Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The national average savings account rate is 0.43% APY, but high-interest savings accounts pay much more than that. Online banks are currently paying up to 5.50% APY on high-yield savings accounts.
We monitor rates daily to find the best high-interest savings accounts in three categories — accounts that let you earn a high rate with minimal effort (like low minimum deposits and no balance requirements), best rates overall, and popular brands with solid rates — so you have ample options to discover.
Best High-Yield Savings Account Rates
| Best HYSA | Annual Percentage Yield (APY) | Requirements to Earn the Best APY |
| Betterment Cash Reserve | 5.50% APY for new customers; 4.75% APY standard rate | Be a new customer; earn rate through 12/31/2023 |
| Western Alliance Bank High Yield Savings Account, powered by Raisin | 5.25% APY | Open an account with $1 |
| UFB High Yield Savings | 5.25% APY | None |
| Milli Savings Account | 5.25% APY on Savings Account and Jars | Open an account to access savings rate |
| Newtek Bank Personal High Yield Savings | 5.25% APY | None |
| Popular Direct Savings | 5.20% APY | Open an account with $100 |
| FNBO Direct Online Savings Account | 5.15% APY | Open an account with $1 |
| Primis Savings Account | 5.07% APY | Open an account with $1 |
| Synchrony High Yield Savings | 4.50% APY | None |
| SoFi Checking and Savings | Up to 4.50% APY | Set up direct deposits or deposit $5,000 or more every 30 days to earn highest APY on savings balance (not checking) |
| Barclays Online Savings Account | 4.35% APY | None |
| Discover Online Savings Account | 4.30% APY | None |
Compare the Best High-Yield Savings Accounts
Best Rates Overall
Best Rates on HYSAs With Minimal Effort
Best Rates on Popular HYSAs
Our top picks for savings accounts are protected by either FDIC or NCUA insurance. Although three banks shut down in 2023, keep in mind federal insurance protects up to $250,000 per depositor in the event of a bank failure.
High-Yield Savings Account Reviews
Betterment Cash Reserve
The Betterment Cash Reserve Account has the highest rate on our list. New customers are eligible for an APY boost of 5.50% APY.
The APY boost will be applied to your account until December 31, 2023. Afterward, you'll earn the standard rate.
To be eligible for the APY boost, you cannot have an existing Betterment account. Existing customers will earn the standard rate. You may also prefer another institution if you'd like to open CDs or money market accounts. Betterment only offers a checking account and cash reserve account, which is similar to a high-yield savings account.
If you're looking for a place where you can save and invest, Betterment may be a strong choice. To earn the promotional rate, you'll open it through the signup link and make a deposit from an external bank account in the first 14 days.
The Better Business Bureau gave Betterment an F rating because it has a high volume of customer complaints on the BBB website and six unresolved complaints. It has also been involved in a recent public controversy. In 2023, the Securities and Exchange Commission required Betterment to pay $9 million in a settlement that accused the investment advisory firm of omitting information regarding automated tax loss harvesting, which the SEC claimed affected clients.
Betterment Cash Reserve Review
Western Alliance Bank High Yield Savings Account
The Western Alliance Bank High Yield Savings Account is the highest-yield savings account on Raisin. Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from over 20 banks and credit unions. There are also other savings accounts available on Raisin that pay 5.00% APY or more, though.
Raisin doesn't have checking accounts, so it's not ideal if you want to do all your banking with the same institution. Also, you'll need to be comfortable with a completely digital experience.
Raisin received an A- rating from the BBB because there are 32 complaints against the company on the BBB website.
Milli Savings Account
The Milli Savings Account has the second highest rate on our list: 5.25% APY. Milli is a solid option if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account. Milli also has a savings tool called Jars that helps you track money for individual goals without having to create a new savings account. There are no minimum balance requirements to earn interest.
Milli doesn't have a Better Business Bureau rating yet, First National Bank of Omaha has an A+ rating.
Milli doesn't accept cash deposits. It only offers customer service on weekdays from 8 a.m. to 5 p.m. CT, and only through chat or email.
UFB High Yield Savings
UFB High Yield Savings might be worth considering if you want easy access to your account. It comes with a complimentary ATM card, so you'll have easy access to your bank account.
The Better Business Bureau gave UFB Direct an A+ rating. The BBB looks at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. UFB Direct also hasn't been involved in any recent public scandals.
Customers with existing savings accounts may have to call customer service to get upgraded to the newest rate.
It also may not be easy to deposit cash at UFB Direct. You'll have to see if there are cash-accepting ATMs in your area.
Newtek Bank High-Yield Savings
Newtek Bank High-Yield Savings offers a competitive interest rate and a $0 minimum opening deposit. Newtek Bank also has one of the best 3-month CD rates.
Newtek Bank received an A+ rating from the BBB.
Newtek Bank doesn't have a personal checking account, and you can't get a debit card or ATM card with the high-yield savings account. If you need to withdraw money, you'll have to transfer it to an external bank account.
Popular Direct Savings
Popular Direct Savings is a good option if you do not need immediate access to your savings. Popular Direct doesn't have a checking account, so you'll have to transfer money to an external account, which could take a couple of business days.
We usually consider ratings from the BBB, which rates businesses on transparent business practices and customer service issues. However, Popular Direct doesn't have a rating from the BBB yet. Its parent company, Popular Bank, however, has an A+ rating from the BBB.
Popular Direct has a $100 minimum opening deposit. If you would prefer to open an account with less money upfront, one of our other top picks will be more appealing.
You might prefer another financial institution if you're an avid mobile app user. The Popular Direct mobile app has lackluster ratings in the Google Play and Apple stores. That said, the app doesn't have a lot of ratings yet.
FNBO Direct Online Savings Account
The FNBO Direct Online Savings Account pays 5.15% APY and has a $1 minimum opening deposit. The account also doesn't charge monthly service fees.
FNBO Direct, an online division of First National Bank of Omaha, is a good choice if you're looking for a savings account that's easy to open.
FNBO received an A+ rating from the BBB. First National Bank of Omaha also hasn't been involved in any recent public scandals.
If you deposit money into the FNBO Direct Online Savings Account via check, it may take up to 10 business days to process.
Primis Savings Account
The Primis Savings Account is one of the best online savings accounts with no monthly service fees. This account also might be a good choice if you'd like to open a savings account with only $1 upfront.
Primis is only allowing 1,000 new online accounts to be opened each month in total. Once it reaches the limit for the month, customers will have to sign up for a waitlist and wait until accounts are available.
The BBB gave Primis an NR "No Rating" grade because it is in the process of responding to previously closed complaints.
Synchrony High-Yield Savings Account
The Synchrony High-Yield Savings Account is one of the best online savings accounts because it has no minimum opening deposit, and charges zero monthly fees. It also comes with an ATM card so you can access your savings quickly.
Synchrony has an A+ rating from the BBB.
Synchrony doesn't have a checking account, so it might not be the best option if you want to do all your banking with one institution.
Synchrony has also been involved in a few public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn't have. In 2021, the bank also was required to pay $3.5 million in a settlement when accused of making unreasonable phone calls to debtors living in California.
SoFi Checking and Savings
SoFi Checking and Savings is a great option if you'd like to manage your money in one account. It's a hybrid bank account that combines checking and savings features.
You can earn a competitive interest rate that's higher than the average savings account pays if you set up direct deposits or deposit $5,000 or more every 30 days.
SoFi has an A+ rating from the BBB.
The account is a hybrid savings/checking account, so you'll need to keep that in mind to get the most out of the account. If you deposit cash, you also might need to pay a fee.
SoFi has been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.
SoFi Checking and Savings Review
Barclays Online Savings Account
The Barclays Online Savings Account pays a great interest rate, and there's a $0 minimum deposit and no monthly service fee.
The Better Business Bureau gives Barclays an A- rating because of the length of time the bank has taken to respond to a customer complaint.
Barclays doesn't have a checking account, only savings accounts and CDs. To access your savings quickly, you'll have to transfer money to an external bank account and then withdraw it. If you would rather have your checking and savings accounts at the same bank, you might consider one of the other options on our list.
Barclays also has lackluster mobile app ratings. The mobile app has received 1.9 out of 5 stars in the Google Play store, and 3.4 out of 5 stars in the Apple store.
The bank has been involved in one recent public controversy. In 2022, the Securities and Exchange Commission required Barclays to pay $361 million in a settlement that accused the bank of having unregistered sales of securities.
Barclays Online Savings Review
Discover Online Savings
Discover Online Savings pays a good interest rate, and there's a $0 minimum deposit and no monthly service fee. Discover also has an A+ rating from the BBB.
You can earn slightly higher interest rates at some other big-name, online banks.
High-Yield Savings Account FAQs
A high-yield savings account is a type of bank account that offers a higher interest rate than a traditional savings account. High-yield savings accounts are typically found at credit unions or online banks.
You can earn more than the national average savings rate with a high-yield savings account. Right now, many high-yield savings accounts pay around 4% or 5% APY.
One disadvantage of high-yield savings accounts is that transfers or withdrawals may be limited. Some financial institutions will charge a fee if you exceed the monthly withdrawal limit.
The highest yield savings account pays 5.50% APY. Betterment, an investment platform, is offering a promotional rate of 5.50% APY to new customers who open Cash Reserve.
HYSA is an abbreviation for high-yield savings account. A high-yield savings account is a type of bank account that offers a higher interest rate than a traditional savings account. These accounts are commonly available at online banks and credit unions.
Yes, you can set up direct deposit to your savings account. You can typically have your paycheck, or a portion of your paycheck, deposited directly into savings, or you can set up recurring automatic deposits from checking into savings. To do this, you can call or visit a branch (if your bank has physical locations) or log into your bank's website or app.
Yes, the interest rate on your savings account will most likely change. Interest rates on savings accounts are variable, meaning they can and will change regularly and without advance notice. These fluctuations are based on the federal funds rate, which is set by the Federal Reserve.
What To Do When Your Savings Account Interest Changes
Interest rates on high-interest savings accounts closely follow the federal funds rate. That is to say, rates are variable and can change several times per year at the whim of the Federal Reserve.
If the interest rate on your savings account changes significantly, you might decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account's rate drops afterward.
You also might consider other types of savings account options. For example, buying savings bonds or setting up a CD ladder may be worth considering if you've already established your emergency fund.
Typical Interest Rates on High-Yield Savings Accounts
As of September 2023, the average savings account in the US earns just 0.43% APY.
If you're more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate because online banks and credit unions usually offer higher rates.
High-Yield Savings Account Basics
A savings account is an interest-earning bank account. Accounts that are backed by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) are secure. Up to $250,000 per owner is insured in these bank accounts.
What To Look For in a High-Yield Savings Account
When you're looking for high-interest savings accounts, you'll want to read through the account disclosures and terms to review the account's minimum balance requirements and minimum opening deposits. The account disclosure may also specify any fees associated with the account, and whether there are any transaction limits.
What to Know About the Highest Interest Savings Account Interest Rates
Generally, you'll find the best savings interest rates at online banks. Right now, the best online savings accounts pay up to 5.50% APY. Betterment has an account that offers this APY. However, keep in mind that Betterment is offering this rate specifically to new customers.
High-Yield Savings Account Fees
Depending on where you bank, some savings accounts may charge monthly bank maintenance fees. A monthly service fee is an amount you'll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements while others cannot be waived. Bear in mind that some savings accounts do not charge certain fees at all.
How High-Yield Savings Accounts Work
A savings account is a type of interest-earning bank account. A savings account rate is variable, which means it can fluctuate after you've opened the account. Your bank will usually email you to tell you the rate will go up or down soon.
Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you'll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.
The Board of Governors of the Federal Reserve has recently amended Regulation D, so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.
The Different Types of Savings Accounts
There are six types of savings accounts: traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you may depend on your banking preference, goals, and when you'll need to access your money.
A high-yield savings account, for example, is a strong choice if you're comfortable with banking digitally and want to obtain a high interest rate.
Savings Account Glossary
Below is an overview of all the terms you may need to know about savings accounts:
Why You Should Trust Us: Experts' Advice on Choosing the Best High-Yield Savings Account
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.
- Tania Brown, certified financial planner at SaverLife
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, Certified Educator in Personal Finance, banking reporter at Personal Finance Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here's what our expert panel had to say about high-interest savings accounts. (Some text may be lightly edited for clarity.)
Generally, what makes a high-yield savings account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of"Work Your Money, Not Your Life":
"It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don't want to have so much friction where it's such a pain to get the money out when you need it."
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can't save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that's not a really good savings account, because it's not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?"
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles."
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, certified financial planner at SaverLife:
"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."
Sophia Acevedo, CEPF:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
Our Methodology
There are a lot of high-yield savings accounts out there. Through our research, we've found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you're more comfortable banking with a national brick-and-mortar bank, you'll likely have to consider a premium savings account to earn a more competitive interest rate.
We review savings accounts at nearly three dozen institutions weekly to identify the strongest options. While interest rates are an important aspect of any savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features.
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.