October 16, 2023

4 Percent Interest Savings Accounts

Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

Looking for a way to make your money work harder for you? Boost your funds with these 4% interest savings accounts.

What are the best 4% savings accounts?

What would you be primarily using a 4% interest savings account for?

Best 4% Interest Savings Account

Many banks are offering competitive APYs. Here are the best 4% interest savings accounts to help you achieve your goals.

Are There Even Better Rates?

Looking for even higher interest rates? Earn more with these savings accounts:

Savings accounts over 4% APY:

How Much Do You Earn With A 4% Interest Savings Account?

You can easily grow your money with a 4% interest savings account. Use this calculator to check how much you can earn:

4% Interest Calculator

Here's a table of how much you would have with 4% interest and different monthly contributions:

Monthly contribution1 year3 years5 years
$1,000 Initial Deposit
$5,000 Initial Deposit
$10,000 Initial Deposit
$20,000 Initial Deposit

Can You Lose Money In a 4% Savings Account?

As long as the bank is FDIC-insured (or NCUA-insured for credit unions), your money is safe in a 4% savings account. This is because your funds are protected by the federal government up to $250,000 per depositor, per ownership category.

Anything over $250,000 is not guaranteed. So if you have a lot to save, it would be best to divide them into different savings accounts.

That said, you can lose money if you fail to meet minimum balance requirements. In that case, you may be charged a monthly fee.

Pros and Cons


  • Boost your funds without much work
  • Your money is easily accessible
  • Accounts are easy to open
  • Helps you save faster for short-term goals
  • Savings are FDIC-insured up to $250,000


  • APY can change at anytime
  • Usually offered by online-only banks
  • Usually limited to 6 withdrawals per statement month
  • Possible initial deposit or balance requirement
  • Possible monthly maintenance fees

How to Choose A 4% Interest Savings Account?

Here are some things to consider when choosing a high-yield savings account:

A solid APY is probably the most important factor so you can earn as much as possible. But note that some banks require you to maintain a certain balance to earn the highest APY they offer.

Monthly Fee
Many high-yield savings accounts have no monthly fees or initial deposit requirements. But, some may require a minimum balance to waive the fee.

Digital Banking Experience
Most high-yield savings accounts are from online banks, so it's ideal to find one with good online/mobile banking features.

You can check the ratings of banking apps and what features/tools they offer to help you in making a decision.

Customer Service
Should you have any questions or concerns regarding your account, you need a bank that offers good customer service. Luckily, there are banks with live agents available 24/7 via call or online chat.

Can you open a 4% interest savings account offline?
Unfortunately, majority of banks with high-yield savings accounts operate purely online. This means that the most common way to open an account is through their website.

What do you prioritize most when looking for a savings account?

How to Apply for a 4% Interest Savings Account Online?

Banks have different ways on how you can open an account. But, the online process is generally the same, so here's how to do it:

  1. Go to the website of your chosen bank and select your preferred savings product.
  2. Fill out the online application form.
  3. Fund your account.

Requirements to open a high-yield savings account:
  • Be 18 years or older
  • A US residential address
  • A valid government ID
  • A Social Security or Tax Identification number
  • An initial deposit (if required)

Who Should Get a 4% Interest Savings Account?

Savings accounts with 4% interest are best for people who are determined to make their money work harder. It is an easy way to slowly boost your funds without much effort.

This type of account is ideal for emergencies or short-term goals. You can easily access your money should you need to.

Plus, a lot of banks that offer high-yield savings accounts have tools, like auto-savings, to help you work towards your goals.

Alternatives to 4% Interest Savings Accounts

There are other types of savings accounts that let you earn similar interest rates. Here are some alternatives:

Certificate of Deposit
If you have a long-term financial goal, opening a Certificate of Deposit would be a great option. CDs allow you to earn a fixed interest rate for a specific period of time.

However, you must keep your funds "locked up" until your account matures. This means your money won't be easily accessible, unlike with a high-yield savings account.

What are the best 4% CDs?

Money Market Account
Money market accounts are similar to savings accounts, but they may offer more flexibility. Some come with an ATM or debit card, and let you write checks and pay bills.

However, the downside is that some banks may require you to make a large initial deposit or to maintain a certain balance.

What are the best 4% money market accounts?

Bottom Line

Opening a 4% savings account is a good option for those who want to put their money to work. It is an easy way to grow your funds especially if you have financial goals you want to achieve in the near future.

That said, make sure to do a lot of research before deciding on an account so you can boost your savings without regrets!

Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Subscribe to CreditDonkey
Get updates on the latest deals and keep up with the best money moves.
Your privacy is important to us. Unsubscribe anytime

Best High Yield Savings Accounts

April 18, 2019 - By Donna Tang - Reviews
Make your money work harder for you in a high-yield savings account. Here are the top savings accounts to grow your money.
Save money and build wealth. Sign up to get our FREE email newsletter.

Next Page:

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.