4 Percent Interest Savings Accounts
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Looking for a way to make your money work harder for you? Boost your funds with these 4% interest savings accounts.
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- Discover Online Savings:
$200 Cash Bonus - First Mid Bank & Trust:
High Yield Savings Account - 4.80% APY - mph.bank:
Money Market Deposit Account - 4.70% APY - CIT Bank Savings Connect:
4.65% APY - Platinum Business Money Market Account:
4.60% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Quontic:
High Yield Savings - 4.50% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Live Oak Bank:
Personal Savings - Earn 4.40% APY - Idabel National Bank:
Money Market Deposit Account - 4.20% APY - Axos Bank:
Business Premium Savings - Up to 4.01% APY
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.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Quontic: High Yield Savings - 4.50% APY
- 4.50% APY
- $100 minimum opening deposit
- No monthly service fees
First Mid Bank & Trust: High Yield Savings Account - 4.80% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
CIT Bank Savings Connect - 4.65% APY
- Earn 11x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Live Oak Bank: Business Savings - 4.00% APY
- Earn 4.00% APY
- No minimum balance requirement
- No monthly service fee
Axos Bank: Business Premium Savings - Up to 4.01% APY
- Business owners get up to $375 welcome bonus!*
- Choose smarter business banking by Dec. 31 and enjoy up to 4.01% APY* and a bonus of up to $375 when you maintain a minimum average daily balance of $75,000.†Just use promo code BPS375 on your application.
- Earn 4.01% APY*
- No monthly maintenance fee
- No average daily balance requirement fee
- Free image statements
- Free online banking
- Remote deposit from anywhere
- $5,000 minimum opening deposit
Empower Personal Cash
- 4.70% APY
- $0 monthly fee
- Withdraw up to $100k per day
mph.bank: Money Market Deposit Account - 4.70% APY
- No fees
- $1 minimum deposit
- 24/7 online access to funds
- FDIC insured
Are There Even Better Rates?
Looking for even higher interest rates? Earn more with these savings accounts:
- Western Alliance Bank:
High Yield Savings Account - 5.26% APY - CIT Bank Platinum Savings:
5.05% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - Upgrade:
Premier Savings - Up to 5.07% APY - Customers Bank:
High-Yield Savings Account - 5.30% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY - StagePoint Federal Credit Union:
Money Market Deposit Account - 5.29% APY - American First Credit Union:
Money Market Deposit Account - 5.29% APY - Ponce Bank:
Money Market Deposit Account - 5.28% 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:
Here's a table of how much you would have with 4% interest and different monthly contributions:
| Monthly contribution | 1 year | 3 years | 5 years |
|---|---|---|---|
| $1,000 Initial Deposit | |||
| $0 | $1,040 | $1,127 | $1,221 |
| $100 | $2,265 | $4,952 | $7,863 |
| $300 | $4,713 | $12,601 | $21,146 |
| $500 | $7,162 | $20,250 | $34,429 |
| $1,000 | $13,283 | $39,374 | $67,638 |
| $5,000 Initial Deposit | |||
| $0 | $5,204 | $5,637 | $6,106 |
| $100 | $6,428 | $9,462 | $12,748 |
| $300 | $8,876 | $17,111 | $26,031 |
| $500 | $11,325 | $24,760 | $39,315 |
| $1,000 | $17,446 | $43,884 | $72,523 |
| $10,000 Initial Deposit | |||
| $0 | $10,408 | $11,274 | $12,213 |
| $100 | $11,632 | $15,099 | $18,855 |
| $300 | $14,080 | $22,748 | $32,138 |
| $500 | $16,529 | $30,398 | $45,422 |
| $1,000 | $22,650 | $49,521 | $78,630 |
| $20,000 Initial Deposit | |||
| $0 | $20,816 | $22,549 | $24,427 |
| $100 | $22,040 | $26,374 | $31,069 |
| $300 | $24,488 | $34,023 | $44,352 |
| $500 | $26,937 | $41,673 | $57,636 |
| $1,000 | $33,058 | $60,796 | $90,844 |
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
Pros
- 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
Cons
- 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:
APY
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.
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.
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:
- Go to the website of your chosen bank and select your preferred savings product.
- Fill out the online application form.
- Fund your 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.
- CIT Bank No Penalty CD:
4.90% APY - Discover Bank:
2 Year CD - 4.40% APY - Quontic:
2 Year CD - 4.50% APY - American First Credit Union:
24-Month High-Yield CD - 4.65% APY - Idabel National Bank:
12-Month High-Yield CD - 4.55% APY - SkyOne Federal Credit Union:
15-Month High-Yield CD - 4.50% APY - Ponce Bank:
6-Month High-Yield CD - 4.00% APY - Capital One 2 Year CD:
4.40% APY - Ally Bank 3-Year CD:
4.25% APY - Synchrony Bank:
24-Month CD - 4.40% APY - Marcus:
2-Year High-Yield CD - Earn 4.85% APY
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.
- Ally Bank:
Money Market - 4.40% APY - mph.bank:
Money Market Deposit Account - 4.70% APY - Idabel National Bank:
Money Market Deposit Account - 4.20% APY - Platinum Business Money Market Account:
4.60% APY - The Bank of Princeton:
Money Market Account - 4.60% APY - Prime Alliance Bank:
Personal Money Market Account - 4.50% APY - Affinity Plus Credit Union:
Superior Money Market - up to 4.00% APY
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.
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