High Yield Savings Account Best Rates 2024

Rates change, but these banks often offer top yields. Check current APYs before opening. As of 2024, many online banks offer 4–5%+ APY—far above traditional brick-and-mortar banks. Here's what to look for and where to start.

What Makes a High-Yield Savings Account

APY vs Regular Savings

Traditional banks often pay 0.01–0.10% APY. High-yield savings accounts (HYSAs) pay 4–5% or more. On $10,000, that's $400–500 per year vs $1–10. The difference compounds over time.

Why Online Banks Offer More

Online banks have lower overhead—no branch networks. They pass savings to customers as higher rates. They're FDIC insured (or NCUA for credit unions), so your money is safe up to $250,000 per account.

What to Compare

• APY. The actual rate. Not teaser rates that drop after a few months.
• Minimum balance. Many have $0. Some require $100 or more.
• Fees. Monthly fees, excessive withdrawal fees. Top HYSAs typically have none.
• FDIC/NCUA insurance. Non-negotiable. Ensure your bank is covered.
• Access. Easy transfers to your main bank. Mobile app quality.

1. Marcus by Goldman Sachs

Overview

Often competitive on rate. No fees, FDIC insured. Part of Goldman Sachs. Simple, no-frills offering.

Key Details

• APY: Check current rate; often in the top tier.
• Minimum: $0
• Fees: None
• Best for: Savers who want a straightforward, reputable option.

Pros and Cons

Pros: Strong brand, solid app, good customer service, no minimum. Cons: Online only; no branches. Rates can change—compare before opening.

2. Ally Bank

Overview

Consistently strong rates for years. Good checking/savings combo. No minimum. Strong mobile app and customer service.

Key Details

• APY: Frequently among top offers.
• Minimum: $0
• Fees: None for standard savings
• Best for: People who want checking and savings in one place.

Pros and Cons

Pros: Reliable rates, no minimum, good app, 24/7 support. Cons: Online only. Rate can lag the very highest at times, but consistently competitive.

3. Capital One 360

Overview

Competitive APY. Part of Capital One. Good if you already have a Capital One credit card or checking account—everything in one place.

Key Details

• APY: Often competitive with top online banks.
• Minimum: $0
• Fees: None
• Best for: Capital One customers; seamless integration.

Pros and Cons

Pros: Easy if you're already with Capital One, no minimum, strong app. Cons: Rate may vary. Compare to others at opening.

4. American Express Personal Savings

Overview

Simple, no fees. Backed by Amex. Competitive rates. Straightforward savings—no checking, just savings.

Key Details

• APY: Often in top tier.
• Minimum: $0
• Fees: None
• Best for: Amex cardholders who want a separate savings account; savers who prefer a simple, single-purpose account.

Pros and Cons

Pros: Trusted brand, simple, no fees. Cons: Savings only—you'll need another bank for checking. Transfers can take 1–3 days.

5. Discover Bank

Overview

Strong rates, no fees. Good if you already use Discover for credit cards. Solid customer service.

Key Details

• APY: Competitive.
• Minimum: $0
• Fees: None
• Best for: Discover customers; people who want a reputable online bank.

Pros and Cons

Pros: Good rates, no fees, strong customer service. Cons: Online only. Compare rate at signup—competition is fierce.

6. CIT Bank (CIT Bank Platinum Savings)

Overview

Often among the highest rates. Requires a minimum balance (e.g., $5,000) for the top tier in some products. Check current offers.

Key Details

• APY: Frequently at or near the top.
• Minimum: Varies by product; some have $0, others $5,000+
• Fees: None for qualifying balances
• Best for: Savers with larger balances who want maximum yield.

Pros and Cons

Pros: Often highest rates. Cons: Some products require minimum balance. Less brand recognition than big names.

7. LendingClub High-Yield Savings

Overview

Often competitive. FDIC insured. Simple online experience.

Key Details

• APY: Check current; frequently competitive.
• Minimum: $0 or low
• Fees: None
• Best for: Savers seeking a strong rate with low minimum.

8. Credit Unions

Overview

Some credit unions offer top rates—4.5%+ on savings or money market. You may need to meet membership criteria (location, employer, etc.). NCUA insured (similar to FDIC).

Examples

• Alliant Credit Union. Often competitive. Open to many.
• Other local/regional CUs. Check Credit Karma, Bankrate, or NerdWallet for current top rates.

Best for: People who qualify and want credit union benefits (sometimes better rates, customer service).

How to Choose

Compare APYs

Use Bankrate, NerdWallet, or DepositAccounts to see current rates. APYs change. The bank that was highest last month may not be this month. Check before opening.

Ignore Teaser Rates

Some banks offer 5% for 3 months, then drop to 3%. Look for sustained competitive rates, not short-term promos. Read the fine print.

Check Minimums and Fees

$0 minimum is ideal. No monthly fees. Some banks charge for excess withdrawals (6+ per month)—regulated by Fed rules; most HYSAs don't charge, but limit withdrawals. Confirm before signing up.

Ensure FDIC/NCUA

Your money should be insured. FDIC covers banks; NCUA covers credit unions. $250,000 per depositor, per bank. If you have more, spread across institutions or account types.

Use for Emergency Fund

Your emergency fund belongs in a high-yield savings account—safe, accessible, earning interest. See where to put your emergency fund. Not in stocks. Not in illiquid assets. HYSA is the right place.

Opening an Account: Quick Steps

1. Compare rates at Bankrate, NerdWallet, or similar.
2. Choose a bank. Pick one with a strong current APY, $0 minimum, no fees, FDIC/NCUA.
3. Apply online. ID, SSN, bank account for funding. Usually 5–10 minutes.
4. Fund the account. Transfer from your main bank. 1–3 business days.
5. Set up automatic transfers if you want. Build your emergency fund or savings goals automatically. See automatic savings strategies.

Frequently Asked Questions

Are high-yield savings accounts safe?

Yes, if FDIC or NCUA insured. Your money is protected up to $250,000 per depositor, per institution. Same protection as a traditional bank.

Can I have multiple high-yield savings accounts?

Yes. Some people use one for emergency fund, one for a specific goal (vacation, house). Stay under $250,000 per bank for full insurance.

Do rates change?

Yes. Banks adjust APYs based on Fed rates and competition. Your rate can go up or down. Move your money if another bank offers meaningfully better rates and the switch is worth the hassle.

How fast can I access my money?

Transfers to your main bank usually take 1–3 business days. For true emergencies, that's fast enough. Don't keep emergency fund in investments—liquidity matters.

What's the difference between savings and money market?

Both are safe and liquid. Money market accounts sometimes offer check-writing or a debit card. Compare APYs; pick the one with the better rate and features you need.

The Bottom Line

High-yield savings accounts pay 4–5%+ vs 0.01% at many traditional banks. Marcus, Ally, Capital One 360, American Express, Discover, and others often lead. Compare current APYs, check for $0 minimum and no fees, ensure FDIC/NCUA insurance. Use one for your emergency fund—safe, accessible, earning interest. Rates change; revisit annually to ensure you're still getting a competitive yield.