Savings accounts might limit the number of withdrawals or transfers you can make per statement cycle. 

Checking accounts are more for transactional purposes, such as paying bills or making debit card purchases. Checking accounts usually don’t have monthly transaction limits.

High-yield savings FAQs

Research methodology

Bankrate has been around since 1976. It is a leading publisher of rates and personal finance articles. It is also often cited by some of the most respected and well-known publications and websites. The Bankrate promise is that we strive to help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields (APYs) and that are popular and broadly available, and we include some of the largest banks.

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