In choosing the best high-yield savings accounts, we looked for the highest interest rates offered at both traditional and online-only banks. However, we also considered the additional conditions that account holders must meet at different banks if they want to qualify for the maximum rates on their deposits. Here are a few of the best high-interest savings accounts.
- Best High-Yield Savings Account
- Best High-Yield Savings App Features
- Best High-Yield College Savings Account
- Best High-Yield Savings Account for High Balances
- Best High-Yield Savings Bonus Offer
Best High-Yield Savings Account: DollarSavingsDirect Dollar Savings
Among all the banks we covered, DollarSavingsDirect provided the best interest rate for a high-yield savings account. The Dollar Savings Account earns 1.40% APY on any balance, with no required monthly fees or minimum amount in your account.
|APY||Opening Min.||Monthly Fee||Balance for APY|
The lack of fees and high rate make DollarSavingsDirect our top pick among all high-yield savings accounts. As the online branch of Emigrant Bank, DollarSavingsDirect lets you manage the Dollar Savings Account through their website by letting you connect that balance to a checking account at any other bank or credit union.
Best High-Yield Savings App Features: CIT High Yield Savings
While its 1.35% APY isn't quite as strong as the rate you get with DollarSavingsDirect, CIT Bank's more sophisticated tools for accessing your balance online and via mobile app makes it the best option if you want to have a convenient way to monitor and transfer your money.
|APY||Min. for APY||Min. to Open||Monthly Fee|
|1.35% on up to $100,000||$100||$0||$0|
Like most online accounts, CIT High Yield Savings doesn't come with any branch location service. However, CIT does provide a mobile app to perform additional account management, something other online savings accounts often lack. Having access to the app means that you'll find it easier and quicker to initiate transfers and check your savings balance.
Best High-Yield College Savings Account: Barclays Dream Account
The Barclays Dream Account is our top recommendation for parents who want to start early on saving for their child's education. If you manage to make zero withdrawals from this account over a 6-month period, you earn a bonus of 2.5% on the interest you earned in that time, and you get an additional 2.5% bonus if you make a deposit in each of those 6 months. The value of this potential 5% bonus is limited by the monthly deposit maximum of $1,000. If you intend to save more than $1,000 each month, it may become necessary to open another savings account.
|APY||Bonus on Earned Interest||Monthly Fee||Max Monthly Deposit|
These unique policies make the Barclays Dream Account ideal for long-term savings goals like college tuition for your child. In fact, college is just one of many long-term goals that this account can help you save towards. The bonus for making no withdrawals and consecutive monthly deposits help protect the deposit from impulsive spending, and the deposit maximum shouldn't be as much of a problem if you're planning on saving over many years.
Best High-Yield Savings Account for High Balances: Radius High-Yield Savings
This account earns 1.2% APY on any balance of $2,500 or more, but just 0.05% for balances below that number. While most people will see this as a disadvantage, it may in fact be a helpful incentive to more disciplined savings. Because interest rates are very low in general, savings accounts are bound to earn very little on lower balances. Having to keep at least $2,500 in the bank for the sake of the higher APY may be what some people need to stop themselves from withdrawing too much out of their savings.
|Max APY||Opening Min.||Monthly Fee||Balance for APY|
Best High-Yield Savings Bonus Offer: EverBank Yield Pledge Money Market
Although you'll need $5,000 to open a Yield Pledge account with Everbank, the introductory APY of 1.21% is currently the highest rate you can find on a money market or savings account. However, the rate drops after your first year, going to a more standard 0.71%.
|Intro APY||Ongoing APY||Opening Min.||Monthly Fee|
|1.21% for 1 year||0.71%||$0||$0|
EverBank also commits to a Yield Pledge that promises to maintain a rate within the top 5% of similar accounts offered at major banks. Unfortunately, this pledge only takes into account the largest banks, which offer some of the lowest money market rates. Compared to online-only banks, EverBank's 0.71% APY after the first year is below average, making it potentially more efficient to close out the account once the promotional rate expires.
Summary of Best High-Yield Savings Accounts
For a faster head-to-head comparison of these accounts, refer to the following summary. These are the best high-yield savings accounts available.
|Best For...||Account Name||APY||Opening Minimum|
|Highest APY||DollarSavingsDirect Dollar Savings||1.4%||$0|
|Convenient App Features||CIT Bank High Yield Savings||1.35%||$0|
|Long-term Saving||Barclays Dream Account||1.3%||$0|
|High Balances||Radius High-Yield Savings||1.2%||$10|
|Earning Promotional Rates||EverBank Yield Pledge Money Market||1.3%||$5,000|
Finding Other High-Yield Savings Accounts
If the options above are unsuitable for your finances or unavailable in your area, keep in mind that there are dozens of other options that offer interest on your savings. People who are determined to avoid online-only banks should be prepared to accept rates much closer to the FDIC's calculated national average of 0.06% APY for regular savings accounts and 0.08% for money market accounts. With interest rates remaining historically low, it's unlikely that you'll see bank savings rates go higher than the 1.00% figure shown in some of the online accounts above.
Another factor to consider is the effect of your total savings balance. If you have more to deposit in savings, you may be able to open premium savings accounts that require higher balances to open and maintain. Even these accounts don't usually come close to the rates offered online, but if you also have investments and loan accounts to consider, it might be easier to open a premium savings account at a major national bank that lets you integrate all your finances