BrioDirect – 2.15% APY, $25 minimum opening deposit
BrioDirect – 2.15% APY, $25 minimum opening deposit
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Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Bankrate’s editorial and research teams analyzed more than 100 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.
To find the best high-yield savings accounts, our editorial team analyzed annual percentage yield (APY), minimum balance requirements, monthly fees and requirements to avoid monthly fees. All of the accounts listed below are insured by the Federal Deposit Insurance Corp. (FDIC) at banks or by the National Credit Union Share Insurance Fund (NCUSIF) at National Credit Union Administration (NCUA) credit unions.
APYs (interest rates), account minimums and whether you’d have to pay a monthly service fee are some of the most important things to look at before choosing a savings account. A savings account that charges fees likely isn’t the right account for you. But many online banks offer high-yield savings accounts that don’t require you maintain a minimum balance. Savings accounts that offer a competitive yield and don’t require a minimum balance or charge a maintenance fee are a good fit for any type of saver.
Finally, the bank needs to be an FDIC-insured bank or at an NCUA credit union that’s insured by the NCUSIF so your money is safe. Always follow FDIC and NCUA limits and guidelines.
Bankrate’s editorial team chose the criteria and developed a scoring system to determine the best savings accounts. Bankrate’s editorial team used its knowledge of financial services and banking experience to choose the best ways to rate high-yield savings accounts.
A high-yield savings account is a savings vehicle that typically pays a higher yield on your money than a standard savings account or checking account. High-yield savings accounts are a safe place to keep your emergency fund or short-term savings goals.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
It doesn’t matter if you’re working class or very wealthy — everyone needs an emergency fund. And there’s no better place to park the money you’re saving than in a high-interest savings account.
High-yield savings accounts are used for emergency funds and storing savings for future events. They pay a yield that’s higher than average, allowing savers to reach their financial goals faster. CDs are deposit accounts that tend to pay higher yields than traditional savings and money market accounts.
The average savings account pays 0.1 percent annual percentage yield (APY). Many of the country's biggest banks pay less than that.
Some online banks offer better deals than traditional banks — with yields that are up to seven times higher than the national average.
Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.
|BrioDirect High-Yield Savings Account||2.15%
|LendingClub Bank High-Yield Savings Account||2.07%
||LendingClub Bank Review
|CIT Bank||1.90%||None||CIT Bank Review|
|Quontic Bank High Yield Savings||1.85%
||Quontic Bank Review
|UFB Direct Savings||1.81%
||UFB Direct Bank Review
|Live Oak Bank Savings||1.75%
||None||Live Oak Bank Review
|Citizens Access Savings Account||1.75%
||Citizens Access Review
|Marcus by Goldman Sachs High-Yield Online Savings Account||1.70%
||Marcus by Goldman Sachs Bank Review
|TAB Bank High-Yield Savings Account||1.68%
||TAB Bank Review
|CIBC Bank USA Agility Savings Account||1.66%
||None||CIBC Bank Review
|Barclays Online Savings||1.65%
|Synchrony Bank High Yield Savings||1.65%
||Synchrony Bank Review
|Bread Savings (formerly Comenity Direct) High-Yield Savings Account||1.65%
||Bread Savings Bank Review|
|American Express National Bank||1.50%
||American Express National Bank Review|
|Capital One 360 Performance Savings Account||1.50%
||Capital One Review|
|Citibank Savings Account||1.40%||None||Citibank Review|
|Morgan Stanley Private Bank||1.40%
||None||Morgan Stanley Private Bank Review
|Discover Bank Online Savings Account||1.30%
||Discover Bank Review
|Ally Bank Online Savings Account||1.25%
||Ally Bank Review
|Alliant Credit Union High-Rate Savings account||1.20%||None ($1 for paper statements)||Alliant Credit Union Review
|FNBO Direct||1.20%||None||FNBO Direct Review|
|Popular Direct High-Rise Savings||1.15%||None||Popular Direct Review
Note: Annual percentage yields (APYs) shown are as of July 28, 2022. Bankrate's editorial team updates 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 – 2.15% APY, $25 minimum opening deposit
LendingClub Bank was formed when LendingClub purchased Radius Bank. The deal closed in February 2021 and Radius Bank deposit products became LendingClub Bank products in July 2021.
LendingClub Bank offers a competitive APY on its High-Yield Savings account, which includes an ATM card. There are no monthly maintenance fees.
A $5 minimum balance is needed to keep a High-Rate Savings Account open.
CIT Bank completed its merger with First Citizens Bank in early 2022. CIT Bank is an online bank that offers nearly every type of deposit account.
It has two savings accounts (Savings Connect and the Savings Builder), a money market account, a checking account, eight terms of CDs and a no-penalty CD.
Quontic Bank's high-yield savings account doesn't have a monthly maintenance fee and requires just $100 to open.
A $10 fee applies for each withdrawal beyond six in a statement cycle.
UFB Direct, a division of Axos Bank, offers a savings account and a money market account.
One of the differences between the savings account and the money market account is that the savings account doesn’t have a minimum balance requirement. But the money market account has a monthly service fee if your balance goes below $5,000.
You can get an ATM card for this account. Every online bank doesn’t offer this feature.
This UFB Direct account is FDIC insured through Axos Bank. So if you have other bank accounts through Axos Bank, you’ll want to make sure you’re not exceeding the FDIC limits and following FDIC guidelines.
The Citizens Access Savings account offers a competitive APY. It’s a savings account that doesn’t have a monthly service fee.
There’s a $5,000 opening deposit required. So this account isn’t for someone starting to save with a lower starting balance.
Marcus is Goldman Sachs’ consumer-banking unit, which offers a savings account, a variety of CDs and three no-penalty CD terms.
Its savings account doesn’t require a minimum opening deposit and it doesn’t have a monthly service fee. Marcus by Goldman Sachs has an app on iOS and Google Play.
There isn’t a minimum deposit required and the account doesn’t have a monthly service fee.
Transportation Alliance Bank was established in Ogden, Utah, in 1998. It started as a banking service operating inside truck stops before expanding its financial services with a range of personal and business products.
TAB Bank offers several checking and savings account options, a money market account and eight terms of CDs ranging from six months to five years.
A TAB Bank High-Yield Savings account requires no money to open.
Some banks offer higher yields on their savings accounts.
The Agility Online Savings Account charges no monthly maintenance fee and a balance of 1 cent is all that’s needed to earn the APY.
Barclays Bank doesn’t require a minimum opening deposit. You also can call Barclays Bank any day of the week. The daily phone hours are 8 a.m. to 8 p.m. Eastern.
Your account may be closed for keeping a balance of less than $1 in your Barclays Online Savings account for more than 179 days.
Synchrony Bank’s High Yield Savings account offers a competitive yield and doesn’t require a minimum deposit.
There are savings accounts and money market accounts that offer a higher yield than Synchrony Bank’s High Yield Savings account.
Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs — products that debuted under the Comenity Direct name in 2019. Comenity Direct was renamed Bread Savings in April 2022.
The high-yield savings account requires just $100 to open. Customer service is available by phone seven days a week.
Official checks cost $15 each, and there’s a $5 fee for each paper statement.
The online high yield savings account from American Express provides a competitive rate. It doesn't charge any monthly fees, and it doesn't require a minimum balance. The ability to link current bank accounts offers an easy solution if you have outside accounts that you'd like to view on one platform.
American Express doesn’t offer a checking account, so you’ll need to bank elsewhere to get one. Similar to other online banks, American Express does not have any branch locations. And there's no mobile check deposit option — American Express reserves mobile apps for its credit card customers
Capital One’s 360 Performance Savings account requires no minimum opening deposit and has no minimum balance requirements.
Capital One offers a competitive APY, but higher APYs can be found at online banks.
Citi’s Accelerate Savings account requires no minimum deposit to open, and all balances earn the same APY.
You can only deposit $250,000 per day via the mobile app. But this is higher than some other banks’ limits.
Discover Bank’s savings account offers competitive rates, charges no monthly maintenance fee and requires no minimum deposit to open.
Higher yields are available at other banks.
Ally Bank doesn’t have a monthly service fee and it also doesn’t require a minimum opening deposit. Official checks are free for savings account customers.
Outgoing domestic wires cost $20.
The Popular Direct High-Rise Savings account earns a competitive yield.
The account has no monthly maintenance fee.
At least $5,000 is needed to open a Popular Direct High-Rise Savings account.
A $25 fee applies if the account is closed within the first 180 days.
High-yield savings accounts typically pay a much higher annual percentage yield (APY) than traditional savings accounts, providing savers the ability to earn more on their savings while still enjoying the security of a federally insured account.
Some banks offer introductory rates on high-yield savings accounts that may only be available for a limited time. In the current low-rate environment, however, those accounts may be hard to find. Most high-yield savings accounts have a variable APY, which means the yield is subject to change. Consumers looking for a fixed yield should consider a certificate of deposit, and a no-penalty CD might be a good option for those looking for both a fixed APY and access to their money without incurring a penalty.
High-yield savings accounts help you earn a higher yield than a typical savings account. The national average savings account annual percentage yield APY is 0.1 percent. But that’s just the average. There are savings accounts earning even less yield than that — some of which are offered by the large brick-and-mortar banks.
Once you put money in a high-yield savings account, it earns interest. Then the interest, which is typically credited on a monthly or quarterly basis, begins to earn interest. That’s compound interest and it’s how your money starts to really grow over time.
High-yield savings account yields are usually variable, meaning banks may increase or decrease rates as they choose. Rates had been on a downward trend until early 2022 when some banks began raising APYs.
Here are a few important things to consider when searching for a high-yield savings account. Also take a look at Bankrate’s expert reviews of popular banks that offer high-interest savings accounts when choosing which account is right for you.
One of the most important considerations when choosing a high-yield savings account is the APY.
APY incorporates the effect of compounding: the interest earned on your initial deposit in addition to the interest earned on top of other interest earnings. When it comes to APYs, higher is usually better, but it’s important to weigh the APY against the requirements to earn the yield.
You can use Bankrate’s compound interest calculator to calculate your potential earnings on any savings account.
Minimum deposit amounts vary by bank — some require nothing to open an account, while others require $10,000 or more. Decide how much you can realistically invest when comparing high-yield savings products. If you’re trying to hit a particular goal, consider how much you’re willing to save and over what period of time.
Accounts requiring a higher minimum deposit might not offer the best yields, so it pays to check minimum deposit requirements at all institutions you’re considering before opening an account. Online banks, for example, often require no minimum opening deposit or no minimum balance, and some also charge no monthly maintenance fees.
Not only do some high-yield savings accounts require a minimum deposit to open an account, they may also have a minimum balance required to earn the APY offered or avoid fees.
What’s important to consider when weighing the minimum balance requirements of various high-interest savings accounts is how often you’ll need to access the money, and whether you’ll be able to maintain the balance to earn the APY.
Banks and credit unions have a tendency to adjust interest rates. Unlike CDs, which lock in a rate for a period of time, savings account yields tend to be variable, which means they could change at any time.
A bank may lower or raise savings account APYs for various reasons. It may raise its rate as part of a promotion to attract more deposits, or it may adjust rates in response to broader economic factors, such as changes to monetary policy by the Federal Reserve.
Since savings rates are usually variable, consider how often a bank offers teaser rates that may fluctuate and determine what your potential earnings could look like after a year.
The number of withdrawals that can be made from savings and money market accounts is governed by Regulation D, which limits transactions to six a month. Included are online transfers to different accounts, transfers over the phone, automatic transfers, overdrafts and check or debit transfers. Withdrawals or transfers made at an ATM or in-person at a bank don’t count toward the limit.
Like traditional savings products, safety is a mainstay of high-yield savings accounts.
Insured up to $250,000 at banks by the FDIC, and at credit unions by the National Credit Union Share Insurance Fund (NCUSIF), high-yield savings accounts offer a safe place to stash cash for emergencies, large expenses and short-term savings goals while earning interest.
Check your accounts regularly for any unauthorized withdrawals or transactions and notify the bank immediately of any discrepancies.
The best high-interest savings accounts are usually found online. The best online banks tend to offer the most competitive yields on their accounts. One reason why these banks can pay more is that they have fewer expenses since they don’t operate branches.
But these online banks also need a way to get your attention. Often, a high yield is the way to do that. Many online banks also don’t charge a monthly service fee for their accounts and some of them don’t have minimum balance or minimum opening deposit requirements either.
Low yields are part of the current savings-rate environment, but some return is better than none, and rates may soon be on the rise. For these reasons, moving money sitting in a noninterest bearing account to a high-yield savings account could be a smart move. Earning a competitive APY will help the account balance grow over time (assuming no withdrawals are made) and help it better keep up with long-term inflation.
Whether it’s building an emergency fund or saving for a vacation or other big expense, a high-interest savings account can help you reach your goals. Opening a high-yield savings account is relatively simple, too. Here’s how:
1. Shop around: High-yield savings accounts are offered by online banks, traditional banks that operate branches and credit unions. Online banks typically offer the highest rates because they don’t have the overhead associated with maintaining branches and can pass the savings, in the form of higher rates, along to customers. Along with APY, compare the fees and services to find the right fit for your finances.
2. Fill out an application: Once you’ve chosen a high-interest savings account, you’ll need to fill out an application, whether online or in person. The bank or credit union will likely ask for personal information, including your driver’s license number, Social Security number, mailing address and date of birth.
3. Fund your account: After the application is approved, it’s time to fund the account, which can be done by linking a checking account to the new savings account and transferring funds. Depending on the bank, the new savings account can also be funded with cash, through a wire transfer or by mailing a check. Some banks also permit mobile deposits.
Deposit enough money to meet the account’s minimum deposit requirement, otherwise you may be assessed a maintenance fee or earn a lower than expected interest rate, until the minimum is met.
First, ask your bank why you weren’t able to open a high-yield savings account. Depending on the answer, you might want to go to ChexSystems’ website and request a report to see whether your banking history is the reason why.
ChexSystems is a national specialty consumer reporting agency that keeps track of some of your banking history. Your check cashing history, any suspected fraud activity and closed accounts are some of the things that may appear on a ChexSystems report.
High-yield savings accounts can be used for any savings goal, such as:
Traditional mortgages for purchasing a primary or secondary home typically require a down payment of at least 5-20 percent to avoid private mortgage insurance. FHA loans require a down payment of at least 3.5 percent. Here’s how much money is needed to save for a down payment on a $200,000 home:
Saving that amount of money may take some time, but a high-interest savings account can help move toward the goal faster. Here’s a general estimate of how long it would take to save up a 20 percent, 5 percent and 3.5 percent down payment on a $200,000 home, assuming you have a high-yield savings account paying a 0.6 percent APY:
Buying a car also will likely require a down payment, should you be looking to finance the purchase. Saving up and paying for a car with cash is a better choice, if you have the means, since it will save you interest payments and financing fees.
Saving now can pay off for those who have big plans, such as getting married. The average wedding cost couples $34,000, according to The Knot’s 2021 Real Wedding study.
A high-yield savings account is a convenient way to save money for your wedding because it’s liquid, safe — if it’s in a FDIC-insured account and within guidelines and limits — and can offer a competitive yield.
With an initial deposit of $1,000 and five years to save, you’d need to set aside about $504 monthly in a high-yield savings account paying 1% APY to reach about $32,000 to spend on a wedding.
Family vacations can be an exciting adventure but also tough on the wallet. A high-interest savings account can help out, if you know when you’d want to go and how much you can spend; setting a budget for travel, lodging, food and miscellaneous items can help. If you’re planning to spend $2,000 on a getaway in a year, you would need to save about $159 a month in a high-yield savings account paying 0.60% APY, with an initial $100 deposit.
Saving for your future
When saving for a child’s education, it’s best to start early and save often. College savings plans like a 529 plan are a good solution, because money grows tax free. It also isn’t taxed when the money is taken out to pay for college. But college tuition costs can sneak up fast, and a high-yield savings account can be a solid alternative in last-minute situations when saving is essential.
To successfully use a high-interest savings account for college tuition, you’ll need to set a savings goal and calculate the monthly investment needed to hit that goal. For example, let’s say you need $50,000 for college tuition and your child is in seventh grade. If you open a savings account with an initial deposit of $1,000 yielding 0.6 percent APY, you’d need to deposit an additional $806 a month to hit your goal by the time your child heads off to college. Bankrate’s savings goal calculator can help you create a timeline for your savings goals.
It would be a risk to be above FDIC limits and guidelines in an account or to bank with a non-FDIC institution. A bank failure at one of these institutions would put your money at risk. The way to avoid this is by confirming your bank is FDIC-insured, using the FDIC’s BankFind Suite.
You should also confirm that your money is insured by using the FDIC’s Electronic Deposit Insurance Estimator (EDIE) and knowing the limits, guidelines and ownership categories. If you bank with a credit union, make sure the institution is backed by NCUA insurance.
The IRS specifically says that interest earned on bank accounts is taxable interest. Interest is usually taxed as ordinary income. All interest income is taxable, even if it’s not reported on a Form 1099-INT. That form is usually generated toward the beginning of the calendar year, after you’ve earned more than $10 in interest during the previous tax year.
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 accounts and traditional savings accounts are similar. High-yield accounts are frequently available online, while some traditional savings accounts, which include both passbook and statement savings accounts, may be restricted to opening and managing at a bank branch.
Also, as the name suggests, high-yield savings accounts typically earn much higher rates than traditional savings accounts, and may require a larger opening deposit and 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.
In deciding where to open a high-yield savings account, consider the importance of banking in person. Most high-yield savings accounts are offered by online banks, which means having to give up access to a branch. Accounts can still be managed online, of course, through the bank's website or app.
Consumers looking for a more personal touch may want to consider opening a high-interest savings account at a local bank, though limited business hours may restrict when and how often services are available.
Some larger banks offer the convenience of both high rates and branches that may appeal to consumers looking for the best of both worlds.
The Federal Reserve has raised the federal funds rate three times so far in 2022. The latest increase came June 15, when the Federal Open Market Committee raised the fed funds rate by 75 basis points, or 0.75 percentage points, to combat surging inflation.
Yields on high-yield savings accounts tend to change before or after the Fed raises (or lowers) the fed funds rate. With the Fed moving to raise interest, some banks and credit unions have raised APYs to remain competitive and attract deposits.
Ally Bank’s savings yield, for example, remains much lower than it was just a few years ago:
High-interest savings accounts at other banks and credit unions have seen similar yield decreases over the same period. Though savers won't earn as much as they would have in previous years, a high-yield savings account remains a practical place to stash money for an emergency fund or other savings goal, by providing easy access and higher yields than other account types may offer.
Overall, high-yield savings accounts can be used for a range of purposes. From your emergency fund to saving up for a down payment, high-yield savings accounts can play a major part in your broader financial plan. If you’re looking for an account that can help you save while still offering easy access to your money, a high-yield savings account is worth consideration.
These financial institutions are featured in our high yield savings account rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank 5 Connect, Bank of America, Bank of the West, Barclays, BB&T, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, BrioDirect, Bread Savings (formerly Comenity Direct), Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens Access, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, HSBC, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, LendingClub Bank, Limelight Bank, Live Oak Bank, M&T Bank, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, PenFed Credit Union, PNC Bank, Popular Direct, Purepoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees' Credit Union, Suncoast Credit Union, Suntrust Bank, Synchrony Bank, TD Bank, TIAA Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.