Best High-Yield Savings Accounts For April 2024 (2024)

Table of Contents
Best High-Yield Savings Accounts of April 2024 Summary of Best High-Yield Savings Accounts of 2024 Best for Cash Withdrawals UFB Secure Savings Best for No Hidden Fees Bask Interest Savings Account Best for Customer Service Quontic Bank High Yield Savings Best for Multiple Deposit Options LendingClub High-Yield Savings Account Best for No Minimum Deposit TAB Bank High Yield Savings Best for Free Incoming Wire Transfers EverBank Performance℠ Savings Best for Automated Savings Varo Savings Account Best for Checking and Savings Laurel Road High Yield Savings® Best for Emergency Funds BrioDirect High Yield Savings Account Best for Guaranteed Interest Ivy Bank High-Yield Savings Account All About High-Yield Savings Accounts Are Savings Interest Rates Going Up? How High Will Savings Interest Rates Go in 2024? What Is a High-Yield Savings Account? High-Yield Savings Account Terms To Know Are High-Yield Savings Accounts Safe? Online Savings Accounts Fees How To Choose a High-Yield Savings Account Interest Rate Deposit Requirements Account Fees Compounding Frequency Pros and Cons of High-Yield Savings Accounts Pros Cons How To Open a High-Yield Savings Account Online Best Ways To Use a High-Yield Savings Account Are High-Yield Savings Accounts Worth It? Alternatives to High-Yield Savings Accounts High-Yield Savings vs. Money Market Account High-Yield Savings vs. Certificates of Deposit (CD) Other High-Yield Savings Account Alternatives Methodology Banks We Monitor Next Up In Savings FAQs

Best High-Yield Savings Accounts of April 2024

We compared 287 savings accounts at 175 nationally available banks and credit unions to find some of the best high-yield savings accounts available.

Annual percentage yield (APY) was a main factor but not the only factor considered when building our list of the best accounts.

See below to learn why we picked each account, including its pros and cons, and to access individual bank reviews.

Annual percentage yields (APYs) and account details are accurate as of April 8, 2024.

Summary of Best High-Yield Savings Accounts of 2024

AccountCompany - LogoForbes Advisor RatingBest ForForbes Advisor RatingAnnual Percentage Yield Minimum Deposit RequirementLearn More CTA textLearn more CTA below textLEARN MORE
UFB Secure Savings Best High-Yield Savings Accounts For April 2024 (1)4.7Cash WithdrawalsBest High-Yield Savings Accounts For April 2024 (2)Up to 5.25% APY $0

Learn More

On UFB Direct's Website
Bask Interest Savings Account Best High-Yield Savings Accounts For April 2024 (3)4.6No Hidden FeesBest High-Yield Savings Accounts For April 2024 (4)5.10% APY $0

Learn More

On Bask Bank's Website Member FDIC
Quontic Bank High Yield Savings Best High-Yield Savings Accounts For April 2024 (5)4.6Customer ServiceBest High-Yield Savings Accounts For April 2024 (6)4.50% APY $100

Learn More

On Quontic Bank's Website
LendingClub High-Yield Savings Account Best High-Yield Savings Accounts For April 2024 (7)4.6Multiple Deposit OptionsBest High-Yield Savings Accounts For April 2024 (8)5.00% APY $100

Learn More

Read Our Full Review
TAB Bank High Yield Savings Best High-Yield Savings Accounts For April 2024 (9)4.5No Minimum DepositBest High-Yield Savings Accounts For April 2024 (10)5.27% APY $0

Learn More

Read Our Full Review
EverBank Performance℠ Savings Best High-Yield Savings Accounts For April 2024 (11)4.5Free Incoming Wire TransfersBest High-Yield Savings Accounts For April 2024 (12)5.15% APY $0

Learn More

Read Our Full Review
Varo Savings Account Best High-Yield Savings Accounts For April 2024 (13)4.5Automated SavingsBest High-Yield Savings Accounts For April 2024 (14)3.00% to 5.00% APY $0

Learn More

On Bankrate.com's Website
Laurel Road High Yield Savings® Best High-Yield Savings Accounts For April 2024 (15)4.5Checking and SavingsBest High-Yield Savings Accounts For April 2024 (16)5.00% APY $0

Learn More

On Laurel Road's Website
Member FDIC
BrioDirect High Yield Savings Account Best High-Yield Savings Accounts For April 2024 (17)4.4Emergency FundsBest High-Yield Savings Accounts For April 2024 (18)5.35% APY $5,000

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Read Our Full Review
Ivy Bank High-Yield Savings Account Best High-Yield Savings Accounts For April 2024 (19)4.4Guaranteed InterestBest High-Yield Savings Accounts For April 2024 (20)5.30% APY $2,500

Learn More

Read Our Full Review

Best for Cash Withdrawals

UFB Secure Savings

Best High-Yield Savings Accounts For April 2024 (21)

4.7

Best High-Yield Savings Accounts For April 2024 (22)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

Accurate as of 3/28/2024

Up to 5.25%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best High-Yield Savings Accounts For April 2024 (23)

Learn More Best High-Yield Savings Accounts For April 2024 (24)

On UFB Direct's Website

Accurate as of 3/28/2024

Up to 5.25%

$0

$0

Editor's Take

We chose the UFB Secure Savings because account holders receive a complimentary ATM card for convenient cash withdrawals at more than 91,000 fee-free ATMs. Users can also deposit cash.

Why We Like It

We like the UFB Secure Savings because it offers a competitive APY and has no maintenance or service fees and no minimum deposit. UFB also offers 24/7 phone support.

What We Don’t Like

UFB doesn’t offer a checking account, so it’s not a suitable choice for an all-in-one bank.

Who It’s Best For

This account is best for those who want easy access to the cash in their savings account. It’s much more flexible than the average savings account because it includes an ATM card and has no limits or restrictions on the number of transfers you can make each month.

Pros & Cons

  • Includes an ATM card
  • No monthly fees
  • No minimum balance or deposit requirements
  • Interest compounds daily
  • No in-person branches
  • Excess transaction fees

Details

UFB Direct accounts are offered through FDIC-member Axos Bank, and all deposits are insured up to the maximum limit of $250,000 per depositor. While this account technically has balance tiers, all balances currently earn the same rate. You earn up to 5.25% APY on all balance tiers with no activity or minimum requirements you have to meet to qualify. Interest is compounded daily and credited monthly. Most transactions are limited to six per statement period, and transactions in excess of this limit will incur a $10 excess withdrawal fee.

Best for No Hidden Fees

Bask Interest Savings Account

Best High-Yield Savings Accounts For April 2024 (25)

4.6

Best High-Yield Savings Accounts For April 2024 (26)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

APY as of March 28, 2024. APY is variable and subject to change after account opening. No monthly account fees or minimum deposit required. Must fund within 15 days of account opening.

5.10%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best High-Yield Savings Accounts For April 2024 (27)

Learn More Best High-Yield Savings Accounts For April 2024 (28)

On Bask Bank's Website
Member FDIC

APY as of March 28, 2024. APY is variable and subject to change after account opening. No monthly account fees or minimum deposit required. Must fund within 15 days of account opening.

5.10%

$0

$0

Editor's Take

We chose the Bask Interest Savings Account because of its high APY and lack of hidden fees. It has no monthly fee, minimum deposit requirement or balance requirement.

Why We Like It

Aside from its attractive APY, we like the Bask Interest Savings Account because it has few fees. You won’t pay for overdrafts, incoming wire transfers, returned items or for closing your account early.

What We Don’t Like

Bask doesn’t offer a checking account, so you must have an account at a second institution to transfer or withdraw funds. Transfers to external banks can take three days, slowing down the time it takes to access your cash.

Who It’s Best For

Bask Interest Savings Account is a stand-out option all around, especially for those who prefer fee-free banking. Bask is an online bank that only offers savings accounts and CDs, so it’s ideal for people who don’t mind keeping funds with multiple institutions to find the best products.

Pros & Cons

  • No monthly maintenance fee or hidden fees
  • No minimum deposit or balance requirements
  • No balance caps on highest APY
  • Interest compounds daily
  • No live chat support
  • No in-person branches

Details

Bask Bank is part of Texas Capital Bank. This savings account charges fees for outgoing wire transfers. Though you can’t walk into a branch as this is an online-only bank, Bask Bank customers have access to both email and phone support. Interest compounds daily and is credited monthly on the last day of each statement cycle. Customers earn 5.10% APY with no minimums or activity requirements. Customers need to make a deposit within 15 days of account opening to avoid closure.

Best for Customer Service

Quontic Bank High Yield Savings

Best High-Yield Savings Accounts For April 2024 (29)

4.6

Best High-Yield Savings Accounts For April 2024 (30)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

4.50%

Minimum Deposit Requirement

$100

Monthly Maintenance Fee

$0

Best High-Yield Savings Accounts For April 2024 (31)

Learn More Best High-Yield Savings Accounts For April 2024 (32)

On Quontic Bank's Website

Editor's Take

We picked the Quontic Bank High Yield Savings account because it’s an all-around solid offering from an online bank known for customer service and minimal fees. Notably, the bank offers checking accounts, savings accounts, money market accounts and CDs.

Why We Like It

We like that Quontic Bank is a full-service bank with a good reputation. With an A+ grade from the Better Business Bureau and a high customer satisfaction score on Trustpilot, Quontic provides a positive banking experience. It also offers more ways to get in touch with customer support than the average bank, including text and chat support.

What We Don’t Like

Quontic offers only a few account funding options, and all of them are digital. We don’t like that there is no way to mail a check or deposit cash.

Who It’s Best For

This account is best for people who value high-quality customer service that’s easy to reach and who don’t mind banking with an online-only institution. Quontic offers competitive rates on all of its interest-bearing accounts, low minimums and few fees.

Pros & Cons

  • No monthly maintenance fee
  • Low minimum balance to earn interest
  • No balance caps on highest APY
  • Interest compounds daily
  • Live chat support
  • No in-person branches
  • Limited account funding options

Details

Interest is compounded daily and credited monthly. Accounts can be funded by bank transfers, ACH transfer or using Plaid bank account verification. Fees apply for dormant accounts, stop payments, outgoing wire transfers and returned items but are not charged for excess transactions or overdrafts. Quontic Bank is a member of the FDIC, and all deposits are insured up to the maximum limit of $250,000 per depositor.

Best for Multiple Deposit Options

LendingClub High-Yield Savings Account

4.6

Best High-Yield Savings Accounts For April 2024 (34)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

5.00%

Minimum Deposit Requirement

$100

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

5.00%

$100

$0

Editor's Take

We picked the LendingClub High-Yield Savings account because it offers a variety of funding options, including cash deposits at participating MoneyPass ATMs, bank transfers, wire transfers and more.

Why We Like It

We like that LendingClub gives you more choices than most banks for funding your savings account. It also stands out for offering live chat customer support and a free ATM card.

What We Don’t Like

Watch out for hidden fees with this bank. LendingClub charges high fees for inactivity, wire transfers and stop payments.

Who It’s Best For

LendingClub High-Yield Savings is one of the best options for deposit flexibility, making it ideal for people with different sources of income. It would also make a good joint account for this reason.

Pros & Cons

  • No monthly maintenance fee
  • Low minimum balance to earn interest
  • No balance caps on highest APY
  • Interest compounds daily
  • Live chat support
  • No in-person branches

Details

Fees apply for inactivity, stop payments, wire transfers and more. Interest is compounded daily and credited monthly on the last business day of each statement cycle. You can fund the account via ACH transfer, mobile deposit, wire transfer, direct deposit or cash deposit. You will not be charged a fee for using MoneyPass ATMs to deposit or withdraw cash. LendingClub Bank is a member of the FDIC, and all deposits are insured up to the maximum limit of $250,000 per depositor.

Best for No Minimum Deposit

TAB Bank High Yield Savings

4.5

Best High-Yield Savings Accounts For April 2024 (38)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

5.27%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

5.27%

$0

$0

Editor's Take

We picked the TAB Bank High Yield Savings account because it’s one of the best options for earning a high yield with no minimum deposit requirement to worry about. Whether you have a few dollars to save or a few thousand, you’ll qualify for the highest rate TAB has to offer.

Why We Like It

We like that TAB Bank has checking accounts, money market accounts and CDs in addition to its high-yield savings account. This can make moving money more convenient, and the bank doesn’t charge many fees on any of its products.

What We Don’t Like

We don’t like that this bank does not offer live chat customer support, especially because its website lacks FAQs and makes finding answers difficult.

Who It’s Best For

TAB Bank’s savings account is best for individuals who are just starting to save. With the ability to open an account without depositing funds, along with highly rated mobile apps and customer service, TAB is ideal for beginners looking for a hassle-free bank to grow with.

Pros & Cons

  • No monthly maintenance fee
  • No minimum balance to earn interest
  • No minimum opening deposit
  • No balance caps on highest APY
  • No in-person branches
  • No live chat support

Details

Interest is compounded daily and credited monthly. Fees apply for outgoing wire transfers, stop payments and cashier’s checks. Transfers or withdrawals in excess of six per month will be declined. TAB Bank is a member of the FDIC, and all deposits are insured up to the maximum limit of $250,000. You can fund the account with an ACH transfer, wire transfer or mailed check deposit. A balance of $0.01 is required to earn interest.

Best for Free Incoming Wire Transfers

EverBank Performance℠ Savings

4.5

Best High-Yield Savings Accounts For April 2024 (42)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

5.15%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

Editor's Take

We picked EverBank’s Performance Savings account because it charges few fees overall, including no fee for incoming wire transfers (domestic and international). The account has no deposit or balance requirements.

Why We Like It

We like this account because it has no fees for incoming wire transfers, stop payments, returned items, non-sufficient funds or account closure. It’s rare to find an account with none of these.

What We Don’t Like

We don’t like that the Performance Savings account from EverBank lacks the “Yield Pledge” guarantee attached to other EverBank accounts. This guarantee promises that an account’s rate, though variable, will remain competitive with the top 5% of accounts.

Who It’s Best For

The EverBank Performance Savings account is a smart choice for anyone who wants to avoid banking fees, especially service fees for different types of transfers. It’s also one of few banks on this list with in-person branch locations.

Pros & Cons

  • No monthly maintenance fee
  • No minimum balance or deposit requirements
  • No balance caps on highest APY
  • Interest compounds daily
  • Branch banking locations in Florida
  • No live chat support

Details

EverBank is a member of the FDIC, and all deposits are insured up to the maximum limit of $250,000. Interest is compounded daily and credited monthly. There are no fees for incoming wire transfers, stop payments, returned items, non-sufficient funds or account closure, but fees apply for other outgoing wire transfers. Accounts can be funded by mobile check deposit, ACH transfer, direct deposit, wire transfer and mailed or in-person check or cash deposit.

Best for Automated Savings

Varo Savings Account

Best High-Yield Savings Accounts For April 2024 (45)

4.5

Best High-Yield Savings Accounts For April 2024 (46)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

3.00% to 5.00%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best High-Yield Savings Accounts For April 2024 (47)

Learn More Best High-Yield Savings Accounts For April 2024 (48)

On Bankrate.com's Website

3.00% to 5.00%

$0

$0

Editor's Take

We picked the Varo Savings Account because it has no service fees, offers the potential for a high APY and makes saving easier with tools to automate transfers.

Why We Like It

We like this unique savings account because it gives you the option to round up your debit card transactions to the nearest dollar and save your spare change automatically.

What We Don’t Like

We don’t like that this account only gives you its highest rate on your first $5,000 and pays 3.00% APY on balances above this. We also don’t like that you have to receive direct deposits every month to qualify for 5.00% APY.

Who It’s Best For

A Varo savings account is best for new savers and those with less cash to put away because it can help you make a habit of saving. It also encourages you to save with strict requirements to qualify for the highest rate, which may be helpful for reluctant savers.

Pros & Cons

  • 5.00% APY on balances up to $5,000
  • Automatic savings tools
  • No fees or minimum balance requirements
  • 5.00% APY only applies to first $5,000 in your account
  • Must open Varo checking account first
  • No 24/7 customer service

Details

In order to have a Varo Savings Account, you also must have a Varo Bank Account, which is an online checking account. Interest on the Varo Savings Account is compounded daily and credited monthly.

To earn 5.00% APY, customers must receive total direct deposits of $1,000 or more within each qualifying period, maintain a daily savings account balance of $5,000 or less for the entire calendar month and maintain balances above or equal to $0.00 in both savings and bank accounts for the entire calendar month.

Best for Checking and Savings

Laurel Road High Yield Savings®

Best High-Yield Savings Accounts For April 2024 (49)

4.5

Best High-Yield Savings Accounts For April 2024 (50)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

5.00%

Minimum Deposit Requirement

$0

Monthly Maintenance Fee

$0

Best High-Yield Savings Accounts For April 2024 (51)

Learn More Best High-Yield Savings Accounts For April 2024 (52)

On Laurel Road's Website
Member FDIC

5.00%

$0

$0

Editor's Take

We picked the Laurel Road High Yield Savings account because it’s a competitive savings account with no fees or minimums, but we also picked it because the bank offers equally enticing checking accounts.

Why We Like It

Laurel Road has three attractive checking account options, including rewards checking, in addition to its high-rate savings account. If you’re looking to bank in one place, this is a solid digital option.

What We Don’t Like

We don’t like that Laurel Road’s high-yield savings account charges fees for account-to-account transfers. Other leading savings accounts don’t charge this fee.

Who It’s Best For

If you’re looking to do your everyday banking and saving together, Laurel Road is a worthy option. Laurel Road High Yield Savings is a basic account with an above-average rate, and we especially recommend it for people also in the market for a new checking account.

Pros & Cons

  • No monthly maintenance fee
  • Low minimum balance to earn interest
  • No balance caps on highest APY
  • Interest compounds daily
  • Live chat support
  • No in-person branches

Details

Deposits are insured through FDIC-member KeyBank up to the maximum limit of $250,000 per depositor. Accounts can be funded via bank transfer, domestic wire transfer, direct deposit or mailed or mobile check deposit. Fees apply for overdrafts, stop payments, certain bank transfers and wire transfers but are not charged for excessive transactions or account closure. Monthly withdrawals and transfers are limited to seven per month. Interest is compounded daily and credited monthly.

Best for Emergency Funds

BrioDirect High Yield Savings Account

4.4

Best High-Yield Savings Accounts For April 2024 (54)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

5.35%

Minimum Deposit Requirement

$5,000

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

5.35%

$5,000

$0

Editor's Take

We chose the BrioDirect High-Yield Savings Account because it pays a highly competitive rate on any balance over $25, making it well-suited to emergency funds and cash reserves for large purchases.

Why We Like It

We like that this account offers a high rate without imposing activity requirements to earn it. We also appreciate that there are no balance caps on the amount that can earn the advertised APY. BrioDirect doesn’t charge any monthly fees for this account, and interest compounds daily, so you’ll keep all of your earnings—and have more of them.

What We Don’t Like

We don’t like that this account requires a minimum opening deposit of $5,000. This is steep for any savings account, but especially for an online one.

Who It’s Best For

BrioDirect High-Yield Savings is best for people who already have several thousand dollars saved and don’t plan to access this money often. BrioDirect only offers a savings account and CDs, so it isn’t right for anyone who wants to keep all of their bank accounts with one institution.

Pros & Cons

  • No monthly maintenance fee
  • Low minimum balance to earn interest
  • No balance caps to earn the highest APY
  • Interest compounds daily
  • High minimum opening deposit
  • Excess transaction fees
  • No in-person branches
  • No live chat support

Details

To fund your account, you can deposit money with a check, ACH transfer or wire transfer. You must deposit at least $5,000 to open the account, and you’re required to maintain a balance of $25 to earn the stated APY. Interest compounds daily and is credited each statement cycle. Deposits are insured through FDIC-member Webster Bank up to the maximum limit of $250,000 per depositor. Fees apply for wire transfers, stop payments, insufficient funds and early account closure. BrioDirect also charges a $10 excess transaction fee that applies when you withdraw funds more than six times during a statement cycle.

Best for Guaranteed Interest

Ivy Bank High-Yield Savings Account

4.4

Best High-Yield Savings Accounts For April 2024 (58)

Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.

Annual Percentage Yield

5.30%

Minimum Deposit Requirement

$2,500

Monthly Maintenance Fee

$0

Learn More

Read Our Full Review

5.30%

$2,500

$0

Editor's Take

We chose Ivy Bank’s High-Yield Savings account because it offers one of the highest interest rates currently available, and its rate is locked through June 30, 2024.

Why We Like It

Savings accounts typically earn variable rates that can change at any time, and we like that this one is guaranteed to be competitive. We also like that though Ivy Bank doesn’t have a checking account, its Money Management platform lets you sync and see your activity for all of your accounts. This free tool includes budgeting, spend-tracking, debt payoff and net worth features.

What We Don’t Like

We don’t like that Ivy Bank only offers two funding options for making your initial deposit: ACH transfer or Plaid authentication. We also don’t like that the account requires a minimum balance of $2,500 to earn the highest-stated APY.

Who It’s Best For

This high-yield savings account from Ivy Bank is best for anyone willing to set aside at least $2,500 to earn as much interest on their savings as possible.

Pros & Cons

  • No monthly maintenance fee
  • No balance caps on highest APY
  • Interest compounds daily
  • Live chat support
  • High minimum opening deposit and balance to earn interest
  • No in-person branches
  • Limited account funding options

Details

Interest compounds daily and is credited monthly. Fees apply for outgoing wire transfers, stop payments and insufficient funds. You must have a balance of at least $10 to earn any interest with this account. Balances from $10 to $2,499.99 earn 0.05% APY, while balances greater than $2,500 earn 5.30% APY. The current APY is guaranteed through June 30, 2024, for new accounts. Transfers or withdrawals in excess of six per month will be declined. Deposits are insured through FDIC-member Cambridge Savings Bank up to the maximum limit of $250,000 per depositor.

All About High-Yield Savings Accounts

  • Are Savings Interest Rates Going Up?
  • What Is A High-Yield Savings Account?
  • High-Yield Savings Account Terms To Know
  • Are High-Yield Savings Accounts Safe?
  • Online Savings Accounts Fees
  • How To Choose a High-Yield Savings Account
  • Pros And Cons Of High-Yield Savings Accounts
  • How To Open a High-Yield Savings Account Online
  • Best Ways To Use a High-Yield Savings Account
  • Are High-Yield Savings Accounts Worth It?
  • Alternatives To High-Yield Savings Accounts
  • Methodology
  • Frequently Asked Questions (FAQs)

Are Savings Interest Rates Going Up?

High-yield savings account rates were on a steady upward trend through 2022 and 2023. That’s largely due to the Federal Open Market Committee’s efforts to fight inflation by steadily increasing the federal funds rate, which is the interest rate at which banks lend money to one another overnight.

However, inflation began to cool in late 2023. As a result, the FOMC has not changed the federal funds rate since July 2023, when it set a target range of 5.25% to 5.50%. The committee opted to maintain this rate as recently as March 2024. In March, Federal Reserve Chair Jerome Powell expressed that inflation is still a concern and acknowledged the risks of cutting rates too quickly. At the same time, he made it clear that interest rates are likely to begin trending downward this year.

We expect inflation to come down, the economy to keep growing. If that’s the case, it will be appropriate for interest rates to come down significantly over the coming years.
Federal Reserve Chair Jerome Powell, March 2024

When the federal funds rate adjusts, banks typically follow suit and shift rates for savings and other deposit accounts accordingly. Rate hikes often translate to banks paying higher rates for deposit accounts. Throughout 2023, the national average savings rate steadily increased alongside the federal funds rate—from 0.33% in January 2023 to 0.46% in December 2023, according to the FDIC.

Recently, savings rates have been stabilizing. For 2024, the national average was 0.47% in January, 0.46% in February and 0.47% in March. While 2023 saw rising consumer savings rates, 2024 has seen mostly consistent rates so far. In the coming months, any Federal Reserve rate cuts can trigger further reductions in savings account APYs.

Learn about today’s savings rates and the APYs institutions currently offer with the federal funds rate in mind.

How High Will Savings Interest Rates Go in 2024?

No one knows for sure how high savings interest rates will go in the near future, but it’ll depend largely on what happens with the federal funds rate. Currently, the target federal funds rate ranges between 5.25% and 5.50%—the highest it’s been in over 20 years.

However, the Federal Reserve has held rates steady in its recent meetings. Looking ahead, the FOMC projects multiple rate cuts by the end of 2024.

Pro Tip

Some accounts list an interest rate and an APY. The APY shows how much you can earn in one year, taking into account compounding frequency. When researching different accounts, be sure to look at the APY for an apples-to-apples comparison of what you can earn.

What Is a High-Yield Savings Account?

A high-yield savings account is a type of savings account that typically offers higher interest rates than a traditional savings account. You can generally find high-yield savings accounts at online banks and credit unions. These financial institutions normally don’t carry the overhead costs or profit-margin requirements of a traditional brick-and-mortar bank, allowing them to pass those savings on to customers through higher rates and lower fees.

Interest rates vary based on several factors, but it’s not uncommon to find high-yield savings accounts that offer up to 4.00% APY or more. A high-yield savings account may earn as much as 10 times the national average rate on standard savings accounts.

High-Yield Savings Account Terms To Know

When researching high-yield savings accounts, there are certain terms you’re likely to come across. Understanding what they mean can help you to find the right savings option.

  • Annual percentage yield (APY). The annual percentage yield or APY on a savings account reflects the interest you could earn on your savings over the course of a year when compounding interest is factored into the equation.
  • Compounding interest. Compounding interest is interest earned on your previously accrued interest. It’s calculated based on your principal deposits and the interest you earn as you go.
  • High yield. High yield means that a savings account offers a higher-than-average interest rate.
  • Minimum deposit requirement. A minimum deposit requirement for a high-yield savings account is the amount you’ll need to deposit to open the account. Depending on the bank, this may be as low as $1 or even $0.
  • Monthly maintenance fee. A monthly maintenance fee is a fee certain banks charge you to keep your account open. The advantage of opening a high-yield savings account with an online bank is that they don’t usually charge monthly maintenance fees.
  • Online bank. Online banks operate on the internet and typically do not have branches. Instead, you access your money via web browsers or mobile banking apps. Some online banks also offer ATM access.

Are High-Yield Savings Accounts Safe?

High-yield savings accounts are safe because they are generally protected by insurance and security features.

You can’t lose money in a savings account if you’re saving at an insured bank or credit union, as long as your balance is within coverage limits. The FDIC insures accounts at member banks up to $250,000 per depositor, per account ownership type and per financial institution. The National Credit Union Administration (NCUA) extends the same amount of coverage to member credit union deposits.

If an insured bank or credit union fails, you can’t lose money up to the combined maximum of $250,000 for your deposit accounts. Given the rarity of bank failures, there’s little risk of ever losing money. You may, however, lose some of the value of your savings if interest rates do not keep up with inflation. When inflation is high, your money may lose some of its spending power.

In terms of security, banks and other financial institutions that offer high-yield savings accounts institute a number of measures to protect your personal and financial information. Those measures can include multifactor authentication, data encryption and secure data storage.

Online Savings Accounts Fees

Generally, online savings accounts have fewer and lower fees than traditional savings accounts. Many online savings accounts have no monthly maintenance fees or minimum account balance requirements.

Each of our picks for the best online savings accounts has no monthly maintenance fee (or has the option to waive the fee by signing up for e-statements). But that doesn’t mean these accounts are totally fee-free. They may charge for things like paper statements and excessive transactions. As with any account or financial product, it’s important to read the fine print to make sure you’re aware of any fees before opening an account.

How To Choose a High-Yield Savings Account

Choosing the best high-yield savings account isn’t always obvious, so comparing accounts will help you find the best option. Here are some factors to consider before opening an account.

Interest Rate

Perhaps the most important factor when choosing a high-yield account is the interest rate. Earning a higher interest rate will help maximize your savings more quickly.

Deposit Requirements

Some accounts require a minimum opening deposit for a new account. You may also need to maintain a specific balance to earn interest or avoid monthly fees.

Account Fees

Fees can cancel out interest earned on your savings. Check the account’s fee schedule to determine if you’ll be charged a monthly service fee or other fees. Some banks will waive fees if you keep a certain amount in your account.

Compounding Frequency

Interest on a savings account can compound daily, weekly, monthly, quarterly or annually, depending on the bank. When interest compounds, you earn interest on your interest. Choosing an account that compounds more frequently can help you earn more interest over time.

Pro Tip

When choosing a high-yield savings account, it’s important to read the fine print. If the advertised APY seems exceptionally high, it might be a promotional rate that only applies to your balance for a certain period of time.

Pros and Cons of High-Yield Savings Accounts

Pros

  • Higher interest rates than traditional savings accounts
  • Lower or no fees
  • User-friendly mobile platforms
  • Unique savings tools

Cons

  • In-person banking may not be an option
  • Cash withdrawals and deposits may not be available
  • May have requirements you must meet to earn the highest APY
  • Interest rates are variable and can change at any time

How To Open a High-Yield Savings Account Online

You can open a high-yield savings account relatively quickly. Once you’ve found an account that matches your needs, you’ll need to fill out an online application. The bank may ask for this specific information to verify your identity during the application process:

  • Name
  • Address
  • Email address
  • Phone number
  • Date of birth
  • Social Security number
  • Number from your driver’s license or other government-issued photo ID
  • Funding source account information

If you’re opening a joint account, both parties will need to provide personal and financial information.

Once the account is approved, you can fund it using a linked bank account or other acceptable methods.

Best Ways To Use a High-Yield Savings Account

Because of their earning potential, high-yield savings accounts are excellent for reaching savings goals. Having a specific account for savings goals allows you to keep those funds separate from your everyday spending account. You can use a high-yield savings account to save for a variety of goals and large expenses, including:

  • An emergency fund
  • Vacation costs such as flights, hotel stays, meals and souvenirs
  • A wedding
  • Home renovations or repairs
  • Furniture and appliances
  • A down payment on a home
  • A new car
  • Educational costs such as tuition, extracurriculars and living expenses (but consider a 529 plan for long-term education savings)

High-yield savings accounts are ideal for short-term financial goals, but they’re not good for holding your retirement savings. A tax-advantaged retirement or investment account typically offers better returns and tax savings not found with high-yield savings accounts.

Are High-Yield Savings Accounts Worth It?

A high-yield savings account is an effective savings vehicle if you have funds you want to set aside for short-term financial goals or needs. It’s not a replacement for a retirement or tax-advantaged investment account, but it’s a great option for certain savings goals.

For example, a high-yield savings account is a good place to park your emergency fund. You can access the funds easily, but they earn more interest than they would in a traditional savings account. On the other hand, it wouldn’t be worth keeping your kid’s college savings in a high-yield savings account if you have a decade or longer to invest.

I like to use my high-yield savings account as an “in-between” place for cash I don’t have plans for yet. I’ll transfer my extra income from checking first, and then I’ll think about where to move it. I might ultimately invest some, put some in CDs and use some to pay off debt. I think of high-interest savings like a good street parking spot—it’s convenient, but it’s not my destination.

Lauren Graves, Forbes Advisor Staff

Alternatives to High-Yield Savings Accounts

A high-yield savings account isn’t the only place to keep your savings. Here are some alternatives to consider.

High-Yield Savings vs. Money Market Account

Money market accounts are deposit accounts that combine features of checking and savings accounts. You might earn interest the same way you would with a savings account. But you may also be able to write checks from your account or make purchases using a linked debit card. These are features you typically don’t get with a savings account.

So, which is better, a money market account or high-yield savings?

The answer depends on what you need the account to do for you, how much you’re willing to pay for it and what kind of APY you’re hoping to earn. Money market accounts can offer more flexibility and access to your savings, though you still may be limited to a certain number of withdrawals and transfers per month. On the other hand, high-yield savings accounts could offer better interest rates.

High-Yield Savings vs. Certificates of Deposit (CD)

Certificates of deposit (CDs) are similar to savings accounts in that you earn interest on your balance. The key difference is that money you deposit into a CD is locked up for a specific time period, such as three months or one year. If you withdraw your savings before the CD matures, you could forfeit some or all of the interest earned.

The main benefits of CDs over high-yield savings accounts are higher rates and fixed earnings since your rate generally won’t fluctuate over the term of your CD. Though CDs allow you to lock in a rate for a specific period, the downside is it’s not as easy (or cheap) to access your money. For this reason, CDs make sense if you’re sure you won’t need to access your savings before the maturity date.

Other High-Yield Savings Account Alternatives

  • Cash management accounts. Cash accounts are usually associated with taxable brokerage accounts, and these accounts are designed to hold money you plan to invest later or receive after selling investments you own. A cash account can function like a checking account and earn interest like a savings account, often at competitive rates.
  • Investment accounts. These accounts are designed for investing in the financial markets. A brokerage account could yield a substantially better return than a savings account, but you risk losing your money.

Methodology

To create a list of the best savings accounts, Forbes Advisor analyzed 287 savings accounts at 175 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 12 data points within the categories of APY, fees, minimum requirements, customer experience, digital experience and in-person access.

Here’s the weighting assigned to each category for high-yield savings accounts:

  • APY: 65%
  • Fees: 10%
  • Digital experience: 10%
  • Customer experience: 7%
  • Access: 3%
  • Minimum deposit requirement: 2.5%
  • Minimum balance to avoid monthly fee: 2.5%

We also considered whether there were complex tier structures or requirements to earn the APY or other stipulations to earn the APY. Minimum deposit requirements of $10,000 or higher affected scores negatively, as did high minimum balance requirements to avoid fees. The savings account must be nationally available to appear on this list.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

Banks We Monitor

We included these institutions in our research for the best high-yield savings account rates: Affirm,Alliant Credit Union,Ally Bank,American Express,Axos Bank,Bank of America,Bank5 Connect, BankDirect,BankPurely, Barclays,Bask Bank,BrioDirect Banking,Capital One,Charles Schwab Bank,Chase,Chime®,CIBC Bank,CIT Bank,Citibank,Citizens Access, Colorado Federal Savings Bank,Bread Financial,Connexus Credit Union,Consumers Credit Union,Discover,Dollar Savings Direct, E*Trade Bank, Fitness Bank,FNBO Direct,HSBC,HSBC Direct,iGoBanking, Incredible Bank,Live Oak Bank,Marcus by Goldman Sachs,My eBanc,MySavingsDirect,Navy Federal Credit Union,nbkc Bank,PNC Bank, Popular Direct,Quontic, Rising Bank,SalemFiveDirect,Sallie Mae Bank,SFGI Direct, SmartyPig Bank,Synchrony Bank,U.S. Bank, UFB Direct,Varo BankandVIO Bank.

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Best High-Yield Savings Accounts For April 2024 (2024)

FAQs

Best High-Yield Savings Accounts For April 2024? ›

As of April 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Which bank gives 7% interest on savings account? ›

As of April 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Where can I get 5% interest on my savings account? ›

Nationally Available High Interest Account Rates from Our Partners
Account NameAPY (Annual Percentage Yield) Accurate as of 4/15/2024Minimum Account Opening Balance
UFB Secure Savings5.25%$0
EverBank Performance℠ Savings5.15%$0
CIT Bank Platinum Savings5.05% (with $5,000 minimum balance)$100
Wealthfront Cash Account5.00%$1
2 more rows
Apr 3, 2024

Who has the highest paying high yield savings account? ›

Best High-Yield Savings Accounts of April 2024
  • EverBank Performance℠ Savings: 5.15% APY.
  • Bask Interest Savings Account: 5.10% APY.
  • LendingClub High-Yield Savings Account: 5.00% APY.
  • Varo Savings Account: 3.00% to 5.00% APY.
  • Laurel Road High Yield Savings®: 5.00% APY.
  • Quontic Bank High Yield Savings: 4.50% APY.

Where can I get 6% on my savings? ›

Best 6% interest savings accounts
  • Digital Federal Credit Union (DCU) Primary Savings.
  • Mango Savings™

Where can I get 10 percent interest on my money? ›

Where can I get 10 percent return on investment?
  • Invest in stocks for the short term. ...
  • Real estate. ...
  • Investing in fine art. ...
  • Starting your own business. ...
  • Investing in wine. ...
  • Peer-to-peer lending. ...
  • Invest in REITs. ...
  • Invest in gold, silver, and other precious metals.

How can I earn 7% interest on my money? ›

Banks that offer 7% interest on savings accounts
  1. Landmark Credit Union Premium Checking (7.50% APY) ...
  2. Digital Credit Union Primary Savings (6.17% APY) ...
  3. Popular Direct High-Yield Savings (5.20% APY) ...
  4. TAB Bank High Yield Savings (5.27% APY) ...
  5. High-yield savings accounts. ...
  6. Certificates of deposit (CDs) ...
  7. Money market accounts (MMAs)
Mar 8, 2024

How much will $10000 make in a high yield savings account? ›

The Bankrate promise
Type of savings accountTypical APYInterest on $10,000 after 1 year
Savings account paying competitive rates5.25%$539
Savings account paying the national average0.58%$58
Savings accounts from various big brick-and-mortar banks0.01%$1
Apr 2, 2024

What bank currently has the highest savings interest rate? ›

Best High-Yield Savings Account Rates
  • Evergreen Bank Group – 5.25% APY.
  • CFG Bank – 5.25% APY.
  • Upgrade – 5.21% APY.
  • EverBank (formerly TIAA Bank) – 5.15% APY.
  • RBMAX – 5.15% APY.
  • Bread Savings – 5.15% APY.
  • Popular Direct – 5.15% APY.
  • Western State Bank – 5.15% APY.

Do you pay taxes on high yield savings account? ›

The IRS treats interest earned on a savings account as earned income, meaning it can be taxed. So, if you received $125 in interest on a high-yield savings account in 2023, you're required to pay taxes on that interest when you file your federal tax return for the 2023 tax year.

Do millionaires use high-yield savings accounts? ›

Millionaires Like High-Yield Savings, but Not as Much as Other Accounts.

How much is too much in high-yield savings account? ›

Gaines reiterates that even most high-yield savings accounts lose value to inflation over time. “More than two months' worth of living expenses in a savings account is too much given the ability to earn around 5% from easily accessible money market accounts that should not fluctuate in price.”

Should I move all my money to a high-yield savings account? ›

Although each financial situation is unique, it doesn't typically make sense for you to keep all of your money in a high-yield savings account.

How many people have $5,000 in savings? ›

About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more. Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

Where is the best place to put $10,000 savings? ›

The best investment for 10k includes different types of tax-free investments, such as pensions, stocks and shares ISAs and lifetime ISAs. You can choose what to invest in within these products. Each tax-free investment type comes with an annual allowance, and you choose how to invest your ISA allowance.

Where can I get 12% interest on my money? ›

Where can I find a 12% interest savings account?
Bank nameAccount nameAPY
Khan Bank365-day, 18-month and 24-month Ordinary Term Savings Account12.3% to 12.8%
Khan Bank12-month, 18-month and 24-month Online Term Deposit Account12.4% to 12.9%
YieldN/AUp to 12%
Crypto.comCrypto.com EarnUp to 14.5%
6 more rows
Jun 1, 2023

What bank offers 8% interest? ›

Nationwide currently offers the top regular saver paying 8% interest – and an extra £200 to switch.

Can you get 7% on a CD? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Are there any 7% CDs? ›

Right now, there aren't any financial institutions offering 7% interest on a CD. Alpena Alcona Area Credit Union, a local financial institution in Michigan, previously offered a 7.19% APY on a 7-month CD special, but that offer has ended. There are a few financial institutions with CDs paying 6% APY or more, though.

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