Most Reliable High Yield Savings Account
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Looking for a reliable high-yield savings account to grow your funds? Read on to learn which ones are worth your time.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
High-yield savings accounts are becoming more and more popular today. With so many options to choose from, it is hard to know which one to choose. The key is to have a reliable, trustworthy account with a competitive rate.
With that, let's take a look at the most reliable high-yield savings accounts being offered.
The most trustworthy high-yield savings accounts offered today are:
Capital One 360 Performance Savings
Founded in the 1990s as a credit card company, Capital One is now a full-service bank with branches and over 70,000 fee-free ATMs in its network.
Capital One 360 Performance Savings offers a 3.90% APY, no minimum account requirements, and no monthly fees. It includes a top-rated mobile app for 24/7 savings management.
No, you cannot withdraw money from your 360 Performance Savings account through an ATM. Withdrawals can only be done via your online account or by calling or visiting one of the Capital One branches.
They are also an FDIC-member bank which means deposits are protected up to $250,000 for individual accounts and $500,000 for joint accounts.
Capital One: 360 Performance Savings - 3.90% APY
- 3.90% APY
- $0 opening minimum
- No monthly service fee
- No minimum balance requirement
Who Is It Best For?
Capital One 360 Performance Savings is great for those who want access to both online and in-person banking. While it doesn't include an ATM card, you can easily withdraw and deposit money at Capital One branches or online.
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Discover Online Savings Account
Discover® Bank has been providing online financial products since the 1990s and is now one of the leading online banks in the US.
Despite lacking physical branches, they make banking easy with an extensive ATM network and a secure, user-friendly online platform.
With the Discover® Online Savings Account, users can earn a 3.90% APY with no monthly fees or account minimums to worry about. It is also covered by FDIC insurance up to $250,000 per depositor, per ownership category.
Online Savings Account - Earn 3.90% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Who Is It Best For?
Discover® Online Savings is ideal for people who want a completely digital banking experience. You'll get access to their easy-to-use online and mobile banking platforms, allowing you to handle your finances with just a few clicks.
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UFB Direct
UFB Direct is a digital bank under a well-known financial institution called Axos Bank. They follow a branchless model, allowing them to offer competitive rates.
UFB Direct has an impressive 4.31% APY with no monthly fees and no minimum deposits. It also comes with a debit card that allows fee-free withdrawals at 91,000+ ATMs in its network nationwide.
Additionally, deposits are FDIC-insured up to $250,000 per depositor, per ownership category.
UFB Portfolio Savings - Earn up to 4.31% APY
Who Is It Best For?
UFB Direct is a great choice for anyone looking to grow their savings through a high APY. With an impressive rate and no monthly fees to worry about, you can concentrate on meeting your financial goals.
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- $510 for ATM cash withdrawals
- $500 for point-of-sale transactions
Ally Savings Account
Ally is a modern online bank that offers various financial services. They have over $193 billion in assets, serve over 11 million customers, and give free access to 43,000+ Allpoint® ATMs in the US.[2]
Their Ally Savings boasts a 3.85% APY, $0 maintenance fees, and no minimum deposit requirement. It also comes with an easy online banking platform with handy budgeting features.
Lastly, Ally is a member of the FDIC which means deposits are insured up to $250,000 per depositor, per ownership category.
Ally Bank: Online Savings Account - 3.85% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Who Is It Best For?
Ally Savings is perfect for people seeking digital savings tools. With features like savings buckets, akin to digital piggy banks, and boosters to automate savings, you can boost your funds effortlessly.
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CIT Bank Savings Connect
CIT is an online bank that's part of First Citizens Bank, one of the largest family-owned banks in the U.S. They've earned awards for their social responsibility, excellent customer service, and a strong range of products.
Their CIT Savings Connect has a 4.20% APY with no monthly fees for a minimal opening deposit of $100.
But if you prefer a higher APY, their CIT Platinum Savings boasts a 4.55% APY with a balance of $5,000 or more.
Safety-wise, you don't have to worry as deposits made in both accounts are FDIC-insured up to $250,000 per depositor, per ownership category.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Savings Connect - 4.20% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Who Is It Best For?
CIT Savings Connect is ideal for those who want the security of banking with a big financial institution like First Citizens Bank. When you open a CIT savings account, you're putting your money in the hands of a trusted, reputable bank.
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What Is a Reliable High-Yield Savings Account?
There is no set criteria that defines how dependable a savings account is. But, here are some factors that usually affect its reliability:
- Reputation
Your money should be kept at a bank with a track record of financial stability, product quality, accessibility, and customer satisfaction. Find a savings account from a trusted, reputable financial institution. - Insurance Coverage
For added safety, you'd want to open an account with an FDIC or NCUA member institution. That means your money is federally insured should the bank or credit union fail. - Regulatory Compliance
Your bank should follow ethical and legal practices to give you some peace of mind. Check if they follow regulatory standards by checking enforcement bodies like the CFPB. - Complaint Resolution
A reliable institution should have an effective, streamlined process for resolving customer issues. Check bank reviews and customer feedback to see how they fare.
How Much is High-Yield Savings Account APY?
The rates for high-yield savings accounts vary per bank. But, they are usually higher than the rates for regular savings accounts which average around 0.43% APY nationwide (as of 20 May 2024). [3]
Keep in mind that high-yield savings rates can change over time. They are influenced by factors like the Federal Funds Rate, market conditions, inflation, and such.
How Much Can You Earn?
If you are saving up for a financial goal, use this savings calculator to see how much you can earn with a specific APY.
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
High-Yield Savings Account - 4.42% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Are High-Yield Savings Accounts Safe?
As long as the bank that is offering your high-yield savings account is legitimate, there shouldn't be anything to worry about.
Make sure that your chosen online bank or credit union is an FDIC or NCUA member so your deposits will be federally insured.
Ultimately, the key is to do proper research before committing to an account.
How to Choose a High-Yield Savings Account
There are many factors you should consider before choosing a high-yield savings account. Below are just some things to keep in mind as you search:
- APY
Higher APY lets you earn more. But take note that some accounts may have minimum balance requirements for you to get higher APY. - Monthly Fees
High-yield savings accounts can have no monthly fees or deposit requirements. However, some may have them or require a minimum balance to waive fees. - Accessibility
For easy access to your money, you'd want a bank with multiple platforms. Check out institutions with a good online website or mobile app, ATM network, and physical branches. - Customer Service
Look for banks that offer reliable customer service. Luckily, some do have live support available 24/7 via call or online chat.
How to Maximize Your High-Yield Savings Account
To get the most out of your high-yield savings account, try these tips:
- Establish your goal.
Before opening, it's important to have a clear goal to stay motivated and disciplined when saving. Common reasons for saving include building an emergency fund, planning a trip, funding a wedding, or paying for education. - Make regular contributions.
Opening an account and making an initial deposit is just the start. By making regular deposits, you can take advantage of compound interest and earn more over time. - Make use of digital savings tools.
Many banks with high-yield savings accounts provide digital tools to help you save effortlessly. You can automate your savings, create digital piggy banks, and more. - Consider other high-yield options.
Once you're comfortable with your high-yield savings account and have extra money, consider opening another high-yield account, like a money market account or a CD. Having several interest-bearing accounts can boost your savings over time.
Compound interest is the "interest earned on interest". The way it works is the interest you earned will be reinvested, allowing it to grow even more over time.
How to Open a High-Yield Savings Account
Most banks will allow you to open a high-yield savings account online. Here's an overview of the steps:
- Gather the necessary information and documents.
- Visit the bank's official website and choose the account you wish to open.
- Answer the online application form and fund your account.
Should You Open a High-Yield Savings Account?
If you are looking to grow your money passively for a specific financial goal, opening a high-yield savings account is a good option. It's low-risk and gives you easy access to your funds.
Also, it can be a good choice for building an emergency fund for unexpected expenses, like medical bills or car repairs.
High Yield Savings Account - 4.38% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 4.20% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 3.90% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account Alternatives
If a high-yield savings account doesn't seem right for you, consider these alternatives:
Traditional Savings
Much like high-yield savings, a traditional savings account lets you save money and earn interest, though at lower rates.
Usually, there's no monthly fee, or you can avoid it by maintaining a certain balance, allowing your money to grow.
Certificate of Deposit
If you prefer earning a fixed interest rate, a certificate of deposit (CD) might be a good choice for you. The rate will remain unchanged regardless of market fluctuations.
But, remember that your money will be locked in for a certain period and can only be taken out when the CD matures. Early withdrawals will incur penalties.
- Western Alliance Bank:
High-Yield CD Rates - Up to 4.05% APY - SkyOne Federal Credit Union:
12-Month No-Penalty CD - 4.20% APY - CIT Bank Term CDs:
Up to 3.50% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Blue Federal Credit Union:
15-Month High-Yield CD - 3.75% APY - Quontic:
CD Rates - Up to 4.25% APY - Discover Bank:
1 Year CD - 4.10% APY - Consumers Credit Union:
9-Month Super Jumbo CD - 4.75% APY - mph.bank:
60-Month Callable CD - 4.42% APY
Money Market Account
A money market account usually offers a competitive interest rate and may allow easy access to your funds via electronic transfers, debit cards, and checks. However, some banks may require an initial deposit or minimum balance.
- Ally Bank:
Money Market - 3.85% APY - UFB Portfolio Money Market:
Earn up to 4.31% APY - UNCLE Credit Union:
Money Market Deposit Account - 4.45% APY - Dayspring Bank:
Money Market Deposit Account - 4.40% APY - American First Credit Union:
Money Market Deposit Account - 4.40% APY - The Atlantic Federal Credit Union:
Money Market Deposit Account - 4.40% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 4.40% APY - Prism Bank:
Money Market Deposit Account - 4.40% APY
High-Yield Checking
A high-yield checking account lets you earn interest on your spending balance while maintaining easy access to your money with a debit/ATM card. It is a solid pick for those who want a good interest rate and good accessibility.
Brokerage Account
With a brokerage account, you can buy and sell various types of investments like stocks, bonds, and mutual funds. You can easily open one with a brokerage firm, making it ideal for those looking to grow their wealth.
Bottom Line
When choosing a high-yield savings account, it is essential to do your research. How reliable it can be for you can depend a lot on a bank's reputation and services.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
To be secure, open an account with an FDIC- or NCUA-insured institution. Aim for competitive rates too for a more rewarding savings experience.
References
- ^ UFB Direct. FAQs, Retrieved 05/29/2024
- ^ Ally. Who We Are, Retrieved 12/27/2023
- ^ FDIC. National Rates and Rates Cap, Retrieved 05/28/2024
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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