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Best high-yield savings accounts

Grow your savings faster with these top picks

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Bread Financial and SoFi
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The best high-yield savings accounts help you fast-track your financial goals by offering interest rates that outpace traditional savings accounts by a mile.

While the average savings account rate is currently 0.46% according to the FDIC, these top picks earn 5.00% or more. On a $10,000 balance, that’s like earning $500 in yearly interest versus $46 with a traditional account.

Even if you dread opening another bank account, setting aside 30 minutes to open a high-yield one can put a lot of money in your pocket this year.

Our top 6 picks for best high-yield savings accounts

  • Bask Bank
  • Laurel Road
  • UFB Direct
  • Bread Financial
  • SoFi
  • Synchrony Bank

Compare top high-yield savings accounts

To create our list of the best high-yield savings accounts, we thoroughly researched and compared the current annual percentage yields (APYs) offered by various banks and credit unions. We also considered minimum balance requirements, fees and ease of use to ensure our top picks provide the most value for your money.

APY
5.10%
Minimum deposit
$0
Bonus
None

Bask Bank's Interest Savings Account has an impressive 5.10% APY as of publishing, which is much higher than the national average. It also has no minimum balance requirement and no monthly fees.

Although Bask Bank doesn't offer checking accounts or loans, its Interest Savings Account is a winner if you want a simple, high-earning place to stash your cash. Plus, Bask Bank offers a few other unique options, like the Mileage Savings Account that earns American Airlines AAdvantage miles and a selection of high-yield certificates of deposit (CDs).

Bask Bank is the online arm of Texas Capital Bank.

At the time of publishing, Bask Bank offers one of the highest APYs for its high-yield savings account, but not enough reviews have been collected through ConsumerAffairs.

APY
5.00%
Minimum deposit
$0
Bonus
None

Laurel Road's High Yield Savings boasts a competitive 5.00% APY as of publishing, with no minimum deposit or monthly maintenance fees.

In addition, Laurel Road offers checking accounts, mortgages, personal loans and student loan refinancing — more account options than other banks on our list. So if you value keeping most of your financial accounts under one roof, Laurel Road may fit the bill.

Despite its high yields and variety of accounts, Laurel Road has a few drawbacks. Mainly, customer support is limited to weekdays, which could be inconvenient if you encounter an issue over the weekend.

Laurel Road is the online banking arm of KeyBank.

At the time of publishing, Laurel Road offers one of the highest APY for its high-yield savings account, but not enough reviews have been collected through ConsumerAffairs.

APY
5.25%
Minimum deposit
$0
Bonus
None

If you're looking for a high-yield savings account with top-notch rates, UFB Direct is a strong contender. The online bank's Secure Savings account boasts an impressive 5.25% APY as of publishing. Plus, there are no minimum deposit requirements or monthly fees.

We like that this high-yield savings account includes an ATM card, which allows you to withdraw cash from 91,000 ATMs nationwide. This perk sets UFB Direct apart from other savings accounts that don't offer ATM access at all.

That said, UFB Direct charges fees for certain services, such as overdrafts and excessive withdrawals. While these fees aren’t uncommon among banks, some other options on our list have eliminated them entirely.

UFB Direct also has a high-yield checking account, a money market account and mortgages. It has 24/7 phone support and is a division of Axos Bank.

At the time of publishing, UFB Direct offers one of the highest APY for its high-yield savings account, but not enough reviews have been collected through ConsumerAffairs.

Bread Financial

APY
5.15%
Minimum deposit
$100
Bonus
None

Bread Financial's Bread Savings account offers a competitive 5.15% APY as of publishing. The $100 minimum opening deposit is higher than other options on our list, but it's still relatively low. You won't have to worry about monthly maintenance fees eating into your savings, either.

Aside from this high-yield savings account, Bread Financial also has high-yield CDs, credit cards, personal loans and buy now, pay later loans. But its lack of checking account options means you'll need to link an external account to move money in and out of your Bread Savings account.

Many customers appreciate the bank for giving them a chance to rebuild their credit and have had no issues with late fees or interest rates.

Steve from Florida was a little nervous by some of Bread Financial’s ratings but still decided to give the company a try. He said, “ Very easy to open and fund the HYSA. …In conflict with some of the reviews, I was very pleased with the experience. The agent was able to walk me through the procedure and the funds were successfully posted to my bank account the next business day. Very pleased with the terms and rates with Comenity Direct and I am very comfortable recommending it.”

SoFi

APY
up to 4.60%
Minimum deposit
$0
Bonus
Up to $300

SoFi is the only high-yield bank account on our list with a cash bonus, so if you want to kickstart your savings with free money, this may be the account for you.

With SoFi Checking and Savings, you earn, as of publishing, 4.60% APY on your savings when you have at least $5,000 in monthly direct deposits. If you don’t meet these requirements, you’ll earn 1.20% APY, which is lower than other options on our list but still higher than most traditional savings accounts.

The checking portion of your account earns 0.50% regardless of your direct deposit status. There are no minimum opening deposit or overdraft fees, and you can receive paychecks up to two days early.

SoFi’s cash bonus is for new and current customers who set up direct deposits for the first time. You’ll get $300 for direct depositing at least $5,000 within a 25-day period and $50 for direct depositing less than $5,000.

While SoFi is an online-only bank, it provides a user-friendly mobile app and savings tools like Money Vaults and Roundups to help you reach your financial goals. Also, SoFi has other financial products, including personal loans, student loan refinancing and investment accounts.

Cathleen from Pennsylvania switched to SoFi from Wells Fargo and received better APY on her savings accounts. “Setting up the account took about 30 seconds and was incredibly easy. I've had no issues transferring money into my account,” she said. “My favorite part is being able to use an ATM card with $0 ATM fees and it's one of the biggest reasons I decided to go with SoFi. In fact they have $0 fees for virtually everything concerning their money management account.”

APY
4.75%
Minimum deposit
$0
Bonus
None

Not only does Synchrony Bank’s savings account earn 4.75% APY as of publishing with no monthly fees, but it also comes with an ATM card. Aside from UFB Direct, it’s the only savings account on our list with ATM access.

Synchrony consistently provides top-tier interest rates on its other savings products too, including money markets and CDs. The bank has a user-friendly mobile app and savings goal calculator that makes it easy to manage your savings from anywhere.

At the time of publishing, Synchrony Bank offers one of the highest APY for its high-yield savings account, but not enough reviews have been collected through ConsumerAffairs.

How to open a high-yield savings account

Opening a high-yield savings account is quite simple.

“Online accounts can be opened in minutes; a transfer from your old bank to the new account is all it takes to get started,” said Leslie Tayne, founder and head financial attorney at New York-based Tayne Law Group. “If you aren't depositing cash, the entire process can be completed online and quickly.”

Follow these steps:

  1. Research options. Look for banks, online banks or credit unions (like the ones on this list) that offer high-yield savings accounts. Compare interest rates, minimum balance requirements and fees, so you know what to expect.
  2. Choose an institution. Once you’ve compared a few options, select the bank or credit union that sounds the best to you. Ideally, it should have no fees and offer features you’re looking for, such as an ATM card, overdraft protection or savings tools.
  3. Gather documents and information. The application will usually ask for your full name, home address, date of birth, Social Security number and a government-issued ID (like a driver's license or passport). 
  4. Visit the institution's website. Go to your chosen bank or credit union’s website and locate the "Open an Account" or "Apply Now" button.
  5. Fill out the online application. Enter your personal information and upload a copy of your ID if needed. You may also need to choose an initial deposit amount and method (such as transferring funds from another bank account).
  6. Accept terms and submit. Read and agree to the terms and conditions of the account, then submit your application. You’ll usually find out instantly if you’re approved or not, although it may take a few days in some situations. 
  7. Get approved. Once approved, you'll receive information on how to access your new high-yield savings account — usually through the bank’s mobile app and website.

“There are minimal downsides to switching your traditional savings accounts to a high-yield account,” said Tate. “And you can always switch back if you find that the new account isn't meeting your needs.”

» MORE: Is a high-yield savings account really high-yield?

Pros and cons of high-yield savings accounts

High-yield savings accounts have one major benefit: “They typically give savers a much higher APY than traditional savings accounts,” said Tayne.

However, these accounts tend to be mostly offered by online-only banks, which often means fewer account options and no ability to deposit cash.

Pros

  • Higher APYs than traditional savings accounts
  • Many accounts have no minimum balance requirements
  • Often have no monthly fee
  • Your money is insured the same as with regular savings accounts
  • Easy to open and manage online
  • Funds can be easily transferred between accounts

Cons

  • May have limited customer service hours and no physical branch access
  • Fewer account options compared to banks with traditional accounts
  • Interest rates can still fluctuate
  • Some accounts may require a minimum balance to earn the highest APY
  • Usually can’t deposit cash into your account
  • May have a limit on withdrawals per month

» MORE: Cash management account vs. high-yield savings account

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FAQ

Are high-yield savings accounts safe?

High-yield savings accounts offered by banks are generally safe because they’re insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor per institution. Similarly, high-yield savings accounts from credit unions are insured by the National Credit Union Administration (NCUA) for the same amount. This means that even if the bank or credit union fails, your funds are protected up to the insured limit.

Can the interest rate on my high-yield savings account change?

Yes, the interest rates on high-yield savings accounts are variable (not fixed), meaning they can change at any time. Even still, high-yield savings accounts almost always have consistently higher rates than traditional savings accounts.

How do I choose the best high-yield savings account for me?

The four main things to look at are the interest rate (APY), minimum balance requirements, fees and accessibility (i.e., ways to access your money). Ideally, the account you pick should have a consistently high APY, low or no minimum balance requirements and minimal fees. If you want an ATM card, make sure it has that, too.


Article sources

ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:

  1. Federal Deposit Insurance Corporation, “National Rates and Rate Caps.” Accessed April 18, 2024.
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