Best High-Yield Savings Accounts in the USA

High-yield savings accounts (HYSA) in the USA offer significantly higher interest rates than traditional savings accounts, making them an attractive option for savers looking to grow their money while keeping it accessible. They are typically offered by online banks, credit unions, and some traditional banks and are designed to help customers earn more on their deposits without taking on the risk of investing in the stock market. Here’s a comprehensive guide to the best high-yield savings accounts available, including their benefits, what to look for, and some of the top accounts in 2024.

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What is a High-Yield Savings Account?

A high-yield savings account is a type of savings account that offers higher interest rates than standard savings accounts, allowing you to earn more on the money you save. These accounts generally don’t require you to sacrifice liquidity, as you can access your funds relatively easily, though some may have withdrawal limits in a given statement period.

Benefits of High-Yield Savings Accounts

Higher Interest Rates: Compared to traditional savings accounts, high-yield options offer significantly better interest rates, often around 10–20 times the national average.
FDIC or NCUA Insured: Like standard savings accounts, high-yield savings accounts from FDIC-insured banks or NCUA-insured credit unions offer the security of federal insurance up to $250,000 per depositor, per institution.
Liquidity: While some investment accounts may lock in funds, high-yield savings accounts provide easy access to funds for emergencies or planned expenses.
Minimal Risk: Unlike investment accounts that fluctuate with the stock market, high-yield savings accounts maintain a steady interest rate, offering peace of mind for conservative savers.

Factors to Consider When Choosing a High-Yield Savings Account

Interest Rate (APY): Annual Percentage Yield (APY) varies by bank and fluctuates with market conditions, so look for accounts with competitive rates.
Fees: Some accounts have monthly maintenance fees or require a minimum balance to avoid fees. Choose accounts with low or no fees for optimal savings growth.
Minimum Deposit and Balance Requirements: Some high-yield accounts require an initial deposit or a minimum ongoing balance. Ensure these fit within your savings plan.
Access to Funds: Online banks may offer convenient digital access, but if you want ATM access or branches nearby, consider banks with physical locations.
Customer Service and User Experience: A user-friendly website, mobile app, and accessible customer service can enhance your banking experience.

Top High-Yield Savings Accounts in the USA

Here’s a rundown of some of the best high-yield savings accounts in the USA in 2024:

1. Marcus by Goldman Sachs High-Yield Online Savings Account

APY: 4.40%
Fees: No monthly fees
Minimum Deposit: No minimum deposit
Pros: High APY, no fees, and a solid reputation from Goldman Sachs
Cons: No ATM access and limited account types available
Best For: Individuals who prefer straightforward, online-only banking

Marcus by Goldman Sachs offers one of the most competitive APYs with no fees, making it ideal for those looking for a simple, high-interest savings account.

2. Ally Bank Online Savings Account

APY: 4.25%
Fees: No monthly fees
Minimum Deposit: No minimum deposit
Pros: Competitive APY, user-friendly mobile app, and no monthly fees
Cons: Limited brick-and-mortar locations
Best For: Users seeking a robust online banking experience

Ally Bank is well-known for its easy-to-use platform, customer-friendly policies, and consistently competitive rates. They also provide tools like “buckets” for setting up savings goals within your account.

3. Discover Online Savings Account

APY: 4.20%
Fees: No monthly fees
Minimum Deposit: No minimum deposit
Pros: No minimum deposit, well-established institution
Cons: No physical branches for transactions
Best For: Users who want a trusted bank with a reputable history

Discover Bank’s high-yield savings account offers a solid APY and has a long-standing reputation for good customer service. It’s an excellent choice for people who value customer support.

4. American Express® High-Yield Savings Account

APY: 4.30%
Fees: No monthly fees
Minimum Deposit: No minimum deposit
Pros: High APY, no fees, easy account management
Cons: Limited banking options outside savings and credit cards
Best For: Savers who want to maximize interest with a well-known brand

The American Express high-yield savings account is a straightforward, high-interest option that appeals to those who already trust the American Express brand for financial products.

5. CIT Bank Savings Connect Account

APY: Up to 4.50% (when qualifying with specific deposit conditions)
Fees: No monthly fees
Minimum Deposit: $100
Pros: High potential APY, low minimum deposit
Cons: Conditions to earn the highest APY
Best For: Those looking for high-interest rates and flexible account access

CIT Bank’s Savings Connect account offers a top APY but requires meeting specific deposit conditions. This is a strong choice for individuals comfortable with online banking and meeting requirements.

6. SoFi Checking and Savings

APY: 4.50% (on savings, with direct deposit)
Fees: No monthly fees
Minimum Deposit: No minimum deposit required with direct deposit
Pros: High APY on savings, cash bonuses with direct deposit, access to SoFi member benefits
Cons: Direct deposit required for the highest APY
Best For: SoFi members or individuals who prefer integrated financial services

SoFi offers a unique setup with both checking and savings in one account, offering a competitive APY for direct deposit users. It’s an excellent choice for tech-savvy individuals who appreciate the perks of online finance management.

How to Maximize Your High-Yield Savings Account

Automate Contributions: Set up automatic transfers from your checking to your savings account to ensure regular contributions.
Keep Your Emergency Fund Separate: High-yield savings accounts are great for emergency funds since they offer easy access if needed.
Monitor Interest Rate Changes: HYSAs may adjust their rates periodically, so keep an eye on your APY to ensure you’re still getting a competitive rate.
Use Savings for Medium-Term Goals: Consider using your HYSA for medium-term savings goals, such as vacation funds or home improvements, to take advantage of higher earnings without risking principal.

Pros and Cons of High-Yield Savings Accounts

Pros:

Higher interest rates compared to standard savings accounts
Low to no fees with most online high-yield accounts
Federally insured, meaning your funds are protected
Accessibility and liquidity make it ideal for emergency savings

Cons:

Rates are variable and can fluctuate with the economy
Limited transactional capabilities compared to checking accounts
Some accounts have high minimum balance requirements for the best APYs
ATM access may be limited or unavailable in some accounts

Conclusion

High-yield savings accounts are an excellent tool for growing your savings while maintaining easy access to funds. The best account will depend on your individual needs, such as whether you want ATM access, are comfortable with online banking, or prefer to have additional products within the same institution. By choosing a competitive high-yield savings account, you can enjoy a higher return on your cash reserves, helping you reach your savings goals faster.