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18 Best High-Yield Savings Accounts – Interest Rates in 2019

The savings offers that appear on this site are from companies from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneyCrashers.com does not include all savings companies or all savings offers available in the marketplace.

Not all savings accounts are created equal. Those associated with traditional, nationally known banks like Wells Fargo and Bank of America typically have ultra-low yields that pale in comparison to the prevailing inflation rate.

For instance, Wells Fargo and Bank of America savings accounts yield less than 0.10% APY, regardless of what’s going on with prevailing rates. Both banks charge monthly service fees of $5, $10, or even higher if you don’t maintain a minimum balance or schedule regular transfers from a linked checking account.

There’s no way around it: Those yields stink. Even as prevailing interest rates have risen steadily in other areas of the economy, big banks’ deposit account yields have barely budged since the global financial crisis back in the late 2000s.

The good news is you can do better – possibly much better.

To attract new customers and funds, many online banks and community banks offer high-yield savings accounts with better interest, terms, and incentives. The majority of them are available anywhere in the U.S., even if they don’t have a physical location near you. All come with FDIC insurance, protecting your deposits up to $250,000 (and sometimes more) per account.

There is a catch, however. By law, savings account withdrawals are limited to six per month, so you should plan ahead if you anticipate drawing on your savings frequently. Withdrawals above this monthly limit are subject to hefty fees – $10 per withdrawal is common – or declined. For this reason, savings accounts generally aren’t suitable for day-to-day use. Fortunately, some of the banks listed below also offer industry-leading free checking accounts.

Best High-Yield Savings Accounts

With that caveat out of the way, let’s dive into the best high-yield savings accounts on the market today.

1. UFB Direct

UFB Direct has the highest-yielding savings account of any bank on this list, though that’s subject to change at any moment, of course. There’s just one catch: You need to maintain a balance of at least $10,000 to earn UFB Direct’s advertised 2.00% APY.

On the bright side, you’ll encounter no minimum deposit or balance requirements and virtually no fees, and you’ll get a complimentary ATM card for your trouble. The Premium Money Market product, which has an excellent yield on balances above $25,000 and boasts check-writing privileges, is a nice complement.

  • Yield: 2.00% APY on balances above $10,000.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Enjoy free mobile check deposit and free transfers between direct deposit accounts.
  • Fees: UFB Direct has virtually no fees. Check its account disclosures for additional details.

See our UFB Direct review for more information.

Apply Now


2. My Savings Direct

A division of Emigrant Bank, My Savings Direct is a no-frills, online-only bank that advertises the highest yield on any U.S. savings account not requiring a minimum deposit or balance. It also offers CDs with promotional rates up to 2.00% APY. But with no checking accounts, My Savings Direct is not a day-to-day type of bank.

  • Yield: 2.00% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: You can set up automatic deposits of any amount and frequency.
  • Fees: My Savings Direct doesn’t charge excess transaction fees. It simply denies withdrawal attempts beyond the six-per-month limit.

Apply Now


3. Betterment

Betterment is better known as a technology-driven investing platform. It was among the first robo-advisors on the market and remains a go-to for investors who don’t want to pay more for performance than strictly necessary.

More recently, Betterment got into the banking game, and its Everyday Cash Reserve account is a doozy, yielding up to 1.78%.

Everyday Cash Reserve has virtually no fees, no minimums, and no limits on the number of withdrawals you can make each month. After beating full-service wealth managers at their own game, Betterment looks poised to deliver traditional banks the same fate.

  • Yield: Up to 1.78% APY on all balances.
  • Minimum Deposit and Balance Requirements: $10 to open and no minimum balance after that.
  • Tax-Advantaged Retirement Options: Betterment’s investing arm offers traditional and Roth IRAs, SEP IRAs, and Roth conversion IRAs.
  • Other Rewards and Incentives: As a technology-driven wealth management firm, Betterment offers a slew of perks for current and prospective investors, including one-off advice packages that put you in touch with Certified Financial Planners. And the unlimited savings withdrawal perk is worth reiterating; it’s quite rare. Another bonus is FDIC insurance up to $1 million on Everyday Cash Reserve balances deposited with Betterment partner banks.
  • Fees: Virtually none. See Betterment’s banking terms and conditions for details.

Apply Now


4. CIT Bank

CIT Bank focuses on high-yield deposit accounts, including its above-average Savings Builder Account. Its long-term CDs and money market accounts have even better yields, so you won’t want to put all your funds in one basket.

  • Yield: 1.85% APY on all balances.
  • Minimum Deposit and Balance Requirements: The $25,000 minimum opening balance is waived when you make a $100 recurring monthly deposit.
  • Tax-Advantaged Retirement Options: None (IRA options available for money markets and CD accounts).
  • Other Rewards and Incentives: You can set up a CIT Bank savings account as a tax-advantaged custodial account for a minor and exercise control over it until the child reaches age 21.
  • Fees: CIT Bank doesn’t charge an excess transaction fee for its savings account. Instead, it just denies any withdrawal attempts beyond the six-per-month limit. The money market account does have an excess transaction fee, however.

See our CIT Bank review for more information.

Apply Now


5. Credit Karma Savings

You may know Credit Karma as the leading purveyor of free credit scores and reports (and financial product recommendations based on those scores and reports).

Lately, Credit Karma has branched out, adding low-cost online tax prep to the mix. Its latest innovation is Credit Karma Savings, a totally free product with one of the best yields in the business. With no fees, no minimum opening deposit or balance requirements, and no minimum balance to earn APY, it’s difficult to argue with Credit Karma Savings’ premise – even if there’s no full-service bank to back it up.

  • Yield: Up to 1.90% APY on all balances.
  • Minimum Deposit and Balance Requirements: There’s no minimum opening balance, nor any minimum balance to earn APY.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Credit Karma has a free online tax prep service and a host of value-added features, including free credit scores and reports.
  • Fees: Credit Karma Savings charges no fees, period.

Apply Now


6. Salem Five Direct

Massachusetts-based Salem Five Direct offers a savings account with a market-leading yield. Beyond savings, its eOne CD products offer juicy yields, especially on longer-term products.

Meanwhile, eOne Checking (0.25% APY) supports day-to-day banking and offers yields far above what you can expect from mainstream banks’ checking accounts. Plus, your entire deposit is insured up to Salem Five Direct’s account size limits, courtesy of supplemental Depositors Insurance Fund (DIF) insurance. DIF is a private, bank-funded deposit insurance program that applies to all banks based in Massachusetts.

  • Yield: 1.91% APY on all balances.
  • Minimum Deposit and Balance Requirements: $100 to open but no minimum balance after that.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: All Salem Five Direct savings accounts come with DIF insurance for balances above the FDIC’s $250,000 insurance limit.
  • Fees: There’s an excess transaction fee for transactions beyond the six-per-month limit.

See our Salem Five Direct review for more information.

Apply Now


7. Synchrony Bank

Synchrony Bank offers good savings account yields, but with no checking account, it isn’t the best choice for your day-to-day finances. Other savings options include multiple CDs (yielding up to 2.30% APY) and a flexible money market account (yielding 1.20% APY).

  • Yield: 1.90% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None on the savings account (money markets and CDs only, both available as Roth and traditional IRAs).
  • Other Rewards and Incentives: The Synchrony Bank Perks program rewards you based on the size of your account balance, how long you’ve been with the bank, or both. For instance, with a balance of $10,000 or more and one year or more with the bank, you earn Silver status and become eligible for discounts at participating budget (Best Western) and luxury (Omni) hotels. Benefits increase at each successive tier, culminating in coveted Diamond status, which requires a $250,000-plus balance or five years or more with the bank.
  • Fees: There is no excess transaction fee, but Synchrony Bank reserves the right to close your account if you habitually make excess withdrawals.

Apply Now


8. SoFi Money

Better known as an innovative lender offering student loan refinancing, personal loans, home loans, and more, SoFi also happens to be in the banking and investing game. With virtually no fees and unlimited ATM fee reimbursements, its SoFi Money cash management product is a worthy addition for frugal consumers who prize on-demand cash access. Though not quite at the top of the heap, its yield remains competitive, and lower-balance depositors who frequently withdraw cash at the ATM may come out ahead.

  • Yield: 1.60% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: SoFi Money balances are FDIC-insured up to $1.5 million. Peer-to-peer (P2P) transfers are always free. Joint accounts are permitted. And SoFi members get a slew of exclusive perks, including rate discounts on other SoFi products, career services, customized financial planning, and member-exclusive offers from SoFi partners.
  • Fees: Virtually none. See SoFi Money’s account disclosures for more details.

Apply Now


9. Capital One Bank

A subsidiary of Capital One Financial, Capital One Bank (also known as Capital One 360) offers a high-yield savings account (360 Performance Savings) with no minimum deposit. With checking accounts and CDs available, it can easily be a one-stop shop for your banking needs.

  • Yield: 1.80% APY on all balances.
  • Minimum Deposit and Balance Requirements: No minimum deposit and no minimum balance after that.
  • Tax-Advantaged Retirement Options: You can open a Capital One 360 savings account as a traditional, Roth, or SEP IRA. Yields may be lower on these tax-advantaged options, however.
  • Other Rewards and Incentives: You can set up an automatic savings plan to make weekly or monthly savings account deposits in any amount. The CheckMate app allows you to make mobile check deposits anytime, anywhere. Also, you earn $50 for opening a new checking account, which automatically ties to your savings account.
  • Fees: There’s an excess transaction fee for withdrawals beyond the six-per-month limit.

See our Capital One Bank review for more details.

Apply Now


10. FNBO Direct

FNBO Direct is an online-only bank owned by First National Bank of Nebraska, which has physical locations throughout the central U.S. Its savings account has an enticing yield, and you can pair it with checking accounts, multiple CDs, and an exclusive rewards credit card.

  • Yield: 1.90% APY on all balances.
  • Minimum Deposit and Balance Requirements: $1 minimum deposit with no minimum balance after that.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: FNBO Direct supports multiple mobile payment apps – see its website for a full list – plus a P2P transfer app called Popmoney, which facilitates free funds transfers between FNBO and non-FNBO accounts. You can also set up an automatic savings plan for weekly or monthly deposits in any amount.
  • Fees: There’s a fee for each withdrawal beyond the six-per-month limit.

See our FNBO Direct review for more information.

Apply Now


11. Marcus by Goldman Sachs

Marcus by Goldman Sachs is another tech-driven personal lending platform with a depositor-friendly foothold in the savings game. With no fees, no minimum deposit requirements, and a nice yield, it’s difficult to argue with its value, even if it makes no accommodation for day-to-day spending.

  • Yield: 1.70% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Enjoy free inbound and outbound transfers. Customer service is open seven days per week during extended business hours, a rarity among savings-only banks.
  • Fees: Withdrawals beyond the six-per-statement-cycle limit may be subject to transaction fees. See Marcus by Goldman Sachs’s account disclosures for details.

See our Marcus by Goldman Sachs review for more details.

Apply Now


12. American Express National Bank (American Express Personal Savings)

American Express® Personal Savings is a low-key online savings bank from the people who brought you the Platinum Card from American Express and other excellent premium credit cards. Although it’s decidedly not an everyday bank, American Express Personal Savings is a great place to park your money for a few months to a few years. And with A-plus name recognition, you can rest assured that your funds are in good hands.

  • Yield: 1.75% APY on all balances as of November 22, 2019.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: It’s a breeze to set up and manage recurring transfers from a linked external account. If you’re OK with tying your funds up for at least six months, check out American Express Personal Savings’ CDs, whose terms range from six to 60 months.
  • Fees: There is no recurring fee, but check with American Express for details about other fees you could potentially incur.

See our American Express Personal Savings review for more details.

Apply Now


13. Bank5 Connect

Bank5 Connect offers a savings account with a fantastic yield. If you’re looking for other savings options, check out its short-term CDs (which also have above-average yields) and an investment CD that lets you make as many deposits as you wish during its 24-month term.

With an interest-bearing checking account, you can also handle your everyday banking here. And like all Massachusetts-chartered deposit institutions, Bank5 Connect offers supplemental DIF insurance on all balances above the FDIC’s $250,000 limit.

  • Yield: 1.85% APY on all balances greater than $100.
  • Minimum Deposit and Balance Requirements: $10 to open and $10 minimum balance, but $100 minimum balance to earn interest.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: In addition to FDIC insurance up to $250,000, all Bank5 Connect savings accounts come with DIF insurance for balances above that amount.
  • Fees: There’s an excess transaction fee for withdrawals beyond the six-per-month limit.

See our Bank5 Connect review for more information.

Apply Now


14. Ally Bank

An offshoot of GMAC, storied auto lender Ally Bank is one of the first online banks. It’s best known for its high-yield savings account with no minimum deposits. But it also has an excellent checking account, money market account, and multiple CD options with above-average yields.

GMAC’s No Penalty CD, which waives early withdrawal penalties, is great for depositors who aren’t sure whether they’ll need their funds before maturity. Another big perk is its 24/7 customer service.

  • Yield: 1.70% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: You can structure an Ally Bank savings account as a traditional, Roth, or SEP IRA. You can also set up a trust with an Ally Bank savings account.
  • Other Rewards and Incentives: Ally offers anytime, anywhere mobile check deposits and free person-to-person transfers via Zelle, a secure service that lets you send and request money using the other party’s mobile phone number. You can execute Zelle transfers with anyone, not just Ally Bank customers, but this service is subject to the standard limit of six withdrawals per month.
  • Fees: There’s a fee for each transaction beyond the six-per-month limit. You can also opt in to overdraft protection on savings accounts (many banks only offer this on checking accounts), subject to variable fees that may change at Ally’s sole discretion.

See our Ally Bank review for more information.

Apply Now


15. Discover Bank

Discover Financial Services is best known for its credit cards, but the company also has the online-only Discover Bank that offers excellent yields on savings accounts. It also boasts CDs and money market accounts with high yields (up to 2.20% APY on CDs), plus round-the-clock customer service and a 60,000-strong network of fee-free ATMs. And it has one of the better free checking accounts in the business, complete with 1% cash back on debit card purchases up to $3,000 per month.

  • Yield: 1.70% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None (CDs only, available as Roth or traditional IRAs).
  • Other Rewards and Incentives: You can make mobile check deposits anytime, anywhere. Customer service is available by phone 24/7. Discover has a slew of popular cash back credit cards, including the Discover it Cash Back Card and Discover it Chrome Credit Card, but standard underwriting requirements apply. Having a deposit account with Discover Bank doesn’t mean you’ll be approved for a credit card.
  • Fees: There’s an excess transaction fee for withdrawals beyond the six-per-month limit.

See our Discover Bank review for more details.

Apply Now


16. Sallie Mae Bank

Sallie Mae Bank is often overshadowed by Sallie Mae’s student loan offerings. But its attractive high-yield savings account yields warrant attention too. Sallie Mae Bank also pays competitive interest rates on its money market account and multiple CDs, and the yield on its flexible SmartyPig product outmatches its high-yield savings yield.

  • Yield: 1.75% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: Sallie Mae’s SmartyPig account lets you set savings goals and track your progress toward each, according to the pace and deadlines you set. The account yields 1.80% APY on all balances and comes with a $10-per-person referral bonus.
  • Fees: Excess transaction fee for all withdrawals beyond the six-per-month limit.

Apply Now


17. iGOBanking

iGObanking is an online-only bank with great savings account yields and no minimum opening deposit. You can also open a checking account with a low but non-negligible yield, making iGOBanking a viable option for handling your day-to-day finances. For high-dollar depositors, the money market offers the best value of all: 1.90% APY on balances above $25,000.

  • Yield: 1.80% APY on all balances.
  • Minimum Deposit and Balance Requirements: None.
  • Tax-Advantaged Retirement Options: None (traditional and Roth IRAs are available for CDs but not for savings accounts).
  • Other Rewards and Incentives: You can get an optional free debit card when you open your account, entitling you to free withdrawals at any of the 35,000-plus ATMs in the Allpoint network.
  • Fees: Fees may apply when you close out your account within 180 days of opening it or make transactions in excess of the six-per-month withdrawal limit.

See our iGObanking review for more information.

Apply Now


18. TIAA Bank

TIAA made its name selling insurance to government and nonprofit employees. But its online-only bank – heir to Florida-based EverBank, a popular provider with a high-yield pedigree – is available to anyone who lives in the U.S. Its Basic Savings account provides a serviceable yield with no strings attached. Its high-yield CDs, checking, and money market accounts offer even better deals.

  • Yield: 1.10% APY on all balances.
  • Minimum Deposit and Balance Requirements: $25 to open; no minimum balance after that.
  • Tax-Advantaged Retirement Options: None.
  • Other Rewards and Incentives: You can make mobile check deposits anytime, anywhere with the proprietary Mobile Banking app. You can also earn up to $100 for initiating direct deposit with a new or existing TIAA Direct checking account, so it may be worthwhile to set one up if you’re planning on opening a savings account here.
  • Fees: There’s a fee for withdrawals beyond the six-per-month limit. If you exceed this limit more than three times in a rolling 12-month period, TIAA automatically closes your savings account and sets up an interest-bearing checking account instead.

See our TIAA Bank review for more details.

Apply Now


Final Word

A high-yield savings account is a relatively safe place to hold your hard-earned savings and enjoy a competitive yield in the meantime. However, it can’t address all of your financial needs. With sizable penalties for exceeding the legal limit of six withdrawals per statement period, most of the savings accounts on this list limit on-demand access to your funds.

If you’re looking for an account that can handle your day-to-day finances, many online banks administer free checking accounts that pay interest. So if you suspect you can do better than your current bank, you’re probably right. Maybe it’s time to shop around.

Do you have a favorite high-yield savings account? What do you like about it?

Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

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