Your web browser (Internet Explorer 8) is out of date. Update your browser for more security, speed, and the best experience on this site.
Update Browser

Best High-Yield Savings Accounts

Our guide to the best high interest savings accounts

We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Learn more about how we review products and read our advertiser disclosure for how we make money.

The top rate you can currently earn from a nationally available savings account is 0.70% annual percentage yield (APY), offered by Sallie Mae's SmartyPig account. That's 15 times the FDIC's national average for savings accounts of 0.06% APY, and is just one of the top rates you can find in our rankings below. Culled from our weekly rate research on more than 200 banks and credit unions that offer nationwide savings accounts, even the 10th-best rate on the list pays 0.60% APY.

Best High-Yield Savings Account Rates

  • SmartyPig by Sallie Mae - 0.70% APY
  • Affirm - 0.65% APY
  • Axos Bank - 0.61% APY
  • Ivy Bank - 0.61 % APY
  • Prime Alliance Bank - 0.60% APY
  • Monifi - 0.60% APY
  • LendingClub - 0.60% APY
  • ConnectOne Bank - 0.60% APY
  • CFG Bank - 0.59% APY
  • Comenity Direct - 0.55% APY
  • BrioDirect - 0.55% APY
  • Alliant Credit Union - 0.55% APY
  • Fitness Bank - 0.55% APY
  • USAlliance Financial Credit Union - 0.55% APY
  • Quontic Bank - 0.55% APY

Note that some banks opt to call their savings accounts "money market" accounts. Traditionally, money market accounts offer the ability to write checks, while savings accounts do not. The accounts you'll find in our ranking here all operate like savings accounts, with no check-writing privileges, even if the name might suggest otherwise.

Below you'll find the top savings account rates available from our partners, followed by our complete ranking of the best savings account rates nationwide.

The top savings account rates in the country are listed below in order of APY. Where more than one institution has the same rate, we've ranked accounts by those requiring the smallest minimum ongoing balance.

Sallie Mae, SmartyPig High Yield Savings Account - 0.70% APY

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $0.01
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No
  • Note: The advertised APY applies to the first $10,000 of your account balance, followed by a lower interest rate tier on amounts beyond that.

Affirm, Savings Account - 0.65% APY

  • Minimum initial deposit: Any amount
  • Minimum ongoing balance: Any amount
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No
  • Note: Only available and accessible via the Affirm mobile app

Axos Bank, High Yield Savings - 0.61% APY

  • Minimum initial deposit: $250
  • Minimum ongoing balance: $0
  • Monthly fee: None
  • ATM card: Yes (upon request only)
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Ivy Bank, High-Yield Savings Account - 0.61% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $2,500 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

Prime Alliance Bank, Personal Savings Account – 0.60% APY

  • Minimum initial deposit: Any amount
  • Minimum ongoing balance: $0
  • Monthly fee: None
  • ATM card: Only with linked checking
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Monifi (app-based) - 0.60% APY

  • Minimum initial deposit: $0
  • Minimum ongoing balance: Any amount
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: No

LendingClub, High-Yield Savings - 0.60% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $2,500 to earn stated APY
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

ConnectOne Bank, Online Savings Account - 0.60% APY

  • Minimum initial deposit: $2,500
  • Minimum ongoing balance: $2,500 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Only local where they have branches
  • CDs available: Yes

CFG Bank, High Yield Money Market Account – 0.59% APY

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $25,000 to earn stated APY (or earn a slightly lower rate with a $1,000 minimum balance)
  • Monthly fee: None with $1,000 ongoing balance; otherwise, $10/month
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes
  • Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Comenity Direct, High-Yield Savings Account – 0.55% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: Any amount
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

BrioDirect, High-Yield Money Market Account - 0.55% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $0.01
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: Yes
  • Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Alliant Credit Union, High-Rate Savings Account - 0.55% APY

  • Minimum initial deposit: $5
  • Minimum ongoing balance: $100
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Fitness Bank, Savings Account – 0.55% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $100
  • Monthly fee: None with a $100 ongoing balance; otherwise, $10/month
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No
  • Note: In order to earn its highest rate, Fitness Bank requires an average daily step count of 12,500, which is tracked through its app. However, additional APY tiers are offered for lower step counts.

USAlliance Financial Credit Union, High Dividend Savings - 0.55% APY

  • Minimum initial deposit: None
  • Minimum ongoing balance: $500
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Quontic Bank, High Yield Savings - 0.55% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: Any amount
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

What Is a High-Yield Savings Account?

As the name implies, high-yield savings accounts pay much higher interest rates than traditional savings accounts do. Typically offered online, whether by an internet-only bank or a brick-and-mortar institution, they’re based on the idea that it’s smart to hold your savings wherever it can earn a competitively high yield, even if that’s a different bank than where you hold your checking account.

The difference in interest rates can be dramatic, with the top savings accounts in the country typically paying 15 to 20 times the national average rate. You can still keep your checking account where it is because it's simple to link a high-yield savings account to your primary account for easy transfers.

Is My Money Safe in an Online Savings Account?

The vast majority of banks, whether physical or online, carry FDIC insurance, which protects banking customers by insuring up to $250,000 of their deposits at any one institution in the event that the bank fails. The U.S. government similarly backs credit union customers up to $250,000 by providing NCUA insurance to the vast majority of credit institutions.

So whether your institution has branches or is an internet-only bank, your deposits are equally safe and protected. Just be sure to check for the FDIC or NCUA logo before you begin doing business with any new financial institution. 

What Is the Difference Between a High-Interest Savings Account and a Money Market Account?

Savings accounts and money market accounts are close cousins. Both allow you to move money in and out at your convenience, with their main function being to provide an option for you to sock away savings while earning interest on your balance. In addition, the federal regulation that limits savings account withdrawals to 6 per month is applied to both types of accounts.

Traditionally, what differs between savings and money market accounts is that money market accounts include the option to write checks on the account. In contrast, savings accounts typically only allow fund withdrawals via electronic transfer, ATM cards (when offered), or in-branch visits. 

How Often Do Savings Rates Change?

The APY that a savings account pays on the day you make your initial deposit is not guaranteed. In fact, the account’s rate can change at any time.

Whether the rate goes up or down, and how often it changes, is largely influenced by the Federal Reserve. When it adjusts the federal funds rate, banks and credit unions often follow suit in the same direction.

That said, rate changes among savings accounts are not typically a daily or weekly event. Barring recent moves by the Fed, rates often remain at the same level for weeks or months at a time.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Federal Deposit Insurance Corporation. "Weekly National Rates and Rate Caps - Weekly Update." Accessed April 26, 2021.