Best High Yield Savings Accounts – up to 5.05% APY

September 20, 2024

Here’s a list of the best high interest savings accounts. Get up to 5.10% APY with a basic savings account. There are also accounts with requirements that pay even more. We don’t receive any commissions for any of these, and ALL banks are included in this list.

Contents

1 Best Basic Savings Rates
- 1.1 Other Basic Options
- 1.2 Alternative High-Yield Options
2 Best CD Rates
3 Best Business Savings Rates
4 Requirement High-Interest (Nationwide)
5 Requirement High-Interest (Regional)

Best Basic Savings Rates

Leaving money in a regular bank account will usually get you a terrible interest rate. With a little research, we can find accounts that offer competitive rates. These are all ordinary savings accounts with no hoops to jump through, and they are FDIC/NCUA insured up to $250,000.

Please verify insured status for yourself with FDIC and with NCUA before using a bank or credit union. Also please read this article about the FDIC insurance on fintech banks as well.

Here are the best options available, rated in APY from highest to lowest:

- Patriot Bank – 5.05% money market
- Timbr – 5.05% bold savings
- Zynlo – 5.00% savings or money market ($100 bonus)
- Pibank – 5.00% savings (app only)
- Openbank/Santander – 5.00% high yield savings
- mph – 5.00% savings
- Newtek Bank – 4.90% savings (paused for new applicants)
- TotalBank – 4.86% money market (balances $2,500-$500,000; not available in FL)
- Brio – 4.85% high yield savings (minimum $5,000 to open)
- Brilliant – 4.85% surge money market
- Valley Direct – 4.80% APY savings (new customers) (12,000 MyPoints signup bonus)
- Jenius Bank – 4.80% savings
- Vio Bank – 4.77% APY money market
- Peak Bank – 4.75% Envision savings
- EverBank (TIAA) – 4.75% APY Performance Savings (see this comment)
- Modern Bank – 4.75% high yield money market (minimum $100,000)
- Quontic – 4.75% money market
- Poppy Bank – 4.75% premier savings ($25k monthly withdraw limit)
- Northern Bank Direct – 4.75% APY premier money market
- Primis Bank – 4.75% APY savings(review)
- MyBankingDirect – 4.65% APY savings
- Bask – 4.65% savings account
- Comenity ‘Bread’ – 4.65% APY savings
- Forbright Bank – 4.60% savings
- Ivy Bank – 4.60% savings ($2,500 minimum; nationwide except for CA)
- Popular Direct – 4.60% APY savings (see this comment)
- CIT Bank – 4.55% platinum savings ($5,000 minimum)
- CFG Bank – 4.52% APY high-yield money market (must maintain minimum $1,000)
- CIBC – 4.51% APY savings (minimum $1,000)
- Laurel Road – 4.50% high yield savings
- Merchants Bank – 4.50% APY money market
- Evergreen Bank – 4.50% high yield online savings
- VirtualBank – 4.50% APY eMoney Market
- Fierce – 4.50% cash account (requires iOS app)($30 Swagbucks bonus)
- Primis Bank – 4.50% APY checking (review)
- Barclays – 4.50% tiers savings ($200 bonus)
- Presidential Bank – 4.50% Advantage Savings ($25k-$250k; requires checking)
- Prime Alliance – 4.50% savings (minimum $10,000)
- Customers Bank – 4.48% savings ($25k minimum)(auto-adjusts with fed rate)
- Western Alliance – 4.46% high yield savings (review)
- Climate First Bank – 4.46% money market (or checking)
- Republic Bank – 4.46% APY money market (minimum $2,500)(nationwide except IL, IN, WI, MI)
- Colorado Federal – 4.45% APY savings
- BMO Harris – 4.45% alto online savings (select markets)
- Upgrade – 4.41% APY everyday/premier/performance savings (minimum $1,000)(see this comment)
- NASB – 4.40% E-Savings (check incognito) ($10,000 minimum) (see this comment)
- Redneck Bank / All America Bank – 4.40% APY money market, up to $100,000 (review)
- TAB Bank – 4.37% high yield savings
- Public – 4.35% high yield cash account
- One Finance -4.35% savings ($5,000 minimum, $100,000 max)(review)
- Flagstar – 4.30% savings (minimum $25k, guaranteed for 5 months, then it drops)
- Live Oak Bank – 4.30% APY savings
- Dollar Savings Direct – 4.25% APY savings (see this comment)
- Styl Bank – 4.25% APY
- Salem Five Direct – 4.25% APY eone savings (see this comment)
- Wealthfront – 4.25% APY cash account (signup bonus)
- Betterment – 4.25% saving account (our review)(temporary .75% boost)
- Sallie Mae – 4.20% APY money market
- Wise – 4.18% interest feature
- PNC – 4.15% high-yield savings (select areas)
- Western State Bank – 4.15% APY money market (our review)
- Apple Card/Goldman Sachs – 4.15% savings (our review)
- E*Trade – 4.10% APY savings
- Synchrony – 4.10% APY savings (Paypal version here)
- UFB – 4.01% APY savings account (see this comment and this)
- Empower/Personal Capital – 4.00% APY cash account (our review)
- Lending Club Banking – 4.00% APY high yield savings (see below for 5.30% option)
- Webull – 4.00% cash management account
- Vanguard – 3.90% Cash Plus account
- Citizens Access – 3.90% APY savings account
- Discover – 3.90% APY savings (review)
- Marcus Bank – 3.90% APY savings
- Citibank – 3.80% APY savings (not available in all states) (our review)
- American Express – 3.80% APY savings account
- Ally Bank – 3.80% APY savings or money market
- Capital One 360 – 3.80% APY savings
- TradeUp – 3.72% Cash+ program ($100k minimum)
- U.S. Bank – 3.50% Smartly Savings (minimum $25,000)
- U.S. Bank – 3.50% elite money market (minimum $50,000)
- Alliant Credit Union – 3.10% APY savings
- PenFed – 3.00% APY premium savings
- Blupeak – 2.75% money market ($300 bonus)
- T-Mobile Money – 2.50% APY savings for anyone (4% on up to $3,000 for T-Mobile customers; our review)
- Fidelity – 2.35% cash management account
- Chime – 2.00% savings
- American Express – 1.00% APY checking account (our review)

Other Basic Options

Lending Club – 4.75% Level Up Savings (requires $250 deposit prior month)(see this comment)
First Internet Bank – 4.69% money market with balances of $1M+
Maxmyinterest – 4.61% max savings (see this review first)
Farmers Insurance FCU – 4.50% 9 month no-penalty CD (membership via ACC)
Robinhood – 4.25% APY for those with Gold membership ($5/month; our review)
M1 Finance – 4.25% APY savings account (our review)
Morgan Stanley – 4.25% APY Preferred Savings Program
USAlliance – 4.15% 11-month no penalty CD
SoFi Savings – 4.00% with monthly direct deposit of any amount (our review)
Ally Bank – 4.00% 11-month no penalty CD (review)
Merrill Edge Preferred Deposit – 3.92% savings (initial opening needs $100,000)
Marcus – 3.90% APY 11-month no penalty CD
J.P. Morgan Premium Deposit – 3.80% ($100,000 minimum initial deposit)
Customers Bank – 2.00% APY checking (requires 2 bill payments, otherwise rate is 1%)

All of these rates will fluctuate over time, and we’re constantly updating this list. There is an advantage to a bank who has a proven track record of giving good interest rates since some of the top rates might be ‘bait-and-switch’ soon to be lowered. Banks like CFG, Discover, Marcus, Ally and some others have been known to offer competitive interest rates for many years. Their rates will also fluctuate but will likely always be a good rate. See also What’s The Best Simple High-Yield Savings Account?

Another thing to keep in mind is that while most banks automatically increase your rate as interest rates increase, some don’t. We wrote data points on which do and which don’t here. Keep that in mind when choosing a bank.

Most of these are savings accounts, with a few checking accounts mixed in. We wrote about options for getting a high yield on your checking account in this post.

Alternative High-Yield Options

Government Series I Bonds are currently offering 4.30%, you’re limiting to purchasing $10,000 annually (our review)
U.S. Treasury Bills (our review)
Brokerage Money market funds and Bond funds
U.S. Series EE Bonds
CD Annuities
Vanguard VMFXX – 4.55% (more options)
Fidelity SPAXX – 4.25% (more options)
Schwab SNVXX – 4.31% (more options)
SGOV etf treasury fund
Interactive Brokers – 4.08% for IBKR Pro (minimum $100,000 balance)

Best CD Rates

Nationwide CD Offers:

11 Months or Less

12-18 Months

Schwab up to 4.50% APY brokered CD 6-months (review)
Vanguard up to 4.55% APY brokered CD 6-months (review)
Fidelity up to 4.55% APY brokered CD 6-months (review)
Merchants Bank 5.13% flex CD 12/24/36 month (rate changes, tied to fed rate) (our review)

19+ Months

Farmers Insurance FCU 5.00% 3/6/9/12/18/24-month (membership via ACC)
Connexus CU 4.58% APY 24-month CD (minimum $5,000)(join w/ $5 donation)
Pelican State CU 4.33% 24-month CD
Comenity ‘Bread’ 4.10% APY 24-month CD
NASA FCU 4.09% APY 49-month CD (review)
Fidelity Bank 3.92% 25-month CD
BMO Alto 3.90% 24-month CD
American Express 3.74% 24-month CD

Best Business Savings Rates

NBKC Bank – up to 4.50% business CD
Wise business – 4.44%
Axos Bank – 4.01% business premium savings ($375 bonus)
Primis – 4.00% business savings
Bluevine – 4.00% APY business checking (requires $100k and $5k spend to waive $95 fee)
Live Oak Bank – 3.70% business savings
U.S. Senate FCU (USSFCU) 3.65% APY 24-month CD (join with ACC membership free)
TAB Bank – 3.50% money market
[CT, MA, RI, PA] Owners Bank – between 3.50% and 5.01%
Newtek Bank – 3.50% business savings
First Internet Bank – 3.40% APY money market
First Internet Bank – 3.25% APY money market savings ($4,000 minimum to waive fee)
Credit Karma – 3.00% savings for Quickbooks customers
Lending Club Banking – 3.00% APY business savings (review)
Panacea/Primis – 2.50% business savings
NBKC Bank – 2.00% business money market
Bluevine – 1.50% APY business checking (up to $250,000; requires receivables or debit spend)
American Express Business – 1.30% APY checking account (up to $500,000; plus 30k bonus)
Paramount Bank – 1.10% business money market ($5,000 minimum to avoid fee)
Axos Bank – 1.01% APY business checking (up to $50,000)
Lending Club Banking – 1.00% APY tailored checking (review)
Newtek Bank – 1.00% business checking

Requirement High-Interest (Nationwide)

Aside from basic accounts offering competitive interest rates, there are ultra high-yield options which are more involved and take time and patience to deal with. Bear in mind, all of the best options have velocity limits, sometimes it’s $5k, $10k, $15k, or $20k. You’ll never be netting more than $1,000 in annual interest from any of these accounts, and it’s usually much less than that. Someone who is impatient or doesn’t have spare time would best use a standard high-interest savings account options and forget about the velocity-limited accounts.

Below you’ll find all mega high interest accounts which are available nationwide, and in the next segment we list the regional options.

More Restrictive Options:

Requirement High-Interest (Regional)

Below are the regional accounts we’ve reviewed on the site. There are many more as well.

Parts of Nebraska, Iowa: Metro CU 6.00% 13-month CD
Texas, Oklahoma: Union Square Credit Union 4.50% APY On Balances Up To $25,000
North Carolina, South Carolina, Virginia, Georgia, Tennessee: Truliant FCU 6.25% CD
Louisiana, Arkansas: CNext Bank 7.00% APY Checking Account On Up To $30,000
Ohio: Buckeye State Bank 5% APY On Balances Up To $15,000
Iowa: Advantage Credit Union 6% APY 12 Month CD
Parts of Texas: Keystone 6% on up to $50,000
Texas, Mississippi, Louisiana: Origin Bank Performance Checking: 6% APY, Balances Up To $40,000
Texas, Nevada, Michigan: InTouch Credit Union High Yield Checking Account – 6.17% APY On Balances Up To $30,000
Iowa, Nebraska, Minnesota, South Dakota: Iowa State Bank 3.25% APY on up to $25k
Arkansas, Indiana, Nevada, North Carolina, Ohio, Michigan: United Federal Credit Union: Ultra Checking Account – Earn 3% APY On Balances Up To $15,000
Maryland, Delaware: Destinations Credit Union: 3% Reward Checking Account, Up to $10,000
Wisconsin, Illinois: Landmark Credit Union 7.50% APY High Rate – Balances Of Up To $500
Virginia, North Carolina: Beacon Credit Union 5.05% APY On Balances Up To $2,500
Wyoming, Nebraska: Meridian Trust Federal Credit Union 3% APY On Balances Up To $15,000
Illinois, Iowa: South East National Bank 3% APY On Balances Up o $10,000
Arkansas, Mississippi: First Financial Bank 4.33% APY on Balances Up To $15,000 – Direct Deposit Not Required
Parts of Arizona, California: Meriwest Credit Union 2.50% savings account on up to $5k [must be opened within 30 days of joining]
Arizona Branches: Sunwest Credit Union 5.12% APY 12-Month CD (Unlimited)

Maryland: Freedom Financial Credit Union 3% APY on balances up to $10,000
Michigan: First United Credit Union 4% APY + $50 Bonus ($10,000 Limit)
Michigan: Consumers Credit Union 4% APY
Michigan (nationwide?): Chief Financial Credit Union 5.00% APY – No Direct Deposit Required
Michigan: Arbor Financial CU 4% Checking On Balances Up To $15,000
Michigan: Financial Plus Credit Union 4.15% APY On Balances Up To $10,000
Michigan: Adventure Credit Union – 4% APY On Balances Up To $10,000
Michigan: Kellogg Community Credit Union 4% APY Checking Account On Balances Up To $15,000
Michigan: AAA High-Yield Checking – 2.85% On Balances Up To $10,000
Michigan: Dort Federal Credit Union 6.5% APY On Balances Up To $10,000
Minnesota: St Paul Federal Credit Union 4.99% On Balances Up To $20,000
Missouri: Legacy Bank & Trust i-Profit 4% APY on Up To $10,000
Missouri: Ozark Bank 3% APY Checking on Balances up to $10,000
Missouri: Hawthorn Bank 3.01% APY On Balances Up To $30,000
Nebraska: Liberty First Credit Union 3% APY On Balances Up To $30,000
In parts of New York: Solvay Bank 4% APY Checking on Balances up to $15,000
New York: Apple Bank Youth (6-17) Savings Account: 3% APY On Balances Up To $10,000
Ohio: Bridge Credit Union 10% APY Account On Balances Up To $1,500 (Lots Of Monthly Requirements)
Oregon: Oregon Community Credit Union (OCCU) – 5.25% APY On Balances Up To $500 Ignite Savings Account
South Dakota: Reliabank Ultimate Checking – 3.51% APY On Balances Up To $25,000 – Direct Deposit Not Required
El Paso, Texas only: Evolve FCU Rewards ePriority Checking Account – 3% APY On Balances Up To $10,000
Texas: Neighborhood Credit Union 4.25% APY On Balances Up To $50,000 + $200 Bonus
parts of Texas: Education Credit Union 5.00% APY on up to $50,000
Washington: STCU 5.09% APY on balances up to $500 with no requirements
Washington: Canopy Credit Union offering 4.00% APY on first $25k
Washington, Oregon, Idaho: Gesa 3.00% APY on $500 in Savings (no requirements) and $5,000 Checking (requirements) (our review)
Wyoming: WyHy FCU 3% APY SmartReturns Checking Account On Balances Up To $15,000 – Direct Deposit Not Required

Name*

Website

Name*

Website

18.3K Comments

newest

oldest most voted

Redd (@guest_1973808)

December 22, 2024 17:09

#1973808

VIO down to 4.66% APY

Diego (@guest_1973671)

December 22, 2024 01:04

#1973671

Primis savings new customers 4.70%
Valley Direct new customers 4.55%
Everbank 4.40%
Colorado Federal 4.40% (4.45% > 50k)
Barclays 4.35% (4.65% > 250k)
BMO Alto 4.30%
Republic Bank of Chicago 4.30%
Merchants Bank of Indiana 4.25%
Evergreen Bank 4.25%
Virtual Bank 4.25%
Fierce 4.25%
NASB 4.20%

Jay (@guest_1973664)

December 21, 2024 23:58

#1973664

This may be a bit out of the wheelhouse for some here, but what I’ve been doing is buying tranches of callable long duration GSE bonds with high rates knowing they are likely to be called. It’s typically resulted in 6-12 mo. then called, paying a good spread on treasuries. Been doing this since the fed rate ramp up and as we’re on the other side of the rate hill.

I recently picked up 5.85-6.15% bonds. Some I expect to get called after 3mo-6mo. The lower end rate bond becomes callable in 12mo. Federal Home Loan and Federal Farm Credit commonly.

If you have flexible capital needs, something to look into. Sometimes $10k min and $5k increments. Sometimes $1k min.

There is of course risk. But it’s broadly true that we’re in a decreasing rate period, so I find the interest rate and reinvestment risk tolerable. As for credit risk, I consider GSE pretty iron clad.

Tikky 🔗 👈 (@guest_1973698)

December 22, 2024 03:16

#1973698

Jay

Another thing to look into that’s semi-fed related is to follow the trading patterns of U.S. politicians. Some tend to have an extremely healthy earning track records with unusually good market timing that would blow the 6% way out of the water. Just sayin.

For $hits and giggles..
https://www.marketbeat.com/congress-stock-trades/
https://www.capitoltrades.com/politicians
https://www.quiverquant.com/congresstrading/
https://www.forbes.com/sites/investor-hub/article/what-is-autopilot-investment-app/

Jay (@guest_1973836)

December 22, 2024 18:41

#1973836

Tikky 🔗 👈

That’s pretty out of left-field. Risk-adjusted return is, risk-adjusted. You can try and mimic what insider knowledge politicians may corruptly use to trade, but discussing it in the same context of FDIC savings, treasuries, or GSE bonds is a complete non-starter.

mangorunner (@guest_1974395)

December 23, 2024 22:35

#1974395

Tikky 🔗 👈

What, no unusual whales? 😉
https://unusualwhales.com/politics

CF Frost (@guest_1973746)

December 22, 2024 11:47

#1973746

Jay

I don’t know why my post is being marked as SPAM – I guess this website can’t handle more than a few sentences.

CF Frost (@guest_1973750)

December 22, 2024 11:53

#1973750

Jay

Thank-you for posting this about Government-Sponsored Entities (GSEs).

Yes, you are way out of my investing wheelhouse when you mention GSE Bonds BUT luckily I was able to quickly Google what GSE Bonds are. I then spent 5 mins getting a rough idea of what GSE’s are and how I could benefit from learning more about GSE’s.

I’m looking for a relative safe position to park liquid cash. HYSA’s (IMO) are on the downturn and I’ve recently turned to SNSXX to park my liquid cash as a way to stay close to HYSA rates, while at the same time having the interest return from SNSXX be exempt from State Income Taxes – effectively making my interest earning just as high as the higher HYSA’s. This way, I can hopefully avoid chasing the latest HYSA rate when the old bank lowers their rates in this fast moving HYSA chasing game.

If there is a way I can invest in GSE’s, that are exempt from State Income Taxes and earn more than SNSXX – it would be a win!

Questions I need to learn now are:

– How quickly could I get out of GSE’s if I see an opportunity and need access to liquid cash?

– How much of a PITA is it, when your bond is called and you have to find another?

– I need to learn which bonds are exempt from State Income taxes as I quickly found out that these GSE’s are NOT exempt from State Income Taxes:

– GNMA (aka Ginnie Mae) = Government National Mortgage Association

– FNMA = Federal National Mortgage Association

– FHLMC (aka Freddie Mac) = Federal Home Loan Mortgage Corporation

At the same time, these GSE’s ARE exempt from State Income Taxes:

– FHLB = Federal Home Loan Bank

– FFCB = Federal Farm Credit Banks Funding Corporation

– TVA = Tennessee Valley Authority

– REFCORP = Resolution Funding Corporation

– FICO = Unsure on this one??

Now I need to educate myself some more and start practicing purchasing some through my broker!!
Does anyone have any potential issues I need to be aware of??

Jay (@guest_1973838)

December 22, 2024 18:49

#1973838

CF Frost

GSE bonds trade in a thin market and are not liquid like treasuries. That said you can sell them, but depending on your liquidity needs and the current market of rates and other macro economic news, you may be forced to accept a discount you aren’t content with. You essentially have to request bids on your bonds and then decide to accept any bid offers for your bonds.

You are correct on the state-tax exempt list. Fidelity shows FHLB and FFCB fairly routinely.

I would not look at this as a replacement for HYSA, money markets, CDs. Rather it is a supplement or maybe a replacement for your CDs where you’re not super concerned about access to the capital again.

In my view, if the GSE bonds are not called, I’m content to get paid the coupon rate, making the assumption that we’re in a decreasing rate environment and it’ll presumably still be pretty competitive for years forward. But I also doubt they’ll leave them uncalled for longer than 1.5-2 years given the routine nature of how often FFLB and FFCB call (high rate) bonds.

You can look at the activity of auctions and called bonds to get a sense of what coupon rates are being sold and called.

https://fhlb-of.com/ofweb_userWeb/pageBuilder/debt-securities-21
https://www.farmcreditfunding.com/ffcb_live/browseSecurities.html#activitytab

Harcourt Fenton Mudd (@guest_1973606)

December 21, 2024 19:00

#1973606

Open Savings down to 4.75 APY
So far, I’m liking this bank because app works well and then you can also access on web.
But the jury is still out on how frequently they will drop the rate.

Peter (@guest_1973652)

December 21, 2024 22:49

#1973652

Harcourt Fenton Mudd

based on the fed meeting minutes, seems like it will be twice next year lol. interestingly they announced the drop before the fed did, but everyone knew it was happening. I’m thinking same will stick with them as my main high interest account.

Grateful (@guest_1973596)

December 21, 2024 18:15

#1973596

The 4 highest APYs for accounts opened through Maxmyinterest as of today are Veritex Community Bank 4.41%*, Fieldpoint Private 4.40%*, UFB Direct, a division of Axos Bank 4.31%*, Customers Bank 4.11%.