Looking for the Best Savings Account? Start Here.
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Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
Traditional savings accounts have dismal interest rates. Compare these high yield savings accounts to earn more than the 0.42% national average.
Right now, the best savings APY can be found with NexBank, which earns 4.45%. You can open an account with just $1 and start earning interest right away. Find out more
High-Yield Savings Account - 4.45% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Pros & Cons
High-Yield Savings Premier - 4.35% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
Pros & Cons
CIT Bank Platinum Savings - 4.35% APY
- 4.35% 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
Pros & Cons
What are you looking for?
Top CreditDonkey Picks:
- Best Rate from an FDIC-Insured Bank -
NexBank: High-Yield Savings Account - 4.45% APY - Best Rate from an NCUA-Insured Credit Union -
GreenState Credit Union: High-Yield Savings Account - 3.90% APY - Best Rate from a Top 20 National Bank -
CIT Bank Platinum Savings - 4.35% APY
Get More from Your Money
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CreditDonkey's Choice
PRO TIP: If you're eager to earn more interest, one of our recommended choices is Western Alliance Bank. You can get started with a $500 minimum opening deposit and it's FDIC insured for up to $250,000.
Best Savings Accounts for Over $50k
High-Yield Savings Premier - 4.35% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
Compare Savings Account Interest Rates:
- NexBank:
High-Yield Savings Account - 4.45% APY - mph.bank:
High-Yield Savings Account - 4.41% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Prism Bank:
High-Yield Savings Account - 4.40% APY - Western Alliance Bank:
High Yield Savings Account - 4.35% APY - CIT Bank Platinum Savings:
4.35% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.34% APY - Liberty Savings Bank:
High Yield Savings Account - 4.26% APY - Dayspring Bank:
High-Yield Savings Account - 4.26% APY - Wells Fargo:
Platinum Savings - 0.05% APY - Citi® Savings:
0.03% APY - Bank of America Advantage Savings:
0.01% APY - Chase Savings℠:
0.01% APY
Compare Money Market Accounts
If you want more flexibility with your money, consider a money market account instead of a regular savings account. A money market account is like a savings account and it usually lets you get access to your money more often.
| APY | Minimum Deposit | ||
|---|---|---|---|
| Quontic: Money Market Account | 4.75% APY | $100 | Learn More |
| American First Credit Union: Money Market Deposit Account | 4.40% | $1 | Learn More |
| Patriot Bank: Money Market Account | 4.40% APY | $1 | Learn More |
| Prism Bank: Money Market Deposit Account | 4.40% | $1 | Learn More |
| SkyOne Federal Credit Union: Money Market Deposit Account | 4.40% | $1 | Learn More |
| Harborstone Credit Union: Money Market Deposit Account | 4.30% | $1 | Learn More |
| Dayspring Bank: Money Market Deposit Account | 4.26% | $1 | Learn More |
| mph.bank: Money Market Deposit Account | 4.26% | $1 | Learn More |
| Grand Bank: Money Market Deposit Account | 4.25% | $1 | Learn More |
| HealthcareBank: Money Market Deposit Account | 4.15% | $1 | Learn More |
Compare CD Interest Rates
If you want to save money and don't need it soon, consider a Certificate of Deposit (CD). You will need to put in a fixed amount of money for a fixed amount of time. In exchange, you will get interest rates that are usually higher than the average savings account.
| APY | Minimum Deposit | ||
|---|---|---|---|
| Consumers Credit Union: 9-Month Super Jumbo CD | 4.50% | $250,000 | Learn More |
| mph.bank: 60-Month Callable CD | 4.42% | $1 | Learn More |
| Prism Bank CD Rates | Up to 4.40% | $1 | Learn More |
| Prism Bank: 1-Month High-Yield CD | 4.40% | $1 | Learn More |
| SkyOne Federal Credit Union: 1-Month High-Yield CD | 4.40% | $1 | Learn More |
| SkyOne Federal Credit Union CD Rates | Up to 4.40% | $1 | Learn More |
| SkyOne Federal Credit Union: 12-Month Callable CD | 4.40% | $1 | Learn More |
| mph.bank: 36-Month Callable CD | 4.38% | $1 | Learn More |
| Consumers Credit Union: 9-Month Jumbo CD | 4.35% | $100,000 | Learn More |
| Consumers Credit Union: 17-Month Super Jumbo CD | 4.35% | $250,000 | Learn More |
| The State Exchange Bank: 4-Month High-Yield CD | 4.30% | $1 | Learn More |
| Freedom Bank CD Rates | Up to 4.30% | $1 | Learn More |
| Ponce Bank CD Rates | Up to 4.30% | $1 | Learn More |
| Freedom Bank: 1-Month High-Yield CD | 4.30% | $1 | Learn More |
| Prism Bank: 3-Month High-Yield CD | 4.30% | $1 | Learn More |
| The State Exchange Bank CD Rates | Up to 4.30% | $1 | Learn More |
| Consumers Credit Union: 17-Month Jumbo CD | 4.25% | $100,000 | Learn More |
| SkyOne Federal Credit Union: 12-Month No-Penalty CD | 4.25% | $1 | Learn More |
| SkyOne Federal Credit Union: 3-Month High-Yield CD | 4.25% | $1 | Learn More |
| SkyOne Federal Credit Union: 48-Month Callable CD | 4.25% | $1 | Learn More |
Why Open a High Yield Savings Account
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- More interest: Interest rates are not that high these days. But if you put your money in an online savings account, it can grow more.
- Less bank fees: Online high-yield accounts are less likely to have a monthly service fee or minimum balance requirement.
- Flexibility: You can access your funds whenever you need it. Your money is not tied down in a savings account. Just note that most banks have a limit of 6 withdrawals per month.
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| Visit Site | Visit Site | Learn More | |
| Savings |
| Bank of America Advantage Savings Standard Rate: 0.01% APY | |
|---|---|---|---|
Western Alliance Bank: Information sourced from the published website as of 01/16/2025. Chase: Pricing information and data points from published website as of 01/17/2025. Bank of America: Pricing information from published website as of 01/17/2025 based on 91107 zip code. | |||
| APY | Minimum Deposit | ||
|---|---|---|---|
| NexBank: High-Yield Savings Account | 4.45% | $1 | Learn More |
| mph.bank: High-Yield Savings Account | 4.41% | $1 | Learn More |
| Continental Bank: High Yield Savings Account | 4.41% | $1 | Learn More |
| Prism Bank: High-Yield Savings Account | 4.40% | $1 | Learn More |
| Western Alliance Bank: High Yield Savings Account | 4.35% | $1 | Learn More |
| Western Alliance Bank: High-Yield Savings Premier | 4.35% | $500 | Learn More |
| CIT Bank Platinum Savings | 4.35% APY with a balance of $5,000 or more | $100 | Learn More |
| The State Exchange Bank: High Yield Savings Account | 4.35% | $1 | Learn More |
| Paprika Capital Bank: High-Yield Savings Account | 4.34% | $1 | Learn More |
| Liberty Savings Bank: High Yield Savings Account | 4.26% | $1 | Learn More |
| Dayspring Bank: High-Yield Savings Account | 4.26% | $1 | Learn More |
| Adda Bank: High-Yield Savings Account | 4.25% | $1 | Learn More |
| Live Oak Bank: Personal Savings | 4.20% | $0 | Learn More |
| Upgrade: Premier Savings | 4.14% APY when your closing balance is at least $1,000 (otherwise, 0% APY) | $0 | Learn More |
| Customers Bank: High-Yield Savings Account | 4.01% | $1 | Learn More |
| Citizens State Bank: High-Yield Savings Account | 4.00% | $1 | Learn More |
| CIT Bank Savings Connect | 4.00% | $100 | Learn More |
| GreenState Credit Union: High-Yield Savings Account | 3.90% | $1 | Learn More |
| Quontic: High Yield Savings | 3.85% | $100 | Learn More |
| RBMAX: High-Yield Savings Account | 3.66% | $1 | Learn More |
Is Your Money Safe in an Online Savings Account
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Online banks are safe. As long as you use a bank that is FDIC insured, your money is protected. The FDIC insures your money up to $250,000 should the bank fail. This means that online banks are just as safe as in-person banks.
Plus, online banks have advanced security and encryption to protect your personal information.
Can You Lose Money in an Online Savings Account
No, your savings have reliable returns and no risk of losing money (up to the FDIC insurance limit). Even if the interest rate decreases, your cash will not.
But if you are keeping your money in a savings account for a long time, your money will lose value because of inflation. The amount of money won't decrease, but you will have less purchasing power. This is why savings accounts should be used for emergency funds and short term goals.
How to Choose a Savings Account
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Here are some things to look for when choosing a savings account:
- Opening deposit: Does the account have a required minimum deposit? There are lots of banks that let you open an account with $0 too.
- Monthly service fee: Some banks charge a monthly service fee unless you keep a certain balance in your savings account. This can become a hassle. Luckily, there are plenty of online banks that don't have monthly fees.
- Balance requirements: Some accounts have balance requirements in order to get the highest APY possible.
- APY rate: Look for the account with the highest interest rate with requirements you can satisfy. Higher APY will help you grow your money faster.
- Access to money: How does the bank let you access your funds? Generally, you can transfer funds online through the website or mobile app. But some may even provide an ATM card for withdrawals.
All the banks on our list are insured by the FDIC (or NCUA for credit unions). This means if the bank or credit union fails, the federal government protects your money up to $250,000 per depositor, per ownership category.
High-Yield Savings Account - 4.45% APY
- APY: 4.45%
- Minimum Deposit to Open: $1
- Monthly Fee: $0
High-Yield Savings Account - 4.41% APY
- APY: 4.41%
- Minimum Deposit to Open: $1
- Monthly Fee: $0
- Balance Requirement: $0
High Yield Savings Account - 4.41% APY
- APY: 4.41%
- Minimum Deposit to Open: $1
- Monthly Fee: $0
- Balance Requirement: $0
High-Yield Savings Account - 4.40% APY
- APY: 4.40%
- Minimum Deposit to Open: $1
- Monthly Fee: $0
- Balance Requirement: $0
High Yield Savings Account - 4.35% APY
- APY: 4.35%
- Minimum Deposit to Open: $1
- Monthly Fee: $0
- Balance Requirement: $0
Compare Checking Account Bonus Offers
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through April 17, 2025. Member FDIC.
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $2,000 - $4,999.99 to earn $250, $5,000 - $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
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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