Best High-Yield Savings Accounts for February 2025NEWS | 23 February 2025The best high-yield savings accounts have a strong interest rate, good perks, and low fees.
High-yield savings accounts are a good place to keep emergency money or savings for things you want to accomplish in a short timeframe.
The Federal Reserve maintained interest rates last month, meaning national savings rates will likely continue to hold competitive rates during February.
Another Fed meeting is taking place on March 18 and 19. According to the CME FedWatch Tool , there's over 70% chance the Fed will keep rates the same. Projections may change as the March Fed meeting approaches.
With all that said, high-yield savings accounts are still worth opening regardless of market conditions because they pay more than traditional savings accounts.
We report on the highest-yielding nationwide savings account rates currently available, as well as any local market leaders. We've listed the highest interest rates for savings accounts, as well as two high-yield accounts from popular national brands (Barclays and Santander Bank). All of the banks and credit unions listed offer at least 4.40% APY (Annual Percentage Yield), significantly higher than the national average.
Featured Nationally Available Deposit Rates
Best Online High-Yield Savings Accounts
Business Insider's personal finance team reviewed 230 savings accounts and narrowed out top picks down to 10. The top options offer no monthly maintenance fees and low minimum opening deposits.
Many of the best banks and credit unions for high-yield savings accounts are online. Our top picks for savings accounts are federally insured by the FDIC or NCUA. Federal insurance protects up to $250,000 per depositor in the event of a bank failure.
Best Savings Account Rates
Here are the best high-yield savings accounts as picked by Business Insider editors in 2025.
The highest interest rate on a savings account isn't offered by a nationwide financial institution — it's offered by a local credit union.
The Community Financial Credit Union High Yield Savings Account offers up to 10.00% APY. You'll need to make a $5 minimum opening deposit to open the account, but once you do you'll earn 10% APY on the first $1,000 in your account. For any balance over $1,000, you'll earn 0.10% APY, which is lower than the national average saving rate of 0.41% APY, according to the FDIC. The account has no monthly service fee.
To join this credit union, you'll need to live, work, attend school, or worship in Michigan, have an immediate family member who qualifies to join the credit union, or live in the household of a current member. If you own a business, you can join through your company if it regularly does business in Michigan.
Community Financial Credit Union has a B- rating from the BBB because it hasn't responded to one complaint filed against it. It does not have any recent controversies.
Top Savings Account Reviews
DCU Primary Savings Account
The DCU Primary Savings Account is the only savings account that pays 6% interest.
You can earn 6.17% APY on balances up to $1,000 with DCU Primary Savings Account. If you have an account balance above $1,000, the interest rate drops to 0.15% APY. This account doesn't charge monthly service fees.
To open the Digital Federal Credit Union Primary Savings Account, you'll have to meet certain membership eligibility requirements. You must live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization.
Digital Federal Credit Union currently has an A+ rating from the BBB. The credit union hasn't been involved in any recent public controversies.
Varo Savings Account
The Varo Savings Account is one of the last high yield savings accounts to offer 2.50% to 5.00% APY. It also comes with automatic savings tools that automatically transfer money from your paychecks and purchases to your savings account, if you choose to use them.
You'll need to meet some requirements to earn the highest APY, though. First, you'll need to get at least $1,000 in direct deposits each month and end the month with a positive balance in all of your Varo bank accounts. Then, you'll earn the high APY — but only on the first $5,000 in your account. You'll earn a much lower rate on any money over that $5,000.
Varo has an A- rating from the BBB because of the large number of complaints filed against the bank. it has no recent controversies.
Varo Bank Review
Axos ONE Savings and Checking Bundle
The Axos ONE Savings and Checking Bundle is a hybrid savings account and checking account, which means you can't open an Axos ONE savings account without an Axos ONE checking account. You could earn a high rate with the Axos ONE Savings and Checking Bundle; your savings account balance can earn up to up to 4.86% APY, while your checking account balance can earn up to 0.51% APY. The account also comes with other perks, like early direct deposit and enhanced FDIC coverage.
In order to earn a good interest rate, you'll need to receive at least $1,500 in direct deposits before the 25th of the month. You'll also need to maintain an average daily balance of $1,500. If you can't meet those requirements, you'll only earn 1.00% APY on your savings balance, and you won't earn any interest at all on your checking balance.
Axos Bank has an A+ rating from the BBB. It does not have any recent controversies.
Axos Bank Review
Openbank High-Yield Savings Account
The Openbank High Yield Savings has a high savings account interest rate of 4.75% (vary depending on location) APY. It doesn't charge any monthly service fees, either.
The Openbank High Yield Savings comes with some downsides that might not make it a good choice for you. You'll only be able to bank using Openbank's mobile banking app, and you'll need a phone that has either fingerprint or face recognition technology. If you don't have a phone with those features or don't want to use those features, you'll want to go with a different bank. You might also struggle to get money in and out of the account; you won't have access to ATMs or mobile check deposit with this account, and Openbank doesn't have a checking account you can transfer your money into easily.
Openbank does not have a rating from the BBB. Its parent bank, Santander Bank, has no rating from the BBB because it is in the process of responding to previously closed complaints. Neither Openbank nor Santander Bank have recent controversies.
Openbank Savings Account Review
Pibank Savings
Pibank Savings offers one of the highest-yield savings account rate nationally. This account pays 4.60% APY, has a $0 minimum opening deposit, and no monthly service fees.
If you haven't heard of Pibank before, it's an online brand of Intercredit Bank, a financial institution in Miami.
While this account offer a competitive interest rate and has relatively flexible opening requirements, there a couple of downsides to take note of. Pibank Savings doesn't support payments through Bill Pay or Zelle. You also may be charged fees by your external financial institution for outgoing and incoming wire transfers.
The BBB gave Intercredit Bank an A+ rating. Pibank hasn't received an individual rating from the BBB yet.
BrioDirect High-Yield Savings Account
The BrioDirect High-Yield Savings Account offers a competitive rate of 4.55% APY and doesn't charge monthly maintenance fees.
You might consider another bank if you'd like to open a high-yield savings account with a low minimum opening deposit. The BrioDirect High-Yield Savings Account requires $5,000 to open an account.
The BBB also gave BrioDirect's parent company, Webster Bank, a B- rating because it received numerous customer complaints and hasn't resolved one of the complaints.
Webster Bank has also been involved in a recent controversy. In January 2024, Webster paid $1.4 million in a settlement over a class action lawsuit. The lawsuit was over a ransomware attack on Webster Bank that resulted in some customers of the bank having their personal information stolen.
BrioDirect Review
Jenius Savings Account
The Jenius Savings Account is a good choice if you're interested in an individual or joint savings account. Jenius Bank doesn't require a minimum opening deposit, has no monthly service fee, and compounds interest daily — all of these, along with its high interest rate, make Jenius a good pick.
Jenius Bank isn't available for everyone, however. Residents of Hawaii and New Mexico won't be able to use Jenius.
Jenius Bank doesn't have a BBB page itself. However, Jenius Bank is a division of SMBC MANUBANK, which currently has an A+ rating from the BBB.
Neither Jenius Bank nor SMBC MANUBANK have any recent controversies.
Jenius Bank Review
LendingClub LevelUp Savings Account
The LendingClub LevelUp Savings Account could be a good option for people planning on using it as their primary savings account.
The LendingClub LevelUp Savings Account comes with a minimum opening deposit of $0 and no monthly service fee, making it a good choice for people looking for a low-fee savings account. It also comes with a free ATM card, which is useful for people who don't mind using an online bank but who want to be able to withdraw cash.
You'll need to meet some requirements to get the highest interest rate, though. In order to get the full 4.50% APY, you'll need to deposit at least $250 each month. If you don't, you'll earn 3.50% APY — still a good rate, but not as high as some of the other accounts on this list.
LendingClub has an A+ rating from the BBB. It doesn't have any recent controversies.
LendingClub Bank Review
Vibrant Credit Union Preferred Savings
The Vibrant Credit Union Preferred Savings account could be a good option for you if you have a small amount of savings you'd like to earn a good rate on. The account has no monthly service fee and a $0 minimum opening deposit, making it a low-fee account. You don't need to meet any special requirements to earn the highest interest rate on the first $15,000 in the account.
Once your balance goes over $15,000, you'll be earning a significantly lower rate of 1.00% APY. If you're planning on keeping a significant amount of money in your savings account, you might prefer one of our other picks.
Credit unions require membership to open bank accounts. You can join Vibrant Credit Union by becoming part of the Illinois Consumer Council. If you join it through a Vibrant Credit Union application, it will pay any associated fees for you. You can also join by living or working in certain parts of Illinois, Indiana, Iowa, or Wisconsin, by being a member or employee of a select employee group or association, or by having a domestic partner or immediate family member who's already a member of the credit union.
Vibrant Credit Union has an A+ rating from the BBB. It doesn't have any recent controversies.
Barclays Tiered Savings Account
The Barclays Tiered Savings account pays a great interest rate if you can meet the requirements, and there's a $0 minimum deposit and no monthly maintenance fee. You can also get a $200 bonus when you open a new Savings account with qualifying activities (offer expires 3/8/25). Qualifying activities include depositing and keeping a balance of $25,000 in the account for a certain amount of time.
To earn the highest interest rate, you'll need to have at least $250,000 in your account. You'll still earn a good interest rate if you can't meet that requirement, but the lower rate isn't as good as what our other top picks offer. Additionally, FDIC insurance doesn't cover amounts over $250,000 for single depositors, so you'll have to be OK with some of your money being uninsured — or try to keep the money in your account at exactly $250,000 — if you want to earn the highest rate.
The bank has been involved in one recent public controversy. In 2022, the Securities and Exchange Commission required Barclays to pay $361 million in a settlement that accused the bank of having unregistered sales of securities.
The Better Business Bureau gives Barclays an A+ rating.
Barclays Savings Review
Understanding High-Yield Savings Accounts
What Is a High-Yield Savings Account?
High-yield savings accounts are a type of bank account. You can distinguish them from traditional savings accounts because they pay a higher yield. That's because they're generally offered by online banks and credit unions, so these financial institutions don't generally have to pay for all of the expenses that brick-and-mortar banks and credit unions do.
Besides its ability to earn more interest, a high-yield savings account is structurally similar to a traditional savings account. It still has FDIC or NCUA insurance, and you need to pay attention to minimum opening requirements, minimum balance requirements for earning interest, and common bank fees.
Benefits of a High-Yield Savings Account
Higher Interest Rates Than Traditional Savings Accounts
A traditional savings account from a brick-and-mortar financial institution typically pays a low interest rate. For example, big banks like Chase and Bank of America pay less than 0.05% APY on their standard savings account.
You'll earn significantly more with a high-yield savings account. The highest savings rates land between 4% to 5% APY.
Safe and Secure
Like other bank accounts, almost all high-yield savings accounts are either FDIC-insured or NCUA-insured, depending on whether you're banking with a bank or a credit union, respectively. This means your money will be ensured up to $250,000 for an individual bank account or up to $500,000 for a joint bank account.
Ideal for Growing Your Money
High-yield savings accounts can be great for when you want to earn some money on your savings without risk and while still having easy access to it. This makes it ideal for emergency funds; you don't want to risk your emergency funds on investing, and you want to be able to access your emergency funds if something major happens. With high-yield savings accounts, you'll still be able to make money off your money without sacrificing safety and access.
How Savings Accounts Work
A savings account rate is variable, which means it can fluctuate after it is opened. Your bank will usually email you to tell you the rate will go up or down soon.
Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you'll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.
The Board of Governors of the Federal Reserve has recently amended Regulation D, so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.
What to Look for in a High-Yield Savings Account
The Different Types of Savings Accounts
There are six types of savings accounts: traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you depends on your banking preferences, goals, and when you'll need to access your money.
A high-yield savings account, for example, is a strong choice if you're comfortable with banking digitally and want to obtain a high interest rate.
High-Yield Savings Account Fees
Depending on where you bank, some savings accounts may charge monthly bank maintenance fees. A monthly service fee is an amount you'll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements, while others cannot be waived. Bear in mind that some savings accounts do not charge certain fees at all.
Minimum Balance Requirements for Earning Interest
Some banks will require you to keep some money in your savings account to get the highest savings account interest rate. Savings account promotions are also more common in a competitive interest rate environment. You might see some companies pay a bonus rate for a new account for the first couple of months. These specials are to attract new customers. To make sure you're getting a top rate, find out what the interest rate will be once the promotion is over so you know there isn't a significant decline in APY.
Accessibility and Customer Service of the Bank
You should also factor in the overall customer experience at the bank.
High-yield savings accounts are more commonly found at online banks. You might find some brick-and-mortar financial institutions with these accounts, or a few institutions that offer a hybrid experience, but for the most part, be prepared for a primarily digital banking experience.
Some banks offer 24/7 customer support by phone or through live chat, so you may look into these options if traditional banking hours don't work well with your schedule.
You can also check a bank holiday schedule to see if it has a flexible branch calendar. Some banks are open on holidays when other banks aren't, or they'll stay open for longer while other banks may close early before a holiday weekend.
If you value strong mobile banking, you might prefer a bank with one of the best mobile banking apps. It should also be noted that some smaller local institutions and new online banking divisions don't have mobile apps for their high-yield savings accounts. That could be a disadvantage because that's one less way to manage your account.
Accessibility for cash deposits and withdrawals also varies widely between online banks.
A handful of high-yield savings accounts have debit cards or ATM cards, but for the most part, this isn't a common feature. Typically, you'll need to own a checking account with the same bank or make an external bank account transfer to take out cash.
Depositing cash through a high-yield savings account can also involve extra steps, depending on the bank. Some banks do not let you make cash deposits on online high-yield savings accounts, so you have to deposit cash to the bank's checking account or to an external bank account from a different bank and then transfer money.
A couple of online banks may have more ways for making cash deposits. For example, a few let you make cash deposits at ATMs in their network. You also might be able cash deposits at stores — usually there's a fee of around $5 per transaction, though.
How to Choose the Best Savings Account for You
The interest rate isn't the only thing that matters in a high-yield savings account. When choosing an account, make sure you can afford the minimum deposit. You should also check whether there is a monthly service fee — and if so, find out if you qualify to waive it — or any requirements to earn the highest interest rate.
It may also be helpful to look at what the requirements are for opening a savings account at a particular financial institution. Some banks allow immigrants and non-U.S. citizens to open an account with a Matricula Consular or foreign passport instead of a U.S. ID. You can also open a second chance bank account, which doesn't use ChexSystems to review your banking history. These may be options to consider if you're struggling to open a bank account at a financial institution.
Some institutions also limit the number of monthly withdrawals/transfers you can make from your high-yield savings account before charging you a fee. You want an account that will result in a high interest rate and few to no fees so you can earn as much as possible. You'll also want to consider accounts tailored to your specific circumstances; for example, if you're in the military, you might want a savings account from one of the best military banks.
High Interest Savings Account Interest Rate Facts
Generally, you'll find the best nationwide savings interest rates at online banks. That said, a local credit union currently offers the highest interest rate on a savings account overall. You may get up to 10.00% APY on up to $1,000 in your savings if you join Community Financial Credit Union. Membership, however, is limited to people who live, work, attend school, or worship in Michigan, have an immediate family member who qualifies to join, or live in a household with a current member. You can also join through your company if it does regular business in Michigan.
What is a Good Interest Rate on a Savings Account?
A good interest rate is one that pays above the average savings account interest rate. The average savings account in the United States offers 0.41% APY, but good accounts tend to pay between 3.75% to 5% APY.
If you're more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate because online banks and credit unions usually offer higher rates.
Applying for a High-Yield Savings Account
Once you're ready, you can apply for a high-yield savings account online. Typically, the bank will specify whether you can apply for individual and joint bank account, and if there are any age requirements to open a high-yield savings account. Some banks will only let you open a high-interest savings account if you're at least 18 years old.
The application for opening a savings account requires basic information and proof of identity like your full name, home address, and job information. Online forms also generally require your Social Security number and driver's license information, although some banks let you use an Individual Taxpayer Identification Number instead of a Social Security number. You might also need to share copies of these documents if a bank asks for it. Some permit an alternative ID if you don't have a U.S. ID, like a foreign passport or Matricula Consular.
Once you're approved to open an account, you'll be able to deposit money to a high-yield savings account. Some banks don't require an initial deposit, but if yours does, you can link an external bank account and make an ACH transfer as a funding method. If you choose an in-person bank, you might be able to deposit money at a branch as a funding method.
If you'd like to have help opening a savings account, you can generally open a savings account at an in-person bank branch if your bank has it, or you can open an account over the phone.
Maximizing Your Earnings with High-Yield Savings Accounts
To maximize your earnings with a high-yield savings account, shop around to find one that pays a high rate and doesn't charge monthly service or excess withdrawal fees for taking money out regularly. You may find it helpful to set up automatic transfers from your checking account to your high-yield savings account. If you receive your paycheck as a direct deposit, you can also ask your employer to send a percentage of your paycheck to your high-yield savings account each pay period. As your balance grows with automatic savings and direct deposits, you'll earn more interest.
Strategies for Consistent Savings
If you're looking for ways on how to save money and be more consistent with your habits, consider the following tips:
Set savings goal. Creating a financial goal can be a helpful way to make saving money more tangible. To make a good saving goal, you should be precise instead of vague. Have a clear purpose for your goal, attach a dollar amount, and set a timeframe for when you want to achieve your goal.
Creating a financial goal can be a helpful way to make saving money more tangible. To make a good saving goal, you should be precise instead of vague. Have a clear purpose for your goal, attach a dollar amount, and set a timeframe for when you want to achieve your goal. Automate your savings. Some financial planners recommend setting up automatic transfers from your checking account so that after every paycheck, you have some money moved to your savings account. This is often called the pay yourself first strategy since you're prioritizing saving money over spending.
Some financial planners recommend setting up automatic transfers from your checking account so that after every paycheck, you have some money moved to your savings account. This is often called the pay yourself first strategy since you're prioritizing saving money over spending. Adapt a budgeting strategy. You could also use a budgeting method like the 50/30/20 rule if you want more structure to your money management. The 50/30/20 rule splits your after-tax income so 50% goes to needs, 30% goes to wants, and 20% goes to savings and debt. There are other rules that split your after-tax income into different percentages and criteria, or you can also do your own spin on a rule so it matches your lifestyle and circumstances.
Avoiding Common Pitfalls on Savings Accounts
A savings account's purpose is to give you a safe place to save money over time. If you're racking up bank fees or having a tough time managing your account, then your savings account isn't serving you. Write down the pros and cons of your current savings account, and explore other options to see if you can find a better fit.
Another thing to keep in mind is that savings accounts aren't necessarily the best place to keep money for long-term financial goals. If you have a long-term goal and are comfortable taking on some risk, you can earn higher returns if you invest in stocks.
Once you have a savings account, don't forget that you'll need to report your interest as taxable income to the Internal Revenue Service when you're filing your tax return. You'll have to file a Form 1099-INT, which will ask you to report your interest earnings during the year.
HYSA Rates and the Federal Reserve
How The Federal Reserve Affects Savings Rates
The Federal Reserve is the central banking system of the U.S. It sets its own interest rates based on current economic conditions, taking into account things like inflation and employment. It meets several times a year, and when it meets, it announces whether it's decided to raise interest rates, lower interest rates, or keep interest rates the same.
Whatever the Fed does, banks and credit unions usually follow suit. If the Fed lowers rates, you're likely to see lower savings account rates, but if it raises its rates, then you're likely to see higher savings rates too.
How HYSA Rates Have Changed
Savings rates hit a historic high in 2023 following years of the Fed raising rates, topping out around 5.5% APY. In comparison, between 2014 and 2021, the highest the Fed ever set its rates was 2.5%. Historical savings rates follow similar patterns to historical Fed rates.
The Federal Reserve maintained rates for a good part of 2024. Savings rates started lowering in anticipation of a rate cut, but for the most part, the highest savings account rates still clung to around 5% APY. In late 2024, the Federal Reserve lowered rates for the first time after closing in on rate of inflation and unemployment targets. The Fed lowered rates three times in 2024. Savings accounts, as a result, dropped more significantly, ranging just under 4% or 5% APY.
At the first meeting of 2025, the Federal Reserve maintained interest rates. While rates are still high — Fed rates are currently targeted at 4.25% to 4.50% — we're likely to continue seeing interest rate decline in the coming years. This means savings rates will continue to trend downward.
What to Do When Your High-Yield Savings Account Rate Drops
Interest rates on high-interest savings accounts closely follow the federal funds rate. This means rates are variable and can change several times per year at the whim of the Federal Reserve. Keeping track of when the next Fed meeting will happen and whether rates can change can help you better understand fluctuations in high-yield savings account rates.
If the interest rate on your savings account drops significantly, you may decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. Typically, online banks and credit unions offer the highest interest rates for savings accounts. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account's rate drops afterward.
You also might consider other types of savings account options. For example, buying savings bonds or comparing CDs vs high-yield savings accounts may be worth doing if you've already established your emergency fund.
Alternatives to High-Yield Savings Accounts
High-Yield Savings Accounts vs. CDs
The best CD rates are comparable to the best high-yield savings account rates. You might prefer a CD if you want to lock in a high rate for a set period of time, since CDs offer fixed rates. You won't risk your rate decreasing as you would with a savings account. But CDs offer less flexibility.
You can't put more money into a CD after the initial opening deposit, and you'll pay a penalty if you take out money before the term ends. So, if you open a 3-year CD, you won't be able to take your money out of the CD until three years have passed without paying early withdrawal penalties.
That being said, something like a CD ladder, which is where you buy multiple CDs with different term lengths, could give you more liquidity while still letting you lock in good rates.
If you're trying to decide between CDs versus high-yield savings accounts, your choice could come down to when you need to deposit and/or withdraw money. (We also have a full explanation of how no-penalty CDs compare to savings accounts.)
High-Yield Savings Accounts vs. Money Market Accounts
Money market accounts are similar to high-yield savings accounts, but they typically make it easier to access your savings. The best money market accounts come with features checking accounts might have, such as an ATM card, debit card, or paper checks.
High-Yield Savings Accounts vs. High-Yield Checking Accounts
The best high-yield checking accounts are great tools for earning even more interest on your money. But checking account balances are often lower than savings account balances because you use them to spend money. If you're serious about using interest to grow your balance, a high-yield savings account is usually the better bet.
High-Yield Savings Account FAQs
What is the top high-yield savings account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. The current top high-yield savings account rate is from the Community Financial Credit Union High Yield Savings Account, which offers up to 10.00%. You'll need to live in Michigan to open an account, though.
Will savings interest rates go down in 2025? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Yes, the savings rate forecast for 2025 indicates rates are expected to decline throughout the year. Savings account rates peaked, and as market conditions change, it's expected that banks will steadily lower rates in response to Fed rate cuts.
Can you lose money in a high-yield savings account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. It's safe to keep all of your money in a high-yield savings account if your balance is $250,000 or less (for an individual account) or $500,000 or less (in a joint account). The FDIC and NCUA insure up to $250,000 per owner, per category. So if your bank fails, all of your insured money would be safe. If you have more than the FDIC or NCUA would insure, consider opening a second account at another institution or investing some money if it makes sense for you.
What are the benefits of a high-yield savings account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. The benefits of a high-yield savings account are that you can earn a high interest rate on your money while still being able to access it if you need to. Your money is also safe in a high-yield savings account, as it is FDIC-insured up to $250,000 for a single-owner bank account and $500,000 for a joint-owner account.
Are there any fees associated with high-yield savings accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Some fees associated with high-yield savings accounts include monthly maintenance fees, excess transaction fees, paper statement fees, and inactivity fees.
Can I access my money easily with a high-yield savings account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Some banks let you easily access money in your high-yield savings account because they have physical locations or offer multiple ways to make deposits or withdrawals. Others might not offer many ways to access your money, so you'll have to rely a lot on transferring money to external bank accounts, which can be tedious.
Why You Should Trust Us: Experts' Advice on Choosing the Best High-Yield Savings Account
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.
BI
Tania Brown, CFP® professional, vice president of coaching strategy at OfColor
Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life"
Sophia Acevedo, banking editor, Business Insider
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here's what our expert panel had to say about high-interest savings accounts. (Some text may be lightly edited for clarity.)
Generally, what makes a high-yield savings account good or not good?
Roger Ma, CFP® professional with and author of"Work Your Money, Not Your Life":
"It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don't want to have so much friction where it's such a pain to get the money out when you need it."
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can't save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that's not a really good savings account, because it's not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?"
Sophia Acevedo, banking editor, Business Insider:
"I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles."
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, CFP® professional, vice president of coaching strategy at OfColor:
"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."
Sophia Acevedo, Business Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
Our Methodology: How We Chose the Best Savings Accounts
There are many high-yield savings accounts available across financial institutions. Through our research, we've found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you're more comfortable banking with a national brick-and-mortar bank, you'll likely have to consider a premium savings account to earn a more competitive interest rate.
Business Insider's personal finance team is editorially independent, meaning that the business team doesn't tell the team's writers and editors what to write. You can learn more about how we review products through our editorial standards page.
We have reviewed around 230 savings accounts to identify the strongest options. While interest rates (specifically, APY) are an important aspect of any savings account, we also consider minimum deposits, monthly service fees, customer support availability, mobile app ratings, ethics, security, and miscellaneous features.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
We rate bank products on a scale from one to five stars, with one star being the lowest rating, three stars being an in-between rating, and five stars being the highest rating possible. See our bank account methodology to learn more about how we rate savings accounts.
Kit Pulliam Banking reporter Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. Experience In college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter. Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject. They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs. As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money. Expertise Their work has been featured in Business Insider and MSN. They were part of the My Financial Life series with Business Insider. Their expertise includes: Certificates of deposit
Savings accounts
Checking accounts
CD rates
Bank reviews Education Kit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis. Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area. Read more Read less Evelyn He Compliance and Operations Associate Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions. Experience As part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney. Expertise Evelyn is an expert in the following areas: Compliance
Quality assurance
Affiliate marketing
Search engine optimization (SEO)
Content strategy Education Evelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University. Evelyn has two dogs, Money and Tibber. Read more Read lessAuthor: Operations Associate. Kit Pulliam. Sophia Acevedo. Evelyn He. Banking Reporter. Read More. Read Less. Compliance. Source
