Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.
Unlike traditional savings accounts, high-yield savings accounts reward you with a higher interest rate and your money grows even faster thanks to compound interest — which lets you earn interest on interest. The higher your annual percentage yield (APY), the faster your money grows and you get a better return than you would with a traditional savings account.
The national average APY on savings accounts is just 0.42%, according to the Federal Deposit Insurance Corporation (FDIC). That’s over 12 times less than the 5-plus percent APY and around 6% APY that the highest-yield savings accounts offer. And as the Federal Reserve continues to raise interest rates, banks are responding by paying out higher annual percentage yields, or APYs, to their customers.
To determine which high-yield savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. We found that although most online banks don’t have physical branch locations, they typically offer higher APYs, lower fees and overall better benefits than national brick-and-mortar banks.
When rating our top nine, we considered each account’s APY, its ease of use, account accessibility, monthly fees and minimum balance requirements. The savings accounts selected offer an above-average APY to all customers (no matter their balance), are FDIC-insured, have zero monthly maintenance fees and low (or no) minimum balance requirements. (See our methodology for more information on how we choose the best high-yield savings accounts.)
Best high-yield savings accounts
- tyle: none; margin: 0px 20px 1em 0px; padding: 0px;">Best overall: LendingClub High-Yield Savings
- Runner-up: UFB Secure Savings
- Best for earning a high APY: Western Alliance Bank Savings Account
- Best for no fees: Marcus by Goldman Sachs High Yield Online Savings
- Best for checking/savings combo: Ally Savings Account
- Best for easy access to your cash: Synchrony Bank High Yield Savings
- Best for earning airline miles: Bask Bank Mileage Savings Account
- Best for welcome bonus: "_blank">SoFi Checking and Savings
- Best if you want extra help saving: Varo Savings Account
Compare offers to find the best savings account
Best overall
LendingClub High-Yield Savings
Annual Percentage Yield (APY)
4.50%
Minimum balance
No minimum balance requirement after $100.00 to open the account
Monthly fee
None
Maximum transactions
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
See our methodology, terms apply.
Who’s this for? The LendingClub High-Yield Savings account stands out for offering one of the highest returns on your money, charging no monthly maintenance fee and not having a minimum balance requirement. You just need an initial $100 deposit to open the account.
Unlike many savings accounts, LendingClub provides customers with a free ATM card and never charges any ATM fees. This makes it easy to access your savings account and withdraw money whenever you want. You can also use your funds to pay bills, send money to friends and family and make internal and external transfers.
To add money to your savings account at LendingClub, you can deposit cash at select ATMs, deposit checks via the mobile app, do a direct deposit, make an electronic transfer from an external bank or make a wire transfer.
Runner-up
UFB Secure Savings
Annual Percentage Yield (APY)
Earn up to 5.25% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
No max number of transactions; max transfer amounts may apply
r-box; font-family: Lato, Helvetica, Arial, sans-serif; font-size: 16px; margin-bottom: 2px; margin-top: 0px;">Excessive transactions fee
None
Overdraft fee
Overdraft fees may be charged, according to the terms, but a specific amount is not specified; overdraft protection service available
Offer checking account?
Yes
Offer ATM card?
Yes
See our methodology, terms apply.
Read our UFB Secure Savings review.
Who’s this for? The UFB Secure Savings is ideal for anyone who wants to earn a high return, while also maintaining easy access to their cash.
The account charges no monthly fees, allows unlimited transfers and has no minimum deposits. Whether you deposit $1 or $1,000, you’ll earn the same, high return.
As with the other banks on this list, UFB Direct is an online-only bank, and it is a division of Axos Bank. Although there are no physical branches and you can’t add a checking account, customers do get a free ATM card.
Best for earning a high APY
Western Alliance Bank Savings Account
Annual Percentage Yield (APY)
5.20% APY
- -align: left;">
Minimum balance
$1 minimum deposit
Monthly fee
None
Maximum transactions
Up to 6 transactions each month
Excessive transactions fee
The bank may charge fees for non-sufficient funds
Overdraft fee
No overdraft fee
Offer checking account?
No
Offer ATM card?
No
See our methodology, terms apply.
Who’s this for? The Western Alliance Bank Savings Account account is for anyone who’s focused on maximizing their returns. With a 5.20% APY, it offers one of the highest interest rates currently available.
Western Alliance requires just a $1 minimum deposit to open an account and charges no monthly fees. Plus, there is no cap for offering this high APY.
Best for no fees
Marcus by Goldman Sachs High Yield Online Savings
Annual Percentage Yield (APY)
4.40% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
margin-top: 0px; padding-right: 0px; position: relative;">At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings accountExcessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
See our methodology, terms apply.
Who’s this for? Marcus by Goldman Sachs High Yield Online Savings offers no fees whatsoever, no minimum deposits and easy mobile access. It’s the most straightforward savings account to use when all you want to do is grow your money with zero conditions attached.
The Marcus account also stands out thanks to its mobile banking app, which is simple to use and allows you to set up recurring deposits, track your savings goals and see how much interest you’ve earned this year. The bank’s U.S.-based contact center is open 24/7 for live customer support over the phone or through online chat.
Account holders can withdraw money from their Marcus savings account online and by phone through ACH or by free wire transfer to a linked account at another bank. You can also request a withdrawal by check mailed to you.
To add money to your account, you can transfer funds, make direct deposit payments, deposit a check or make a wire transfer. Marcus doesn’t charge a fee if you link other bank accounts for incoming and outgoing transfers, but keep in mind that your other bank might.
Best for checking/savings combo
Ally Bank Savings Account
Annual Percentage Yield (APY)
4.25% APY
Minimum balance
rder-box; margin-bottom: 0px; margin-top: 0px; padding-right: 0px; position: relative;">NoneMonthly fee
None
Maximum transactions
Unlimited withdrawals or transfers per statement cycle
Excessive transactions fee
$10 per transaction
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have an Ally checking account
See our methodology, terms apply.
Read our Ally Bank Savings Account review.
Who’s this for? Ally is a good choice for anyone looking to do all their banking in one place. While the Ally Savings Account is a good high-yield account on its own, account holders can enjoy even more benefits if they also have an Ally Bank Spending Account (Ally’s checking product).
In addition to a solid APY, no minimum account balance and no monthly maintenance fees, an Ally checking and savings account also gives you access to over 43,000 free Allpoint® ATMs, making it easy to withdraw cash when you need to. If you only have an online savings account, you won’t have access to a debit card.
If you use an out-of-network ATM, Ally doesn’t charge a fee and if the ATM provider does, Ally will reimburse those fees up to $10 per month.
Not all online banks also offer a checking account option. Saving your money with a bank that doesn’t offer a checking account means you would have to transfer your money between banks, which could take a couple of days. By law, account holders with Ally can withdraw or transfer money online up to six times per month with no penalty. After, Ally charges $10 per transfer. You can also call the bank to request a mailed check, which doesn’t count as one of your six transactions.
You can’t deposit cash in your Ally savings account, which is standard for many online banks, but you can deposit checks remotely with eCheck Deposit on the mobile app. Account holders can organize their saving goals by creating up to 10 different “buckets” within the same savings account. For example, you can create a designated fund for a “Future Vacation” and another for “Emergency Savings.”
Ally is also a consumer favorite because of its easy-to-use mobile app and 24/7 live customer service that is available over the phone, through online chat or on the Ally mobile app.
Best for easy access to your cash
Synchrony Bank High Yield Savings
Annual Percentage Yield (APY)
4.50% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
Yes
See our methodology, terms apply.
Who’s this for? Withdrawing money is quick and easy when you have a Synchrony Bank High Yield Savings account. There is no minimum balance requirement, no monthly fees and a strong APY. But what makes this account stand out is its convenient withdrawal options.
Synchrony Bank offers an optional ATM card to its savings account holders. You can access your money by ATM, wire transfer (up to three free per statement cycle) or through an electronic transfer to or from accounts you have at other banks.
Though you are limited to six free withdrawals or transfers per statement cycle, Synchrony Bank allows you to conduct unlimited transactions at an ATM. The bank won’t charge an ATM fee, but the ATM provider may. For these charges, Synchrony Bank refunds ATM fees in the U.S. up to $5 per statement cycle.
Still, you should be wary of how much you withdraw from an ATM because the fees, even with a $5 refund, can add up. According to Bankrate, ATM operators charge customers an average fee of $3.14. Just going to the ATM twice in one month would already put you over the refundable amount.
To deposit money into your savings account at Synchrony Bank, you can make an electronic transfer from an external bank account that you’ve linked, do a direct deposit, make a wire transfer, mail a check or use the bank’s mobile app to deposit a check.
Synchrony Bank’s customer service line is available seven days a week by phone or online chat, as well as 24/7 through its app so you can manage your account on the go. Additional customer perks include complimentary identity theft assistance, travel discounts and free webinars.
Best for earning airline miles
Bask Mileage Savings Account
Annual Percentage Yield (APY)
Earn 2.5 American Airlines AAdvantage® miles for every $1 saved annually instead of interest.
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D
Offer checking account?
No
Offer ATM card?
No
See our methodology, terms apply.
Here’s the kicker: If you’re a frequent traveler, you can opt for the Bask Bank Mileage Savings Account to earn American Airlines AAdvantage® miles back instead. With the mileage savings account, you’ll earn 2.5 miles for every $1 saved annually. You can use these miles for flights on American Airlines or any of its 20+ partner airlines. So, you can effectively fund your next vacation without any spending.
