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9 Best High Yield Savings Accounts of 2021

*This post may contain affiliate links, please see my disclosure

Have you ever looked at how much interest you are earning in your savings account?

According to the FDIC1, the national average savings account interest rate is a TINY 0.06%

Lame.

Many online banks have popped up over the past decade, and they are offering some incredible rates, up to 10x more than the average savings account interest rate.

I’ve compiled a list of the top high-yield savings accounts you can find online to help you find the best place to park your cash and earn some SERIOUS interest at the same time!

9 Best High Yield Savings Accounts (April 2020)

Note: The savings account offers on this site are from companies from which we may receive compensation. We do not include all savings accounts or all savings account offers available in the marketplace.

CIT Bank Savings Builder

  • $100 monthly deposit required
  • $100 Minimum Deposit
  • $0 Monthly Fees

The CIT Bank Savings Builder is one of our top recommended High Yield Savings Account, because it consistently has one of the highest interest rates around. It’s also REALLY easy to open an account, deposit money, and start savings right away!

Plus, CIT Bank has a VERY slick mobile app to make managing your savings a snap.

To open the account, it’s only $100 to get started, and to earn the top interest rate, you can either deposit $25,000, or simply deposit $100 per month.

To start saving, you can open an account HERE

Open An Account

CapitalOne 360 Performance Savings

  • $0 Minimum Balance
  • $0 Monthly Fees

CapitalOne 360 has been around FOREVER, and I have been a customer since it was called ING Direct!

Their new 360 Performance Savings account makes it simple to save, with no minimum deposit, balance, or monthly fees required!

To start saving, you can open an account HERE

Open An Account

Marcus by Goldman Sachs

  • $0 Minimum Balance
  • $0 Monthly Fees

Marcus by Goldman Sachs a simple, no fee savings account with a VERY competitive interest rate.  With the financial backing of Goldman Sachs, this savings account will probably be in the top tier of high yield savings accounts on the regular.

The only downsides are no “mobile check deposit” option, and it does NOT currently have a dedicated mobile app for managing your money.

But if you can live with simple online transfers, this savings account could be a great fit.

To start saving, you can open an account HERE

Open An Account

HSBC Direct Savings

  • $1 Minimum Balance
  • $0 Monthly Fees

HSBC is a large, well-known international bank that has recently opened up US-based checking and savings accounts. Their high yield savings account boasts one of the best rates around, and only requires $1 to open.

They are currently offering NO monthly fees to maintain the account.

To start saving, you can open an account HERE

Open An Account

American Express Personal Savings

  • $0 Minimum Balance
  • $0 Monthly Fees

American Express is a household name for their top credit cards, but they also have a fantastic savings account option.

The American Express Personal Savings account has no monthly fees AND no minimum balance.

Plus, if you are an existing American Express member, you can seamlessly manage this savings account alongside your other American Express accounts.

To start saving, you can open an account HERE

Open An Account

Barclays Savings Account

  • $0 Minimum Balance
  • $0 Monthly Fees

Barclays is known for their credit card offers, but is also offering a simple savings account with a competitive interest rate.

Their Barclays Online Savings account has no minimum balance AND no fees.

If you want a straightforward savings account that works, you can open an account HERE

Open An Account

Discover Online Savings

  • $0 Minimum Balance
  • $0 Monthly Fees

Discover is another one on this list who is known for their credit card offers, but has built a really great saving account offer.

The Discover Online Savings Account boasts a competitive interest rate, with no minimum deposit or balance required. Plus, they don’t charge ANY monthly fees!

To start saving, you can open an account HERE

Open An Account

UFB Direct Savings

  • $10,000 Minimum Balance (to earn interest)
  • $0 Monthly Fees

UFB Direct Savings is a premium high yield savings account, currently offering very high interest rates on balances over $10,000.

If you have a large emergency fund or savings balance that you want to start earning interest on, consider UFB Direct. Plus, there are no monthly fees!

Remember, to earn the top tier interest rate, your balance must be above $10,000. If you balance is below $10,000, you will earn 0% interest.

To start saving, you can open an account HERE

Open An Account

Vio Bank

  • $100 minimum to open account
  • $0 Minimum balance

Vio Bank is a simple institution offering ONLY savings accounts and CD’s. There are no checking accounts or ATM’s available, so it’s truly an online-only experience.

Their high-yield savings account pays a solid interest rate, and only requires $100 to open. And there’s no monthly fees if you opt for paperless statements.

To start saving, you can open an account HERE

Open An Account

Other Savings Account Options

High-Yield Savings Frequently Asked Questions (FAQ)

What Is A High-Yield Savings Account?

A high-yield savings account is a federally-insured financial account (FDIC or NCUA) that offers an above-average interest rate. Many high-yield savings accounts offer 1.50% APY or higher, compared to the national average of 0.07% APY. These accounts help you savings grow much quicker, for example, $10,000 at 0.07% earns $7 after 1 year, but $10,000 at 1.50% APY earns $150 after 1 year!

Are High-Yield Savings Accounts Safe?

Yes. Most high-yield savings accounts are FDIC insured up to $250,000 per depositor. Credit Unions are similarly insured using he NCUA. This means that if the bank goes out of business, each depositor on the account can recover up to $250,000.

If you have more than $250,000 in savings, you can split it between multiple banks, or (what I would recommend), invest it for better long-term growth!

Do High-Yield Savings Accounts Rates Change?

Yes, sometimes daily. But most institutions change rates monthly (or less), and we are committed to keeping this list up to date. Interest rates change based on a number of factors (competition, Federal Reserve rate changes, etc.). Remember, the interest rates are very similar in the top accounts, but will never compete with investing your money for long-term growth.

High-Yield Savings vs. Money Market. What’s The Difference?

Money Market accounts are another federally-insured savings account that offer high interest rates. Many of them also have higher minimum deposit and minimum balance requirements to earn the best rate (but some don’t, like the CIT Money Market account). And some Money Market accounts even come with check-writing privileges. 

How To Choose The Best High-Yield Savings Account

You want to look for a savings account with low minimums and no fees. We are typically only going to include those types of accounts in our list here (with a few exceptions), but finding the right balance of high-interest and low fees is key here. You will also find great rates with some of the smaller online banks, as their low-overhead costs help them pass that savings back to you.

How Do I Open A High-Yield Savings Account?

Every one of the accounts on our list make it simple to apply online. Most banks will require your personal information (name, address, email, phone number) and your social security numbers. Then to complete account opening, many will require a simple deposit. This can be cash (through an ATM), checks or wire transfer from your existing bank account).  

What Is The Best Interest Rate On A Savings Account Right Now?

The interest rates can change constantly, we are seeing around 0.50% to be the top interest rate at many online banks.

Are There Limits On Withdrawing From A High-Yield Savings Account?

Yes. Most savings accounts are subject to a federal rule called Regulation D. This only allows up to 6 withdrawals per month from the account. You can get around this by withdrawing cash from an ATM, or from a bank teller.

Ready To Earn More?

If you have money saved up, you may as well be earning some interest. I especially like high-yield savings accounts for Emergency Funds and Savings Buckets (Christmas, Vacation, etc.), because the money will be sitting there for months. Compare the top savings accounts, and find one that fits your savings goals best!

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1 – The FDIC keeps an updated list of different account interest rate averages

Jacob Wade

Jacob Wade

Jacob Wade has been a nationally-recognized personal finance expert for the past decade. He has written professionally for The Balance, The Spruce, LendingTree, Investing Answers, and other widely-followed sites. 
He’s also been a featured expert on CBS News, MSN Money, Forbes, Nasdaq, Yahoo! Finance, Go Banking Rates, and AOL Finance.

In 2018, Jacob quit his job and his family decided to sell everything (including their home) to take off on an adventure. They traveled the country in an RV for nearly 3 years, visiting over 38 states, 20+ national parks and eventually settling in the sunshine state!

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