If you’re earning a low interest rate on your savings balance, consider putting it in a high-yield savings account (HYSA). Our team compared today’s high-yield savings accounts offered by federally insured financial institutions and identified the 10 best based on interest rate, fees, account features, customer service, and more (see our methodology here). Find out which banks have the best high-yield savings accounts today.
SoFi High-Yield Savings Account
Account details:
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APY: Up to 3.80%
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Minimum opening deposit: $0
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Monthly fee: $0
SoFi’s online bank account — a combination checking and high-yield savings account — made our list for its competitive APY, lack of fees, and bundled approach to saving and spending.
It currently offers up to 3.80% APY on savings balances and 0.50% APY on checking account balances. There are no monthly maintenance fees, minimum balance requirements, or minimum deposit requirements to open an account.
The online bank account from SoFi comes with several additional perks, such as purchase round-ups that are deposited into your savings account and multiple savings vaults to help you stay organized and save for different goals. Right now, new customers can also earn up to a $300 bonus when they meet certain requirements.
Barclays Online Savings Account
Account details:
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APY: 3.80%
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Minimum opening deposit: $0
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Monthly fee: $0
The Barclays Online Savings Account offers 3.80% APY with no monthly maintenance fees and no minimum balance required to open. Barclays also offers a free savings assistant tool to help customers figure out how much they need to save each month to reach their goals.
Bask Interest Savings Account
Account details:
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APY: 4.20%
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Minimum opening deposit: $0
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Monthly fee: $0
At 4.20% APY, the Interest Savings Account from Bask Bank pays more than 10 times the national average. With no minimum opening deposit or monthly fees, this account could be a great option for savers who want to keep their banking costs low.
Bask operates as an online-only bank, meaning there are no physical branches. However, if you need assistance with your account, Bask Bank provides generous phone customer support hours, including Saturdays.
Synchrony Bank Online High-Yield Savings Account
Account details:
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APY: 4.00%
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Minimum opening deposit: $0
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Monthly fee: $0
The Online High Yield Savings Account from Synchrony Bank offers a competitive 4.00% APY — which is nearly 10 times the national average for traditional savings accounts.
This account is free to open and doesn’t charge any monthly fees. Interest is compounded daily and credited monthly. Synchrony also offers an optional ATM card for savings account holders; the bank refunds customers up to $5 per statement cycle for any domestic ATM fees they have incurred.
UFB Portfolio Savings Account
Account details:
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APY: 4.01%
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Minimum opening deposit: $0
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Monthly fee: $0
UFB Direct’s Portfolio Savings Account offers a competitive 4.01% APY, which applies to all balances. UFB customers also receive a complimentary ATM card for easy access to their funds and a host of digital tools to make banking easier, including mobile deposits and SMS banking.
This account also stands out due to UFB’s highly rated mobile app. Customers can use the app to check account balances, view transaction history, transfer funds between eligible accounts, and contact a customer service representative.
Ally Savings Account
Account details:
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APY: 3.60%
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Minimum opening deposit: $0
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Monthly fee: $0
The Ally Bank Savings Account is a high-yield savings option with no minimum deposit required to open and zero monthly fees. At 3.60% APY, this account’s interest rate is more than eight times the national average.
Account holders can maximize their savings potential through round-ups, recurring transfers to their savings account, and surprise savings through tools that analyze your checking account spending and transfer “safe-to-save” money to your savings account.
American Express High-Yield Savings Account
Account details:
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APY: 3.60%
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Minimum opening deposit: $0
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Monthly fee: $0
The American Express High-Yield Savings Account made our top 10 list thanks to its competitive 3.60% APY and lack of minimum opening deposit or minimum balance requirements. Interest on your account balance is compounded daily and deposited into your account on a monthly basis.
One drawback: This account does not provide account holders with an ATM card, debit card, or checks. In order to access your money, you’ll need to transfer your funds electronically. That’s why this account may be better for those who plan to keep their funds on deposit for the long-term and don’t anticipate needing immediate access.
EverBank Performance Savings Account
Account details:
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APY: 4.30%
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Minimum opening deposit: $0
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Monthly fee: $0
EverBank’s Performance Savings Account gives account holders the opportunity to earn 4.30% APY on their savings balance with no minimum opening deposit, minimum balance requirements, or monthly maintenance fee. Interest is also compounded daily.
Note that while EverBank does have extended customer service hours, the only way to reach a representative is by telephone — there is no live chat or email option.
TAB Bank Save Account
Account details:
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APY: 4.26%
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Minimum opening deposit: $0
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Monthly fee: $0
The TAB Save account made our top 10 list thanks to its impressive 4.26% APY. This account is free to open and has no minimum opening deposit or monthly fee. Interest is compounded daily and credited to your account monthly.
Despite its high APY, TAB ranked lower on our list due to its average mobile app rating and lack of extra account perks or savings tools to help customers maximize their savings.
Capital One 360 Performance Savings
Account details:
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APY: 3.60%
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Minimum opening deposit: $0
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Monthly fee: $0
The Capital One 360 Performance Savings account took the final spot on our list for its competitive interest rate, lack of fees, and highly rated mobile app. Account holders earn 3.60% APY regardless of their balance. However, unlike the other accounts on our list, interest compounds monthly rather than daily.
Capital One’s mobile app stood out in particular. Savers can use it to move money between linked Capital One accounts and external bank accounts, create multiple Performance Savings accounts for each of their financial goals, deposit checks with their mobile devices, and create savings plans.