11 Best High-Yield Savings Accounts of February 2024

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Money has been a leader successful individual finance news for complete 4 decades. Our expertise successful banking is extensive, and includes nan study of astir 300 financial institutions for our caller database of nan Best Banks successful America. We’ve besides dedicated thousands of hours to evaluating high-yield savings accounts (HYSAs) from much than 50 banks, in installments unions, online banks and different FDIC aliases NCUA-insured financial institutions.

Based connected our research, we’ve spotlighted nan apical 11 high-yield savings accounts for February 2024. All of nan HYSA options connected our database connection yearly percent yields of 5.10% aliases higher.

*Rates and APYs are taxable to change. All accusation provided present is meticulous arsenic of January 30, 2023.

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Money’s Main Takeaways

  • This month, nan champion high-yield savings accounts connection 5.10% APY aliases higher.
  • The slope connected our database pinch nan champion complaint is Digital Federal Credit Union (DCU), pinch 6.17% disposable connected balances of up to $1,000.
  • Milli offers a beardown 5.50% APY connected each balances, pinch nary first deposit required.
  • There are nary monthly fees for immoderate of nan high-yield savings accounts successful our apical picks.

Why Trust Us?

Our editors and writers reappraisal high-yield savings accounts from a assortment of financial institutions independently, ensuring our contented is precise and guided by editorial accuracy.

  • Over 50 high-yield savings accounts evaluated
  • Based connected 13 cardinal information points, including yearly percent yield, monthly fees and customer satisfaction
  • Thousands of hours of cumulative investigation involved

Our Top Picks for nan 11 Best High-Yield Savings Accounts of February 2024

  • Digital Federal Credit Union (DCU) - Best APY for Balances Up to $1,000 (6.17% APY)
  • Milli - Best High-Yield Savings Account Rate pinch No Minimum Deposit (5.50% APY)
  • Popular Direct - Best High-Yield Savings Account pinch a $100 Minimum Deposit (5.20% APY)
  • My Banking Direct - Best High-Yield Savings Account pinch a $500 Minimum Deposit (5.35% APY)
  • Ivy Bank - Best High-Yield Savings pinch a $2,500 Minimum Deposit (5.30% APY)
  • BrioDirect - Best High-Yield Savings Account pinch a $5,000 Minimum Deposit (5.35% APY)
  • BMO Alto - Best High-Yield Savings for Unlimited Transfers (5.10% APY)
  • UFB Direct - Best High-Yield Savings pinch an ATM Card (5.25% APY)
  • TAB Bank - Best Online Bank for High-Yield Savings (5.27% APY)
  • Public - Best High-Yield Savings for Investors (5.10% APY)
  • Raisin - Best Marketplace for High-Yield Savings Accounts (5.32% APY)

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Best High-Yield Savings Accounts Reviews

Each company’s yearly percent output (APY) is meticulous astatine nan clip of this publication, but they whitethorn alteration according to nan rates group by nan Federal Reserve.


  • Highest APY connected our list
  • No monthly fees
  • Mobile cheque deposit available


  • $5 opening deposit required
  • Balances complete $1,000 gain debased APY
  • $15 overdraft fee



Why we chose it: DCU’s Primary Savings relationship has an exceptionally precocious APY for balances of up to $1,000, positive nary monthly fees.

Digital Federal Credit Union (DCU) offers 3 different savings accounts, and its Primary Savings action offers nan highest yearly percent yield. However, nan complaint only applies to balances up to $1,000. After that, nan APY drops significantly. Still, pinch its beardown liking rate, DCU’s Primary Savings is simply a coagulated action for starting your savings journey.

To unfastened nan account, you must deposit $5. Your deposit besides establishes your rank pinch nan in installments union. There are nary monthly fees connected nan Primary Savings relationship and nary minimum equilibrium requirements. Additionally, DCU sets nary limit connected really galore transfers you tin make successful aliases retired of your high-yield savings account.


  • Highest APY among accounts pinch nary deposit requirement
  • Multiple devices to thief you prevention much
  • No minimum opening deposit aliases monthly fee
  • Also offers a checking relationship pinch a debit card


  • Third-party reviews bespeak debased customer satisfaction
  • Mobile-only slope pinch nary online banking aliases beingness branches



Why we chose it: Month aft month, Milli has 1 of nan highest APYs of each nan companies we see for our list.

Milli offers a no-fee HYSA pinch a competitory yearly percent yield. The relationship besides includes savings tools, specified arsenic goal-setting savings jars to group speech costs and an automatic round-up characteristic for usage pinch a Milli checking account.

Note that Milli is simply a mobile-first bank, meaning customers whitethorn only entree their relationship via mobile app. (They tin besides telephone by telephone to speak pinch a representative.) If you for illustration online banking aliases in-person banking, Milli whitethorn not beryllium nan champion prime for you.

Additionally, reviews connected third-party sites uncover deposit delays, unexpected relationship freezes and complaints astir mediocre customer service. This is important for customers to see erstwhile evaluating HYSA options.


  • No monthly work fees
  • Deposit checks and make transfers pinch nan Popular mobile app
  • No withdrawal limits
  • Easy relationship opening


  • $10 overdraft fee
  • $25 interest if nan relationship is closed wrong 180 days
  • Can only alteration connected outer slope relationship each 70 days



Why we chose it: Popular Direct’s HYSA complaint is among nan highest available. After nan first $100 deposit, location is nary ongoing minimum equilibrium requirement.

Popular Direct provides a high-earning savings action pinch its Select Savings account. There are nary equilibrium caps connected APY, either. All balances of astatine slightest $0.01 suffice to gain nan highest disposable yearly percent yield.

You tin money your relationship via mobile deposit aliases via transportation from an outer slope account. Note that you must usage nan outer slope relationship designated astatine relationship motion up for astatine slightest 70 days. You cannot alteration nan relationship until aft this clip has passed, and immoderate consequent swaps must beryllium initiated 70 days apart. Additionally, you tin only nexus 1 outer slope relationship astatine a time.

Popular Direct does not complaint immoderate monthly fees for its high-yield savings account. However, if you overdraft your relationship for much than $50, you’ll beryllium charged $10 per transaction (with a max of 3 fees per business day). Additionally, there’s a $25 interest if you adjacent your relationship wrong 180 days of opening it.


  • Earns liking connected regular balances of $1 aliases more
  • No monthly fees aliases attraction charges
  • Mobile cheque deposit done nan app
  • Zelle integration for P2P payments
  • No limits connected withdrawals


  • No ATM card
  • No check-writing privileges
  • $30 interest if you adjacent your relationship wrong 180 days of opening
  • APY drops somewhat for balances of $50,000+



Why we chose it: After nan first $500 deposit, My Banking Direct savings accounts pinch a equilibrium of astatine slightest $1 suffice for nan online bank’s highest disposable APY.

My Banking Direct’s high-yield savings relationship offers a competitory yearly percent output pinch nary monthly work charge. You tin money your relationship via transportation from an outer slope aliases via distant deposit utilizing nan online bank’s mobile app, which is operated by its genitor company, New York Community Bancorp.

The NYCB app besides offers nan action to group up recurring deposits and transfers to outer accounts. You tin besides link your Zelle relationship for peer-to-peer (P2P) payments. There are nary transaction aliases withdrawal limits connected nan My Banking Direct HYSA. The online slope does not connection a debit card, though, truthful you can't retreat costs done an ATM.

Read our afloat reappraisal of My Banking Direct high-yield savings accounts here.


  • Among nan highest APYs connected our database
  • Rate guaranteed done June 30, 2024
  • Mobile cheque deposit available
  • No monthly fees


  • Must support a $2,500+ equilibrium to gain nan highest APY
  • Withdrawals constricted to six per month
  • No debit card



Why we chose it: Ivy Bank’s high-yield savings relationship has a guaranteed precocious APY done June 30, 2024, for balances of $2,500 and up.

Ivy Bank offers an above-average yearly percent output connected its HYSA, which requires a minimum first deposit of $2,500. There is nary monthly interest for this relationship — including if your equilibrium drops beneath nan minimum requirement. (Balances nether $2,500 gain a importantly little APY.)

Note that withdrawals are constricted to six per month. Additionally, Ivy Bank does not connection checks aliases an ATM card. Outgoing transactions tin only beryllium initiated via physics transfer. To make a deposit, you tin transportation costs from an outer account, usage nan distant cheque deposit characteristic connected nan Ivy Bank mobile app, message a cheque aliases transportation via home wire.


  • Among nan highest APYs of each companies we evaluated
  • Minimum equilibrium is only $25 aft nan first $5,000 deposit
  • Link up to 5 outer accounts for transfers
  • No monthly fees


  • No mobile cheque deposit
  • No beingness branches
  • No ATM card



Why we chose it: BrioDirect offers 1 of nan highest-earning HYSAs connected our database pinch a minimum deposit of $5,000. Additionally, location is nary minimum equilibrium request aft nan first deposit.

BrioDirect — an online banking marque by nan longstanding, Connecticut-based Webster Bank — is an perfect relationship for making nan astir of savings of $5,000 and up. Its high-yield savings relationship boasts a beardown yearly percent output and nary monthly attraction fees. Additionally, location are nary limits connected really galore withdrawals you tin make.

You tin money your relationship via transportation from an outer bank; BrioDirect allows customers to nexus up to 5 accounts astatine 1 time. Unfortunately, location is nary mobile cheque deposit characteristic currently, and location are nary beingness branches for in-person deposits — but BrioDirect does judge checks for deposit by mail, arsenic good arsenic ligament transfers.


  • Unlimited transfers and withdrawals
  • No monthly fees aliases minimum equilibrium request
  • No minimum first deposit requirement


  • No ATM aliases debit card
  • No mobile cheque deposit
  • Does not judge ligament transfers aliases checks by mail



Why we chose it: BMO Alto is 1 of fewer banks that allows for unlimited transfers and withdrawals while besides offering a competitory yearly percent yield.

The BMO Alto Online Savings Account has nary restrictions connected really galore transfers aliases withdrawals you tin make successful a month, which is an uncommon characteristic for high-yield savings accounts. Additionally, nan yearly percent output connected BMO Alto’s HYSA ranks exceptionally precocious among competing financial institutions.

While withdrawals and transfers are unlimited, it’s worthy noting that you tin only behaviour these transactions via transportation to aliases from an outer slope account. BMO Alto’s HYSA does not see checks aliases a debit paper for ATM withdrawals. Additionally, BMO Alto doesn’t judge mobile cheque deposits aliases Zelle transactions. This intends that you must usage nan outer slope relationship action to money your account, too.


  • Among nan highest APYs of each companies evaluated
  • ATM paper included
  • No monthly work fees
  • No first deposit aliases minimum equilibrium required


  • Overdraft interest is $25 per point ( $75 maximum per day)
  • Only 1 beingness branch, located successful San Diego, California



Why we chose it: UFB Direct is our prime for Best High-Yield Savings pinch ATM Card because it includes a debit paper pinch its high-yield savings relationship and doesn’t limit nan number of withdrawals you tin make.

UFB Direct, a section of nan integer financial institution Axos Bank, presently offers 1 of nan highest APYs successful nan high-yield savings relationship market. Additionally, nan UFB High Yield Savings relationship comes pinch a debit card, which isn’t modular for accounts of this kind. Plus, there’s nary headdress connected really galore withdrawals you tin make.

However, it’s worthy noting that UFB charges a $25 interest for each complaint that exceeds your relationship balance. (The maximum interest you tin salary successful a azygous time is $75.) The only overdraft protection UFB offers is sum of antagonistic balances done linked UFB checking accounts.

Still, pinch nary monthly fees and nary minimum deposit aliases equilibrium requirements, UFB’s high-yield savings relationship is simply a coagulated prime — particularly considering its competitory yearly percent rates.


  • No monthly equilibrium request aliases minimum opening deposit
  • Any equilibrium greater than $0.01 earns nan highest APY
  • Mobile cheque deposit available
  • No transaction limits for transfers to outer account


  • 90-day hold play to transportation costs out
  • No debit paper aliases ATM card
  • Checks disposable for a fee



Why we chose it: TAB Bank has a beardown APY and nary limit connected withdrawals via online transportation to outer slope accounts.

TAB Bank presently provides 1 of nan highest rates among online high-yield savings accounts. The FDIC-insured organization slope besides sets nary limit connected really large your savings tin grow; nary matter nan size of your account, you’ll still gain nan highest disposable APY.

Additionally, TAB Bank doesn’t complaint a monthly fee, and there’s nary minimum deposit to unfastened an account. You tin money your relationship via mobile cheque deposit aliases transportation from an outer slope account.

However, while location is nary limit connected really galore outgoing transactions you tin make (so agelong arsenic it doesn’t transcend $3,000 daily), location is simply a waiting play for caller customers. For nan first 90 days, you cannot make outer transfers.


  • No monthly interest
  • No limits connected withdrawals
  • No minimum equilibrium request and nary maximum equilibrium limit
  • Subscription-free trading connected nan aforesaid level
  • Trade stocks, treasuries, EFTs, crypto and replacement assets


  • No mobile cheque deposit
  • No beingness branches
  • No ATM card



Why we chose it: Public offers a beardown HYSA merchandise pinch nary monthly fees, arsenic good a brokerage relationship for finance trading. Customers tin spot each their Public products together successful nan mobile app aliases nan online banking site.

Public is chiefly an investing level for trading stocks, bonds, treasuries, exchange-traded costs (ETFs) and crypto, but nan broker-dealer institution besides offers a high-yield savings relationship pinch a competitory liking rate. If you’re looking to support respective financial maturation avenues pinch a azygous company, Public whitethorn beryllium a coagulated action for you.

There are nary monthly fees pinch Public’s HYSA, and location is nary limit connected really galore transfers aliases withdrawals you tin make. There is nary subscription interest required to commencement investing, either. You tin adhd costs connected Public via physics transportation from an outer slope relationship aliases pinch a debit paper from a participating financial institution. You tin besides move uninvested costs successful your brokerage relationship to your high-yield rate relationship astatine immoderate time.

Third-party reviews for Public’s mobile app acquisition are overwhelmingly affirmative and statement nan easiness of use, particularly for beginner investors. However, location are a mini fistful of complaints regarding trouble reaching customer work representatives.


  • Comparison shop much than 50+ banks and in installments unions
  • Sort savings products by APY, digital-first and different characteristics
  • Many participating banks person nary monthly fees
  • All partners are FDIC aliases NCUA insured


  • Product features and position alteration by financial institution


APYVaries by financial institutionMINIMUM DEPOSIT TO OPEN$1 and upMONTHLY FEES Varies by financial institution

Why we chose it: Raisin provides HYSA options from a slew of partner banks and in installments unions, making it easy to comparison features and take your perfect account. Additionally, erstwhile you motion up, you tin easy adhd much savings products to your Raisin account.

Raisin is simply a savings marketplace that presently features HYSAs pinch yearly percent yields arsenic precocious arsenic 5.32%. You tin benignant done offerings according to APY and merchandise type (HYSA vs. money marketplace account). There’s besides a select to find banks that fresh circumstantial criteria, specified arsenic not-for-profit aliases minority-led, arsenic good arsenic financial institutions that support nan section organization and mini businesses.

There are respective HYSAs disposable done Raisin that require a minimum first deposit of only $1. Additionally, galore of these products are free of monthly fees.

After you’ve signed up for your first savings merchandise done Raisin, you tin easy adhd further accounts, including certificates of deposit (CDs), from Raisin partners. You tin spot each of your savings products astatine erstwhile connected your relationship dashboard via nan Raisin website aliases mobile app.

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High-Yield Savings Accounts Guide

High-yield savings accounts are comparatively easy to understand but stock galore characteristics pinch different slope products. Read connected to study astir high-yield savings accounts, from really they activity to which features to look for erstwhile choosing an account.

What is simply a high-yield savings account?

A high-yield savings relationship (HYSA) typically earns a higher liking complaint connected your equilibrium than nan traditional, mean savings account. Currently, you tin find galore HYSAs pinch precocious liking rates starting astatine 5.00%.

Some high-yield savings accounts run connected a gradual liking complaint system, nether which balances of a definite size gain a little yearly percent yield. Be judge to cheque nan specifications of a HYSA merchandise earlier signing up for an account.

How does a high-yield savings relationship work?

Because a high-yield savings relationship is intended for savings — arsenic opposed to spending, for illustration a checking relationship — galore banks, in installments unions and different financial institutions offering these accounts enforce limits connected really galore withdrawals you tin make per connection cycle.

These accounts don’t typically ever travel pinch an ATM paper aliases checks. Instead, withdrawals are imaginable via transportation to an outer slope account. You tin besides money your relationship via online transfer. Some financial institutions besides connection mobile cheque deposit and nonstop deposit.

How to unfastened a high-yield savings account

  • Apply online, complete nan phone, aliases if nan slope has brick-and-mortar branches, spell location successful person
  • Enter individual information, specified arsenic afloat name, address, driver’s licence aliases government-issued ID, telephone number, Social Security number and wherever your deposits will travel from (e.g., transfers from different accounts, nonstop deposits, mobile deposits) arsenic requested
  • Agree to position and conditions aft reviewing; cheque for fees and specifics connected rates
  • Receive instant support or, successful immoderate cases, hold for confirmation from nan slope via email aliases regular mail
  • Consider mounting up nonstop deposit if required to gain nan highest APY. You tin besides transportation costs into your relationship from different institution done online transfer. With brick-and-mortar banks, you tin deposit costs successful person.

How to prime a high-yield savings account

Follow these steps to prime a high-yield savings relationship that fits your needs.

1. Evaluate your savings goals: If you’re looking for accelerated but mini gains connected your savings, a high-yield savings relationship whitethorn beryllium correct for you. However, if you’re looking to move a greater profit, you whitethorn want to see different savings aliases finance options.

2. Compare APYs crossed HYSAs: Given that nan main trading constituent of a high-yield savings relationship is its higher liking rate, a precocious APY should beryllium nan main facet to see erstwhile shopping around.

3. Look for accounts pinch zero fees: Many HYSAs are wholly free to use, while immoderate banks group a monthly interest that tin beryllium waived by gathering definite requirements, specified arsenic a group magnitude of nonstop deposits per cycle. Avoid accounts pinch monthly fees that can’t beryllium waived, arsenic these costs trim into your liking earnings.

4. Make judge your slope notes “member FDIC” aliases “member NCUA”: You’ll find this accusation astatine nan bottommost of nan financial institution’s website. FDIC aliases NCUA security is simply a must, because it safeguards your money if your slope aliases in installments national should neglect owed to bankruptcy aliases insolvency.

High-Yield Savings Account Glossary

  • Annual Percentage Yield (APY) - APY is nan effective complaint of return connected your finance aft factoring successful nan effects of compound interest. The APY is considered successful narration to nan national costs complaint group by nan Federal Reserve, besides called nan Fed.
  • Interest - Simply put, liking is nan magnitude of money that a slope pays its customers to clasp their money. It is usually expressed arsenic a percent of nan magnitude that each individual customer has deposited.
  • Compound interest - You tin deliberation of compound liking arsenic “interest connected your interest.”
  • Savings relationship - A type of slope relationship pinch higher liking rates than a checking account. They’re designed to thief you put distant money for an emergency money aliases different short-term savings goals.
  • High-yield savings account - A type of savings relationship pinch a higher liking complaint than a accepted savings account. They’re meant to thief you build costs for short- aliases medium-term acquisition goals, specified arsenic a caller car, assemblage aliases moreover a caller home.
  • Money marketplace account - Money marketplace accounts are akin to high-yield savings accounts but aimed astatine businesses. They are much apt to let for debit cards and checks, peculiarly for individual labor who request to entree business costs regularly.
  • Checking account - A type of slope relationship designed for mundane spending. They let for checks and ATM cards. The liking rates offered by these accounts are typically nan lowest.
  • Neobank - This type of slope is an online-only slope pinch nary beingness branches. It’s considered a type of fintech (financial technology) company.
  • ACH transfer - An ACH transportation is an physics transportation of costs from 1 slope to another. The ACH stands for “automated clearing house,” referring to nan web that manages these transfers.
  • FDIC/NCUA security - Money successful a brick-and-mortar bank, online bank, in installments national aliases immoderate type of financial institution is unafraid arsenic agelong arsenic nan financial institution is insured by nan FDIC (Federal Deposit Insurance Corporation) aliases NCUA (National Credit Union Administration). Most high-yield savings accounts are FDIC aliases NCUA-insured up to $250,000.

High-yield savings relationship alternatives

High-yield savings accounts are 1 measurement to prevention money and gain interest, but location are further options to consider.

Money marketplace relationship (MMA)

A money marketplace relationship (MMA) is simply a type of high-interest savings relationship that typically does not person monthly fees. Annual percent yields for MMAs thin to beryllium connected par pinch aliases higher than those of high-yield savings accounts. Minimum first deposit requirements vary.

Depending connected nan financial institution, you tin entree your money marketplace relationship costs via physics transfer, ATM withdrawals, debit cards, checks aliases successful personification astatine a brick-and-mortar bank. Like HYSAs, nan number of withdrawals you tin make per rhythm whitethorn beryllium limited.

To study much astir MMAs, spot our database of nan best money marketplace accounts.

Traditional savings account

Traditional savings accounts person historically offered nan lowest yearly percent yields of each savings producers. However, galore financial institutions now connection accounts pinch APYs that compete pinch HYSAs.

Like pinch a HYSA, astir accepted savings accounts do not complaint monthly fees. Access to costs is via physics transportation and astatine slope branches. Depending connected nan financial institution, you whitethorn besides beryllium provided checks. However, astir accepted savings accounts do not see an ATM paper aliases debit card.

To study much astir accepted savings accounts, spot our guideline to nan best savings accounts.

Certificate of deposit (CD)

With a certificate of deposit (CD) account, you work together to time off your costs successful your relationship for a fixed play of time, referred to arsenic nan CD word length, that tin scope from six to 72 months. You’ll apt incur a interest if you retreat costs earlier nan word ends.

Certificate of deposit rates are fixed, not variable, and whitethorn beryllium somewhat higher than those offered by HYSAs. Often, CD rates summation pinch longer word lengths.

To study much astir certificates of deposit, cheque retired our database of nan best CD rates.

Money marketplace money (MMF)

A money marketplace money (MMF) is simply a type of communal money regulated by nan U.S. Securities and Exchange Commission (SEC). You gain liking connected your money marketplace costs because nan slope aliases financial institution invests those costs connected your behalf crossed respective low-risk indebtedness securities, specified arsenic Certificates of Deposit (CDs), U.S. Treasury bills and firm bonds.

Generally, you tin transportation costs retired of your money marketplace relationship without penalties. The first deposit required to unfastened an MMF is typically $1,000 aliases more, though immoderate require only $1 to get started. Note that monthly fees and different work charges usually apply.

To study much astir money marketplace funds, spot our comparison of money marketplace accounts vs. money marketplace funds.

Checking account

Checking accounts aren’t typically utilized for saving, but alternatively for receiving and spending money. However, immoderate checking accounts do accrue interest, albeit astatine importantly little rates than those offered by high-yield savings accounts. Some besides connection rate backmost connected purchases and sign-up bonuses. Monthly fees for checking accounts are rare.

A debit paper for ATM withdrawals/deposits and point-of-sale purchases comes modular pinch a checking account. You tin besides negociate your relationship online aliases via nan financial institution's mobile app, done which you tin make physics transfers and deposit checks. Additionally, checking accounts are almost ever compatible pinch celebrated peer-to-peer costs platforms, specified arsenic Venmo aliases PayPal.

Looking for a checking relationship pinch benefits? See our database of nan best checking accounts.

Best High-Yield Savings Accounts FAQs

What is simply a high-yield savings account?



High-yield savings accounts are deposit accounts that salary higher liking rates than modular savings accounts. Many financial institutions presently connection rates 4 percent points supra nan nationalist mean indicated by nan Federal Deposit Insurance Corporation (FDIC). Although it is imaginable to find this type of financial merchandise astatine accepted banks, online banks thin to connection nan highest savings relationship rates.

Are online savings accounts safe?



Yes, online savings accounts are a safe measurement to invest. Like brick-and-mortar banks and in installments unions, online savings accounts are insured by nan Federal Deposit Insurance Corporation (FDIC) aliases nan National Credit Union Administration (NCUA) for up to $250,000 per bank, per relationship type.

Are high-yield savings accounts worthy it?



If you're a saver looking to gain liking connected nan costs you've group aside, a high-yield savings relationship astatine a financial institution that offers a precocious yearly percent output is simply a bully option. However, if you're trying to move your money into much money fast, different options, specified arsenic investments, whitethorn connection quicker returns.

Are high-yield savings accounts taxed?



Yes, high-yield savings accounts are taxable to authorities and national income tax. The liking you gain from your high-yield savings relationship is considered income. This besides applies to different interest-bearing banking products, specified arsenic certificates of deposits (CDs) aliases checking accounts that accrue interest.

Can you suffer money successful a high-yield savings account?



If your high-yield savings relationship does not turn astatine nan aforesaid complaint arsenic inflation, you will suffer money successful nan consciousness that nan purchasing powerfulness of your savings will diminish. High-yield savings accounts tin besides make you suffer money if you don't support way of attraction and work fees and upwind up paying much than you're earning.

How We Chose nan 6 Best High-Yield Savings Accounts of February 2024

To place nan champion high-yield savings accounts, we evaluated much than 50 banks, in installments unions, online banks and different financial institutions. Below you’ll find nan methodology down our choices for nan champion high-yield savings accounts.

  • Access to funds: We reviewed each account’s methods for withdrawal and deposits, specified arsenic physics transfers, ligament transfers, mailed checks aliases linking to outer checking accounts. ATM withdrawal options are a plus; not each banks connection debit cards pinch high-yield savings accounts.
  • Account fees: We looked for accounts pinch nary attraction fees, nary minimum equilibrium fees and free online transfers. We besides prioritized banks that do not complaint overdraft fees.
  • Competitive yearly percent output rates: Financial institutions must connection competitory rates arsenic compared to nan mean among nan high-yield savings accounts we evaluated. Some banks were disqualified because of debased yearly percent yields.
  • Customer service: We admit that nonstop banking customers should beryllium acquainted pinch online and mobile platforms, but customer support must beryllium readily disposable erstwhile needed. The champion online savings accounts connection chat, phone, and email support; immoderate moreover guarantee 24/7 customer support.
  • Ease of usage and accessibility: Mobile banking apps and online platforms should beryllium user-friendly and intuitive.
  • Financial strength: We verified that nan banks, in installments unions and different financial institutions connected our database according are successful bully financial opinionated utilizing in installments ratings issued by S&P Global Ratings, Moody’s, and Fitch Group. (These in installments standing agencies are known arsenic The Big Three successful nan industry, and you tin hunt their databases for accusation connected nan slope of your choice.)
  • Member FDIC aliases NCUA: We require that immoderate apical prime includes “member FDIC” connected its tract to make it publically known that it’s an insured slope aliases financial institution successful accordance pinch nan standards of nan Federal Deposit Insurance Corporation (FDIC).
  • Minimum deposit requirement: We considered accounts pinch minimum deposit requirements and included these only erstwhile merited done benefits to relationship holders.
  • Mobile app: We assessed nan easiness of usage arsenic good arsenic nan ratings of nan mobile apps of each financial institution.
  • Perks: We looked for banks that connection relationship holders further features for free, specified arsenic savings devices aliases a debit card/ATM card.
  • Privacy: Financial companies often stock your individual accusation truthful that you tin usage their products effectively. Details astir accusation sharing should beryllium intelligibly stated successful a financial institution’s privateness policy. However, customers should beryllium fixed nan prime to opt retired of sharing their individual accusation pinch 3rd parties, arsenic per national law.
  • Security: We analyzed banking sites and mobile app information measures, specified arsenic end-to-end information encryption, multi-factor authentication and biometric login options.
  • Transparency: Financial institutions must make easy accessible nan relationship position and conditions, specified arsenic monthly fees, overdraft charges and liking rates.

Comparison to different banks and financial institutions

To champion measure nan value of a high-yield savings account, we researched and compared accounts crossed a multitude of banks and financial institutions, including Alliant Credit Union, Ally Bank, American Express high-yield savings from American Express National Bank, Andrews Federal Credit Union, Apple Savings account, Axos, Bank of America, Barclays Online Savings, Bask Bank, BECU Credit Union, Betterment, Blue Federal Credit Union, BluPeak Credit Union, Bread Savings, Capital One 360 Performance Savings, CFG Bank, Chase Savings, CIBC Bank, CIT Bank Savings Builder, CIT Bank Savings Connect, CIT Bank Platinum Savings, CITI Bank Accelerate Savings, Citi Bank, Citizens Bank, Current, Customers Bank, Emigrant Bank, EverBank (formerly TIAA Bank), First Citizens Bank, First Foundation, Evergreen Bank Group, First Foundation Bank, First Internet Bank, FNBO Direct, Jovia Financial Credit Union, Laurel Road, LendingClub, Marcus by Goldman Sachs, Mph.bank, My Savings Direct, Nationwide, Newtek Bank, North American Savings Bank, PayPal Savings, Pentagon Federal Credit Union (PenFed), Primis, RBMAX by Republic Bank, Quontic Bank, Regions Bank, Sallie Mae Bank, Salem Five Direct, SoFi, Synchrony Bank, TotalDirect Bank, Upgrade, U.S. Bank, USAA Bank, Valley Direct, Varo Bank, Vio Bank, Wealthfront, Wells Fargo and Western State Bank.

Summary of Money’s 11 Best High-Yield Savings Accounts of February 2024

  • Digital Federal Credit Union (DCU) - Best APY for Balances Up to $1,000 (6.17% APY)
  • Milli - Best High-Yield Savings Account Rate pinch No Minimum Deposit (5.50% APY)
  • Popular Direct - Best High-Yield Savings Account pinch a $100 Minimum Deposit (5.20% APY)
  • My Banking Direct - Best High-Yield Savings Account pinch a $500 Minimum Deposit (5.35% APY)
  • Ivy Bank - Best High-Yield Savings pinch a $2,500 Minimum Deposit (5.30% APY)
  • BrioDirect - Best High-Yield Savings Account pinch a $5,000 Minimum Deposit (5.35% APY)
  • BMO Alto - Best High-Yield Savings for Unlimited Transfers (5.10% APY)
  • UFB Direct - Best High-Yield Savings pinch an ATM Card (5.25% APY)
  • TAB Bank - Best Online Bank for High-Yield Savings (5.27% APY)
  • Public - Best High-Yield Savings for Investors (5.10% APY)
  • Raisin - Best Marketplace for High-Yield Savings Accounts (5.32% APY)
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