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 September 2024 - Up to 5.50%

LendingClub Bank

4.9

Overview

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.

Read Bankrate's Expert LendingClub Bank Review

5.30% APY

$0 min. balance for APY

$0 min. deposit to open

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 9/6 and 9/12.

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.

- 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.
- 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.

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 9/6 and 9/12. APY last updated between 9/6 and 9/12	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.
09/03/2024	5.00%	0.62%
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%	0.58%
01/25/2024	5.00%	0.58%
01/02/2024	4.65%	0.58%
12/05/2023	4.65%	0.57%
11/28/2023	4.65%	0.60%
11/07/2023	4.50%	0.60%
10/03/2023	4.50%	0.58%
09/19/2023	4.50%	0.57%

BrioDirect

4.6

Overview

BrioDirect offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open.

Read Bankrate's Expert BrioDirect Review

5.30% APY

$5,000 min. deposit to open

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 9/6 and 9/12.

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.

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

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 9/6 and 9/12. APY last updated between 9/6 and 9/12	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.
09/03/2024	5.30%	0.62%
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%
01/02/2024	5.35%	0.58%
12/05/2023	5.35%	0.57%
11/07/2023	5.35%	0.60%
10/03/2023	5.35%	0.58%

UFB Direct

5.0

Overview

UFB Direct is known for its high-yield savings account and money market account. Both the UFB Portfolio Savings account and UFB Portfolio Money Market account earn very competitive yields. One of their differences is the UFB Portfolio Savings account, which has ATM access, doesn’t charge a monthly service fee. The UFB Portfolio Money Market account charges a $10 monthly maintenance fee if you don’t keep at least $5,000 in the account.

Read Bankrate's Expert UFB Direct Review

5.15% APY

$0 min. deposit to open

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

UFB Direct

APY

APY last updated between 9/6 and 9/12.

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.

- UFB Direct’s Portfolio Savings account offers a top-tier yield.
- It also offers ATM access, which isn’t offered by every online bank.
- You can use mobile deposit to deposit checks at UFB Direct.
- Unlike the UFB Portfolio Money Market Account, the UFB Portfolio Savings account doesn’t have a monthly service fee or minimum balance requirement.
- The UFB Portfolio Savings account doesn’t require a minimum opening deposit.
- Time will tell if UFB Direct’s yield stays among the highest APYs over time, since savings APYs are variable.
- UFB Direct has five balance tiers. All of them yielded the same APY during Bankrate’s review, but this could change in the future.

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.	UFB Direct APY APY last updated between 9/6 and 9/12. APY last updated between 9/6 and 9/12	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.
09/03/2024	5.15%	0.62%
07/30/2024	5.15%	0.59%
05/07/2024	5.25%	0.59%
04/02/2024	5.25%	0.58%
03/05/2024	5.25%	0.57%
01/02/2024	5.25%	0.58%
12/05/2023	5.25%	0.57%
11/07/2023	5.25%	0.60%
10/03/2023	5.25%	0.58%
09/19/2023	5.25%	0.57%

Bread Savings

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.

Read Bankrate's Expert Bread Savings Review

5.15% APY

$0 min. balance for APY

$100 min. deposit to open

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 9/6 and 9/12.

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.

- 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.
- A paper statement will cost you $5 per request at Bread Savings.
- The bank also charges $25 to send a wire transfer.

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 9/6 and 9/12. APY last updated between 9/6 and 9/12	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.
07/22/2024	5.15%	0.59%
04/18/2024	5.15%	0.58%
09/27/2023	5.15%	0.57%

Bask Bank

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.

Read Bankrate's Expert Bask Bank Review

5.10% APY

$0 min. balance for APY

$0 min. deposit to open

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 9/6 and 9/12.

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.

- 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.
- 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.
- Though Bask Bank has a top-tier yield, some banks do offer higher APYs.

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 9/6 and 9/12. APY last updated between 9/6 and 9/12	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.
09/03/2024	5.10%	0.62%
05/07/2024	5.10%	0.59%
04/02/2024	5.10%	0.58%
03/05/2024	5.10%	0.57%
01/02/2024	5.10%	0.58%
12/05/2023	5.10%	0.57%
11/03/2023	5.10%	0.60%
10/18/2023	5.10%	0.58%
10/03/2023	5.00%	0.58%
09/19/2023	5.00%	0.57%

EverBank

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.

Read Bankrate's Expert EverBank Review

5.05% APY

$0 min. balance for APY

$0 min. deposit to open

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

EverBank

APY

APY last updated between 9/6 and 9/12.

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.

- There’s no monthly maintenance fee.
- EverBank doesn’t have a minimum opening balance requirement for its Performance℠ Savings account.
- Some savings accounts from other banks offer slightly higher yields.

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.	EverBank APY APY last updated between 9/6 and 9/12. APY last updated between 9/6 and 9/12	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.
09/03/2024	5.05%	0.62%
05/31/2024	5.05%	0.59%
01/03/2024	5.15%	0.58%
12/04/2023	5.15%	0.57%
10/02/2023	5.15%	0.58%

TAB Bank

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.)

Read Bankrate's Expert TAB Bank Review

5.02% APY

$0 min. deposit to open

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

TAB Bank

APY

APY last updated between 9/6 and 9/12.

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.

- TAB Bank pays a very competitive yield on its savings account.
- TAB’s savings account doesn’t require an opening deposit
- The account also doesn’t have a monthly service fee.
- Paper statements cost $5 for TAB Bank’s High Yield Savings Account. Outgoing wire transfers cost $30.
- Outgoing wire transfers cost $30.
- There’s a $30 fee if you deposit an item that ends up being returned.

Best high-yield savings accounts of September 2024

Best high-yield savings accounts for September 2024

LendingClub Bank

Overview

Rate history for LendingClub Bank's savings account

Why we chose it

What to watch for

BrioDirect

Overview

Rate history for BrioDirect's savings account

Why we chose it

What to watch for

UFB Direct

Overview

Rate history for UFB Direct's savings account

Why we chose it

What to watch for

Bread Savings

Overview

Rate history for Bread Savings's savings account

Why we chose it

What to watch for

Bask Bank

Overview

Rate history for Bask Bank's savings account

Why we chose it

What to watch for

EverBank

Overview

Rate history for EverBank's savings account

Why we chose it

What to watch for

TAB Bank

Overview

Rate history for TAB Bank's savings account

Why we chose it

What to watch for

Salem Five Direct

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.	TAB Bank APY APY last updated between 9/6 and 9/12. APY last updated between 9/6 and 9/12	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.
09/03/2024	5.02%	0.62%
07/23/2024	5.02%	0.59%
05/07/2024	5.27%	0.59%
04/02/2024	5.27%	0.58%
03/05/2024	5.27%	0.57%
01/02/2024	5.27%	0.58%
12/05/2023	5.27%	0.57%
11/07/2023	5.27%	0.60%
10/24/2023	5.27%	0.58%
10/03/2023	5.02%	0.58%
09/19/2023	5.02%	0.57%