Over 80% of Americans are using the wrong savings account and missing out on hundreds or even thousands of dollars every year. There’s no reason why you should be earning just 0.01% interest with big banks like Wells Fargo or Bank of America when you could be earning 3%, 4%, or even 5% with a high-yield savings account.
For example, with $10,000 in a regular savings account at 0.01%, you’d only earn $1 in interest per year. But with a 4% high-yield savings account, you’d earn over $400 a year. That’s a huge difference. The best part? Your money remains safe and accessible whenever you need it.
In this blog, I’ll cover 10 of the best high-yield savings accounts that are actually worth getting to help your money grow faster. Keep in mind that interest rates can change at any time, so the rates mentioned here might differ depending on when you’re reading this.
1. Discover Online Savings Account
• APY: 3.75%
• Fees/Minimums: No account fees or minimum balance
• Insurance: FDIC insured up to $250,000
• Bonus: $150 for depositing $15,000+ or $200 for $25,000+ within 45 days
• Other Features: 24/7 U.S.-based customer support, mobile app
While Discover doesn’t include extra features like an ATM card, it's a simple and reliable option if you just need a high-interest savings account.
2. Capital One 360 Performance Savings
• APY: 3.80%
• Fees/Minimums: None
• Insurance: FDIC insured up to $250,000
• Features: Automated savings tools, create multiple goals
This account doesn't come with ATM access unless you also open a Capital One checking account. However, Capital One does have some physical branches and cafes for in-person banking.
3. SoFi Checking & Savings
• APY: 4.00% (savings with direct deposit), 0.50% (checking)
• Fees/Minimums: None
• Insurance: FDIC insured up to $2 million via partner banks
• Bonus: Up to $300 + $25 extra with referral
• Features: Vaults for goal savings, cash deposit locations, debit card, early paycheck access, overdraft protection
SoFi stands out with its comprehensive app and all-in-one features, making it one of the best choices especially if you can set up direct deposit.
4. Basque Bank Interest Savings
• APY: 4.65%
• Fees/Minimums: None
• Insurance: FDIC insured up to $250,000
This is a straightforward account with a great rate if you’re purely interested in maximizing interest.
5. CIT Bank Platinum Savings
• APY: 4.35% (requires $5,000 balance)
• Fees/Minimums: $100 to open, $5,000 minimum for top rate
6. EverBank Performance Savings
• APY: 4.30%
• Fees/Minimums: None
• Branches: Available in Florida, New York, and Missouri
• Insurance: FDIC insured up to $250,000
A solid option with a high rate and physical branch access in select states.
7. Genius Bank Savings Account
• APY: 4.50%
• Fees/Minimums: None
• Insurance: FDIC insured up to $250,000
Backed by a long-standing bank (SMBC), this account is great if you want high interest and don't need extra features.
8. Wealthfront Cash Account
• APY: 4.00%
• Fees/Minimums: None
• Features: Debit card, ATM access, early paycheck, smart goal-saving tools
Although not a traditional bank, Wealthfront is trusted and offers unique benefits like high FDIC insurance and fast transfers.
9. Marcus by Goldman Sachs
• APY: 3.90%
• Fees/Minimums: None
• Insurance: FDIC insured up to $250,000
• Bonus: 25% extra interest for 3 months with referral
• Features: Same-day transfers, unlimited withdrawals, 24/7 customer service
Great for those who want simplicity and the backing of a major financial institution.
10. Ally Bank Savings
• APY: 3.80%
• Fees/Minimums: None
• Insurance: FDIC insured up to $250,000
• Features: Savings buckets, round-ups, automated transfers
No sign-up bonus or ATM access, but great savings automation features.
Final Thoughts