Having a high-yield savings account is one of the easiest ways to make your money work harder without taking on risk.
Unlike traditional savings accounts that might pay close to nothing, a high-yield option can offer rates that are 10–20 times higher, which can help your balance grow faster while still keeping your money safe and accessible.
In this guide we’ll walk through some of the best savings accounts available right now, covering their interest rates, standout features, and even any sign-up bonuses you can take advantage of.
Since the “best” account depends on your goals and how long you plan to keep your money in the account, we’ll also break down the key differences between certificates of deposit (CDs), high-yield savings accounts, and traditional bank accounts.
By the end, you’ll have a clear idea of which option makes the most sense for you.
Please note that all of the interest rates discussed here are subject to change.
Let’s dive in!
To begin, let's break down the differences between each of these different accounts.
Traditional banks are the big-name banks you see on street corners, like Chase, Bank of America, or Wells Fargo.
They offer checking and savings accounts, loans, and credit cards. However, they don’t normally offer high interest on savings, often less than 0.05%. That means your money doesn’t grow much while it sits there.
High Yield Savings Accounts (HYSAs) are like regular savings accounts that actually pay you to save.
These are usually offered by online banks with lower overhead, so they can afford to give you much higher interest rates, often 10 to 20 times more than traditional banks. You still have access to your money and it's FDIC-insured, but there are no physical branches, meaning everything’s managed online or through an app.
A Certificate of Deposit (CD) is a savings product where you agree to keep your money in the bank for a set period of time, such as six months, one year, or even five years.
In return, the bank pays you a guaranteed, fixed interest rate. Generally, the longer the term, the higher the rate you’ll earn. However, if you withdraw your money before the CD matures, the bank will charge a penalty.
This means that CDs are not a good option for emergency funds or money you may need access to in the near future. They work best when you know you won’t need the money and simply want it to grow safely over time.
Now let’s get into some of the best accounts that are currently being offered.
To begin, CIT Bank gives you multiple options for your savings with higher interest rates.
First, their Savings Connect account is a high-yield savings account offering 3.90% APY on balances over $100.
If you have a bit more to stash away, the Platinum Savings account offers 4.00% APY on balances over $5,000. There’s no account opening or maintenance fees, and the interest rate compounds daily.
They also offer a 13-month CD at 3.50% APY or an 18-month CD at 3.00% APY for a longer term if you want to lock in an interest rate. These CD Rates are lower than HYSAs because of the future rate cuts expected.
Next, Public is a fintech platform that offers a range of investments and savings products.
For starters, they offer a Public High Yield Cash Account that is currently paying a 4.10% APY with no minimum balance needed. Additionally, this account comes with no account fees and unlimited transfers and withdrawals.
While Public is not a bank itself, they partner with multiple banks to provide up to $5 million in FDIC insurance, which is far beyond the standard $250,000 limit.
For those comfortable with a little more risk, Public offers this Bond Account which owns a diversified portfolio of investment grade and high yield bonds with a 5.4% Yield.
Now many may know Robinhood as an investment platform, but they also offer a Brokerage Cash Sweep Program.
This program includes a savings account with a current rate for this is 4% APY. You do need to be a Robinhood Gold Member which costs $5 a month, but it may be convenient if you already have an account set up.
Moving on, we have the High Yield Cash account from M1 Finance. This may be one of the best offers available due to the APY Boost.
M1 Finance offers a high-yield savings account with 4% APY, but if you sign up using my partner link, you can get an extra 0.50% APY for the first 3 months, which totals to 4.50% after the Boost. There’s no minimum balance requirement and unlimited withdrawals in addition to Joint Accounts offered.
But one thing to be aware of is their Platform Fee. M1 Finance charges $3 a month if you have a balance under $10,000. So this can be a great place to get a competitive rate and an APY boost, but make sure you have plans to get over that $10k threshold.
Next up, Moomoo offers a Cash Sweep program with no minimum balance requirement, unlimited withdrawals, and no monthly subscription cost.
The base rate is currently 4.00% APY, but they are offering the highest interest rate boost to 8.10% APY for a limited time when you sign up using our link.
Similar to Robinhood, this isn’t a typical savings account with a bank, but your money is still FDIC insured through partners with network banks. So if you’re looking for the largest APY boost along with flexibility, Moomoo could be a solid pick.
Now let’s look into some more offers from actual banks
SoFi offers both a checking account and savings account with competitive interest rates.
The high yield account earns 3.80% APY, and the checking account currently earns 0.50% APY.
These accounts come with no monthly fees, no overdraft fees and no account minimums. You can also get paid up to two days early when you set up direct deposit, so there are a lot of good reasons to check out SoFi.
Ally Bank is another online bank with a smooth digital banking experience. They currently offer 3.50% APY with a high yield savings account. There are no fees or minimum balances, but there is a limit of 10 withdrawals per statement cycle.
Our favorite feature from Ally Bank is their “Buckets.”
These let you divide your savings into up to 30 customizable categories such as “Emergency Fund,” “Vacation,” or “New Car”, all within one account. Each bucket earns the same high interest rate, and there are no extra fees or minimum balances for using them.
This great way to organize and track multiple savings goals without opening separate accounts.
They also have Analysis and Visualization Tools to provide insights into your spending and saving habits. So while they don’t offer the most competitive rate, they offer some really unique features and tools that might make up for it.
The final bank on our list is Axos Bank, which offers their Axos ONE Savings Account. This account offers a very competitive APY of up to 4.46%, but only if you meet certain requirements.
To qualify, you’ll need a few thousand a month in monthly qualifying direct deposits and the same amount in an average daily balance maintained. There are no monthly maintenance fees, account opening fees, or overdraft fees.
All of the accounts are FDIC insured up to $265 million, so this account is built for the Major Savers out there.
They also offer free incoming domestic and international wire transfers which might be appealing depending on your personal situation. So if you can meet the monthly requirements and want an actual bank, Axos may be a great option for you.
