4 Percent Interest Savings Accounts
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Looking for a way to make your money work harder for you? Boost your funds with these 4% interest savings accounts.
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- CIT Bank Platinum Savings:
4.55% APY - CFBank National Association:
High-Yield Savings Account - 4.50% APY - Prism Bank:
High-Yield Savings Account - 4.49% APY - Patriot Bank:
Money Market Account - 4.46% APY - Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - American First Credit Union:
Money Market Deposit Account - 4.45% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Upgrade:
Premier Savings - Up to 4.41% APY
Best 4% Interest Savings Account
Many banks are offering competitive APYs. Here are the best 4% interest savings accounts to help you achieve your goals.
Western Alliance Bank: High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CFBank National Association: High-Yield Savings Account - 4.50% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Dayspring Bank: High-Yield Savings Account - 4.45% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
InRoads Credit Union: High-Yield Savings Account - 4.45% APY
- 24/7 online access to funds
- NCUA insured
DR Bank: High-Yield Savings Account - 4.42% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Paprika Capital Bank: High-Yield Savings Account - 4.36% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Mission Valley Bank: High Yield Savings Account - 4.26% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Are There Even Better Rates?
Looking for even higher interest rates? Earn more with these savings accounts:
- Quontic:
Money Market Account - 5.00% APY
How Much Do You Earn With A 4% Interest Savings Account?
You can easily grow your money with a 4% interest savings account. Use this calculator to check how much you can earn:
Here's a table of how much you would have with 4% interest and different monthly contributions:
| Monthly contribution | 1 year | 3 years | 5 years |
|---|---|---|---|
| $1,000 Initial Deposit | |||
| $0 | $1,040 | $1,127 | $1,221 |
| $100 | $2,265 | $4,952 | $7,863 |
| $300 | $4,713 | $12,601 | $21,146 |
| $500 | $7,162 | $20,250 | $34,429 |
| $1,000 | $13,283 | $39,374 | $67,638 |
| $5,000 Initial Deposit | |||
| $0 | $5,204 | $5,637 | $6,106 |
| $100 | $6,428 | $9,462 | $12,748 |
| $300 | $8,876 | $17,111 | $26,031 |
| $500 | $11,325 | $24,760 | $39,315 |
| $1,000 | $17,446 | $43,884 | $72,523 |
| $10,000 Initial Deposit | |||
| $0 | $10,408 | $11,274 | $12,213 |
| $100 | $11,632 | $15,099 | $18,855 |
| $300 | $14,080 | $22,748 | $32,138 |
| $500 | $16,529 | $30,398 | $45,422 |
| $1,000 | $22,650 | $49,521 | $78,630 |
| $20,000 Initial Deposit | |||
| $0 | $20,816 | $22,549 | $24,427 |
| $100 | $22,040 | $26,374 | $31,069 |
| $300 | $24,488 | $34,023 | $44,352 |
| $500 | $26,937 | $41,673 | $57,636 |
| $1,000 | $33,058 | $60,796 | $90,844 |
Can You Lose Money In a 4% Savings Account?
As long as the bank is FDIC-insured (or NCUA-insured for credit unions), your money is safe in a 4% savings account. This is because your funds are protected by the federal government up to $250,000 per depositor, per ownership category.
Anything over $250,000 is not guaranteed. So if you have a lot to save, it would be best to divide them into different savings accounts.
That said, you can lose money if you fail to meet minimum balance requirements. In that case, you may be charged a monthly fee.
Pros and Cons
Pros
- Boost your funds without much work
- Your money is easily accessible
- Accounts are easy to open
- Helps you save faster for short-term goals
- Savings are FDIC-insured up to $250,000
Cons
- APY can change at anytime
- Usually offered by online-only banks
- Usually limited to 6 withdrawals per statement month
- Possible initial deposit or balance requirement
- Possible monthly maintenance fees
How to Choose A 4% Interest Savings Account?
Here are some things to consider when choosing a high-yield savings account:
APY
A solid APY is probably the most important factor so you can earn as much as possible. But note that some banks require you to maintain a certain balance to earn the highest APY they offer.
Monthly Fee
Many high-yield savings accounts have no monthly fees or initial deposit requirements. But, some may require a minimum balance to waive the fee.
Digital Banking Experience
Most high-yield savings accounts are from online banks, so it's ideal to find one with good online/mobile banking features.
You can check the ratings of banking apps and what features/tools they offer to help you in making a decision.
Customer Service
Should you have any questions or concerns regarding your account, you need a bank that offers good customer service. Luckily, there are banks with live agents available 24/7 via call or online chat.
Unfortunately, majority of banks with high-yield savings accounts operate purely online. This means that the most common way to open an account is through their website.
How to Apply for a 4% Interest Savings Account Online?
Banks have different ways on how you can open an account. But, the online process is generally the same, so here's how to do it:
- Go to the website of your chosen bank and select your preferred savings product.
- Fill out the online application form.
- Fund your account.
- Be 18 years or older
- A US residential address
- A valid government ID
- A Social Security or Tax Identification number
- An initial deposit (if required)
Who Should Get a 4% Interest Savings Account?
Savings accounts with 4% interest are best for people who are determined to make their money work harder. It is an easy way to slowly boost your funds without much effort.
This type of account is ideal for emergencies or short-term goals. You can easily access your money should you need to.
Plus, a lot of banks that offer high-yield savings accounts have tools, like auto-savings, to help you work towards your goals.
Alternatives to 4% Interest Savings Accounts
There are other types of savings accounts that let you earn similar interest rates. Here are some alternatives:
Certificate of Deposit
If you have a long-term financial goal, opening a Certificate of Deposit would be a great option. CDs allow you to earn a fixed interest rate for a specific period of time.
However, you must keep your funds "locked up" until your account matures. This means your money won't be easily accessible, unlike with a high-yield savings account.
- Western Alliance Bank:
High-Yield CD Rates - Up to 4.05% APY - SkyOne Federal Credit Union:
1-Month High-Yield CD - 4.50% APY - Technology Credit Union:
5-Month No Penalty CD - 4.25% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Blue Federal Credit Union:
9-Month No Penalty CD - 4.00% APY - Discover Bank:
1 Year CD - 4.10% APY - Quontic:
6 Month CD - 4.45% APY - Consumers Credit Union:
9-Month Super Jumbo CD - 4.75% APY - mph.bank:
60-Month Callable CD - 4.42% APY - First Mid Bank & Trust:
9-Month High-Yield CD - 4.08% APY - Ponce Bank:
6-Month High-Yield CD - 4.00% APY
Money Market Account
Money market accounts are similar to savings accounts, but they may offer more flexibility. Some come with an ATM or debit card, and let you write checks and pay bills.
However, the downside is that some banks may require you to make a large initial deposit or to maintain a certain balance.
- Ally Bank:
Money Market - 4.00% APY - UFB Portfolio Money Market:
Earn up to 4.31% APY - Patriot Bank:
Money Market Account - 4.46% APY - Dayspring Bank:
Money Market Deposit Account - 4.45% APY - American First Credit Union:
Money Market Deposit Account - 4.45% APY - Grand Bank:
Money Market Deposit Account - 4.40% APY - mph.bank:
Money Market Deposit Account - 4.36% APY - First State Bank:
Money Market Deposit Account - 4.35% APY - UNCLE Credit Union:
Money Market Deposit Account - 4.25% APY - Blue Federal Credit Union:
Money Market Deposit Account - 4.25% APY - Sterling Federal Bank:
Money Market Deposit Account - 4.20% APY
Bottom Line
Opening a 4% savings account is a good option for those who want to put their money to work. It is an easy way to grow your funds especially if you have financial goals you want to achieve in the near future.
That said, make sure to do a lot of research before deciding on an account so you can boost your savings without regrets!
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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