The best 7 high-yield savings accounts

Publish date: 2024-07-06

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Building up your emergency fund? Planning for a vacation? A high-yield savings account has a higher interest rate, helping you reach your financial goals faster.

Traditional savings accounts have an average interest rate of 0.61%, while high-yield savings accounts can offer 5% or more. These accounts are easy to open and often don’t charge monthly fees and initial deposits, making them even more attractive.

But where do you find the best high-yield savings account? Online banks tend to offer better benefits, including higher APYs, lower fees and easier accessibility compared to traditional banks. Here are seven of our top picks for high-yield savings accounts. 

Best high-yield savings accounts

EverBank: Best for introductory rates 

The Yield Pledge® Online Savings features an introductory APY of 5.15% on balances up to $250,000. After the first year, you’ll earn an impressive 4.75% on your money. 

That’s higher than most other high-yield savings accounts. Everbank regularly reviews competitor rates to ensure they’re among the top 5% of competitive accounts. 

This account has no minimum initial deposit or monthly maintenance fees. You can deposit money via mobile check deposit or move money with internal and external partners.

ProsCons
  • Generous APY
  • No initial deposit required
  • No monthly maintenance fee
  • Introductory APY only available for the first year
  • No physical branches

Laurel Road: Best for earning potential  

If you want to earn some of the highest rates available, Laurel Road is a great option. 

The Laurel Road High Yield Savings offers a competitive 5% interest rate with no fees or minimum balance requirements. For example, if you deposit $1,000 into this account, you’d potentially earn $50 in interest per year.

Your money is FDIC-insured up to $250,000, and you can make as many online transfers or withdrawals as you’d like. You can make deposits via online transfer, direct deposit, wire transfer, or mobile check deposit. 

However, because Laurel Road is an online bank, you can’t make any cash deposits. You can also deposit checks into your savings account or mail checks. 

ProsCons
  • High APY with no minimum balance requirement
  • No excessive monthly withdrawal fees
  • No monthly maintenance fees
  • No ATM access
  • No in-person support
  • Limited customer service hours

Synchrony Bank: Best for ATM withdrawals

Synchrony Bank High Yield Savings is another fee-free way to earn a generous return on your money. This account offers an interest rate of 4.75%, with no minimum initial deposit required. There are also no monthly fees or minimum balance requirements. 

Unlike other online banks, there are many ways to deposit money into your account. You can deposit or withdraw cash via online transfer, mobile check deposit, direct deposit, or wire transfer.

You can also request an ATM card to withdraw cash in the U.S. or abroad. ATM fees up to $5 per statement cycle are eligible for reimbursement.

ProsCons
  • Solid interest rate
  • Optional ATM card to access cash
  • No limit on ATM withdrawals
  • No monthly fees or minimum balance requirements
  • Out-of-network ATM fee waivers
  • No minimum initial deposit
  • No checking account add-on option
  • ATM card isn’t recognized as a debit card at some businesses
  • Non-ATM withdrawals limited to six per cycle
  • Checks only provided with Money Market accounts

American Express: Best for customer support  

American Express offers a solid 4.3% APY on its savings account. While that’s not as strong as other top-yielding banks, it offers stellar customer service and easy access to your funds. 

One of the standout features of this is its simplicity and ease of use. You can easily make transfers and deposits from your account, which often take less than 24 hours to complete. You can access 24/7 customer support by phone or additional educational resources on the American Express website. 

There are no monthly maintenance fees, so you can save without worrying about unnecessary charges. 

ProsCons
  • 24/7 live support
  • Automated deposits make it simple to earn more
  • No monthly maintenance fees or minimum balance requirements
  • No minimum balance requirement
  • Lower APY compared to other banks
  • No ATM card or checks
  • No option to add a checking account
  • No mobile check deposit

SoFi: Best for combined savings and checking

SoFi offers an all-in-one banking solution that makes it easy to manage all of your finances in one place. When you open a high-yield savings account, you automatically get access to a checking account — and both earn interest. You’ll earn 4.6% on your savings and 0.5% on your checking balance.

SoFi also offers several perks that make it easy to manage your money. One standout feature is their round-up feature, which rounds up your debit card purchases to the nearest dollar and deposits the difference into your savings account. You can also set and track goals with SoFi’s “Vaults” feature and make automatic deductions from your paycheck into savings. 

Because this savings account is connected to a checking account, it’s easy to access your money. You can transfer funds, deposit checks, and access cash via an ATM. SoFi offers you a virtual debit card you can use to make payments or withdraw cash. 

ProsCons
  • Access to both savings and checking account
  • Generous welcome bonus
  • FDIC coverage of up to $2 million
  • No monthly fees
  • Competitive interest rate
  • No minimum initial deposit required
  • No physical branches
  • Direct deposit required to earn maximum APY and welcome bonus
  • Must have both checking and savings account

Discover: Best for no fees 

Discover is best known for its credit card products, but its high-yield savings account is worth considering. 

Like many other high-yield accounts, there are no monthly maintenance fees and minimum opening deposit. But this account also doesn’t include any other common bank fees. You won’t pay fees for insufficient funds, account closure, stop payment orders, excessive withdrawals and more. 

Discover offers robust 24/7 support and educational advice on their online blog. You can access your cash via mobile check deposit or online transfer. You can make up to six free withdrawals or transfers per statement cycle.

ProsCons
  • No minimum balance requirement
  • No minimum initial deposit
  • No monthly fees
  • Mobile check deposit
  • Receive direct deposit up to two days early with Early Pay
  • Customer support available 24/7
  • Higher interest may be available at other banks
  • No physical branches

Marcus by Goldman Sachs: Best for fast transfers 

Marcus’ high-yield savings account carries a 4.4% APY on balances up to $1 million. This account makes it easier to move funds swiftly. You can initiate same-day transfers of up to $100,000 between external accounts and Marcus. This accessibility makes this account a good option for an emergency fund. 

This account also features no monthly maintenance fees or minimum deposit requirements. You can set up direct deposit, make transfers, or deposit a check by mail to deposit money.

ProsCons
  • Same-day transfers of up to $100,000
  • Unlimited withdrawals and transfers
  • Customer service available 24/7 by phone
  • No monthly fees
  • No minimum deposit required
  • Deposit required within 60 days to avoid account closure
  • No checking account option
  • No cash deposit option

The bottom line 

There’s a lot to love about high-yield savings accounts. You can earn a return on your money without much effort on your part. Some accounts come with little to no fees and other perks, making them an ideal way to boost your savings. Plus, you’ll earn higher interest than regular savings accounts. 

That said, it’s essential to compare accounts and their unique features to find the right option for you.

Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.

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