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 October 2024

Written by

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Reviewed by

Edited by

Reviewed by

Updated Oct. 7, 2024

Editorial note: While our partners compensate us from links on this page, we maintain editorial integrity, and partners don't influence our product evaluations. Here's how we make money and here is our advertiser disclosure.

A high-yield savings account can be a safe place to earn interest on your money while keeping it easily accessible for emergencies or other expenses. Annual percentage yields (APYs) on top high-yield savings accounts are 5 percent and above, which is more than eight times the current national average rate of 0.57 percent.

Bankrate has been a trusted source of banking information since 1976, and its team of experts assesses high-yield savings accounts based on rates, balance requirements, fees and ease of access. Bankrate regularly provides you up-to-date news and rate information on top savings account yields from some of the most popular Federal Deposit Insurance Corp. (FDIC) banks and National Credit Union Administration (NCUA)-insured credit unions.

Best online high-yield savings account rates

LendingClub Bank — 5.30% APY
BrioDirect — 5.15% APY
Bread Savings — 5.10% APY
EverBank — 5.05% APY
Bask Bank — 4.85% APY
CIT Bank — 4.85% APY
Popular Direct — 4.85% APY
PNC Bank — 4.65% APY
CIBC Bank USA — 4.61% APY
UFB Direct — 4.57% APY

Note: Annual percentage yields (APYs) shown were updated between Oct. 3 and Oct. 9. All other information is current as of Oct. 7. 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.

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Best high-yield savings accounts for October 2024

LendingClub Bank

5.0

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 10/3 and 10/9.

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 10/3 and 10/9. APY last updated between 10/3 and 10/9	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.
10/03/2024	5.30%	0.58%
10/01/2024	5.00%	0.58%
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%	0.58%
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%
10/10/2023	4.50%	0.58%

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

5.15% 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 10/3 and 10/9.

National average APY

How do we get this 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 10/3 and 10/9. APY last updated between 10/3 and 10/9	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.
10/01/2024	5.15%	0.58%
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%
01/02/2024	5.35%	0.58%
12/05/2023	5.35%	0.57%
11/07/2023	5.35%	0.60%
10/10/2023	5.35%	0.58%

Bread Savings

4.9

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

5.10% 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 10/3 and 10/9.

National average APY

How do we get this 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 10/3 and 10/9. APY last updated between 10/3 and 10/9	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.
09/16/2024	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%

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 10/3 and 10/9.

National average APY

How do we get this 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 10/3 and 10/9. APY last updated between 10/3 and 10/9	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.
10/01/2024	5.05%	0.58%
09/03/2024	5.05%	0.61%
05/31/2024	5.05%	0.59%
01/03/2024	5.15%	0.58%
12/04/2023	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

4.85% 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 10/3 and 10/9.

National average APY

How do we get this 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 10/3 and 10/9. APY last updated between 10/3 and 10/9	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.
10/01/2024	4.85%	0.58%
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%
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%
10/10/2023	5.00%	0.58%

CIT Bank

4.6

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.

Read Bankrate's Expert CIT Bank Review

4.70% – 4.85% APY

$5,000 min. balance for APY

$100 min. deposit to open

Best high-yield savings accounts of October 2024

Best high-yield savings accounts for October 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

Bread Savings

Overview

Rate history for Bread Savings'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

Bask Bank

Overview

Rate history for Bask Bank's savings account

Why we chose it

What to watch for

CIT Bank

Overview

Rate history for CIT Bank's savings account

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.	CIT Bank APY APY last updated between 10/3 and 10/9. APY last updated between 10/3 and 10/9	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.
10/01/2024	4.70%	0.58%
09/04/2024	4.85%	0.61%
09/03/2024	5.00%	0.61%
05/13/2024	5.00%	0.59%
05/07/2024	5.05%	0.59%
05/01/2024	5.00%	0.59%
04/02/2024	5.05%	0.58%
03/05/2024	5.05%	0.57%
01/02/2024	5.05%	0.58%
12/05/2023	5.05%	0.57%
11/07/2023	5.05%	0.60%
10/10/2023	5.05%	0.58%