Looking for the Best Savings Account? Start Here.

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Traditional savings accounts have dismal interest rates. Compare these high yield savings accounts to earn more than the 0.42% national average.

Right now, the best savings APY can be found with Western Alliance Bank, which earns 4.46%. You can open an account with just $500 and start earning interest right away. Find out more

High-Yield Savings Premier - 4.46% APY

High-Yield Savings Premier - 4.46% APY

  • No account activity or maintenance fees
  • $500 minimum opening deposit
  • FDIC insured
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC
Pros & Cons
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 4.35% APY

  • 4.35% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Pros & Cons
Discover Bank
Member FDIC

Online Savings Account - Earn 3.75% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

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PRO TIP: If you're eager to earn more interest, one of our recommended choices is Western Alliance Bank. You can get started with a $500 minimum opening deposit and it's FDIC insured for up to $250,000.

Best Savings Accounts for Over $50k
High-Yield Savings Premier - 4.46% APY

High-Yield Savings Premier - 4.46% APY

  • No account activity or maintenance fees
  • $500 minimum opening deposit
  • FDIC insured
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

Compare Savings Account Interest Rates:

If you want more flexibility with your money, consider a money market account instead of a regular savings account. A money market account is like a savings account and it usually lets you get access to your money more often.

APYMinimum Deposit
Quontic: Money Market Account4.75% APY$100Learn More
Patriot Bank: Money Market Account4.57% APY$1Learn More
FVCbank: Money Market Deposit Account4.55%$1Learn More
Ponce Bank: Money Market Deposit Account4.52%$1Learn More
Hanover Bank: Money Market Deposit Account4.52%$1Learn More
The Atlantic Federal Credit Union: Money Market Deposit Account4.46%$1Learn More
Generations Bank: Money Market Deposit Account4.46%$1Learn More
UNCLE Credit Union: Money Market Deposit Account4.45%$1Learn More
American First Credit Union: Money Market Deposit Account4.40%$1Learn More
Prism Bank: Money Market Deposit Account4.40%$1Learn More

If you want to save money and don't need it soon, consider a Certificate of Deposit (CD). You will need to put in a fixed amount of money for a fixed amount of time. In exchange, you will get interest rates that are usually higher than the average savings account.

APYMinimum Deposit
Ponce Bank CD RatesUp to 4.52%$1Learn More
The Atlantic Federal Credit Union: 1-Month High-Yield CD4.51%$1Learn More
Mission Valley Bank: 1-Month High-Yield CD4.50%$1Learn More
Mission Valley Bank CD RatesUp to 4.50%$1Learn More
Western Alliance Bank: High-Yield CD RatesUp to 4.50%$1Learn More
Consumers Credit Union: 9-Month Super Jumbo CD4.50%$250,000Learn More
Western Alliance Bank: 3-Month High-Yield CD4.50%$1Learn More
Sterling Federal Bank: 3-Month High-Yield CD4.48%$1Learn More
Always.bank: 24-Month Callable CD4.45%$1Learn More
mph.bank: 60-Month Callable CD4.42%$1Learn More
Prism Bank CD RatesUp to 4.40%$1Learn More
SkyOne Federal Credit Union CD RatesUp to 4.40%$1Learn More
SkyOne Federal Credit Union: 12-Month Callable CD4.40%$1Learn More
Prism Bank: 1-Month High-Yield CD4.40%$1Learn More
Western Alliance Bank: 6-Month High-Yield CD4.40%$1Learn More
Western Alliance Bank: 5-Month High-Yield CD4.40%$1Learn More
SkyOne Federal Credit Union: 1-Month High-Yield CD4.40%$1Learn More
mph.bank: 36-Month Callable CD4.38%$1Learn More
Western Alliance Bank: 9-Month High-Yield CD4.35%$1Learn More
Consumers Credit Union: 9-Month Jumbo CD4.35%$100,000Learn More

  • More interest: Interest rates are not that high these days. But if you put your money in an online savings account, it can grow more.

  • Less bank fees: Online high-yield accounts are less likely to have a monthly service fee or minimum balance requirement.

  • Flexibility: You can access your funds whenever you need it. Your money is not tied down in a savings account. Just note that most banks have a limit of 6 withdrawals per month.

 Western Alliance Bank
Member FDIC
Chase
Member FDIC
Bank of America
Member FDIC
 Visit SiteVisit SiteLearn More
Savings
4.46% APY
  • Chase Savings: 0.01% APY. $5 monthly service fee waived with either a $300 daily balance OR $25 automatic transfer every month from a linked Chase checking account, OR a linked Chase College Checking for Overdraft Protection, OR a linked qualifying Chase checking account, OR for owners under 18. $0 to open.
  • Chase Premier Savings: Earn a higher interest rate when you have a bigger balance and meet certain relationship requirements when linked with a Chase Premier Plus Checking or Sapphire Checking account.
Bank of America Advantage Savings Standard Rate: 0.01% APY

Western Alliance Bank: Information sourced from the published website as of 12/11/2024.

Chase: Pricing information and data points from published website as of 11/20/2024.

Bank of America: Pricing information from published website as of 12/03/2024 based on 91107 zip code.

APYMinimum Deposit
Mission Valley Bank: High Yield Savings Account4.50%$1Learn More
Western Alliance Bank: High Yield Savings Account4.50%$1Learn More
Western Alliance Bank: High-Yield Savings Premier4.46%$500Learn More
mph.bank: High-Yield Savings Account4.45%$1Learn More
Continental Bank: High Yield Savings Account4.41%$1Learn More
Prism Bank: High-Yield Savings Account4.40%$1Learn More
DR Bank: High-Yield Savings Account4.40%$1Learn More
Liberty Savings Bank: High Yield Savings Account4.36%$1Learn More
CIT Bank Platinum Savings4.35% APY with a balance of $5,000 or more$100Learn More
Dayspring Bank: High-Yield Savings Account4.30%$1Learn More
Paprika Capital Bank: High-Yield Savings Account4.29%$1Learn More
Adda Bank: High-Yield Savings Account4.25%$1Learn More
First Community Bank: High-Yield Savings Account4.22%$1Learn More
Live Oak Bank: Personal Savings4.20%$0Learn More
CFBank National Association: High-Yield Savings Account4.20%$1Learn More
The State Exchange Bank: High Yield Savings Account4.20%$1Learn More
Customers Bank: High-Yield Savings Account4.16%$1Learn More
Upgrade: Premier Savings4.14% APY when your closing balance is at least $1,000 (otherwise, 0% APY)$0Learn More
Citizens State Bank: High-Yield Savings Account4.00%$1Learn More
Quontic: High Yield Savings4.00%$100Learn More

Is Your Money Safe in an Online Savings Account

Online banks are safe. As long as you use a bank that is FDIC insured, your money is protected. The FDIC insures your money up to $250,000 should the bank fail. This means that online banks are just as safe as in-person banks.

Plus, online banks have advanced security and encryption to protect your personal information.

Can You Lose Money in an Online Savings Account

No, your savings have reliable returns and no risk of losing money (up to the FDIC insurance limit). Even if the interest rate decreases, your cash will not.

But if you are keeping your money in a savings account for a long time, your money will lose value because of inflation. The amount of money won't decrease, but you will have less purchasing power. This is why savings accounts should be used for emergency funds and short term goals.

How to Choose a Savings Account

Here are some things to look for when choosing a savings account:

  • Opening deposit: Does the account have a required minimum deposit? There are lots of banks that let you open an account with $0 too.

  • Monthly service fee: Some banks charge a monthly service fee unless you keep a certain balance in your savings account. This can become a hassle. Luckily, there are plenty of online banks that don't have monthly fees.

  • Balance requirements: Some accounts have balance requirements in order to get the highest APY possible.

  • APY rate: Look for the account with the highest interest rate with requirements you can satisfy. Higher APY will help you grow your money faster.

  • Access to money: How does the bank let you access your funds? Generally, you can transfer funds online through the website or mobile app. But some may even provide an ATM card for withdrawals.

All the banks on our list are insured by the FDIC (or NCUA for credit unions). This means if the bank or credit union fails, the federal government protects your money up to $250,000 per depositor, per ownership category.

Mission Valley Bank

High Yield Savings Account - 4.50% APY

  • APY: 4.50%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0
Western Alliance Bank
Member FDIC

High Yield Savings Account - 4.50% APY

on Raisin's Secure Website
  • APY: 4.50%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0
  • Balance Requirement: $0
High-Yield Savings Premier - 4.46% APY

High-Yield Savings Premier - 4.46% APY

  • APY: 4.46%
  • Minimum Deposit to Open: $500
  • Monthly Fee: $0
  • Balance Requirement: $0.01
mph.bank

High-Yield Savings Account - 4.45% APY

  • APY: 4.45%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0
  • Balance Requirement: $0
Continental Bank

High Yield Savings Account - 4.41% APY

  • APY: 4.41%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0
  • Balance Requirement: $0

Compare Checking Account Bonus Offers

Bank of America
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

  • The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 01/31/2025.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.
Expires 1/31/2025
US Bank
Member FDIC

U.S. Bank Smartly® Checking - Up to $450 Bonus

Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 30, 2024. Member FDIC.

Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:

  • Enroll in online banking or the U.S. Bank Mobile App
  • Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.

Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.

Expires 12/30/2024
HSBC
Member FDIC

HSBC Premier - Earn Up to $2,500

Start an HSBC Premier relationship today. You'll enjoy premium banking with both local and global benefits and access to wealth solutions offered through HSBC Securities, (USA), Inc*.

You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through January 2, 2025, and complete qualifying activities.

  • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
  • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
  • Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements.
Expires 1/2/2025

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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