Best High-Yield Savings Accounts
Earn up to 5.05% APY on your savings. Compare the top high-yield savings accounts with no fees and no minimum balance requirements.
Marcus by Goldman Sachs
Best for: Best overall rate
- No monthly fees
- No minimum balance
- Easy transfers
- FDIC insured
- 24/7 customer support
Ally Bank
Best for: Savings organization
- Buckets for savings goals
- No monthly fees
- Round-up transfers
- FDIC insured
- Great mobile app
Discover Bank
Best for: Combined checking + savings
- No monthly fees
- No minimum balance
- Cashback debit option
- FDIC insured
- Award-winning service
Synchrony Bank
Best for: ATM card access
- Optional ATM card
- No monthly fees
- No minimum balance
- FDIC insured
- Perks at partner retailers
CIT Bank
Best for: Higher balance savers
- Tiered rates available
- No monthly fees
- FDIC insured
- CD options
- Easy online transfers
Quick Comparison
| Bank | APY | Monthly Fee | Min Balance | Best For |
|---|---|---|---|---|
| Marcus by Goldman Sachs | 5.05% | $0 | $0 | Best overall rate |
| Ally Bank | 4.75% | $0 | $0 | Savings organization |
| Discover Bank | 4.70% | $0 | $0 | Combined checking + savings |
| Synchrony Bank | 4.65% | $0 | $0 | ATM card access |
| CIT Bank | 4.60% | $0 | $100 | Higher balance savers |
Frequently Asked Questions
What is a high-yield savings account?
A high-yield savings account offers interest rates significantly higher than traditional savings accounts (4-5% vs 0.01%). They're typically offered by online banks with lower overhead costs.
Are high-yield savings accounts safe?
Yes, as long as the bank is FDIC insured. Your deposits are protected up to $250,000 per depositor. All banks on our list are FDIC insured.
How much can I earn with 5% APY?
With 5% APY, a $10,000 deposit earns approximately $500 per year. A $25,000 deposit earns about $1,250. Interest compounds, so actual earnings may be slightly higher.
Why do online banks offer higher rates?
Online banks have lower operating costs without physical branches. They pass these savings to customers through higher interest rates on deposits.