Best High Yield Savings Accounts

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Contributor, Benzinga
November 20, 2023

Benzinga readers prefer Bask Bank when they are looking for the best savings accounts.

Looking for a way to grow your savings faster? Consider switching to a high-yield savings account. These accounts typically offer higher interest rates than traditional savings accounts, meaning your money can grow quicker. In this article, we'll review the top high-yield savings accounts and answer all your questions about these accounts.

The Best High Yield Savings Accounts & APY Rates

Best for Saving, Spending & Investing: Fierce

  • securely through Fierce's website
    securely through Fierce's website
    Best For:
    Saving, Investing & Spending

While Fierce is designed around a high yield checking account and investing , the 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.


  • 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.


  • Customers may prefer higher rates as compared to added extras

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 personal loans, open a checking account and open up credit card accounts as needed.


  • 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.


  • The platform cannot guarantee that savings rates will always be this high

Best for Savings and Money Market Accounts: CIT Bank

  • securely through CIT Bank Savings's website
    securely through CIT Bank Savings's website
    Best For:
    Savings and Money Market Accounts

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 bank. 

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.


  • 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


  • Consumer contacts are difficult to parse when you’re looking for a specifc type of support

Best for Travelers Who Need to Save: Bask Bank

  • securely through Bask Bank Savings's website
    securely through Bask Bank Savings's website
    Best For:
    Travelers Who Need to Save

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. 


  • 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


  • Because airline miles are only offered for American Airlines, depositors should make sure they can easily travel with American. 

Best for No Maintenance or Service Fees: UFB Direct

  • securely through UFB Direct Savings Account's website
    securely through UFB Direct Savings Account's website
    Best For:
    No Maintence or Service Fees

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.


  • Check-writing privileges make these accounts more functional
  • Money market and savings accounts have the same, high APY
  • The UFB Direct website is full of information about money, identity protection, mortgages and more


  • The high starting balance may seem prohibitive to those who have not yet reached previous savings goals

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.


  • 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


  • You may not want to bring all your banking and savings under the umbrella of an investment firm

Best for No Minimum Deposit: CIBC

  • securely through CIBC Savings's website
    securely through CIBC Savings's website
    Best For:
    Low Minimum Deposit

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”.


  • Low minimums allow families, individuals and even teens to open account in their own time
  • Interest is compounded quarterly 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


  • 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.

Best for Savings Account Options: Citizens Bank

  • securely through Citizens Bank Savings's website
    securely through Citizens Bank Savings's website
    Best For:
    Savings Account Options

Citizens Banks offers the Citizens Access savings account that come in 3 tiers and allow you to save money at your own pace. One Deposit Savings is best for students who are trying to put money away for the future in small increment. Citizens Quest Savings has no ATM fees, meaning that you can still use this account for purchases or cash and accrue interest at the same time. Citizens Wealth Savings is designed to work with your Wealth Checking account, meaning that you likely have a higher balance and also want to get the highest APY possible. 


  • Savings tiers allow for any consumer to use Citizens, meaning that you could progress through these accounts as you like
  • Matching your savings account with your checking account makes it easier to monitor your finances, all with Citizens
  • Citizens has physical locations throughout America that offer quality customer service


  • Unfortunately, you will need to make quite a large deposit to get the highest percentage rates

Best for Variety of Banking Services: SoFi

  • securely through SoFi Savings's website
    securely through SoFi Savings's website
    Best For:
    Best for Variety of Banking Services

    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

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 ro 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 app, buy into the investment instruments on the platform, save money on your own terms, bank online and more. 


  • 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


  • If you’re new to investing, you might feel like the aoo us far too complex for you

Best for Savings for All Account Balances: Synchrony

  • securely through Synchrony Savings's website
    securely through Synchrony Savings's website
    Best For:
    Savings for All Account Balances

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. 


  • 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


  • Some consumers might be nervous about mixing their bank with the place where they get many of their store-based cards

Best for High Yield Savings: Quontic Bank

  • securely through Quontic Bank's website
    securely through Quontic Bank's website
    Best For:
    High Yield Savings

    10 debit card POS transactions per statement cycle required to earn maximum APY. Otherwise, APY will be 0.01%. Visit site for a list of qualifying activities.

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. 


  • 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


  • Watch out for additional fees that might be tied to other investment instruments

Best for Managing Money: has been one of the more prevalent alternative investment and banking apps on the market today. You can use 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, there 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. 


  • 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


  • may seem to be a little too complex for younger kids or individuals who don’t need all the extra functionality

Best for Simplicity: Live Oak Bank

  • securely through Live Oak Bank's website
    securely through Live Oak Bank's website
    Best For:

Live Oak Bank is a unique bank that does have some live branches and a website that allows you to get all the service you need. Uniquely, Live Oak provides consumers with a relatively high interest rate on savings accounts, no fees, joint account options and extra info on money on their website.


  • The no-fee promise helps you bank with confidence
  • A selection of locations will serve the people living near Live Oak’s branches
  • Joint account options work well for families with entangled finances


  • There may not necessarily be a Live Oak location near you

Best for Mobile Traders: E*TRADE

E*TRADE is best known as an investment house that allows you to save for the future using a range of investment tools. At the same time, the platform does a favor for all investors by offering a generous APY on uninvested cash. 

The cash balance programs offer a much higher APY that you will find with most investment firms, especially the competition sits well below 1% APY. While this isn’t a traditional savings account, it’s one of the best ways to manage your money wisely. 


  • You can save money on uninvested so that your money is always making more money
  • The APY in the cash balance program often outperforms traditional banks


  • Unfortunately, E*TRADE is not a traditional savings bank, meaning that you can only save uninvested cash that was already in your account, limiting accessibility

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. 


  • 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


  • The APY from Albert is a bit lower than the competition

What is a Savings Account?

A savings account is a basic account held at a financial institution. The account holder can make regular deposits while the account accrues a moderate interest rate, usually between 0.01%-1.5% per year. While funds may be accessible through wire transfers and ATM withdrawals, account holders must limit certain types of withdrawals due to federal regulations, meaning that you should be wary of these fees as they come about.

Generally, you’re looking for:

  • Mobile banking: Some banks offer free mobile apps where you can access your account, track balances, and transfer money. Key features to look for are goal setting apps, financial education, and the ability to check your credit score. If you’re thinking about opening an online savings account and expect to access your account on your phone or tablet, make sure to explore their mobile application first. 
  • Brick-and-mortar locations: 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 federally regulated six transfers a month.
  • ATMs: Some financial institutions give bank cards that are directly linked to your savings account. Others may allow access to savings through a checking account-linked debit card. This way, you can withdraw money at your convenience. You may have to watch out for ATM fees, but some banks will reimburse these. 

Types of Savings Accounts

Before delving into savings account specifics, it’s important to understand the difference between the main types of savings accounts you’ll encounter: brick-and-mortar and online. Each has their own set of pros and cons. Remember, some of these accounts require much higher minimum balances to achieve the massive savings rates that may be offered, but this broad range of Annual Percentage Yields shows you that it is possible to benefit from a savings account.

Type of Savings AccountsAverage Annual Percentage Yield (APY)Pros Cons
Brick-and-mortar0.01 - 4.50%- One-stop-shop banking
- Tiered interest rates
- Relationship rates
- Little to no fees
- Rewards possible
- Lower interest rate
- Higher minimum balances
- Other transaction fees
Online0.5 - 4.85%- High-interest rates
- Little to no fees
- Zero minimum balance
- Daily compounded interest
- Harder to access funds
- No brick-and-mortar locations

Why Do I Need a Savings Account?

Consider your current financial behaviors and long and short term savings goals. With a savings account, you can create a new financial future by:

Building savings habits. Watch small, recurring deposits to a separate account grow over time. When you set up your saving account, connect it to your paycheck, pension, or other sources of monthly income. Review your monthly budget and determine an appropriate fixed amount - even just $20 a month - to be deposited directly into your savings account.  Because this money bypasses your checking account, it tears down barriers and excuses to not save. The funds are “out of sight, out of mind.” In one year, you will have $240 plus earned interest with very little effort. You can also use these accounts to teach good money habits to your kids.

Creating a safety net. You finally realize how easy saving can be through small, regular deposits to your savings account. Now, stop living paycheck to paycheck. A great first step in achieving this is building an emergency fund. An emergency fund prevents financial ruin in the face of unexpected situations such as car troubles, medical bills, unemployment and so forth. As a general rule of thumb, your emergency fund should be between three and six months worth of living expenses.

Planning for the future. Once you establish your emergency fund, think about you and your family’s financial future. Where do you see your finances in one year from now? Five years from now? Twenty years from now? Figure this out and use your savings account to move towards these goals today. Normally, these goals look like a downpayment on a home, a retirement fund, or money for home renovations, but differ depending on your preferences.

Earning interest. While interest rates on traditional savings account have dipped over the past few decades, a 0.01%-1.55% interest rate still makes an impact on your savings account balance. These accounts are also usually FDIC insured up to $250,000. This way, you can make money on your money without the risks that typically come with investing. An initial deposit, recurring deposits, and interest create solid foundations of a savings account.

Treating yourself!  Don’t forget to reward yourself as you conquer your savings goals. Putting money in your savings account is not a zero-sum game - you can save for a tropical vacation and your retirement at the same time. All this takes a strategic plan. Plan ahead, budget, deposit money into your savings account, and reap the benefits. Remember who you are saving for - you, your future, and ultimately, your happiness. Plus, all-in-one banking from a platform like MoneyLion ensures that you can manage all your finances in one place. Treat yourself to convenience and all the options you need to make all the plans you would ever want.

How Does a Savings Account Differ from Other Bank Accounts?

For everyday transactions, having a checking account is crucial. Normally, checking accounts allow an unlimited number of transactions, including from debit cards and physical checks. The majority of checking accounts do not accrue interest. Savings accounts, on the other hand, are made for long-term savings and building interest. Because savings accounts are not for everyday transactions, funds are normally less accessible. Many accounts do not come with an ATM card and are limited in certain types of withdrawals per month.

Like savings accounts, certificates of deposit (CD) accumulate interest and are meant for long-term saving. However, CDs require account holders to commit their funds for a specific length of time, called a term length. The longer the term length, the higher the interest rate (usually between 0.05%-2.5%), and the bigger the payoff. CD account holders may not withdraw money before the end of the term length without paying a penalty. This is perfect if you have a large initial deposit that you’re certain you won’t need to access during the term length. But if you’re looking to build up an emergency fund or save for the first time, accessing your savings without penalty may be a critical factor, so a traditional savings account may be the better option.

Features of a Great Savings Account

Consider these attributes when selecting a savings account.

High Annual Percentage Yield (APY): Although interest rates have dropped over the past few decades, they continue to be the main attraction in opening a savings account. Right now, the average APY is around 0.05% or less. The highest APY will be found in online, high-yield savings accounts or in standard, brick and mortar savings accounts with tiered or relationship rates.

Most online savings accounts offer a higher APY than other types of accounts. Their APY does not change based on daily account balances and usually falls between 0.05%-1.5%, which is significantly higher than what most brick-and-mortar banks are able to offer.

Tiered and Relationship Rates  

The majority of standard savings accounts from brick and mortar locations offer a 0.01% APY. If you choose one of these accounts, it is possible to get a better APY through relationship and tiered rates.

Tiered rates are based on daily account balances. For example, if your daily account balance is $5,000 you might get 0.04% APY and if it’s $10,000 you might get 0.06% APY. The increments change with each account structure and normally range from 0.01%-1.0% APY. These tiered rates are good for aggressive savers who want higher accessibility to their funds through brick-and-mortar banking. However, it’s important to note that you usually don’t see huge increases in APY until you reach a six digit account balance.

Other standard, brick-and-mortar savings accounts might offer relationship rates, which are higher APY rates based on your ability to link other in-house financial products to your savings account. While the rates may not be as high as what you’d get in a typical online, high-yield savings account, this account structure may be beneficial for aggressive savers who are loyal to their bank or want a one-stop-shop banking experience.

Low Monthly Fees 

Let’s say you open up a savings account with an amazing APY of 2.5%. You make small deposits and withdraw money when necessary, but start noticing fees on your account statement. This could be $10 for an expedited wire transfer, a $25 monthly maintenance fee when your account balance dropped below the threshold, and so on. Months or years of these fees add up.

If you find yourself regularly getting charged these fees, they could eventually negate any interest earned on your account. You have to ask yourself - will it be worth depositing money in my savings account if the accrued interest is less than the fees?

Monthly fees are usually $0 for online savings accounts and range from $4-25 for other standard saving accounts. Accounts with monthly fees normally offer a waiver. The waiver could be maintaining a daily account minimum, linking other in-house financial products, being under the age of 18, or being 62 years old or over.

Low Transaction Fees 

These come in the form of ATM fees, certain types of electronic transfers, and so on. Be sure to read the terms and fees prior to opening your savings account.


Accessibility is a catch-22 for savers. 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. Here are some important features to consider:

Customer Support 

All financial institutions that offer savings accounts have some combination of customer support, but some outshine others. Live 24/7 support is the gold standard, but some banks also offer a combination of online chat, email, and phone supports as well.


Putting your money away in a savings account is pointless unless your money is secure. Most financial institutions insure savings accounts through the FDIC for $250,000. Others offer FDIC insurance other forms of protection, such as fingerprint scanning for mobile banking or free security software for your computer.

Savings Accounts vs Money Market Accounts

If you’re researching best savings accounts, it’s likely you’ll come across money market accounts (MMAs) as well. MMAs feature a lower interest rate than both savings accounts and CDs, but funds are much more accessible. These accounts usually come with the ability to write checks and perform ATM withdrawals. Think of MMAs as a checking and savings account hybrid.

As you can see from the above examples, the main differences are interest rates and accessibility. Interest rate and account accessibility are inversely proportional; the greater the access to your funds, the lower the interest rate. And of course,  the lower the access to your funds, the higher the interest rate. You’ll find this tradeoff between interest rates and accessibility when you research other financial products as well.

At the end of the day, compared to other savings vehicles, savings accounts will allow you to receive an intermediate interest rate with moderate access to your funds. You must also remember that certain accounts must charge routine fees when you make too many transfers, etc.

Before You Open a Savings Account: What You Need to Know

Opening a savings account is a great way to start saving money for your future. However, before you open an account, there are some important factors to consider. First and foremost, you need to think about your financial goals. What are you saving for? Do you need easy access to your money, or are you saving for a specific future expense?

Once you've established your goals, it's time to choose an account that meets your needs. This means looking at both fees and interest rates. Some accounts may have higher fees but offer better interest rates, while others may have lower fees but lower interest rates. It's important to assess your financial situation and choose an account that works best for you.

Another factor to consider is the bank's reputation and customer service. You want to make sure that the bank you choose is reputable and has a good track record of serving its customers. You also want to make sure that if you have any questions or concerns, you can easily get in touch with a customer service representative.

Comparing the Best Savings Account Interest Rates

When it comes to savings accounts, interest rates are one of the most important factors to consider. The higher the interest rate, the more money you can earn on your savings. It's important to compare interest rates from different banks to ensure you're getting the best deal.

One thing to keep in mind is that online banks typically offer higher interest rates on savings accounts than brick-and-mortar banks. This is because online banks have lower overhead costs, which allows them to offer better rates to their customers.

However, it's important to note that higher interest rates may come with certain restrictions or conditions. For example, some accounts may require a minimum balance in order to earn the higher rate. Others may limit the number of transactions you can make per month. Make sure you understand the terms and conditions of the account before opening it.

In conclusion, opening a 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.

Find the Right Savings Account Today

Now that you know the basics of a savings account, it’s time to think about your behaviors. Ask yourself the following:

  • How do I interact with my current bank? Do I use a mobile app, online banking, in-person transactions?
  • Am I currently saving? Am I a new saver who isn’t sure of my savings behavior? Or am I a seasoned saver looking for a higher interest rate?

Now, ask yourself what you want for your financial future:

  • What are my financial goals?
  • What savings account tradeoffs am I willing to accept?

Make saving easy for yourself. Integrate savings into your current behaviors, regularly assess your goals, and make incremental changes until you achieve your savings dreams.

Frequently Asked Questions


What type of savings is best?


You can use a savings account, bond or CD to save your money, knowing you will get your money back with interest when the product matures. Only you can decide which savings product is best for you.


Where should I put my cash?


Financial advisors often recommend that you diversify your investments, storing your cash in stocks, a savings account, CDs, bonds and a range of other investment products.


How does a savings account work?


A savings account works similarly to a checking account, but this type of bank account pays annual interest on your principal balance. Generally, you do not have checks or a debit card associated with this type of account.