Best High-Yield Savings Accounts

Our guide to the best savings account rates

The bank with the best savings account rate is currently Fitness Bank with a 2.60% APY. Below are the top nationally available savings account rates from our research on more than 200 banks and credit unions that offer savings accounts nationwide. In cases where more than one institution has the same top rate, we've ranked accounts by those requiring the smallest minimum ongoing balance.

Best High-Yield Savings Account Rates

  • Fitness Bank: Top nationally available rate - 2.60% APY (Note: For Fitness Bank you'll need to reach a "steps goal" to get this rate. See their website for details.)
  • SFGI Direct - Top rate with no minimum balance or fees - 2.27% APY (Note: Technically requires a $1 minimum balance)
  • State Bank of India (Chicago) and Customers Bank: Top rate from an institution that also offers a nationwide checking account - 2.25% APY

Note that some banks opt to call their savings account a "money market" account. Traditionally, money market accounts offer the ability to write checks, while savings accounts do not. The accounts you'll find in our ranking below all operate like a savings account, 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 banks with the best savings account rates nationwide.

Fitness Bank, Savings Account - 2.60% APY

In order to get the 2.60% APY, Fitness Bank requires an average daily step count of 12,500 which is tracked through their app. There are tiered APYs for lesser step counts.

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $100
  • Monthly fee: None with $100 ongoing balance; otherwise $10/month
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No

CFG Bank, High Yield Money Market Account - 2.30% APY

CFG also offers a Top 20 rate of 2.15% for a lower minimum balance of $1,000.

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $25,000 to earn stated APY
  • 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 so instead operates like a savings account.

SFGI Direct, Savings Account – 2.27% APY

  • Minimum initial deposit: $500
  • Minimum ongoing balance: $1
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No

State Bank of India (Chicago), Savings Account – 2.25% APY

  • Minimum initial deposit: $500
  • Minimum ongoing balance: $0.01
  • Monthly fee: None with $500 ongoing balance; otherwise $10/quarter
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: Yes
  • CDs available: Yes

Customers Bank, Ascent Money Market Savings Account – 2.25% APY

The 2.25% rate is guaranteed through June 30, 2020. Not available in AK, AZ, HI, and NM.

  • Minimum initial deposit: $25,000
  • Minimum ongoing balance: $25,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: Yes
  • CDs available: Yes

Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

Prime Alliance Bank, Personal Savings Account – 2.22% APY

If your account balance goes below $10,000, the APY is 1.96%.

  • Minimum initial deposit: $10,000
  • Minimum ongoing balance: $10,000 to earn stated APY
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

BrioDirect, High Yield Savings Account – 2.20% APY

  • Minimum initial deposit: $25
  • Minimum ongoing balance: $25
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: Yes

CFG Bank, High Yield Money Market Account - 2.15% APY

CFG also offers a higher rate of 2.35% for a minimum balance of $25,000.

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $1,000 to earn stated APY
  • 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 so instead operates like a savings account.

TAB Bank, High Yield Savings Account – 2.10% APY

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $1
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Elements Financial Credit Union, Helium Savings Account – 2.10% APY

The 2.10% APY is a 1 year promotion, guaranteed for 12 monthly statement cycles and only available to new customers. Joining Elements Financial Credit Union can be done with a $5 donation.

  • Minimum initial deposit: $0
  • 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

Vio Bank, High Yield Online Savings Account – 2.07% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $0
  • Monthly fee: $0
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

HSBC, Direct Savings Account – 2.05% APY

  • Minimum initial deposit: $1
  • Minimum ongoing balance: $0
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

earn.bank, Money Market Account - 2.05% APY

  • Minimum initial deposit: $10,000
  • Minimum ongoing balance: $0
  • Monthly fee: None with $10,000 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 so instead operates like a savings account.

Northpointe Bank, Savings Account – 2.05% APY

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $25,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Virtual Bank, eMoney Market Account - 2.01% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $0.01
  • Monthly fee: None with $100 ongoing balance; otherwise $5/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 so instead operates like a savings account.

Envision Bank, Savvy Savings Account - 2.01% APY

The Envision Bank savings account is not available to NY residents.

  • Minimum initial deposit: $25
  • Minimum ongoing balance: $25
  • Monthly fee: None
  • ATM card: Only with linked Checking
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

MemoryBank, Online Money Market Account - 2.00% APY

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

Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

MySavingsDirect, MySavings Account – 2.00% APY

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

Live Oak Bank, High-Yield Online Savings Account - 2.00% APY

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

Comenity Direct, High-Yield Savings Account – 2.00% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $0
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

CommunityWide Federal Credit Union, Savings Account - 2.00% APY

Joining the credit union can be accomplished with a $5 donation.

  • Minimum initial deposit: $5
  • Minimum ongoing balance: $1
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

First Foundation Bank, Online Savings Account – 2.00% APY

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $1,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes in CA, NV, and HI
  • CDs available: Yes in CA, NV, and HI

UFB Direct, High Yield Savings Account - 2.00% APY

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $10,000 to earn stated APY
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

One American Bank, FREEDOM High Yield Savings - 2.00% APY

  • Minimum initial deposit: $25,000
  • Minimum ongoing balance: $25,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: Yes
  • CDs available: Yes

How Much Can I Earn With a High-Yield Savings Account?

If you’re one of the many Americans who holds your primary checking account at a major U.S. bank, you might have noticed that your bank’s savings rate is miniscule. Paltry savings rates can also be found at smaller institutions, including regional and local banks and credit unions.

But just because your bank might be offering less than a tenth of a percent on savings accounts doesn’t mean you need to settle for that. Enter high-yield savings accounts.

These top-paying accounts offer an interest rate that is about 25 times higher than the FDIC's national average of savings accounts nationwide. Instead of 0.05 or 0.10 percent APY on your savings (the national average this week is 0.09), you can earn upwards of 2 percent with a high-yield savings account. In fact, this week’s Top 20 ranges from 2.00 percent up to 2.60 percent APY.

How Can High-Yield Savings Accounts Pay So Much?

If you’re wondering, “What’s the catch?”, it’s a smart question since it’s not often you can increase earnings by more than 2,000 percent. The answer lies in being flexible with where you bank — or more specifically, how many banks you use.

This doesn’t mean you need to change where you hold your checking account. It’s true that Americans have typically held both their checking and savings accounts at the same bank or credit union, and the majority still do, since the ease and speed of moving moving between two accounts at the same institution can’t be beat. But that model is being increasingly challenged by high-yield savings accounts, which offer dramatically higher interest rates in exchange for holding the savings at a separate bank.

One reason is that the banks offering high-yield savings accounts are often a different breed of bank. Many are internet-only operations, which have lean budgets due to not having any physical branches to build, staff, and run. They may also offer an extremely limited product line. Indeed, some online banks offer only a high-yield savings account. This differs from the full-service brick-and-mortar model many are used to, where you can get checking and savings accounts, certificates of deposit, a credit card, auto and home loans, and more, all from one institution.

But traditional banks are also moving into the high-yield savings account market. Most commonly, they do this by operating a separate online-only spinoff to serve customers nationwide, though a few simply offer a high-yield savings account within their regular array of products.

The vast majority of banks carry federal FDIC insurance, and that includes online banks. So your deposits with an internet bank are just as protected as with a traditional bank if you verify that the bank is an FDIC member (or an NCUA member for credit unions).

A second reason high-yield savings account rates are possible is that these accounts offer limited features. Electronic statements will often be mandatory, or a fee charged if you require paper statements. And an ATM card is typically not available. While some will offer mobile check deposits, others will limit all inflows and outflows to electronic transfers to and from an external bank.

What’s Different Between Regular and High-Yield Savings Accounts?

Clearly, the rates you can earn are the most significant distinguishing factor between high-yield savings accounts and their traditional counterparts. And the need to possibly hold your checking and savings at two different institutions can be a significant change of mindset for some customers.

But in most other ways, regular and high-yield savings accounts are the same. For instance, the federal regulation that limits withdrawals to six per month is applied to both account types. And in both cases, interest will be paid to your account on some regular cycle, usually monthly.

Requirements like fees and minimum balances can vary by institution, but that’s the case whether you’re looking at a traditional or a high-yield savings account.

Most importantly, your ability to continually add to the account, as well as withdraw all or some of your balance at any time is equally available to you for both types of savings accounts.

How to Choose a High Yield Savings Account

The most obvious consideration is earning as high an interest rate as you can. But since accounts vary on a number of other factors, you may find you're better off choosing the fifth- or tenth-best rate in the country rather than the No. 1 rate. Even at No. 20 on our list, you’ll still be out-earning the national average by a magnitude of 20 to 25.

Among the most important account characteristics to consider after the rate are any requirements and fees. High-yield accounts with no fees and no minimum balances do exist, in which case you’re free to hold as much or as little in the account as you’d like at any time. But many high-yield accounts impose some limits, such as a minimum balance threshold. Fall below it and you may either not earn the high-yield savings rate or be hit with a fee.

In addition to minimum balance requirements, some accounts will require a minimum initial deposit, so you’ll also want to check if that startup deposit is acceptable to you. Note that if there is a minimum initial deposit but no minimum balance requirement going forward (or one that is lower than the initial requirement), you are free to withdraw the initial deposit funds at any time.

Fees on high-yield savings accounts usually take the form of a monthly fee if your account falls below the minimum balance requirement on any day during the monthly billing cycle. In addition, you may be charged a fee if you make more than six withdrawals from the account in a month. Remember that this limit of six maximum withdrawals is standardized to the industry via federal regulation, so you can’t avoid it. But the fee that an institution charges for violating the rule will vary by bank.

Also take a look at any other features the account or bank offers. For instance, if you expect you’ll want to deposit checks to this savings account, be sure to choose a bank that offers mobile check deposit through its smartphone app.

You’ll also want to check the bank’s rules regarding external bank transfers. Some banks are very flexible here, allowing more than one linked external account, and also being able to link them right after opening the account. But some high-yield accounts either only allow a single external account, or will not allow a change to the linked account used for initial funding until a certain number of days or months have passed.

Lastly, if you aren’t feeling loyal to the bank where you hold your checking, moving to a new checking account is always an option. Although it can be a bit of a project if you have direct deposit or autopay arrangements set up for your checking account, you might decide it’s worth it if you can have both a checking account and a high-yield savings account at the same institution. If you’re potentially open to this, look for high-yield savings accounts from banks that also offer checking options. 

How to Open a High-Yield Savings Account

For virtually all high-yield savings accounts, opening your new account will be an online process. After you have shopped the top savings account rates, and then chosen the account with the best features and characteristics for your needs, it’s time to start your online application.

If the account you’ve chosen has an initial deposit requirement, you will likely need to link an external account during the application process, so have your routing and account numbers ready for the account you want to link. Other banks, though, will allow you to first open the account and then later fund it (usually within a certain number of days).

Once you’ve completed the application process, you may be able to enroll in online banking right away, or you may have to wait until you receive an email or mailed letter with your new account info. In either case, once you have successfully established your online banking credentials, you can download the bank’s smartphone app and login to interact with your account there.

In the app, or while logged into online banking on your computer, you can also decide which account alerts to turn on. For instance, you may want your phone to send you a text message or app notification letting you know if a withdrawal or a deposit over a certain threshold has posted, or when your statement is ready. The alerts that are offered will depend on the bank.

A couple of additional items may also be of interest, but will likely be possible only within online banking, not the app. One of these is naming beneficiaries for your account, so the bank knows who is entitled to your funds should you pass away. Another is linking any additional external accounts you’d like to use for transfers, if the bank allows for more than the initial linked account.

The Key To Using High-Yield Savings Accounts To Your Advantage

If you’re willing to shift all or some of your savings to a different institution than where you hold your checking account, opening an online high-yield savings account is a smart money move, likely earning you 20 to 25 times more interest than your primary bank pays. The key is to do your homework and evaluate which accounts have the most amenable requirements and features for your needs.