Are high-yield savings accounts safe?

High-yield savings accounts are safe if they’re offered at an FDIC-insured bank or a National Credit Union Administration (NCUA) credit union and within federal insurance limits and guidelines.

How much interest can I earn on $10,000 after a year in a high-yield savings account?

You can earn $500 of interest if the $10,000 you stash in a savings account earns 4.85 percent APY in a year. Savings APYs are generally variable, so you’d only earn $485 if the APY remains at 4.85 percent APY for the whole year, and you keep your money in your account.

What should I do if I am unable to open a high-yield savings account?

If you’re unsuccessful in opening a new account, you can ask the bank why this happened. 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 you were denied the account. ChexSystems is a national specialty consumer reporting agency that keeps track of some of your banking history. Things that can appear on a ChexSystems report include your check-cashing history, any suspected fraudulent activity and a list of closed accounts.

How often do savings rates change?

Competitive banks and credit unions have a tendency to adjust their interest rates based on the Federal Reserve’s rate moves. Unlike CD rates, which are locked for a set term, savings account yields tend to be variable, which means they could change at any time. A bank may decide to lower or raise savings account APYs for various reasons. It may increase 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.

How often can I take money out of a high-yield savings account?

Most banks limit the number of times you can withdraw money from a savings account. Check with your bank to see its policy so that you’re not charged an excessive transfer fee. A bank could even close your account for excessive transactions. Checking accounts are meant to have frequent withdrawals for spending money and paying bills. But savings accounts are generally meant for accumulating money, those accounts are generally liquid.

Do I pay taxes on interest earned in a high-yield savings account?

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.

Why are most high-yield savings accounts online?

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.

Best High-Yield Savings Accounts Of January 2025 - Up to 4.75%

Read review

BrioDirect

4.6 Bankrate savings score

Bankrate Savings rating = 4.6/5

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.

Annual percentage yield

4.75%
Min. deposit to open

$5,000

Why BrioDirect?

BrioDirect's High-Yield Savings account offers a competitive yield but it requires a steep minimum deposit of $5,000 to open.

Pros

BrioDirect offers a competitive yield on its High-Yield Savings account.
Cons

You need to keep at least $25 in the account to earn the APY.
You need at least $5,000 to open this account.
Your account may be closed if it doesn’t have money in it for 21 or more days.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

BrioDirect

APY

APY last updated between 1/17 and 1/23.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	BrioDirect APY APY last updated between 1/17 and 1/23. APY last updated between 1/17 and 1/23	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/07/2025	4.75%	0.55%
12/24/2024	4.75%	0.57%
11/19/2024	4.85%	0.57%
10/29/2024	5.00%	0.57%
10/15/2024	5.05%	0.57%
10/01/2024	5.15%	0.57%
09/24/2024	5.15%	0.61%
09/03/2024	5.30%	0.61%
06/04/2024	5.30%	0.59%
05/07/2024	5.35%	0.59%
04/02/2024	5.35%	0.58%
03/05/2024	5.35%	0.57%
02/06/2024	5.35%	0.58%
01/30/2024	5.35%	0.57%

Read review

Popular Direct

4.8 Bankrate savings score

Bankrate Savings rating = 4.8/5

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.

Annual percentage yield

4.60%
Min. balance for APY

$100
Min. deposit to open

$100

Why Popular Direct?

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.

Pros

The Popular Direct Select Savings account earns a competitive yield.
The account has no monthly maintenance fee.
Cons

A $25 fee applies if the account is closed within the first 180 days.
The bank charges a $5 fee for each withdrawal or transfer over the six-withdrawal limit per statement cycle, according to its product guide.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Popular Direct

APY

APY last updated between 1/17 and 1/23.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Popular Direct APY APY last updated between 1/17 and 1/23. APY last updated between 1/17 and 1/23	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/07/2025	4.60%	0.55%
11/19/2024	4.60%	0.57%
11/05/2024	4.65%	0.57%
10/22/2024	4.76%	0.57%
10/08/2024	4.85%	0.57%
10/01/2024	4.90%	0.57%
09/24/2024	4.95%	0.61%
09/03/2024	5.01%	0.61%
08/20/2024	5.01%	0.59%
06/25/2024	5.05%	0.59%
05/07/2024	5.15%	0.59%
04/02/2024	5.15%	0.58%
03/12/2024	5.15%	0.57%
03/05/2024	5.20%	0.57%
02/06/2024	5.20%	0.58%
01/30/2024	5.20%	0.57%

Read review

LendingClub Bank

5.0 Bankrate savings score

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.

Annual percentage yield

3.70% – 4.50%
Min. balance for APY

$0
Min. deposit to open

$0

Why LendingClub Bank?

LendingClub was originally known for its lending products, but with its acquisition of Radius Bank in 2021, LendingClub now offers many attractive deposit products. The bank's LevelUp savings accounts offers a special higher yield when you deposit at least $250 monthly into the account, though savers will still earn a competitive yield if you don't meet this requirement in a given statement period.

Pros

LendingClub Bank offers a top-tier savings APY on its LevelUp account.
Having no minimum opening deposit requirement and no monthly service fees makes it an accessible option for all savers.
You can use a debit card to make a deposit when opening your account.
Cons

To earn the LevelUp savings rate, you need to deposit at least $250 each month into your account. If you miss a monthly cycle, you will earn a lower, but still high-yielding standard rate.
As an online-only bank, LendingClub's savings account can only be opened online.
A Bankrate staff member reported an overall positive experience with their high-yield savings account (HYSA) at LendingCub Bank. Opening an account and connecting it to external accounts in order to move money between them is a breeze, according to our staff member. This, combined with no monthly fee and a low minimum balance, made LendingClub’s HYSA an appealing option.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

LendingClub Bank

APY

APY last updated between 1/17 and 1/23.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	LendingClub Bank APY APY last updated between 1/17 and 1/23. APY last updated between 1/17 and 1/23	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/14/2025	3.70%	0.55%
01/08/2025	4.50%	0.55%
01/07/2025	3.70%	0.55%
11/26/2024	4.00%	0.57%
11/25/2024	4.75%	0.57%
11/12/2024	4.30%	0.57%
11/06/2024	5.00%	0.57%
10/29/2024	4.30%	0.57%
10/22/2024	4.70%	0.57%
10/17/2024	5.15%	0.57%
10/15/2024	4.70%	0.57%
10/03/2024	5.30%	0.57%
10/01/2024	5.00%	0.57%
09/03/2024	5.00%	0.61%
08/28/2024	5.30%	0.59%
08/27/2024	5.00%	0.59%
08/21/2024	5.30%	0.59%
05/07/2024	5.00%	0.59%
04/02/2024	5.00%	0.58%
03/05/2024	5.00%	0.57%
02/06/2024	5.00%	0.58%
01/30/2024	4.65%	0.57%
01/25/2024	5.00%	0.57%

Read review

Bask Bank

5.0 Bankrate savings score

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.

Annual percentage yield

4.50%
Min. balance for APY

$0
Min. deposit to open

$0

Why Bask Bank?

Bask Bank, a division of Texas Capital Bank, made its debut in early 2020. Its Interest Savings account offers a highly competitive yield, doesn’t require a minimum opening deposit and doesn't charge a monthly fee.

Pros

Bask Bank has consistently offered a top-tier APY on its Interest Savings Account since it first debuted in early 2022.
Bask Bank doesn’t have a minimum balance requirement.
The Bask Bank Interest Savings Account doesn’t have a monthly service fee.
The bank has a unique savings account, the Bask Mileage Savings account, where you can earn American Airlines miles.
Cons

You’ll need to fund your Bask Bank Interest Savings Account within 15 days of opening it; otherwise, the account could be closed.
The bank charges $35 for outgoing wire transfers.
A Bankrate staff member reported an overall positive experience with Bask Bank. They were drawn to the high yield, and opening an account took just about 10 minutes. Since opening the account, the Bankrate staff member has been able to easily check in on their annual percentage yield (APY) from time to time.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bask Bank

APY

APY last updated between 1/17 and 1/23.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bask Bank APY APY last updated between 1/17 and 1/23. APY last updated between 1/17 and 1/23	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/07/2025	4.50%	0.55%
12/19/2024	4.50%	0.57%
11/13/2024	4.65%	0.57%
10/01/2024	4.85%	0.57%
09/30/2024	4.85%	0.61%
09/03/2024	5.10%	0.61%
05/07/2024	5.10%	0.59%
04/02/2024	5.10%	0.58%
03/05/2024	5.10%	0.57%
02/06/2024	5.10%	0.58%
01/30/2024	5.10%	0.57%

Read review

Bread Savings

4.9 Bankrate savings score

Bankrate Savings rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.

Annual percentage yield

4.50%
Min. balance for APY

$0
Min. deposit to open

$100

Why Bread Savings?

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.

Pros

Bread Savings pays very competitive yields on its savings account.
With just $100 needed to open an account and no monthly maintenance fees, savers of all types may find it to be an appealing option.
Cons

A paper statement will cost you $5 per request at Bread Savings.
The bank also charges $25 to send a wire transfer.
A Bankrate staff member reported that opening a Bread Savings account was easy, taking them less than 10 minutes. The main reason for opening the account was the high annual percentage yield (APY) and no fees for withdrawals. While making their initial deposit while opening the account was easy, the staff member reported making additional deposits was difficult, requiring them to log into various bank accounts multiple times.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bread Savings

APY

APY last updated between 1/17 and 1/23.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bread Savings APY APY last updated between 1/17 and 1/23. APY last updated between 1/17 and 1/23	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/02/2025	4.50%	0.55%
11/27/2024	4.65%	0.57%
10/15/2024	4.75%	0.57%
09/16/2024	5.10%	0.61%
07/22/2024	5.15%	0.59%
04/18/2024	5.15%	0.58%
03/21/2024	5.15%	0.57%

Read review

CIBC Bank USA

4.9 Bankrate savings score

Bankrate Savings rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.

Annual percentage yield

4.38%
Min. balance for APY

$1
Min. deposit to open

$1,000

Why CIBC Bank USA?

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.

Pros

The CIBC Bank USA Agility Online Savings Account offers a top-tier yield.
It’s a good option for some savers who have at least $1,000 to initially deposit. The Agility Online Savings Account doesn’t have a monthly service fee.
Cons

CIBC’s Agility Online Savings Account requires at least $1,000 as an opening deposit. This is a much higher requirement than some other online banks.
You also won’t be able to make external transfers via CIBC NetBanking during the first 30 days that you have the account.
The Agility Online Savings Account doesn’t have ATM access.
A Bankrate staff member reported an overall positive experience with CIBC. One bright spot is the high APY for the Agility Savings account. Our staffer also notes the CIBC website’s ease of use when it comes to basic banking. Customers can view account snapshots, make transfers and pay bills. In addition, CIBC offers a user-friendly app that displays menus of all options at the top and bottom of the main screen.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

CIBC Bank USA

APY

APY last updated between 1/17 and 1/23.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	CIBC Bank USA APY APY last updated between 1/17 and 1/23. APY last updated between 1/17 and 1/23	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/07/2025	4.38%	0.55%
12/20/2024	4.38%	0.57%
11/25/2024	4.51%	0.57%
10/01/2024	4.61%	0.57%
09/23/2024	4.61%	0.61%
09/03/2024	5.01%	0.61%
05/07/2024	5.01%	0.59%
04/02/2024	5.01%	0.58%
03/05/2024	5.01%	0.57%
02/06/2024	5.01%	0.58%
01/30/2024	5.01%	0.57%

Read review

CIT Bank

4.6 Bankrate savings score

Bankrate Savings rating = 4.6/5

Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.

Annual percentage yield

4.35%
Min. balance for APY

$5,000

Best high-yield savings accounts of January 2025

Current high-yield savings trends Caret Up Icon Caret Down Icon

Best high-yield savings accounts for January 2025

BrioDirect

Annual percentage yield

Min. deposit to open

Why BrioDirect?

Pros and cons

Rate history for BrioDirect's savings account

Popular Direct

Annual percentage yield

Min. balance for APY

Min. deposit to open

Why Popular Direct?

Pros and cons

Rate history for Popular Direct's savings account

LendingClub Bank

Annual percentage yield

Min. balance for APY

Min. deposit to open

Why LendingClub Bank?

Pros and cons

Our experience with LendingClub Bank's savings account

Rate history for LendingClub Bank's savings account

Bask Bank

Annual percentage yield

Min. balance for APY

Min. deposit to open

Why Bask Bank?

Pros and cons

Our experience with Bask Bank's savings account

Rate history for Bask Bank's savings account

Bread Savings

Annual percentage yield

Min. balance for APY

Min. deposit to open

Why Bread Savings?

Pros and cons

Our experience with Bread Savings's savings account

Rate history for Bread Savings's savings account

CIBC Bank USA

Annual percentage yield

Min. balance for APY

Min. deposit to open

Why CIBC Bank USA?

Pros and cons

Our experience with CIBC Bank USA's savings account

Rate history for CIBC Bank USA's savings account

CIT Bank

Annual percentage yield

Min. balance for APY

Current high-yield savings trends