Best High-Yield Savings Accounts This Month

High-yield savings accounts are savings accounts offered by banks or other financial institutions that pay a higher interest rate than traditional savings accounts. These accounts typically have higher interest rates because they require customers to maintain a higher minimum balance or limit the number of withdrawals they can make each month.

The interest rate offered on high-yield savings accounts can vary depending on the institution and the current economic conditions, but they generally offer higher rates than traditional savings accounts, which may pay very little interest, or even no interest at all.

Higher Interest Rates: The primary advantage of high-yield savings accounts is that they typically offer higher interest rates than traditional savings accounts. This means that your money will earn more interest over time, which can help you reach your savings goals faster.

Low Risk: High-yield savings accounts are typically FDIC-insured up to $250,000 per depositor, per institution. This means that your money is protected against bank failures, so you don’t have to worry about losing your savings.

Easy Access: Unlike other investment options that may lock up your money for a set period, high-yield savings accounts typically offer easy access to your money. You can usually withdraw your funds at any time without penalty, which can be especially useful in case of emergency.

No Minimum Investment: High-yield savings accounts often have no minimum investment requirements, which means that you can start saving with whatever amount you have available.

Convenient: High-yield savings accounts can be opened and managed online, making them a convenient option for those who prefer to handle their banking digitally.

To guide your search, we’ve analyzed online savings accounts at banks and credit unions to find the best choices available based on interest rates, fees and other factors.

• Savings Rate: 4.81% APY

• Minimum Balance: $0

Marcus by Goldman Sachs High Yield Account is an online savings account offered by Goldman Sachs Bank USA through its Marcus platform. The account is a type of high-yield savings account that offers a competitive interest rate and other features designed to help customers save and manage their money.

There is no minimum deposit required to open the account, which makes it accessible to anyone who wants to start saving. Overall, the Marcus by Goldman Sachs High Yield Account is a popular option for those looking for a high-yield savings account with no fees, no minimum deposit, and easy online access.

• Savings Rate: 4.60% APY

• Minimum Balance: $0

CIT Bank’s Savings Connect account is a top pick for a high-yield savings account with a minimum deposit. With an annual percentage yield of 4.60% and no monthly maintenance fees, it’s a good option for those looking to earn a competitive interest rate on their savings without having to worry about fees.

The mobile app and customer service availability are also convenient features that can make managing your savings easier. And with no minimum balance requirements after the initial deposit, the account is accessible to a wide range of savers.

• Savings Rate: 3.75% APY

• Minimum Balance: $0

Ally Bank’s online savings account is paying a competitive annual percentage yield of 3.75% and that interest compounds daily. The ability to organize savings into “buckets” designated for specific goals using the mobile app or online banking is also a helpful feature for those looking to stay organized and focused on their savings goals.

The “boosters” offered by Ally Bank, such as the Round-ups booster and the Surprise Savings booster, can be especially helpful for those looking to increase their savings. These features can help customers save automatically by rounding up debit purchases or analyzing spending patterns to identify areas where more savings could be possible. The ability to set up recurring transfers to specific buckets is also a helpful tool for those looking to save regularly.

• Savings Rate: 3.75% APY

• Minimum Balance: $0

Discover Bank offers an online savings account with a competitive 3.75% APY and no fees. The fact that interest compounds daily and pays out monthly can help customers earn more on their savings over time. The lack of monthly balance requirements and fees for excessive withdrawals, stop payment orders, insufficient funds or monthly maintenance can also make this account a good option for many savers.

The mobile app and variety of deposit options, such as online transfer, wire transfer, direct deposit or mailing in a check, can make managing and adding to your savings easy and convenient. The variety of withdrawal options, including wire transfer, official bank checks, and online transfer to external banks or other Discover accounts, can also provide flexibility and convenience when accessing your funds.

• Savings Rate: 3.75% APY

• Minimum Balance: $0

American Express offers a high-yield savings account with an interest rate that is well above the national average. The fact that there is no minimum deposit to open an account and no monthly service fees can be a great incentive for customers looking to save.

American Express National Bank does not offer in-person banking services. This can be a disadvantage for customers who prefer face-to-face interactions with bank representatives. Additionally, since AMEX does not offer a checking account, it might be necessary to have an account at another bank to transfer money into and out of the AmEx high-yield savings account.

It’s important to note that AMEX limits the number of withdrawals and transfers out of the savings account at nine a month, which is higher than the six-withdrawal limit imposed by some other banks.