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Best high-yield savings accounts of July 2024

Updated July 15, 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 0.59 percent.

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Current savings trends
Bankrate Partner average
4.76% APY
National average
0.59% APY

Best high-yield savings accounts for July 2024

Note: Annual percentage yields (APYs) shown were updated between July 10 and July 16. All other information is current as of July 15. 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: 4.9 stars out of 5
4.9

Overview

BrioDirect offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open.
Invest Rate
5.30% 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: 5 stars out of 5
5.0

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

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

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.
Invest Rate
5.05% APY
Loan
$0 min. deposit to open

Popular Direct

Popular Direct_logo
Rating: 4.9 stars out of 5
4.9

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 much higher 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
5.05% APY
Loan
$100 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. 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.
Invest Rate
5.01% APY
Loan
$1,000 min. deposit to open

CIT Bank

CIT Bank_logo
Rating: 4.9 stars out of 5
4.9

Overview

CIT Bank is known for offering multiple savings accounts. CIT Bank’s Platinum Savings account earns the highest yield on balances of $5,000 or more, while the Savings Connect account can be opened with just $100. These accounts don't charge a monthly maintenance fee. CIT Bank also has most of the other bank accounts a person could need, including a checking account, a money market account and CDs.
Invest Rate
5.00% APY
Loan
$0 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
$100 min. deposit to open

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Recent news on high-yield savings account rates

Even though the Federal Reserve kept the federal funds rate the same in June, you can currently find savings accounts with yields greater than the rate of inflation.

The Fed might cut rates only one time this year. That rate cut might reduce top savings yields, but it’s likely not to be significant. It’s important to remember that the Fed raised rates 11 times in the current rate 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 July 17, 2024, is just 0.59 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 67 percent of Americans with short-term savings currently have an online savings account that earns a competitive yield of 4 percent or greater, Bankrate’s Online Savings Survey found.

  • Nearly 1 in 5 people (17 percent) with a savings account earn a rock-bottom rate of less than 1 percent.
  • Also, nearly 1 in 5 (17 percent) of savers indicated they aren’t earning any interest.

How to choose an online high-yield savings account

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