The Full List Of Top Savings Account Options

We evaluate savings accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, locations available, and the terms and conditions of having the account. We may receive compensation from some or all of the companies listed below. Here are our recommendations of the best high yield savings accounts.

2. Western Alliance Bank – 5.11% APY

Western Alliance Bank was founded in 1994 and is now one of the top 50 banks in the United States by amount of deposits. They currently offer a high-yield savings account with a very competitive rate.

This account has just a $500 minimum deposit to open and no account activity or maintenance fees.

Right now, you can earn 5.11% APY¹ on your deposits. And yes, it’s FDIC insured!

Read our full Western Alliance Bank review here.

Their savings account has no minimum deposit or balance required and $0 monthly maintenance fees.

Right now, they offer one of the highest rates at 5.05% APY!

And, of course, it’s FDIC Insured through their parent bank SMBC MANUBANK, Member FDIC. 

Read our full Jenius Bank review here.

5. Uphold – 5.00% APY

Uphold is mostly known for being a a popular cryptocurrency exchange, but it recently launched an FDIC insured savings account with a top interest rate.

Right now, you can earn 4.76% APY on your balance over $1,000. If you have $1 to $999, you’ll currently earn 2.00% APY. There is no minimum to open an account, no subscription fees, and no monthly fees. This is a great option is trading is a part of your investment strategy.

Read our full Uphold review here.

Read our full Barclay’s Bank review here.

Open an account here >>

What About The Biggest Banks In The United States?

You might be looking at the list above and wondering: “I don’t recognize any of those bank names”. And honestly, that might make you feel a little uncomfortable – can you actually trust these banks? But you shouldn’t care about the name of the bank – you should focus on the interest rate you’re going to earn, whether a bank is FDIC-insured, whether you can easily access your money, and how you feel about the online experience. See our guide to this below.

Don’t just take our word for it – check out the largest banks in the United States for yourself below and see why they aren’t in our list of the best high yield savings accounts. Their rates just don’t make the cut, and/or they have fees or minimum balance requirements that are really tough to meet (seriously, like $1,000,000 just to earn a semi-decent interest rate).

Here’s the list of top banks ordered by size (amount of deposits), their current savings rates, and more for you to think about.

Chase

Chase Bank is the largest bank in the United States. It has a popular checking account, but honestly, it is terrible when it comes to savings accounts.

Right now, the Chase Savings account only earns 0.01%
APY. Seriously, that’s essentially nothing.

Read our full Chase bank review here.

Bank of America

Bank of America is the second largest bank in the United States, and along with Chase, it offers a terrible savings account option.

Right now, the Bank of America Advantage Savings account earns only 0.01%
APY. As close to nothing as you can earn.

Read our full Bank of America review here.

Citi

Citi is the third largest bank in the United States by deposits, and it does offer better rates on it’s savings account than most. However, to get the best rates and terms, you need to open their savings account along with a checking account, and to avoid fees, you have to maintain certain balances. It’s all too much.

The Citi Advantage Savings Account currently earns 0.03% to 0.12% APY, which, as you can see, is well below the best savings account rates.

Read our full Citibank review here.

Wells Fargo

Wells Fargo is another incredible well-known national bank, but another big brand that you shouldn’t use for your savings account. Wells Fargo has a tiered savings account system.

The highest rate you can currently earn at Wells Fargo is 2.51% APY, but that’s only if you have $1,000,000 or more deposited. For the average saver with $99,999 or less, you’re going to earn just 0.26% APY.

Marcus by Goldman Sachs is a great choice for people looking for a top notch high yield savings account. With consistently high interest rates, no fees, and no minimums, we love Marcus by Goldman Sachs.

They do have generous transfer limits to get money in and out of the account, but they don’t offer mobile check deposit, which could make it difficult if you have an “old fashioned” check to deposit.

Right now you can earn 4.25% APY.

Otherwise, check out Marcus to earn top rates. Read out full Marcus by Goldman Sachs review here.

Morgan Stanley

Morgan Stanley is typically known for it’s investment arm, but it’s also one of the largest banks in the United States. Morgan Stanley bank offers some checking and savings options.

They currently advertise 0.51%
APY on their Investor Savings account.

Read our full Morgan Stanley review here.

U.S. Bank

US Bank is another well-known nationwide bank, that offers a full suite of checking and savings products (including both personal and business checking). For a long time, they were known as having lackluster rates, but that’s been changing.

They don’t make the top of our list, but they currently advertise up to 3.75% APY for balances over $25,000. That’s not too bad.

Read our full U.S. Bank Review here.

Truist

Truist is the product of a merger between SunTrust Bank and BB&T Bank. Both of which historically had great savings account rates. However, Truist does not continue that.

They currently advertise just 0.01%
APY on their Truist One Savings Account.

Read our full Truist Bank review here.

PNC

PNC Bank has been growing in popularity over the last several years, and one of the reason is that they are one of the few banks on this list that has competitive savings rates. They’re not the top, but they could be making the best-of list anytime.

Right now, you can earn 4.45%
APY on the PNC High Yield Savings Account.

Read our full PNC Bank review here.

Schwab

Schwab rounds out the list of the biggest banks in America. While most people know Schwab for it’s amazing brokerage accounts, Schwab is also a bank with a popular checking account and okay savings account.

I say okay because the Schwab Investor Savings account only earns 0.25%
APY right now, but since you’re at Schwab, you can take advantage of all sorts of money market accounts that earn so much more interest!

Read our full Charles Schwab review here.

More Savings Accounts We Consider

These accounts are still great choices to consider for your money, and as interest rates, fees, and minimums change, you might see them in our top ten choices!

NelNet Bank

NelNet Bank is mostly known for being a student loan lender, but it funds a lot of those student loans through traditional banking.

In partnership with Raisin, they’re offering this great savings account that just requires a $1 minimum deposit to open.

Right now, you can earn 4.76% APY on your entire balance! And yes, it’s FDIC insured!

Read our full NelNet Bank review here.

American First Credit Union

American First Credit Union is a regional credit union located in California that offers one of the top yielding online savings accounts right now. In partnership with Raisin, you can open a high-yield savings account at American First Credit Union online.

This account has just a $1 minimum deposit to open and no monthly maintenance fees.

Right now, you can earn 4.90%
APY on your deposits. And yes, it’s NCUA insured!

Read our full American First Credit Union review here.

Cloudbank 24/7 is a digital bank offered by Third Coast Bank SBB. They are FDIC insured, and place a huge focus on cyber security. This account is offered in partnership with Raisin, so you can open a digital savings account.

This account has just a $1 minimum deposit to open and no monthly maintenance fees.

Right now, you can earn 4.65%
APY on your deposits. And yes, it’s FDIC insured!

Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards. In fact, Discover is an incredibly robust bank with a great high yield savings account as well!

Right now, you can earn 4.10% APY.

Their account has no minimum balance requirements, and no fees!

Read our full Discover Bank review here.

Open an account here >>

Upgrade Premier Savings

Upgrade just launched their savings account to compliment their already popular free checking account. The Upgrade Premier Savings account is a top-yielding savings account with no monthly maintenance fees.

Right now, you can earn 4.69% APY on your account.

There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premier Savings account is or exceeds $1,000. On days when the account closing balance drops below $1,000, the APY will be 0%.

It’s important to remember that Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC and offer up to $1,000,000 in FDIC or NCUA insurance through Cross River Bank or Participating Institutions.

Read our full Upgrade review here.

Open an Upgrade Premier Savings Account here >>

Capital One is credit card company that has also become known for having top notch banking products. This includes having an extremely competitive online savings account.

Plus, if you already use Capital One 360 for other products, it could be an easy fit.

Right now you can earn 4.25% APY. 

They only have $0 minimum to open, and no monthly account maintenance fees.

Read our full Capital One 360 Bank Review here.

American Express is more than a credit card company. American Express has Amex Savings, which consistently pays a top rate. It may not always be the best on this list, but it consistently is near the top, and that doesn’t change much.

Plus, if you already use American Express for other products, it could be an easy fit.

Right now you can earn 4.25% APY. 

They only have $1 minimum to open, and no monthly account maintenance fees.

Read our full American Express Bank Review here.

What To Consider When Comparing Online Savings Accounts?

There are a few important considerations when comparing high yield savings account options. You may not be thinking about these, but we look at them all the time when comparing the best options.

Interest Rate (Or Annual Percentage Yield – APY)

The interest rate (or APY) is typically the most common thing you’re going to look at when shopping for a savings account. You want to find the account that pays the highest amount – right? 

In most cases, yes, a higher APY is always better. The higher the APY, the more interest you’re going to earn on your deposits. However, if an account requires a high balance to earn the highest rate, and you can’t meet that deposit level, you may want to consider another account where you can meet the requirements.

How Often Rates Change

Another factor to consider is how often interest rates change. The simple truth is, most of the banks on our list will move pretty consistently with each other. That could be up or down, depending on the Fed Funds Rate.

However, sometimes banks will change their rates because of their own needs, and that’s what you want to avoid. We select banks on our list that are consistently at the top of the rate tables, so even if the rates are changing, you can typically find these banks among the best. 

How Consistent A Bank’s Offering Is

Consistency is key when it comes to rates. Rates will change, but you want to find a bank that is consistently near the top.

What you don’t want is a bank that offers an amazing introductory rate, then quickly drops it after 6 months. You will find that, overall, this will hurt your returns because the total annual APY will be lower than you’d get with a bank that is consistent.

So, when comparing high yield savings accounts, make sure you’re looking for banks that offer consistency, not promotional rates.

Minimum Balance Requirements

When comparing savings account options, you’ll quickly notice that there are banks with no minimum balance requirements, and those with high minimum balance requirements. Sometimes, to earn the highest interest rate on your savings account, you need to meet certain deposit minimums. And sometimes those minimums can be really high – upwards of $100,000! 

If you can’t meet the minimum balance requirements or minimum opening deposit requirements to get the best APY, then you should consider an account where you can meet it. Yes, you might sacrifice a little bit of interest, but in the long run, you’ll be better off!

Account Options

Finally, you’ll want to look at the different account options available to you. What this means is:

• Does the bank offer physical branches or are they online only?
• How can you deposit cash?
• ATM access?
• How easy is it to get your money out of the account? Do they offer ACH or checks?
• How is the customer service? What are the customer service options – phone, chat, email, etc.?
• Do they have an online app?

These features aren’t necessarily as important as the interest rate and balance requirements, but depending on your needs, they can make a big difference in how happy you are with your online savings account.

What is a savings account?

A savings account is a type of savings vehicle that is offered by banks, credit unions, and financial services firms (like brokerages). Savings accounts are federally insured, meaning your money is safe. These accounts also typically pay interest, more than you would earn keeping your money in other bank accounts, like a checking account. Savings accounts also typically limit how many withdrawals you can make each month, limiting their ability to be used other than for saving.

How does an online savings account work?

Online savings accounts work just like traditional brick and mortar bank accounts, except that everything is done online or via a mobile app. The benefit of this is that online accounts typically offer higher interest rates to savers – passing on the savings of not having a lot of branches.

What makes a savings account a high yield account?

The designation of a high yield savings account is for accounts that provide above average interest rates to their customers. In 2024, the top savings accounts provide over 5.00% APY, while the average interest rate is just 0.46% APY.

What is the best interest rate on a savings account?

The best interest rate on a savings account is over 5.25% APY, but that may be a promotional interest rate.

What are the fees charged to have a savings account?

The best savings account don’t charge any type of monthly fees to use their account. However, some banks may charge monthly maintenance fees, unless specific balance requirements and/or deposit requirements are met.

How safe is my money in a savings account?

Money in a savings account is FDIC insured up to the FDIC insurance limits (typically $250,000 per person). Some banks may extend higher insurance limits on your account.

What is the limit on withdrawing money from a savings account?

Most savings accounts impose limits on withdrawals each month. Called Reg D, this is a federal rule that limits savings accounts withdrawals to just 6 per month. Some accounts avoid this by classifying themselves as a cash management account.

Can I lose money in a savings account?

In general, you cannot lose money in a savings account. As long as your balance is below the FDIC insurance limit, you cannot lose money. The exception is having money beyond the FDIC insurance limit, and the bank fails. In this rare scenario, you could lose money in a savings account.

How does a savings account compare to a CD?

A savings account is more liquid than a certificate of deposit, but typically provides slightly lower interest rates compared to the shortest duration CDs. With CDs, you must “lock–up” your money for a period of time, usually at least 3 months, but upwards of 6 years. In exchange for locking up your money, you get a higher interest rate than you would with a savings account. If you need the liquidity, then a savings account is the preferred savings vehicle.

What is the average interest rate on a savings account?

According to the FDIC, the average savings account pays just 0.46% APY on a savings account.

How do the Fed interest rates affect savings accounts?

When the Fed raises or lowers interest rates, banks adjust their savings account interest rates accordingly. In rising rate environments, banks will offer higher interest rates, and in declining rate environments, banks will lower their interest rates offered on savings accounts.

What is a promotional APY?

A promotional APY is the interest rate you can earn for a specific duration exchange for taking some specific action. For example, many banks offer new customers a promotional APY on their savings account for the first 6 months or one year. Then, after the promotional period, your APY will drop back down to the standard rate offered.

Final Thoughts

A high yield savings account can be a great way to save your money. You typically earn higher interest rates, but there are some restrictions above and beyond what you usually find for normal savings accounts. You can compare the differences between a savings account and money market here.

Just like any account, make sure you’re opening the best savings account for your needs so you can reap the rewards.

Methodology

The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best savings account. We do this by providing unbiased reviews of over 50 top banks and savings accounts for our readers, and then we aggregate those choices into this list.

We have picked savings accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best savings accounts in the marketplace for consumers.