Best savings accounts of July 2024: Compare rates, fees, and more

If you’re looking for the right place to keep your savings but aren’t sure where to start, don’t worry: we’ve got your back. The Fortune Recommends team regularly reviews more than 60 high-yield savings accounts to bring you our top picks based on annual percentage yield (APY), deposit requirements, fees, and more.

The 5 highest-paying savings rates today

If your top priority is simply finding the top interest rates, you may want to narrow your search to a high-yield savings account. Our team has partnered with industry experts at Curinos to help you find the highest savings interest rates available today, but please note that we may not have reviewed each of these banks in detail. Keep scrolling to learn more about banks we’ve conducted extensive research on to give savers the most well-rounded intel.

10 best savings accounts of July 2024

*Rates updated daily but are subject to change. You can read our full methodology here.

The best savings accounts: our top picks

We rounded up accounts currently offering APYs of more than 4% to help you choose the best account for your savings. Here’s a quick look at 10 high-yield savings accounts available today.

Featured partner: Sofi

SoFi (which stands for Social Finance, Inc.) began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more. SoFi operates primarily online and does not have physical branches.

FEATURED PARTNER

SoFi Checking & Savings

APY	4.60%
Minimum Balance Required to Earn APY	$0
Minimum Opening Deposit	$0
Monthly Maintenance Fee	None

Why we picked it

SoFi offers a savings and checking account combo—so when you sign up, you automatically get a checking account, too. With the SoFi savings account, you can score a stellar interest rate and welcome bonus. 

The savings account offers a 4.60% APY and a $50 to $300 welcome bonus, depending on the direct deposit requirements you meet. You’ll also receive a debit card, so you can easily access your cash.

One unique perk of SoFi’s Money is its “vault” system. A customer can create up to 20 vaults with distinctions for specific savings goals, such as an emergency fund or vacation. This money is not technically in a separate account, it’s earmarked with whatever designation you give it, so it still earns the APY you receive based on your direct deposit amount. 

SoFi also has an ATM network with over 55,000 locations and a well-rated mobile app, where you can make mobile deposits, pay bills, send money, and more.

What to consider before opening

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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 Oct. 24, 2023. There is no minimum balance requirement. Additional information can be found here.

Learn more: Read our SoFi Bank review

UFB Direct

UFB Direct is an online-only bank and a division of the more widely known Axos Bank, headquartered in San Diego. It offers checking, high-yield savings, money market accounts (MMAs), and mortgages but does not provide certificates of deposit (CDs).

UFB Secure Savings

APY	5.25%
Minimum Balance Required to Earn APY	$0
Minimum Opening Deposit	$0
Monthly Maintenance Fee	$0

Why we picked it

You can earn an impressive 5.25% APY with the Priority Savings account from UFB Direct. The account boasts no fees or minimum deposit requirements and comes with a complimentary ATM card.

UFB Direct has an expansive ATM network with over 91,000 locations. Additionally, for those with large deposit amounts, UFB Direct offers extended FDIC insurance of up to $225 million—up from the typical amount of $250,000 per user. 

You can also get a higher APY if you combine UFB’s Freedom Checking account with the Secure Savings account. Doing this can boost your APY up to 0.20%, but there are a few different steps you’ll have to take: Setting up direct deposits of at least $5,000 a month earns you an extra 0.05%, maintain a minimum balance of at least $10,000 to unlock another 0.10%, and make at least 10 debit card transactions per statement cycle to get the last extra 0.05%. 

What to consider before opening

UFB Direct claims that its savings account is “tiered,” meaning that accounts with larger amounts of money may earn a different APY. However, currently, all the tiers listed earn the same 5.25% APY.

UFB Direct’s savings account has a few limits to be aware of:

• $510 daily ATM withdrawal limit
• $250,000 maximum opening deposit
• $30,000 maximum daily transfer
• $60,000 maximum monthly transfer

Learn more: Read our UFB Direct review

LendingClub

LendingClub is a financial technology (fintech) company with roots that stretch back to 2007 and since then the company has grown to serve more than 4 million members. LendingClub offers a broad range of financial products and services including personal and business loans, auto refinancing, as well as personal and business banking accounts.

In an effort to keep costs low for consumers, LendingClub does not have any brick-and-mortar branches although customers do have access to a network of more than 20,000 surcharge-free ATMs. LendingClub offers both an online and mobile banking platform that has a three- and four-star rating, respectively, on Google Play and the App Store.

LendingClub High-Yield Savings

APY	5.00%
Minimum Balance Required to Earn APY	$0
Minimum Opening Deposit	$100
Monthly Maintenance Fee	$0

Why we picked it

With the LendingClub savings account, you can earn a 5.00% APY with few strings attached—you’ll  need to make a minimum opening deposit of $100 and then maintain a balance of at least $0 to earn the APY. 

Plus, even though it’s a savings account, you’ll receive an ATM card to access your cash when you need it.  

It also offers free unlimited external transfers, plus a well-rated app available on Android and Apple devices, where you can check your balance, move money, make mobile deposits, utilize financial tools, and more.

As is obvious by its name, LendingClub could also be a great resource for anyone looking for a personal, auto, or business loan. It also offers programs to pay off credit cards and consolidate debt.

What to consider before opening

LendingClub states that its savings account is tiered, meaning different balances earn different APYs. However, currently, each tier earns the same 5.00% interest.

Learn more: Read our LendingClub review

Varo

Founded in 2015, Varo is an online-only bank offering products, such as a checking account, a high-yield savings account, a credit-building credit card, cash advances, tax filing, and more.

Varo Savings

APY	5.00%
Minimum Balance Required to Earn APY	$0
Minimum Opening Deposit	$0
Monthly Maintenance Fee	$0

Why we picked it

Varo Bank’s high-yield savings account has no fees and no minimum deposit requirements. It also comes with the option to use an “automatic round up” feature, where you can “round up” to the dollar amount every time you spend, and that money will go from your spend account to your savings account. You can also set up direct deposit every time you get a paycheck so you can put more into your savings each month.

As an online-only bank, Varo has a very highly rated mobile app on both Apple and Android platforms, where you can do all your banking in one place.

With the Varo high-yield savings account, you can earn up to a 5.00% APY on cash, but there are some requirements you’ll need to meet first.

In order to be eligible for the 5.00% APY, you’ll earn 3% for the first month and then you must either receive direct deposits totaling $1,000 or have a positive balance on your Varo bank account and savings account at the end of the month. 

And for balances above $5,000, you’ll earn a 3% APY on any amount that exceeds $5,000.

What to consider before opening

While you can earn a 5.00% APY with the Varo savings account, you’ll need to jump through some hoops first. To earn the APY, you must meet one of the following requirements: Receive direct deposits totaling $1,000 and maintain a positive balance on your Varo bank account and savings account at the end of the month.

Learn more: Read our Varo Bank review

Laurel Road

Laurel Road is an online-only bank, offering products such as student loan refinancing, checking and savings accounts, personal loans, and more. It became part of Key Bank in 2019, one of the nation’s largest financial institutions. Its focus is on loans, specifically student loan refinancing, but it also has competitive rates on its checking and savings accounts.

Laurel Road High Yield Savings

APY	5.15%
Minimum balance required to earn APY	$0
Minimum opening deposit	$0
Monthly maintenance fee	$0

Why we picked it

Laurel Road’s bread and butter is student loan refinancing, and it offers several account perks designed specifically for those who maintain student loans with it. Additionally, its high-yield savings accounts with rates up to 5.15% make it an attractive option for those who are only looking for a place to park a chunk of change.

With no fees and no minimum opening deposit, it’s incredibly simple to get started with a Laurel Road savings account. You can send a transfer from an external bank account, set up a domestic wire transfer, do a direct deposit or mobile deposit, or even mail in a check to fund your account. 

In addition to its high-yield savings account, Laurel Road offers a linked savings account, where you can get an extra .25% off your refinance rate when you refinance your student loans along with opening the account.

If you ever have an issue, Laurel Road can be reached by phone (the general inquiry line is open from 8 a.m. to 8 p.m. Eastern time), email, or live chat. 

What to consider before opening

Laurel Road says its high-yield savings account is tiered, but all current tiers offer a 5.15% APY.

Learn more: Read our Laurel Road review

Credit Karma Money Save 

Credit Karma is a fintech owned by Intuit. It offers personal finance tools, calculators, credit monitoring services, and a limited range of banking products, such as checking and savings accounts.

Credit Karma Money Save

APY	5.10%
Minimum balance required to earn APY	$0.01
Minimum opening deposit	$0
Monthly maintenance fee	$0

Why we picked it

Opening and maintaining a Credit Karma Money Save account is easy, and there are almost no barriers to entry: You don’t need to worry about meeting a minimum opening deposit or dealing with monthly maintenance fees. Plus, you can score a whopping 5.10% APY. As long as you maintain at least $0.01 in the account, you can earn that great rate. You can also set up automated savings to help you stay on track with your financial goals.

Plus, it offers extended FDIC coverage on all deposits. Since Credit Karma isn’t a bank, your deposits are held at MVB Bank and its network banks, which means you can get up to $5 million worth of FDIC insurance.

As with many savings accounts, the money you put into Credit Karma’s Save account is less accessible than it would be in a checking account: A maximum of six withdrawals per month may apply. 

What to consider before opening

To open the Credit Karma Save account, you’ll first have to have a Credit Karma account. You can then open the Save account online or through the mobile app.

You may not exceed $10,000 in daily transactions or $50,000 in monthly transactions on the Save account.

Newtek Bank

Newtek Bank is a division of the company NewtekOne. Its personal banking offerings are a high-yield savings account and a money market account, and it also offers business products, including checking and a business MMA. With a focus on business solutions, business owners can have access to a digital dashboard to help them learn where money is going.

Newtek Bank Personal High Yield Savings

APY	5.25%
Minimum balance required to earn APY	$0.01
Minimum opening deposit	$0
Monthly maintenance fee	$0

Why we picked it

At Newtek Bank, you can earn a hefty 5.25% APY on your savings and enjoy no minimum deposit or monthly fees. You’ll also get to skip pesky expenses such as service charges and transaction fees. You need to keep at least a penny in the account to earn the APY. Since your Newtek savings account is fully online, you can check in on your savings easily via the online banking portal. Opening a new account is simple—all it takes is two minutes to fill out the necessary information.

Like many savings accounts, Newtek Bank’s high-yield savings account allows for six transfers per monthly statement cycle. These withdrawals can only be transferred to the original external bank you’ve linked to the account.

Newtek Bank’s mobile app is highly rated, with an average of 4.5 stars between Apple and Android platforms. It has options for fingerprint and face ID, keeping your account safe, and allows you to track and transfer balances on your phone. 

What to consider before opening

Even though there are no minimum deposit requirements, during the signup process, you’ll be required to link an external bank to fund your account. Additionally, mobile deposits on the app are only available for business accounts.

Learn more: Read our Newtek Bank review

TAB Bank

Founded in 1998, TAB Bank is an online-only bank with the mission of providing banking services to underserved individuals and businesses. TAB stands for Transportation Alliance Bank, and it began as a financial resource for over-the-road truckers, although it has expanded to other small business services as well as personal banking products.

TAB Bank High Yield Savings

APY	5.27%
Minimum Balance Required to Earn APY	$0.01
Minimum Opening Deposit	$0
Monthly Maintenance Fee	$0

Why we picked it

TAB Bank offers a high-yield savings account with 5.27% APY—more than 11 times the national average. You only need $0.01 on deposit to earn this rate and there is no ongoing minimum balance requirement. There are also no monthly fees.

We like TAB Bank because in addition to its excellent savings rates, its rewards checking and CD rates are also phenomenal. As of April 2024, you can earn an additional 3.50% APY on funds in a TAB Spend account and up to 5.15% on a 12-month CD.

You can optimize your earnings even more by opening both a Save account and a Spend (checking) account. This allows you to transfer money seamlessly between accounts, and the Spend account pays 1% cash back in addition to earning 3.50% APY. Opening both accounts at once is a simple process, and TAB Bank offers extended customer service hours if you ever run into an issue with any account. 

What to consider before opening

There are some transaction fees to be aware of on the Save account: 

• Outgoing wire: $30
• Cashier’s check: $15
• Stop payment: $25

Learn more: Read our TAB Bank review

Evergreen Bank

Founded in 2006, Evergreen Bank Group is an Illinois-based bank with personal and business banking products such as checking and savings accounts and loans.

Why we picked it

Evergreen Bank offers a generous 5.25% APY on its high-yield savings account, with a minimum deposit requirement of $100. With no monthly fees and no minimum required to earn the APY, this account could be a great option for new savers looking to grow their funds long-term. Interest is compounded daily and credited to your account monthly.

With a mobile app that is rated over four stars on the Google Play Store and the Apple App Store, you can make mobile check deposits, view e-statements, and transfer money internally and from external accounts.

As a full-service online bank, Evergreen offers a wide range of deposit accounts, including rewards and cash-back checking, a variety of savings accounts for different purposes (such as a kids account and a Christmas Club account), a money market account, CDs, and loans. 

What to consider before opening

You can fund your account through a debit card or an ACH transfer. Those with large deposit amounts will want to consider that the APY can only be earned on accounts with a million dollars or less. Also, dormant accounts will have a monthly $5 fee if they go unused for 18 months.

Quontic Bank

Quontic began as a community bank in New York City in 2009 and is now a digital bank with product offerings nationwide, including checking and savings accounts as well as mortgages. It focuses on providing accessible home loans, but its personal banking products have competitive rates as well.

Quontic Bank High Yield Savings

APY	4.50%
Minimum balance required to earn APY	$0.01
Minimum opening deposit	$100
Monthly maintenance fee	$0

Why we picked it

To open a Quontic high-yield savings account, you’ll only need $100. After that, you get a solid 4.50% APY without paying any monthly maintenance fees. Users can request an ATM card for the account, making your money accessible at over 90,000 fee-free ATM locations. Additionally, there are never any overdraft fees. 

Quontic compounds interest daily based on your posted account balance, getting you more for your money, and credited to your account at the end of your statement cycle each month. Quontic also claims that you can apply for the account in three minutes or less. It also offers 100% United States-based customer service that can be reached by chat or phone. 

What to consider before opening

There are a few rare fees to be aware of:

• Dormant account (per month): $5
• Return deposited item: $10
• Stop payment: $20
• Wire transfer outgoing foreign (customers): $35 plus correspondent
• Wire transfer outgoing domestic (customers): $25 plus correspondent

Learn more: Read our Quontic Bank review

Top high-yield savings accounts in July 2024

While we evaluated the above institutions based on multiple criteria, the earnings potential of a savings account is often the key factor of concern. Below are some of the highest-yield savings accounts based on APY. Each account is backed by the FDIC and insured up to $250,000 per depositor, per account, giving you peace of mind that your savings are protected no matter what.

Note: APYs in our list below are updated daily but are subject to change.

Recent news that could impact your savings account interest rates

The Federal Reserve meets regularly to decide whether to raise or lower the federal funds rate, which is currently 5.25%–5.5%. When the Fed rate is higher, borrowing money costs more, meaning taking out a loan and carrying credit card debt will be more expensive. However, high interest rates mean that banks offer better rates on savings products, including high-yield savings accounts and CDs. 

While the Fed has said it hopes to drop rates later in the year, they’re still higher than average. Now is a good time to put money into high-yield accounts, especially if they have fixed rates. 

What is a savings account?

A savings account is a type of deposit account offered by banks, credit unions, and other types of financial institutions. Savings accounts allow you to keep your money on deposit in exchange for earning interest. The exact interest rate will depend on the financial institution and can range from 0.01% to upwards of 5%. 

Savings accounts are also a fairly liquid type of account, which means you can access your money just about as often as you want. Some banks may limit the number of withdrawals you can make in a month (typically, it’s six transactions per month), but you’re still able to exceed any withdrawal cap in place—you’ll just need to pay a fee on each additional transaction.

Finally, savings accounts are considered one of the safest places to keep your money because unlike market investments, there is no risk to your principal deposit. Plus, your money is insured up to $250,000 per depositor, per institution, as long as your bank is backed by the FDIC (or the NCUA for credit unions).

Finally, savings accounts are considered one of the safest places to keep your money because, unlike market investments, there is no risk to your principal deposit. Plus, your money is insured up to $250,000 per depositor, per institution as long as your bank is backed by the FDIC or the National Credit Union Administration (NCUA) for credit unions.

What are the pros and cons of high-yield savings accounts?

Before you open a savings account, it’s important to consider the pros and cons of putting your money in one.

Of course, one of the biggest benefits of a savings account is that you can earn interest on your balance. The exact interest rate you receive may be higher or lower than the national average of 0.47% APY, but many of the high-yield accounts on our list have rates above 5.00%.

You can also rest assured that your money is safe in a savings account. Unlike some types of investments, a savings account will never allow you to lose money. Plus, most high-yield accounts are insured by the FDIC or NCUA up to $250,000 per depositor, per institution in the event of a bank failure.

That said, there are some downsides to keeping your money in a savings account. For one, even high-yield savings accounts don’t offer the same level of earnings as investing your money in the market. However, all savings accounts are sensitive to market fluctuations, and the APY can go up or down at the discretion of your bank. 

You may also be limited in how many monthly withdrawals you can make. Your financial institution might charge a fee for each additional transaction over the limit.

Savings account fees and requirements

If you plan to open a new savings account, it’s important to review the fees associated with the account and any requirements that need to be met to avoid fees. These may include:

• Monthly fees: Some financial institutions charge a monthly fee that’s meant to cover the administrative costs of providing a savings account. However, this fee can easily wipe out any interest you earn. The good news is that monthly maintenance fees can often be waived if you meet certain requirements, such as linking a checking account or maintaining a minimum balance in the savings account. Better yet, many banks and credit unions offer savings accounts with no monthly fees at all. So, when shopping around for a high-yield savings account, look for one that makes it easy to avoid fees.
• Minimum deposit requirements: The minimum deposit required to open a savings account and/or earn the specified interest rate varies widely. Some banks and credit unions offer savings accounts with no minimum deposit requirement, allowing customers to open an account with any amount—even just a few dollars. Other institutions might require a minimum deposit ranging from $25 to $100 or even more. (It’s more common for premium or specialty savings accounts to come with higher minimum deposit requirements.) It’s always a good idea to check with the specific financial institution regarding their minimum deposit requirements before opening an account.

How do savings account interest rates work?

Financial institutions set their savings account rates loosely based on the federal funds rate. This is the interest rate that banks charge other banks to lend money overnight. When the Fed raises its rates, this can increase the cost of borrowing and push banks to raise their APYs to attract new customers.  

The interest rate on a savings account is typically variable, meaning it can fluctuate over time. These rate changes are influenced by several factors, including monetary policy set by the Federal Reserve, general economic conditions, and competition among banks. It’s a good practice to periodically check the interest rates of your savings accounts and compare them with rates offered by other institutions to ensure you’re maximizing your earnings.

What is considered a high-yield savings account rate?

The national average savings account rate is 0.47%, so a rate above that benchmark would be considered above average. However, many banks offer high-yield savings accounts with as much as 4% to 5% APY. It pays to shop around to find the highest rates available if you’re looking for a new account.

Interest rate vs. APY: what’s the difference?

The interest rate on a savings account is essentially the base rate. The APY provides a more comprehensive view of your earnings by factoring in the effects of compounding and calculates how much you’ll earn over the course of a year.

What is 5% APY on $1,000?

To determine how much $1,000 will make in a savings account, you need to know the APY of the account and the length of time you plan to keep the money deposited. Additionally, the frequency of interest compounding (daily, monthly, or annually) can impact your final amount.

For example, if you deposited $1,000 into a high-yield savings account that earns 5% APY and compounds annually, you’d have a total balance of $1,050 at the end of one year (assuming you don’t make any more contributions). If the interest compounds daily, you’d have a bit more.

What is 5% APY on $10,000?

If you deposited $10,000 into a savings account that earns 5% APY and compounds annually, you’d have a total balance of $10,500 at the end of one year (assuming you don’t make any more contributions). If the interest compounds daily, you’d have $10,512.67.

How to choose the best savings account for you

Choosing the right savings account requires careful consideration of your financial needs, preferences, and goals. Here are a few considerations to keep in mind as you shop around.

• Interest rates: One of the most important features of a savings account to evaluate is the interest rate or APY. This dictates how much your money can earn; the higher the rate, the more your money can grow over time. Start by reviewing the national average rates for savings accounts, which are regularly updated by the FDIC. Then look for a high-yield savings account that offers a rate at least 10 times that average. 
• Balance requirements: Some accounts require a minimum balance to avoid fees or to earn the advertised APY. Ensure you’re comfortable with any minimum balance requirements. Better yet, look for an account that doesn’t have any minimums, especially if you’re just getting started with saving and don’t have a large balance built up yet. 
• Fees: Be wary of monthly maintenance fees, excessive withdrawal fees, and other charges that could eat into your interest earnings. Some accounts may waive fees if you maintain a minimum balance or meet other criteria while others don’t charge these types of fees at all. Decide what types of fees you’re comfortable with and whether the perks of the account outweigh the potential costs.
• Account access: Many savings accounts are provided by online banks, which means you may not have physical branch access. If that’s the case, be sure the account offers access in other ways, such as via a large ATM network. Alternatively, you might prefer a financial institution that offers face-to-face support.  
• Digital tools: If you prefer the convenience of digital banking, be sure the account you choose is offered by a bank with robust online features and tools, such as a user-friendly mobile app, free and fast online transfers, digital deposits, and other tech-friendly options.
• Customer service: Finally, it’s important to consider how you’ll get in touch with a representative if you have a question or need help with your account. Some financial institutions take a hands-off approach and don’t offer easy access to a real human. Others are just a phone call or email away. Make sure the bank’s customer service options are aligned with your preferred method of communication. 

Alternatives to savings accounts

A savings account is an important tool that just about anyone should have as part of their larger financial plan. However, it isn’t always the best place to put your money. There are other types of deposit accounts to consider as well:

Traditional savings account vs. high-yield savings

A high-yield savings account isn’t that much different from a traditional savings account. Both are deposit accounts offered by financial institutions that allow you to set aside money and earn interest on the balance. The primary difference is that a high-yield savings account offers a much higher APY on your funds than a typical savings account. Through the power of compound interest, you’ll earn interest on the principal balance and any interest you earned previously. That means you’ll essentially earn interest on your interest, allowing your savings to grow that much faster.

Savings account vs. checking account

A savings account is designed for storing money over a longer period and earning interest, which encourages saving. It may have limitations on the number of withdrawals or transfers per month. A checking account, on the other hand, is intended for managing daily transactions and offers more accessibility. It usually provides a debit card and check-writing capabilities and often has no limits on the number of transactions. However, checking accounts generally offer lower or no interest compared to savings accounts.

Savings account vs. certificates of deposit (CDs)

Savings accounts and CDs are both savings vehicles that offer interest on your deposits. However, while savings accounts provide relatively easy access to funds with a variable interest rate, CDs lock in your money for a specified term (from a few months to several years) at a (usually) higher, fixed interest rate. Withdrawing funds from a CD before its maturity date typically incurs a penalty, which can reduce the earned interest. 

On the other hand, savings accounts may have limits on the number of monthly withdrawals, but offer more liquidity than CDs. When choosing between the two, it’s crucial to weigh the importance of access to funds against potentially higher fixed returns with CDs.

Savings account vs. MMAs

Savings accounts work similarly to  to MMAs in that you’ll earn interest on your balance and can easily access your funds. While savings accounts focus primarily on providing a safe, liquid place to store cash, MMAs often combine the features of both savings and checking accounts, providing higher interest earnings and more flexible access to funds, such as through checks or debit cards. However, MMAs might require higher minimum balances to avoid fees or to earn the advertised rate. 

Overall, a savings account would be the best choice in situations where you prioritize earning some interest on your money while maintaining relatively easy access to the funds, without exposing the principal to market risk.

How to open a high-yield savings account

When you’re ready to open an account, you’ll follow these general steps:

1. Research financial institutions: It’s important to do some research ahead of time to compare interest rates, fees, features, and customer reviews among various financial institutions. Decide whether you’re comfortable with an online-only bank or prefer a bank or credit union with physical branches.
2. Check the requirements: Find out if you need a minimum deposit to open an account or if you’re expected to maintain a minimum balance to avoid fees. Be sure you understand the terms of the account fully.
3. Visit the bank or apply online: Whether online or in-person, you’ll need to contact the financial institution for an application and be prepared to share the details mentioned below. Online applications often allow you to save and return if needed.
4. Fill out the application: You will need to provide some personal information, including your Social Security number or individual taxpayer identification number (TIN), a valid ID (such as a passport or driver’s license), and contact information.
5. Deposit funds: When your application gets approved, all that’s left is to deposit your funds into the account and start earning.  

Our methodology 

To narrow down our top picks for the best high-yield savings accounts, the Fortune Recommends^TM team evaluated more than 60 online savings accounts from a variety of traditional brick-and-mortar banks, online banks, and credit unions. 

All the accounts on our list are available to customers in the U.S. no matter where you’re located, subject to the terms of each account. The savings accounts on this list offer an APY at least 10 times the national average. 

We ranked each account in these core categories: 

• APY (40%): This number represents the real rate of return on your balance; the higher the APY, the better. 
• Monthly fees (10%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.  
• Minimum amount to earn APY (10%): To earn the high APY, some banks require that you maintain a certain dollar amount in the account, which we view as a limiting factor. 
• Minimum opening deposit (15%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive. 
• Customer support (5%): Top picks offer customers various ways to get in contact: chat support, by phone, or even email—phone support was weighted more heavily. 
• Budgeting and money management tools (5%): Some banks offer digital tools that make it easier for customers to track their spending and savings.
• ATM or debit card (5%): While high-yield savings accounts are meant for long-term saving, some banks provide an ATM or debit card so you can easily spend the funds in your account.
• Mobile app rating (5%): Most banks have a mobile app you can use to manage your account. We looked at banks’ mobile app ratings in the Apple Store.
• Security features (5%): When we evaluated banks, we checked if they offered features, such as website encryption, multi-factor authentication (MFA), and fraud protection to ensure that customers’ financial and personal information is kept safe.

The rates and fee structures for the accounts mentioned are available for limited periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the bank accounts and credit unions on this list are insured by the FDIC and NCUA, respectively. To open an account, financial institutions, including banks and credit unions, require a deposit of new money, so you may not be able to transfer money you already had in an account at that bank. 

Dig deeper: learn more about our banking methodology.

Frequently asked questions