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The average savings account interest rate is 0.46% APY (Annual Percentage Yield) in the United States. If you'd like to earn a higher APY, there are high-interest savings accounts that offer more than the national average. Several high-yield savings accounts pay well above 5% APY. One even pays as high as 6.17% APY on balances up to $1,000 if you meet certain membership eligibility requirements.
Featured Nationally Available Savings Rates
| Account | APY (Annual Percentage Yield) |
| BrioDirect | 5.35% APY |
| Customers Bank, powered by Raisin | 5.30% APY |
| UFB Direct Secure Savings Account | 5.25% APY |
| 4.75% APY (new users will earn 5.50% APY through 12/31/2023) |
Best Savings Account Interest Rates
Top High-Yield Savings Rates Overall
- Popular Direct: 5.40% APY
- BrioDirect: 5.35% APY
- My Banking Direct: 5.35% APY
Top High-interest Savings Accounts With Minimal Effort
- BluPeak Credit Union: 5.33% APY
- Customers Bank, powered by Raisin: 5.30% APY
- TAB Bank: 5.27% APY
Top High-interest Savings Account Rates on Popular HYSAs
- BMO Alto: 5.10% APY
- Betterment: 4.75% APY (new users will earn 5.50% APY through 12/31/2023)
- SoFi: Up to 4.60% APY
- Citizens: 4.50% APY
Market Leader
Digital Federal Credit Union: 6.17% APY on $1,000 and 0.15% APY on the remaining balance
You must become a member of the credit union to open this savings account. Membership is open to anyone who lives in select areas of Massachusetts, lives in a New Hampshire participating condominium community, works for a Select Employer Group, or belongs to a local participating organization.
Compare the Best High-Interest Savings Accounts
Below are our top options for savings accounts. We monitor rates daily to find the best high-interest savings accounts in three categories — the best rates overall, accounts that let you earn a high rate with minimal effort (like low minimum deposits and balance requirements), and high rates with popular brands. We have also included a market leader so you know the highest savings rate available throughout local financial institutions.
Best High-Yield Savings Account Rates Overall
High-Interest Savings Accounts With Minimal Effort
Best High-Interest Savings Account Rates on Popular HYSAs
Market Leader
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.
High-Yield Savings Account Reviews
Digital Federal Credit Union Primary Savings Account
The Digital Federal Credit Union Primary Savings Account is currently one of few savings accounts that offer 6% APY. You can earn 6.17% APY on balances up to $1,000. 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.
Popular Direct Select Savings
Popular Direct Select Savings is a good option if you have at least $100 to open an account. The online account pays 5.40% APY and doesn't charge monthly service fees.
Popular Direct has an online savings account and CDs. It's a good option if you're specifically searching for competitive rates and do not need immediate access to your savings — to take money out of your savings account, you have to transfer money to an external checking account, which could take a few business days.
You might prefer another financial institution if you prioritize a strong mobile app. The Popular Direct mobile app has lackluster ratings in the Google Play and Apple stores. That said, the app doesn't have a lot of ratings yet.
We usually consider ratings from the BBB, which rates businesses on transparent business practices and customer service issues. Popular Direct doesn't have a rating from the BBB yet. However, its parent company Popular Bank has an A+ rating.
BrioDirect High-Yield Savings Account
The BrioDirect High-Yield Savings Account offers a competitive rate of 5.35% APY and doesn't charge monthly maintenance fees. You also might like BrioDirect if you're looking for CDs that pay more than the national average.
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.
My Banking Direct High-Yield Savings Account
The My Banking Direct High-Yield Savings Account may be a solid option if you have at least $500 to open a savings account. The My Banking Direct High-Yield Savings Account pays 5.35% APY on balances of $1 or more. It also doesn't charge any monthly services.
My Banking Direct is an online bank and part of Flagstar Bank. Flagstar Bank has received an A+ rating from the Better Business Bureau. It hasn't been involved in any recent public settlements.
Keep in mind that a $500 minimum opening deposit is pretty steep compared to other financial institutions. You might consider one of our other top picks if you don't have that much money to deposit upfront.
BluPeak Credit Union Preferred Savings Account
The BluPeak Credit Union Preferred Savings Account pays 5.33% APY and is a good choice if you want to open an account with a credit union instead of a bank. This account is specifically for new customers and has a $25 minimum opening deposit.
You also might like this account if you live in California, since the credit union has branches in cities like Berkeley, Davis, La Mesa, San Diego, and La Jolla.
To open a bank account at BluPeak Credit Union you'll have to meet one of the membership eligibility requirements. The easiest way to join, regardless of where you live in the U.S., is to become a member of KPBS, a PBS member station in San Diego. You may also qualify to join if you live in an eligible area in California; work for the State of California; or are a student or alum of the University of San Diego or a school in the California State University or University of California systems.
The Better Business Bureau gives BluPeak Credit Union an A+ rating. It also hasn't been involved in any recent public controversies.
Customers Bank High Yield Savings Account
The Customers Bank High Yield Savings Account is the highest-yield savings account on Raisin. Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from a variety of banks and credit unions. There are also other savings accounts and CDs available on Raisin that pay 5.00% APY or more, though.
Raisin doesn't have checking accounts, so it's not ideal if you want to do all your banking with the same institution. Also, you'll need to be comfortable with a completely digital experience.
Raisin received a B+ rating from the BBB because there are several complaints against the company on the BBB website.
TAB Bank High-Yield Savings Account
The TAB Bank High-Yield Savings Account pays a high interest rate with no monthly service fees. This account also might be a good choice if you'd like to open a savings account with $0 upfront.
TAB Bank does not have an ATM network. If you'd like to withdraw money from an ATM, TAB charges a $2 ATM fee.
The BBB gave TAB Bank an A- rating because government action has been taken against the bank. In 2022, the bank entered an Assurance of Discontinuance with the State of Iowa. According to the settlement, the State of Iowa accused TAB Bank of charging Iowa residents more than the permitted maximum APR for consumer installment loans. The bank has stopped making consumer installment loans to Iowa residents and can resume if it provides a 30-day notice to the state and follow the state code.
BMO Alto Online Savings Account
The BMO Alto Online Savings Account is a good choice if you want to open a savings account with a $0 minimum opening deposit and get a competitive savings rate.
BMO Alto is an online-only division of BMO Financial Group, and it has a high-yield savings account and CDs. You won't be able to visit BMO branches for customer support. That said, customer service is still available 24/7 by phone.
You might consider another financial institution if you prioritize mobile banking. BMO Alto doesn't have an app.
BMO has received an A+ rating from the Better Business Bureau. However, the bank has been involved in one recent public controversy.
In 2022, a Minnesota jury ordered the bank to pay $564 million in damages in a lawsuit involving a Ponzi scheme operated by a Minnesota businessman. That said, the Ponzi scheme was uncovered in 2008 at M&I Bank, and BMO Harris didn't buy M&I Bank until 2011.
Betterment Cash Reserve
The Betterment Cash Reserve Account is offering a promotional APY boost of 5.50% APY to new customers. The APY boost will be applied to your account until December 31, 2023. Afterward, you'll earn the standard rate.
To be eligible for the APY boost, you cannot have an existing Betterment account. Existing customers will earn the standard rate.
You may also prefer another institution if you'd like to open CDs or money market accounts. Betterment only offers a checking account and cash reserve account, which is similar to a high-yield savings account.
If you're looking for a place where you can save and invest, Betterment may be a strong choice. To earn the promotional rate, you'll open it through the signup link and make a deposit from an external bank account in the first 14 days.
The Better Business Bureau gave Betterment an F rating because it has a high volume of customer complaints on the BBB website and six unresolved complaints. It has also been involved in a recent public controversy. In 2023, the Securities and Exchange Commission required Betterment to pay $9 million in a settlement that accused the investment advisory firm of omitting information regarding automated tax loss harvesting, which the SEC claimed affected clients.
Betterment Cash Reserve Review
SoFi Checking and Savings
SoFi Checking and Savings is a great option if you'd like to manage your saving and spending money all in one account. It's a hybrid bank account that combines checking and savings features.
You can earn a competitive interest rate if you set up direct deposits or deposit $5,000 or more every 30 days.
SoFi has an A+ rating from the BBB.
The account is a hybrid savings/checking account, so you'll need to keep that in mind to get the most out of the account. Some online banks don't let you deposit cash — you can deposit cash with SoFi, but you may have to pay a fee.
SoFi has been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell customers of a conflict of interest when it put account holders' assets into SoFi ETFs instead of third-party ETFs.
SoFi Checking and Savings Review
Citizens Access Savings Account
You may have heard of Citizens Bank (Member FDIC), which is a brick-and-mortar bank with branches in a handful of states. The Citizens Access Savings Account is available through the bank's online-only division (also named Citizens).
You can open this account regardless of where you live in the United States. Citizens' savings rates through its online-only division are well above the national average.
This account has a low minimum deposit and no monthly service fees. You can't deposit cash, though. Citizens also doesn't have a checking account, so you'll have to transfer funds to an external checking account, which could take up to a few business days.
Its parent institution, Citizens Bank, received an B rating from the Better Business Bureau due to the length of time Citizens Bank takes to respond to customer complaints, and because government action has been taken against the bank.
In 2023, the Consumer Financial Protection Bureau required Citizens Bank to pay $9 million in a settlement that claimed the bank violated the Truth in Lending Act because it didn't effectively address customer issues regarding credit cards.
High-Yield Savings Account FAQs
What is a high-yield savings account?
A high-yield savings account is a type of bank account that offers a higher interest rate than a traditional savings account. High-yield savings accounts are typically found at credit unions or online banks.
How much does a high-yield savings account earn?
You can earn more than the average savings rate of 0.46% APY with a high-yield savings account. Right now, many high-yield savings accounts pay between 4.35% and 5.40% APY.
Is there a downside to a high-yield savings account?
One disadvantage of high-yield savings accounts is that transfers or withdrawals may be limited. Some financial institutions will charge a fee if you exceed the monthly withdrawal limit.
What is the highest yielding savings account right now?
Digital Federal Credit Union has a savings account paying 6.17% APY on balances up to $1,000. Credit Union membership is limited to people who 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.
What does HYSA mean?
HYSA is an abbreviation for high-yield savings account. A high-yield savings account is a type of bank account that offers a higher interest rate than a traditional savings account. These accounts are commonly available at online banks and credit unions.
Can I set up direct deposit for my savings account?
Yes, you can set up direct deposit to your savings account. You can typically have your paycheck, or a portion of your paycheck, deposited directly into savings, or you can set up recurring automatic deposits from checking into savings. To do this, you can call or visit a branch (if your bank has physical locations) or log into your bank's website or app.
Does the interest rate on my savings account change?
Yes, the interest rate on your savings account will most likely change. Interest rates on savings accounts are variable, meaning they can and will change regularly and without advance notice. These fluctuations are based on the federal funds rate, which is set by the Federal Reserve.
How much will $1,000 make in a high-yield savings account?
The best high-yield savings accounts pay at least 4.35% APY. In one year, 4.35% APY on $1,000 would add around $44 to your account.
Can you ever lose your money with a high-yield savings account?
If you choose a high-yield savings account with an institution that has FDIC or NCUA insurance, you shouldn't lose money if the company shuts down. The FDIC and NCUA insure your money for up to $250,000, or $500,000 for joint accounts. So you could lose some money if, for example, you have $300,000 in an individual high-interest savings account and the bank closes. You'd keep $250,000 but lose the uninsured $50,000.
What To Do When Your Savings Account Interest Changes
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.
If the interest rate on your savings account changes significantly, you may decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. 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 setting up a CD ladder may be worth considering if you've already established your emergency fund.
Typical Interest Rates on High-Yield Savings Accounts
As of November 2023, the average savings account in the United States offers 0.46% 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.
High-Yield Savings Account Basics
A savings account is an interest-earning bank account. Accounts that are backed by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) are secure. Up to $250,000 per owner, per account category is insured in these bank accounts.
What To Look For in a High-Yield Savings Account
When you're looking for high-interest savings accounts, you'll want to read through the account disclosures and terms to review the account's minimum balance requirements and minimum opening deposits. The account disclosure may also specify any fees associated with the account, and whether there are any transaction limits.
What to Know About the Highest Interest Savings Account Interest Rates
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 6.17% APY on up to $1,000 in your savings if you join Digital Federal Credit Union. Membership, however, is limited to people who 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.
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.
How High-Yield Savings Accounts Work
A savings account is a type of interest-earning bank account. 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.
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 may depend on your banking preference, 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.
Savings Account Glossary
Below is an overview of all the terms you may need to know about savings accounts:
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.
Insider
- Tania Brown, certified financial planner at SaverLife
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, Certified Educator in Personal Finance, banking reporter at Personal Finance 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, certified financial planner with lifelaidout® 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, certified educator in personal finance, banking reporter, Personal Finance 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, certified financial planner at SaverLife:
"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, CEPF:
"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.
We review savings accounts at nearly three dozen institutions weekly to identify the strongest options. While interest rates are an important aspect of any savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features.
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.