Looking for the Best Savings Account? Start Here.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
Traditional savings accounts have dismal interest rates. Compare these high yield savings accounts to earn more than the 0.43% 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
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 4.55% APY
- 4.55% 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
Online Savings Account - Earn 3.90% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Top CreditDonkey Picks:
- Best Rate from an FDIC-Insured Bank -
CIT Bank Platinum Savings - 4.55% APY - Best Rate from an NCUA-Insured Credit Union -
InRoads Credit Union: High-Yield Savings Account - 4.45% APY - Best Rate from a Top 20 National Bank -
CIT Bank Platinum Savings - 4.55% APY
CreditDonkey's Choice
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.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
- CIT Bank Platinum Savings:
4.55% APY - Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - mph.bank:
High-Yield Savings Account - 4.45% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - Upgrade:
Premier Savings - Up to 4.41% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Mission Valley Bank:
High Yield Savings Account - 4.38% APY - Liberty Savings Bank:
High Yield Savings Account - 4.36% APY - Wells Fargo:
Platinum Savings - 0.05% APY - Citi® Savings:
0.03% APY - Chase Savings℠:
0.01% APY - Bank of America Advantage Savings:
0.01% APY
Compare Money Market Accounts
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.
| APY | Minimum Deposit | ||
|---|---|---|---|
| Quontic: Money Market Account | 4.75% APY | $100 | Learn More |
| Dayspring Bank: Money Market Deposit Account | 4.45% | $1 | Learn More |
| American First Credit Union: Money Market Deposit Account | 4.45% | $1 | Learn More |
| Hanover Bank: Money Market Deposit Account | 4.40% | $1 | Learn More |
| UNCLE Credit Union: Money Market Deposit Account | 4.37% | $1 | Learn More |
| mph.bank: Money Market Deposit Account | 4.36% | $1 | Learn More |
| First State Bank: Money Market Deposit Account | 4.35% | $1 | Learn More |
| Grand Bank: Money Market Deposit Account | 4.31% | $1 | Learn More |
| Harborstone Credit Union: Money Market Deposit Account | 4.30% | $1 | Learn More |
| Blue Federal Credit Union: Money Market Deposit Account | 4.25% | $1 | Learn More |
Compare CD Interest Rates
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.
| APY | Minimum Deposit | ||
|---|---|---|---|
| Consumers Credit Union: 9-Month Super Jumbo CD | 4.75% | $250,000 | Learn More |
| Consumers Credit Union: 9-Month Jumbo CD | 4.60% | $100,000 | Learn More |
| Consumers Credit Union: 9-Month CD | 4.50% | $250 | Learn More |
| mph.bank: 60-Month Callable CD | 4.42% | $1 | Learn More |
| Always.bank: 1-Month High-Yield CD | 4.40% | $1 | Learn More |
| Prism Bank CD Rates | Up to 4.40% | $1 | Learn More |
| Ponce Bank CD Rates | Up to 4.40% | $1 | Learn More |
| Prism Bank: 1-Month High-Yield CD | 4.40% | $1 | Learn More |
| mph.bank: 36-Month Callable CD | 4.38% | $1 | Learn More |
| Dayspring Bank: 1-Month High-Yield CD | 4.35% | $1 | Learn More |
| Dayspring Bank CD Rates | Up to 4.35% | $1 | Learn More |
| Blue Federal Credit Union CD Rates | Up to 4.35% | $1 | Learn More |
| Blue Federal Credit Union: 7-Month High-Yield CD | 4.35% | $1 | Learn More |
| Consumers Credit Union: 17-Month Super Jumbo CD | 4.35% | $250,000 | Learn More |
| Freedom Bank: 1-Month High-Yield CD | 4.30% | $1 | Learn More |
| Freedom Bank: 3-Month High-Yield CD | 4.30% | $1 | Learn More |
| Freedom Bank CD Rates | Up to 4.30% | $1 | Learn More |
| Mission Valley Bank CD Rates | Up to 4.28% | $1 | Learn More |
| Mission Valley Bank: 1-Month High-Yield CD | 4.28% | $1 | Learn More |
| Consumers Credit Union: 17-Month Jumbo CD | 4.25% | $100,000 | Learn More |
Why Open a High Yield Savings Account
 |
- 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.
 |  |  | |
| Visit Site | Visit Site | Learn More | |
| Savings |
| Bank of America Advantage Savings Standard Rate: 0.01% APY | |
|---|---|---|---|
Western Alliance Bank: Information sourced from the published website as of 11/20/2024. Chase: Pricing information and data points from published website as of 11/20/2024. Bank of America: Pricing information from published website as of 11/19/2024 based on 91107 zip code. | |||
| APY | Minimum Deposit | ||
|---|---|---|---|
| CIT Bank Platinum Savings | 4.55% APY with a balance of $5,000 or more | $100 | Learn More |
| Western Alliance Bank: High-Yield Savings Premier | 4.46% | $500 | Learn More |
| mph.bank: High-Yield Savings Account | 4.45% | $1 | Learn More |
| Dayspring Bank: High-Yield Savings Account | 4.45% | $1 | Learn More |
| DR Bank: High-Yield Savings Account | 4.42% | $1 | Learn More |
| Upgrade: Premier Savings | 4.41% APY when your closing balance is at least $1,000 (otherwise, 0% APY) | $0 | Learn More |
| Continental Bank: High Yield Savings Account | 4.41% | $1 | Learn More |
| Mission Valley Bank: High Yield Savings Account | 4.38% | $1 | Learn More |
| Liberty Savings Bank: High Yield Savings Account | 4.36% | $1 | Learn More |
| Paprika Capital Bank: High-Yield Savings Account | 4.36% | $1 | Learn More |
| Western Alliance Bank: High Yield Savings Account | 4.35% | $1 | Learn More |
| Citizens State Bank: High-Yield Savings Account | 4.35% | $1 | Learn More |
| The State Exchange Bank: High Yield Savings Account | 4.35% | $1 | Learn More |
| Live Oak Bank: Personal Savings | 4.30% | $0 | Learn More |
| Adda Bank: High-Yield Savings Account | 4.25% | $1 | Learn More |
| First Community Bank: High-Yield Savings Account | 4.22% | $1 | Learn More |
| CIT Bank Savings Connect | 4.20% | $100 | Learn More |
| CFBank National Association: High-Yield Savings Account | 4.20% | $1 | Learn More |
| Customers Bank: High-Yield Savings Account | 4.16% | $1 | Learn More |
| Quontic: High Yield Savings | 4.00% | $100 | Learn 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.
CIT Bank Platinum Savings - 4.55% APY
- APY: 4.55% APY with a balance of $5,000 or more
- Minimum Deposit to Open: $100
- Monthly Fee: $0
- Balance Requirement: $0; $5,000 to earn the highest APY
High-Yield Savings Premier - 4.46% APY
- APY: 4.46%
- Minimum Deposit to Open: $500
- Monthly Fee: $0
- Balance Requirement: $0.01
High-Yield Savings Account - 4.45% APY
- APY: 4.45%
- Minimum Deposit to Open: $1
- Monthly Fee: $0
- Balance Requirement: $0
High-Yield Savings Account - 4.45% APY
- APY: 4.45%
- Minimum Deposit to Open: $1
- Monthly Fee: $0
Compare Checking Account Bonus Offers
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.
U.S. Bank Smartly® Checking - Up to $450 Bonus
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.
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.
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.
|
|
|
