Looking for the best high yield savings accounts? Take advantage of high APY offers from Public.com and Cove Capital.
If you're wondering where to park your savings for the best returns, online high-yield savings accounts are a great option This type of savings accounts offers competitive interest rates and low fees, making them a smart choice for individuals looking to grow their wealth. In this article, we will explore some of the top high-yield online savings accounts that can help you maximize your savings and reach your financial goals.
Quick Look: Banks with the Best High-Yield Savings Accounts
- Best for Trading Ideas: Public.com
- Best Overall High-Yield Savings Account: M1 Finance
- Best High-Yield Cash Account: Cove Capital Liquid Income
- Best for Variety of Banking Services: SoFi
- Best for Saving, Spending & Investing: Fierce
- Best for No Maintenance or Service Fees: UFB Direct
- Best for Versatility: Upgrade
- Best for Travelers Who Need to Save: Bask Bank
- Best for Savings and Money Market Accounts: CIT Bank
- Best for No Minimum Deposit: CIBC
- Best for Saving Uninvested Cash: Robinhood
- Best for Cash Back: Albert
- Best for Savings for All Account Balances: Synchrony
- Best for High Yield Savings: Quontic Bank
- Best for Managing Money: Current.com
Best High-Yield Savings Accounts
Choose from these top banks with highest interest rates to open a high-yield savings account.
1. Best for Trading Ideas: Public.com
Public.com, a popular investing app, has recently entered the world of high yield savings accounts. With their new offering, users can now earn competitive interest rates on their savings while enjoying the benefits of easy accessibility and no fees. It offers an APY of 5.1%, allowing for compounding interest on savings.
Furthermore, Public.com is committed to transparency and security, ensuring that users' funds are protected and easily accessible at all times. The company has partnered with 20 banks to offer FDIC insurance coverage up to $5 million, surpassing traditional savings accounts with a $250,000 limit.
Pros
- 5.1% APY
- Zero fees and no minimum balance requirements
- Unlimited transfers and withdrawals at no extra cost
- Increased insurance coverage
Cons
- Limited account features
2. Best Overall High-Yield Savings Account: M1 Finance
Brokerage products and services are offered by M1 Finance, LLC, Member FINRA/SIPC, and a wholly-owned subsidiary of M1 Holdings, Inc. ✝Your free trial (a $30 value) begins the date you enroll in the M1 Plus subscription, and ends 3 months after (“Free Trial”). Upon the expiry of the Free Trial, your account is automatically billed a monthly subscription fee of $10 unless you elect annual billing of $95 or cancel your subscription under your Membership details in the M1 Platform
M1 Finance is a financial technology company that offers a unique approach to banking and investing. It stands as an affordable robo-advisory platform catering to self-directed investors. Apart from offering commission-free trading and zero account management charges, it seamlessly integrates financial services including investing, borrowing and banking. The company's holistic approach empowers investors to gain a comprehensive view of their financial landscape within a single platform, and they can also optimize their investments by utilizing borrowing options.
Pros
- 5% APY on high-yield saving accounts
- Consolidated investment, banking and borrowing services
- Zero commissions and no account fees
- Dynamic portfolio rebalancing
- Easy to manage through mobile app
Cons
- Lack of access to human financial advisors
- Limited banking features compared to traditional banks
- Absence of mutual fund availability
3. Best High-Yield Cash Account: Cove Capital Liquid Income
- Best For:Optimizing Interest Earningssecurely through Cove Capital Liquid Income's website
High-yield savings accounts are popular as they help you gain positive rate of return on your cash, but a high-yield cash account is an even more unique way to save money. With Cove Capital Liquid Income, you can set up an HYCA that offers a higher interest rate, FDIC insurance protection and a way to unlock your money’s potential.
There’s total liquidity on your account and an APY well over the national average. Backed by insurance investments, the Cove Capital Liquid Income account is designed to ensure higher interest payouts and keep those rate competitive. CCLI is perfect for those who are highly risk averse and require instant access to their funds.
Yes, you must make a minimum $100,000 deposit, but you can get faster and higher returns with more security all in the same place.
Pros
- 4.47% APY (APY applies to first $1 million in deposits)
- This product is backed by real estate to help it remain stable
- You can traditionally get better and more consistent yields with this product
- You still get FDIC deposit insurance protection
Cons
- You may prefer a traditional savings account
4. Best for Variety of Banking Services: SoFi
- Best For:Best for Variety of Banking Servicessecurely through SoFi Savings's website
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/
banking-rate-sheet .
SoFi is more than an online bank where you can save your money. SoFi started as a bank that wanted to help student refinance their loans, expanding their loan offerings to serve a range of borrowers with mortgages, refinancing and more.
Because SoFi has expanded so much, you will enjoy a range of benefits like getting paid early, low to no fees, high APY returns, cash back at certain locations where you might shop and an easy way to set savings goals.
If you’re just getting started with SoFi, you can download the mobile app on Google Play or App Store, buy into the investment instruments on the platform, save money on your own terms, bank online and more.
Pros
- Up to 4.60% APY
- A range of financial tools that can help anyone at any time of their life
- The high percentage rate helps savers and investors earn money no matter where their cash is
- Getting paid early is one of the best ways to improve cashflow
Cons
- If you’re new to investing, you might feel like the mobile app is far too complex for you
5. Best for Saving, Spending & Investing: Fierce
While Fierce is designed around a high yield checking account and investing, the mobile app provides you with one of the highest APYs on your savings deposits. You can download the app at any time, fund your account and even get a free debit card.
Pros
- 5.25% APY
- This app allows you to use your savings account funds seamlessly in any way you like, including for investments, without having to move funds to a separate account.
- The app also offers a free checking account that helps you save money and manage your paychecks successfully.
Cons
- Customers may prefer higher rates as compared to added extras
6. Best for No Maintenance or Service Fees: UFB Direct
UFB Direct is actually a division of Axos Bank that helps savers earn an unusually high APY and a solid mobile app that makes it easy for you to review your accounts at any time.
With no monthly fees to join on balances over $5,000, you will need to have a hefty balance to get started. At the same time, you will only pay $10 per month if your balance is a little lower. Plus, there’s an ATM network that you can use with no fees because UFB Direct pays back all your fees.
Pros
- Up to 5.25% APY
- Check-writing privileges make these accounts more functional
- Money market and savings accounts have the same, high APY
- Offers complimentary ATM card
- The UFB Direct website is full of information about money, identity protection, mortgages and more
Cons
- The high starting balance may seem prohibitive to those who have not yet reached previous savings goals
7. Best for Versatility: Upgrade
Upgrade is one of the easier platforms to use because it goes beyond a savings account. Yes, you can earn a considerable APY on your savings, but you can also take out Upgrade personal loans, open a checking account and open up credit card accounts as needed.
Pros
- 5.21% APY on balances of $1,000 or more
- Versatile platform that is easy to use and allows you to expand your personal financial portfolio
- The platform allows you to tie your checking account to your savings account, etc.
Cons
- The platform cannot guarantee that savings rates will always be this high
8. Best for Travelers Who Need to Save: Bask Bank
Bask Bank is a unique platform that allows you to both save money and earn American Airlines AAdvantage miles at the same time. This mixture can be quite helpful for frequent travelers or anyone who is planning for that one big adventure.
When you work with Bask Bank, you also get a savings rate that’s several times the average for accounts across America, you will never pay any account fees and there are promotions that come up from time to time that allow you to save even more money and cut back on overhead costs.
Pros
- 5.10% APY
- Earning airline miles makes it easier for you to plan for future adventures without traveling for the sake of collecting miles
- The higher-than-average APY makes it easier for your money to make money, especially if this is not your primary account
- Online access helps you check on your miles and savings without the need for visiting a physical branch
Cons
- Because airline miles are only offered for American Airlines, depositors should make sure they can easily travel with American.
9. Best for Savings and Money Market Accounts: CIT Bank
CIT Bank is well known for having one of the highest APYs on the market, but the platform also offers business and commercial accounts, meaning that you have more options if this is your preferred place to open a bank account.
The Savings Connect account with CIT helps you get an APY that’s many times higher than the national average with a low minimum and solid returns. There are also money market and savings builder accounts that allow you to get in where you are today. If you only have $100 to deposit, you can start there. Plus, as your savings grow, you can move into higher tiers that will offer better interest returns.
CIT Bank is also unique in that it helps you obtain a mortgage, learn about your money or even invest in CDs.
Pros
- Up to 5.05% APY
- Get in on the ground floor with a minimum deposit of just $100
- You can avail yourself of several other banking products
- Business and commercial accounts are also available
- No account opening or maintenance fees
Cons
- Consumer contacts are difficult to parse when you’re looking for a specifc type of support
10. Best for No Minimum Deposit: CIBC
When you use CIBC to save money, you will encounter a few savings tiers and a high APY that will help you save for the next months and long into the future.
Yes, interest compounds every quarter with this bank, minimums are low and you can buy in at your own pace.
CIBC also has a strong online presence that helps you watch your money without worrying about visiting a local branch. Promotions often allow you to earn cash back for opening accounts, savings rates are always published on the website and there are physical locations that many consumers can visit if you prefer to do business “the old-fashioned way”.
Pros
- 5.01% APY
- Low minimums allow families, individuals and even teens to open account in their own time
- Compound Interest every quarter to give you an even better return on your account
- Consider opening multiple accounts so that you can avail yourself of the bonuses that might be available
Cons
- While CIBC has physical locations, there’s no guarantee that one of its branches is near you. Only use CIBC if you’re comfortable with their online banking experience.
11. Best for Saving Uninvested Cash: Robinhood
You may already be aware of Robinhood as the platform allows you to invest in a massive range of assets, but did you know that this site also offers a competitive APY on uninvested cash? You can earn more while you’re not investing, grow your savings and leave all your investment funds in one place with confidence.
Pros
- 5.00% APY on uninvested cash
- Robinhood allows you to save your cash and earn a competitive APY when you’re not spending that cash on investments
- You can bring all your finances under one umbrella
Cons
- You may not want to bring all your banking and savings under the umbrella of an investment firm
12. Best for Cash Back: Albert
Albert is a special sort of online banking platform that uses advanced technology to offer you quality interest rates. However, there’s more to the platform because it allows you to get in on bonuses that could help build your account that much more. You can set up automatic savings deposits, transfer out to another account at any time and look into promotions that offer cash back as they come.
Pros
- 4.95% APY for first time Albert customers
- Automatic savings deposits help you stay on track with your current savings goals
- Frequent cash back promotions are helpful for consumers who are trying to save a penny or a dollar at a time
Cons
- The APY from Albert is a bit lower than the competition
13. Best for Savings for All Account Balances: Synchrony
Synchrony Bank might be familiar to many as the bank that issues their store-based credit cards, but it’s also a bank that allows you to open a checking and/or savings account.
This hidden gem offers more than just a credit card offer and a simple bank account. With a savings account from Synchrony, there are no monthly fees and easy online access to your account.
The high interest rate tends to stay higher than the competition, and you can easily transfer in and out of the account at any time.
Pros
- 4.75 %APY
- The APY stays consistent so that you can keep your money with Synchrony with confidence
- The high APY stays well above the national average so that you can earn money while your cash sits in the account
- Synchrony is an easy platform to use where you can see all your credit cards and bank accounts
Cons
- Some consumers might be nervous about mixing their bank with the place where they get many of their store-based cards
14. Best for High Yield Savings: Quontic Bank
Quontic Bank is one of the newer banks on the market that allows you to invest in CDs, save money and set up a checking account. There are no maintenance fees, but you should look into fees that might be attached to instruments like CDs.
At the same time, you can get started with a low minimum deposit and earn quote a lot every year when the account starts to pay you back. Billed as an adaptive digital bank, you can spread your wings further with services like mortgages and crypto investments, but there are no physical locations to visit. So, you should make sure you’re alright with online-only banking.
Pros
- 4.50% APY
- The low minimum deposit helps adults and even kids get started
- The high annual percentage yield will help you compound interest and save money that you’ve set aside for other pursuits
- Your banking can all be centralized at this bank, if you so choose
Cons
- Watch out for additional fees that might be tied to other investment instruments
15. Best for Managing Money: Current.com
Current.com has been one of the more prevalent alternative investment and banking apps on the market today. You can use Current.com to save or invest in your own time, even if you’re not an avid investor.
Plus, the platform helps you save by allowing you to invest in pods that are set aside for certain purposes. There are Basic, Premium and Teen accounts, meaning that parents can teach their kids about money. Even more, they are giving pods that help the family set aside money for their favorite causes.
There’s also an automated savings feature that makes sure you never forget to set aside the cash that’s going to propel you into the future. You can also set up round-ups that help push more and more money into your savings account.
Pros
- Up to 4.00% APY
- Savings pods help keep you “on task” when you’re trying to save for events, trips or large pictures
- Teen accounts are perfect for kids with jobs or parents who want to put money away for their kids
- If you want to expand your investments or savings, there are several other options available at Current.com
Cons
- Current.com may seem to be a little too complex for younger kids or individuals who don’t need all the extra functionality
What is a High-Yield Savings Account?
A high-yield savings account is a type of savings account that offers a higher interest rate compared to traditional savings accounts. This means that the account holder can earn more money on their deposits over time. High-yield savings accounts are typically offered by online banks or credit unions, rather than traditional brick-and-mortar banks. It can be a great option for individuals looking to grow their savings with minimal effort. By taking advantage of the higher interest rates and lower fees, account holders can watch their savings grow over time and achieve their financial goals.
Generally, you’re looking for:
- Mobile banking: Some banks offer free mobile apps with features such as account access, balance tracking, money transfers, goal setting, financial education and credit score checking. It is recommended to explore the mobile app before opening an online savings account.
- Customer support options: Calling, emailing or instant messaging customer support doesn’t always cut it. Your savings account’s physical location allows for you to receive in-person customer support. Brick-and-mortar banking also allows you to withdraw cash without extra fees and withdraw above the federal regulation of six transfers a month.
- ATMs: Some financial institutions offer ATM cards linked directly to savings accounts, while others allow access to savings through a checking account-linked debit card. Withdraw money at your convenience and watch out for potential ATM fees that some banks may reimburse.
Why Choose an Online High-Yield Savings Account
There are several reasons to choose an online high-yield savings account over a traditional savings account. Aside from the higher interest rates, online high-yield savings accounts often have lower fees and minimum balance requirements compared to brick-and-mortar banks. The convenience of online banking also makes it easier to manage your savings from anywhere at any time. Overall, choosing an online high-yield savings account can help you maximize your savings and reach your financial goals faster.
How to Choose the Best High-Yield Savings Account
When looking for the best high yield savings accounts, consider these factors to find the one that suits your financial goals and needs.
- High Annual Percentage Yield (APY): The APY, or annual percentage yield, offered by top online savings accounts has significantly increased in the past year. Currently, there are accounts with APYs in the 5% range and many more with rates of 4% or higher.
- Tiered and Relationship Rates: Many high yield savings accounts offer tiered interest rates based on the balance in the account. The more money you have deposited, the higher the interest rate you may earn. Additionally, some savings accounts offer relationship rates for customers who have other accounts or products with the same financial institution, providing them with additional benefits or higher interest rates.
- Low Monthly Fees: The monthly fees for high yield savings accounts vary depending on the financial institution. Some have no monthly fees, while others may charge a fee if certain balance requirements are not met. Review the terms and conditions of each account to understand any potential fees associated with it.
- Low Transaction Fees: Some banks may charge fees for excessive withdrawals or transfers beyond a certain limit, while others may have monthly maintenance fees if certain requirements are not met. Be sure to read the terms and fees prior to opening your savings account.
- Accessibility: You may need to access your saved funds in the case of an emergency or for everyday expenses, but it is harder to save when your funds are easily accessible. Think about your spending and saving habits and pick your account accordingly.
- Customer Support: Live 24/7 support is the gold standard, but some banks also offer a combination of online chat, email and phone supports as well.
- Security: Most financial institutions insure savings accounts through the Federal Deposit Insurance Corporation (FDIC) for $250,000. Others offer FDIC insurance and other forms of protection, such as fingerprint scanning for mobile banking or free security software for your computer.
Alternatives to High-Yield Savings Accounts
High-Yield Savings vs. Traditional Savings Account
The main difference between a high-yield savings account and a traditional savings account is the interest rate that each account offers. High-yield savings accounts generally offer a higher interest rate than traditional savings accounts. However, high-yield savings accounts may also have higher minimum balance requirements or fees compared to traditional savings accounts.
High-Yield Savings Account vs. Certificate of Deposit (CD)
High-yield savings accounts typically offer higher interest rates and more flexibility than certificate of deposits (CDs). However, CDs lock in your money for a specific period of time at a fixed interest rate, which can be advantageous if you don't need immediate access to your funds and want a guaranteed return.
High-Yield Savings Account vs. Money Market Account
Money market accounts (MMAs) offer lower interest rates than savings accounts and CDs but provide more accessibility, allowing for check writing and ATM withdrawals. The tradeoff between interest rates and accessibility is common in financial products, with higher access meaning lower interest rates.
High-Yield Savings Account vs. Checking Account
A high-yield savings account typically offers a higher interest rate than a checking account. However, a checking account allows for more flexibility in accessing your funds for daily transactions.
Boost Your Savings with the Best High Yield Savings Accounts
Opening a high-yield savings account is a great way to start saving for your future. By considering your financial goals, choosing an account that meets your needs and comparing interest rates, you can find the right account for you and start saving money today.
Frequently Asked Questions
Who has the highest paying high yield savings account?
Which bank gives 7% interest on savings account?
What is better than a high yield savings account?
Investing in the stock market or real estate may potentially provide higher returns than a high yield savings account. Additionally, starting a business or investing in a high-growth startup could also offer greater potential for financial gains.
What happens if you put 50000 in a high yield savings account?
If you put $50,000 in a high yield savings account, you would earn a higher interest rate compared to a traditional savings account. Over time, your money would grow through compound interest, allowing you to potentially earn more money on your initial investment.