Best High-Yield Savings Accounts May 2024
Learn about the rates and features of the best high-yield savings accounts.
When you’re saving toward a goal, you’ll get there sooner with a savings account that offers a significantly above-average interest rate. The best high-yield savings accounts can help maximize your earnings and give you flexible access to your money while letting you avoid common fees that hurt your progress. In this article, we’ll look at the five best high-interest savings accounts, including their features, fees, and annual percentage yields. We’ll also offer tips on picking an account that fits your needs.
Top High-Yield Savings Account Options
We found that the five best high-interest savings accounts come from online banks. Their interest rates are all around 11 times the national average reported by the Federal Deposit Insurance Corporation. They don’t charge monthly account fees, or require a minimum balance in order to earn interest.
| Bank | APY* | ATM Access | Minimum Opening Deposit | Other Banking Products |
| UFB Direct | 5.15 percent | Includes an ATM card and access to 91,000 ATMs | $0 | Mortgages, money market accounts |
| Milli | 4.75 percent | No ATM card for savings accounts | $0 | Checking accounts |
| FNBO Direct | 4.75 percent | Includes an ATM card and access to 2 million global ATMs in the Plus Alliance network | $1 | Checking accounts |
| Bread Savings | 5.15 percent | No ATM card for savings accounts | $100 | Certificates of deposit |
| Bask Bank | 5.10 percent | No ATM card for savings accounts | $0 | Certificates of deposit |
APYs valid as of 8/5/2024. Rates may vary by location.
UFB Direct Secure Savings
UFB Direct offers mortgages, savings accounts, and money market accounts. As part of Axos Bank, this online-only bank has competitive rates. It also guarantees to return any deposits that savers lose through unauthorized debit card transactions, errors made by UFB Direct employees, or crimes not prevented by the bank’s security.
Tying with Milli for the best rate, this bank’s high-yield savings account pays a high APY. There aren’t minimum balance or opening deposit requirements. While there aren’t monthly fees, some fees you might pay include:
- $10 for official checks
- $5 for paper statements
- $35 for outgoing domestic wires
- $45 for outgoing international wires
The account comes with an ATM card you can use at about 91,000 ATMs. Some locations even support cash deposits, which is an advantage over some online-only competitors. The bank also has no limit on transfers made by mail or at an ATM.
UFB Direct offers an online banking website, along with a mobile app that supports mobile check deposits. You can also check account information or receive alerts through the text message banking feature. While the bank’s digital tools lack special savings features, you can set up recurring transfers from another account to automate your savings.
Milli Savings Account
Part of First National Bank of Omaha, Milli provides services exclusively through its iOS and Android mobile apps. The bank focuses on helping people manage their daily finances, offering both spending and savings accounts.
The Milli savings account doesn’t charge fees or require you to deposit or maintain a minimum amount. It offers a competitive APY, along with these helpful savings features:
- Set and Forget: Set up recurring transfers from a Milli spending or external bank account.
- Spending Round-ups: With a Milli spending account and debit card, your purchases are rounded up to the nearest dollar, and the change is deposited into your savings.
- Savings jars: You get up to five savings jars that you can name and use to easily track your progress toward your financial goals.
While you can make unlimited withdrawals online, Milli doesn’t provide ATM cards for savings accounts. A workaround would involve getting a Milli spending account with a debit card. You could then transfer funds to that account for cash withdrawals at Allpoint ATMs. You can’t deposit checks through ATMs or the bank’s app, and there’s no way to deposit cash.
FNBO Direct High-Yield Online Savings Account
Like Milli, FNBO Direct is an online part of First National Bank of Omaha. It features online and mobile banking options with a high-yield savings account and a checking account.
The high-yield savings account doesn’t have a monthly maintenance fee or a minimum account balance requirement. Its minimum opening deposit is $1, and the account pays a high APY.
One of FNBO Direct’s perks is the ATM card you can use at over 2 million ATMs in the PLUS network. While you can’t deposit cash at these ATMs, you can withdraw $1,000 daily across a maximum of five transactions. A fee applies if you get your funds in a different currency.
You can make unlimited online deposits and ATM transfers, but FNBO Direct may limit the number of automated clearing house withdrawals you make each month. The bank supports mobile check deposits and recurring transfers. However, it lacks the savings tools that Milli and competitors like Ally Bank offer.
If you need to wire money, you’ll pay $15 for domestic transfers. International wires are unavailable.
Bread Savings High-Yield Savings Account
Bread Savings, which offers bank accounts through Comenity Capital Bank, is an online-only financial institution that focuses on customer support and high rates on deposit accounts. In addition to a high-yield savings account, it offers certificates of deposit with term options of one to five years.
The company’s high-yield savings account features a high APY that ties with FNBO Direct. It requires an opening deposit of at least $100 but has no minimum balance requirement. You won’t pay a monthly account fee or be charged for most transactions. However, the bank does charge $5 for paper statements, $25 for outgoing wires, and $15 for official checks.
An ATM card doesn’t come with this account, so you can’t withdraw or deposit cash. You can use the online banking site as well as make mobile check deposits and scheduled transfers in the Bread Savings app. A drawback is there aren’t special savings tools, such as virtual buckets for savings goals.
Bask Bank Interest Savings Account
Bask Bank operates as Texas Capital Bank’s online division. It offers a typical high-yield savings account that pays interest, as well as one that pays American Airlines travel miles. Plus, there are CDs with six- to 24-month term options.
The interest savings account comes with a higher interest rate than many banks and credit unions and doesn’t require a minimum deposit to open. While there’s no minimum balance requirement, the bank might close your account if you don’t fund it within 15 business days. Besides a $35 charge for outgoing wire transfers, there aren’t any account fees.
Like some competitors, Bask Bank doesn’t let you make cash deposits or have ATM access with a bank card for cash withdrawals. It’s also somewhat restrictive since it allows only six ACH transfers and withdrawals each month. Lastly, its mobile app supports check deposits but lacks savings tools beyond scheduled transfers.
What Is A High-Yield Savings Account?
A high-yield savings account is a safe place to put cash and get much higher interest earnings than with a traditional savings account. This makes it a good choice for growing your money quickly through compound interest. High-yield savings accounts are especially useful for short-term goals, such as building an emergency fund and planning for major purchases.
You’ll usually find high-yield savings accounts through online financial institutions because they cost less to run and can afford to offer the best rates. Just note that rates change periodically based on factors such as the bank’s policies and the federal funds rate, which helps determine banks’ borrowing costs.
Along with enjoying high interest rates, you’ll often pay fewer account fees. But you may give up some flexibility with an online bank, such as the ability to deposit cash or use ATMs. And as with traditional savings accounts, withdrawal and transaction limits can apply.
What To Look For In A High-Yield Savings Account
Before opening a high-yield savings account through a bank or credit union, research the account’s features and the bank’s offerings. Here are some factors you should consider:
- Interest rates: Look for accounts that offer the highest rates compared to the national average, and check whether you need a minimum balance to qualify for the listed interest rates.
- Minimum opening deposit requirement: Accounts with no or low opening deposit requirements can be more accessible if you’re starting out with saving.
- Account fees: To maximize earnings, pick an account with no monthly service fee. Also check any fees for ATMs, wire transfers, or official checks if you plan to use them.
- Deposit insurance: In case the financial institution fails, make sure your new account is covered under National Credit Union Administration or FDIC insurance.
- Deposit and withdrawal options: For online accounts, see if you can conveniently use ATMs and mobile check deposits or deposit cash. Brick-and-mortar banks should have ATMs and physical branches nearby. You should also check for withdrawal limits.
- Customer support: Look for high-interest savings accounts through financial institutions with 24/7 help by phone or online.
- Savings tools: To make it easier to save, look for features such as automatic transfers, savings buckets, and settings that round your debit card purchases up to send money to your savings account.
- Account promotions: Along with offering high APYs, some banks advertise sign-up bonuses for meeting requirements such as setting direct deposit up.
- A bank’s other products: You might want to open your account somewhere with additional financial products, such as checking accounts, credit cards, and money market accounts.
Which High-Yield Savings Account Is Right For You?
To make the right personal finance decision, compare the features and potential fees of multiple high-yield savings accounts. While the highest APYs can be appealing, you might not benefit enough if you pick an account with many fees or limited access to your funds. To increase your chances of reaching your savings goals, make sure your new account offers your preferred savings tools as well.
FAQ: High-Yield Savings Accounts
Where can I get 7 percent interest on my money?
While getting a 7 percent APY on a savings account is unlikely, you may find other deposit accounts paying that rate. OnPath Federal Credit Union’s high-yield checking account offers a 7.00 percent APY on the first $10,000, and Landmark Credit Union’s premium checking account pays a 7.50 percent APY on the first $500. Note that membership and account requirements apply.
What is the best high-yield savings rate right now?
Among our top five picks, UFB Direct Secure have the best high-yield savings rate at 5.25 percent. Currently, the Popular Direct high-yield savings account offers 5.15 percent APY and requires a $100 opening deposit.
How much will $50,000 make in a high-yield savings account?
How much you make on a $50,000 deposit in a high-yield savings account depends on the interest rate, how often interest is compounded, and the amount of time. If you deposit $50,000 into an account earning a 5.25 percent APY with daily compounding, you could make about $2,695 after one year.
How We Picked These Banks
To compile this list, our team reviewed 56 high-yield savings accounts. We then identified the top accounts that offer a savings rate of 5 percent APY or higher. All banks on this list also score highly for overall customer satisfaction and industry reputation in our research.
*APYs accurate as of August 5, 2024.