Looking for the Best Savings Account? Start Here.

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Traditional savings accounts have dismal interest rates. Compare these high yield savings accounts to earn more than the 0.41% national average.

Right now, the best savings APY can be found with CIT Bank, which earns 4.10% APY with a balance of $5,000 or more. You can open an account with just $100 and start earning interest right away. Find out more

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 4.10% APY

  • 4.10% 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
Western Alliance Bank
Member FDIC

High Yield Savings Account - 4.25% APY

on Raisin's Secure Website
  • No fees
  • $1 minimum deposit
  • 24/7 online access
  • FDIC insured
UFB Direct
Member FDIC

UFB Portfolio Savings - Earn up to 4.01% APY

  • Earn up to 4.01% APY.*
  • No monthly maintenance fees.
  • No minimum deposit required to open an account.
  • Access your funds 24/7 with easy-to-use digital banking tools.
  • Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.

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Best Savings Accounts for Over $50k
Western Alliance Bank
Member FDIC

High Yield Savings Account - 4.25% APY

  • No fees
  • $1 minimum deposit
  • 24/7 online access
  • FDIC insured
on Raisin's Secure Website

Compare Savings Account Interest Rates:

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.

APYMinimum Deposit
Icon Business Bank: Money Market Deposit Account4.37%$1Learn More
Ponce Bank: Money Market Deposit Account4.37%$1Learn More
Prism Bank: Money Market Deposit Account4.35%$1Learn More
Harborstone Credit Union: Money Market Deposit Account4.30%$1Learn More
American First Credit Union: Money Market Deposit Account4.30%$1Learn More
Dayspring Bank: Money Market Deposit Account4.22%$1Learn More
Grand Bank: Money Market Deposit Account4.20%$1Learn More
SkyOne Federal Credit Union: Money Market Deposit Account4.20%$1Learn More
mph.bank: Money Market Deposit Account4.16%$1Learn More
HealthcareBank: Money Market Deposit Account4.15%$1Learn More

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.

APYMinimum Deposit
Hanover Bank: 1-Month High-Yield CD4.40%$1Learn More
Ponce Bank CD RatesUp to 4.37%$1Learn More
Dayspring Bank: 4-Month High-Yield CD4.35%$1Learn More
Dayspring Bank: 1-Month High-Yield CD4.35%$1Learn More
Dayspring Bank CD RatesUp to 4.35%$1Learn More
Always.bank: 3-Month High-Yield CD4.35%$1Learn More
mph.bank: 60-Month Callable CD4.32%$1Learn More
Bank Of Utah: 3-Month High-Yield CD4.30%$1Learn More
Freedom Bank: 4-Month High-Yield CD4.30%$1Learn More
Freedom Bank: 5-Month High-Yield CD4.30%$1Learn More
Western Alliance Bank: High-Yield CD RatesUp to 4.30%$1Learn More
Freedom Bank: 3-Month High-Yield CD4.30%$1Learn More
Western Alliance Bank: 6-Month High-Yield CD4.30%$1Learn More
Western Alliance Bank: 3-Month High-Yield CD4.30%$1Learn More
Freedom Bank: 6-Month High-Yield CD4.30%$1Learn More
Freedom Bank CD RatesUp to 4.30%$1Learn More
Sallie Mae Bank: 14-Month No Penalty CD4.25%$1Learn More
Sallie Mae Bank CD RatesUp to 4.25%$1Learn More
Bank Of Utah: 6-Month High-Yield CD4.25%$1Learn More
Freedom Bank: 12-Month High-Yield CD4.25%$1Learn More

  • 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.

 Western Alliance Bank
Member FDIC
Chase
Member FDIC
Bank of America
Member FDIC
 Visit SiteVisit SiteLearn More
Savings
4.25% APY
  • Chase Savings: 0.01% APY. $5 monthly service fee waived with either a $300 daily balance OR $25 automatic transfer every month from a linked Chase checking account, OR a linked Chase College Checking for Overdraft Protection, OR a linked qualifying Chase checking account, OR for owners under 18. $0 to open.
  • Chase Premier Savings: Earn a higher interest rate when you have a bigger balance and meet certain relationship requirements when linked with a Chase Premier Plus Checking or Sapphire Checking account.
Bank of America Advantage Savings Standard Rate: 0.01% APY

Western Alliance Bank: Information sourced from the published website as of 03/21/2025.

Chase: Pricing information and data points from published website as of 03/17/2025.

Bank of America: Pricing information from published website as of 03/15/2025 based on 91107 zip code.

APYMinimum Deposit
CIT Bank Platinum Savings4.10% APY with a balance of $5,000 or more$100Learn More
CIT Bank Platinum Savings4.10% APY with a balance of $5,000 or more$100Learn More
Axos ONEUp to 4.86% on savings and 0.51% APY on checking$0Learn More
Valley National Bank: High-Yield Savings Account4.39%$1Learn More
mph.bank: High-Yield Savings Account4.31%$1Learn More
Mission Valley Bank: High Yield Savings Account4.27%$1Learn More
Paprika Capital Bank: High-Yield Savings Account4.26%$1Learn More
Western Alliance Bank: High Yield Savings Account4.25%$1Learn More
Dayspring Bank: High-Yield Savings Account4.22%$1Learn More
DR Bank: High-Yield Savings Account4.22%$1Learn More
Live Oak Bank: Personal Savings4.20%$0Learn More
Upgrade: Premier Savings4.14% APY when your closing balance is at least $1,000 (otherwise, 0% APY)$0Learn More
Shelby Savings Bank: High-Yield Savings Account4.14%$1Learn More
Liberty Savings Bank: High Yield Savings Account4.11%$1Learn More
CIT Bank Platinum Savings4.10% APY with a balance of $5,000 or more$100Learn More
Customers Bank: High-Yield Savings Account4.01%$1Learn More
CIT Bank Savings Connect4.00%$100Learn More
GreenState Credit Union: High-Yield Savings Account3.90%$1Learn More
Quontic: High Yield Savings3.85%$100Learn More
RBMAX: High-Yield Savings Account3.66%$1Learn More

Is Your Money Safe in an Online Savings Account

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

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.

Axos Bank
Member FDIC

Axos ONE - Earn up to 4.86% APY

  • APY: Up to 4.86% on savings and 0.51% APY on checking
  • Minimum Deposit to Open: $0
  • Monthly Fee: No monthly maintenance fee
  • Balance Requirement: $0
Valley National Bank

High-Yield Savings Account - 4.39% APY

  • APY: 4.39%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0
  • Balance Requirement: $0
mph.bank

High-Yield Savings Account - 4.31% APY

  • APY: 4.31%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0
  • Balance Requirement: $0
Mission Valley Bank

High Yield Savings Account - 4.27% APY

  • APY: 4.27%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0
Paprika Capital Bank

High-Yield Savings Account - 4.26% APY

  • APY: 4.26%
  • Minimum Deposit to Open: $1
  • Monthly Fee: $0

Compare Checking Account Bonus Offers

Bank of America
Member FDIC

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 05/31/2025.
  • 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.
Expires 5/31/2025
Chase
Member FDIC

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*
Expires 4/16/2025
Truist Bank
Member FDIC

Business Checking Account - $400 Bonus

  • Earn $400 when you open a new small business checking account and complete qualifying activities.
  • Choose between:
    • Truist Simple Business Checking—Perfect if you're just starting out or have low transaction volume.
    • Truist Dynamic Business Checking—With more perks as your balances grow—and a true, local partnership.
  • New business checking clients only
  • From October 1st, 2024 – March 31st 2025
Expires in 7 days
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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.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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