Welcome to our expertly curated guide on the “Best High-Yield Savings Accounts” available today. In the pursuit of maximizing your savings, choosing the right high-yield savings account can make all the difference.
Our selection highlights accounts that offer competitive high-yields, ensuring your money grows efficiently.
Enjoy the flexibility of low or no account minimums and balance requirements, coupled with no-fee or low-fee structures that keep more money in your pocket.
With robust digital and online banking features, managing your savings has never been easier.
Discover accounts that reward you with enticing perks, all while prioritizing customer satisfaction and the safeguard of your deposits.
Dive into our top picks and find the perfect high-yield savings account that aligns with your financial aspirations.
Best High-Yield Savings Accounts of 2025 (Updated July 2025)
Best for: Earning APY on both Savings & Checking
Smartfinancialways rating
4.6/5
Monthly fee
$0
Overdraft fee
None
Minimum opening balance
$0
APY
4.66%*
*When $1,500 min. balance & $1,500 in direct deposits in a cycle 4.66% APY, base is 1.00%
Min balance
None*
*To earn 4.66% direct deposit of $1500 & daily balance greator than $1500 each cycle
ATM Network
Over 95,000 fee-free ATMs
Offer Checking account
Yes
Offer ATM card
Yes*
*w/ AXOS One Checking account
- Monthly maintenance fees.
- Minimum balance requirement.
- Minimum balance fees or Overdraft fees.
- APY on balances $0 to $3,000,000+. Terms apply.
- APY base rate on all balance tiers.
- Get your money up to 2 days early.
- No monthly maintenance, account opening or overdraft fees.
- No minimum deposit or balance (besides to earn promotional APY). Base APY on AXOS One Savings is 1.00%.
- Earn up to 4.66% APY* on Axos ONE® Savings, and 0.51% APY on Axos ONE® Checking when you meet requirements.
- Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account.
- Axos ONE® Savings tiers as follows: (1) $0-$9,999.99, (2) $10,000-$24,999.99, (3) $25,000-49,999.99, (4) $50,000-$99,999.99, (5) >$100,000.
- To earn 4.66% promotional APY Option 1- Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total & avg. daily balance of Axos ONE® Checking is at least $1,500.
- To earn 4.66% promotional APY Option 2- Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total & avg. daily balance of your Axos ONE® Checking is at least $5,000.
- Balance Computation Method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the balance in the account each day.
- Compounding and Crediting: Interest is compounded daily and calculated on a 365/366 day basis. Interest is credited on a monthly basis.
- Qualifying Deposits: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits.
- Non-Qualifying deposits: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.
- Up to 2-day early paycheck – Get paid up to two days early by just setting up direct deposit.
- Large ATM network – Access 95,000+ fee-free ATMs in the Axos bank ATM network.
- ATM fee reimbursed – Up to $10 Domestic ATM Fees Reimbursed per month.
- Cash Deposits: Please do not send cash deposits. In the event that cash deposits are received by the Bank, you agree that the Bank’s determination of the amount of the deposit will be conclusive.
- Limits on Number of Accounts: The Bank reserves the right to limit the number of account types per account holder or per household.
- Limitations on Withdrawals: The Bank may choose to impose limits on the number of certain types of withdrawals and transfers you can make each month from your savings account.
- Wire Transfers Incoming (Domestic and International) Free, Wire Transfers Outgoing (Domestic) $35, & Wire Transfers Outgoing (International) $45.
- Link external accounts in the app to move your money seamlessly.
- Mobile Banking Services: Offered as a convenience and supplemental service to the Bank’s Online Banking Services.
- Illegal, Fraudulent or Improper Activity: You will not use the Website or any Financial Service for any illegal, fraudulent or improper activity
- Deposit accounts are FDIC insured up to $250K individual and $500K joint.
- Expanded FDIC insurance up to $265M with Axos Bank InsureGuard+ Savings from IntraFi® Network Deposits℠.
- Chat 24/7 with a virtual financial assistant.
- Monitor your credit score for free.
AXOS One® Savings and Checking bundle Overivew
Axos ONE® is a savings and checking bundle where you can deposit your cash, earn interest, withdraw from an ATM, transfer money and more all from bank’s mobile app.
There are a few features that make Axos ONE stand out. For starters, you can earn up to 0.51% APY on the cash in your checking and up to 4.66% APY on your savings, provided you have monthly direct deposits totaling at least $1,500 in the Axos ONE checking account, plus an average daily balance greater than $1,500.
Axos ONE® Savings and Checking is for you if you want your checking and savings accounts bundled and you meet the $1,500 monthly direct deposit and $1,500 average daily balance requirement to score the higher rates, since that’s what really stands out about this account.
Pros- Interest compounds daily
- Expanded FDIC insurance
- Over 95,000 fee-free ATMs
- Can link external accounts
- No monthly maintenance, account opening or overdraft fees
- Checking and savings combined in a bundle for seamless banking
- No minimum deposit or balance (besides to earn promotional APY)
- Promotional APYs offered on both checking and savings
- Get paid up to two days early with early payday
- Better Business Bureau has given Axos an A+ rating
- Axos mobile app has 4.7 out of 5 stars in the Apple store
- Axos mobile app has 4.4 out of 5 stars in the Google Play store
- Low APYs if you cannot meet requirements
- Online-only bank, which means no in-person access
- The Axos ONE Checking & Savings Bundle is a combination cannot get one without other account
- Promotional APYs require at least $1,500 in direct deposits and daily balance greater than $1,500
Best for: Account features
Smartfinancialways rating
4.6/5
Monthly fee
None
APY
4.20%*
(With deposits of at least $250), or 3.20%
Minimum balance
None
Overdraft fees
N/A
Maximum transactions
See terms.
Excessive transactions fee
None
Offer Checking account
Yes
Offer ATM card
Yes
- Monthly fees.
- Excessive transactions fee.
- Minimum balance required to open the account.
- LevelUp APY rate with at least $250 in direct deposits as of 07/13/2025.
- Standard APY rate without $250 in direct deposits as of 07/13/2025.
- The national average source: FDIC as of 07/10/2025.
- Free ATM card and no ATM fees.
- Fees: Zero monthly fee or excessive transaction fee.
- Open in minutes: Open an account and start saving right away.
- Save more. Earn more. LevelUp: Unlock our LevelUp Rate of 4.20% APY by simply depositing $250+ per month into your LevelUp account.
- LevelUp Rate of 4.20% Annual Percentage Yield (“APY”) is accurate as of 07/13/2025.
- In case of no direct deposits: Standard Rate is 3.20% APY accurate as of 07/13/2025.
- 10x the national average APY: Earn 4.20% APY on your balance when you deposit $250+ per month.
- Freedom from fees: Keep more of your money with no account fees and free transfers.
- $0 minimum balance: No minimum to open or minimum balances required.
- Free ATM card: You can choose to get an ATM card for fast access to your money.
- The LevelUp Rate is the rate you’ll earn if you make at least $250 in cumulative deposits during the previous statement cycle (“Evaluation Period”).
- The First Evaluation Period starts after the first two statement cycles following account opening.
- During 1st evaluation period, you need to make cumulative deposits of at least $250 per statement cycle to keep earning the LevelUp Rate.
- LevelUp Mehtodology: For example, if you open your account in August, your First Evaluation Period will be in October of the same year.
- To earn LevelUp rate: In August (1st statement cycle), September (2nd statement cycle), and October (3rd statement cycle), you’ll automatically earn the LevelUp Rate to provide an opportunity to set up deposits.
- To continue to earn LevelUp rate: In October (the First Evaluation Period), you’ll need to make $250 in deposits to keep the LevelUp Rate for November.
- Type of deposits which qualify for LevelUp rate: Any deposit made into a LevelUp Savings account during a given Evaluation Period.
- Type of deposits not qualify for LevelUp rate: Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes.
- Daily Balance Computation Method: Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier.
- Eligibiity Preferred Account: Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days.
- Eligibiity Elite Account: Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days OR >$30,000 for >7 consecutive calendar days.
- Eligibiity Reserve Account: Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days.
- Incoming External Transfers (ACH) daily limit: Preferred account is $250,000, Elite account is $250,000, Reserve account is $250,000.
- Outgoing External Transfers (ACH) daily limit: Preferred account is $10,000, Elite account is $50,000, Reserve account is $250,000.
- Mobile Deposit daily limit: Preferred account is $50,000, Elite account is $150,000, Reserve account is $250,000.
- ATM Withdrawl daily limit: Preferred account is $500, Elite account is $1,000, Reserve account is $2,000.
- Maximum transactions: Up to $250,000 depending on Relationship Balance. See terms.
- FDIC Insurance: Deposits are FDIC-insured up to the maximum amount allowed—$250,000.
- Customer support: Chat with us online, or reach us by phone or email.
LendingClub Overview
After acquiring Radius Bank in 2021 and rebranding it with its own name, LendingClub became a digital bank with a full line-up of deposit accounts, including a solid checking account with perks such as ATM fee rebates and cash back for some everyday purchases.
LendingClub is known as a peer-to-peer loan lender but outside of personal and business loans, it also offers consumers its high-yield savings account, a rewards checking account and six different CD terms.
Best for: Online banking customers who use an ATM card often, want to earn a high yield, and don’t mind getting support online or by phone.
Pros- No monthly fees
- Strong APY
- No minimum balance required
- Free ATM card and no ATM fees
- No physical branch locations
- At least a $250 monthly deposit required to earn the highest APY
- many other high-yield savings accounts don’t require monthly deposits for their top APYs
Best for: Direct Deposits of $5,000 or more in a cycle
Smartfinancialways rating
4.8/5
Monthly fee
$0
Excessive transactions fee
$0
Minimum opening balance
None
APY
SoFi members earn 3.80%*
*Eligible Direct Deposit, no min. direct deposit amount is required to earn 3.80%
Welcome bonus
Up to $300*
*$300 for Direct Deposits over $5K & $50 for Direct Deposits $1k to $4.9K
Overdraft protection
No-fee overdraft buffer*
*No-fee Overdraft up to $50 for SoFi members w/ $1K in direct deposits
Offer Checking account
Yes
Offer ATM card
Yes*
*If you’ve a SoFi Checking account
- Monthly fees.
- Overdraft fees.
- Minimum balance fees.
- APY on SoFi Savings account, terms apply.
- APY on SoFi Checking account, terms apply.
- Minimum Direct Deposit amount is required to earn the 3.80% APY.
- Fee for incoming wire transfer.
- Pay no account fees: No account, overdraft, return item, or monthly fees—just great banking.
- Earn $50 or $300 with eligible direct deposit: $300 bonus for direct deposits of $5k or more, & $50 when direct deposit amount between $1k to $4.9k.
- The Direct Deposit Bonus Period begins when SoFi receives an Eligible Direct Deposit of $1 or more within the Promotion Period and ends 25 calendar days later.
- 3.80% APY on Savings:SoFi members can earn APY with Eligible Direct Deposit: (1)Savings (including Vaults): 3.80% APY, (2) Checking: 0.50% APY.
- 1.00% APY on Savings:SoFi members can earn APY without Eligible Direct Deposit: (1)Savings (including Vaults): 1.00% APY, (2) Checking: 0.50% APY.
- No minimum Direct Deposit amount is required to earn the 3.80% APY on SoFi Savings account balances.
- Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account.
- Deposits such as Payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency constitute eligible Direct Deposit.
- Deposits not from an employer, payroll, or benefits provider or government agency, peer-to-peer transfers, transactions from PayPal, Stripe,etc., and bank ACH funds transfers & wire transfers from external accounts, are non-recurring in nature, do not constitute Eligible Direct Deposit activity.
- Up to 2-day early paycheck – Get paid up to two days early by just setting up direct deposit.
- SoFi Plus: SoFi Plus is a premium membership that gives members access to our best APY, discounts, rewards, and more when they set up Direct Deposit or pay the SoFi Plus Subscription Fee.
- Up to 4.00% with SoFi Plus: Limited-time only, get a +0.20% boost on our highest savings APY of 3.80% when you set up a new account with eligible direct deposit. Terms apply.
- We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM.
- Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period.
- With SoFi, there are no current limits on saving withdrawals or transfers between checking, savings and Vaults.
- To Withdraw Money: To withdraw, simply visit any of the 55,000 Allpoint ATMs.
- To Deposit Money: Simply visit a retail location that offers GreenDot services.
- To open a account with SoFi – You’ll need Name, date of birth, Social Security Number (SSN) or Individual Identification Number (ITIN), primary home address, email address, phone number, and 18 years or older.
- When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. We do not currently offer standalone checking or savings accounts.
- All SoFi Checking and Savings accounts receive industry-standard FDIC insurance of up to $250,000 per member (joint accounts are insured up to $500,000).
SoFi Checking & Savings Account Overview
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated.
SoFi Checking and Savings Account is a no-fee account with perks. As its name suggests, this is a joint checking and savings account that earns interest on both savings and checking balances.
SoFi pays respectable APYs on both the savings and checking portions of your balance (with savings balances earning the highest interest) and offers additional FDIC insurance up to $3 million. You can also qualify for no-fee overdraft coverage and early paycheck receipt.
This account is an attractive option for those who enjoy digital banking and like the idea of having their checking and savings in one place
Pros- welcome bonus
- No account fees
- No minimum balance or deposit needed
- Comes with checking account and ATM access
- Customers can receive early direct deposits at SoFi Bank
- SoFi customers have access to Allpoint network ATMs
- Strong APY with eligible direct deposit setup
- FDIC insurance up to $2 million through the SoFi Insured Deposit Program
- Save change automatically with Roundups and set savings goals with Vaults
- Must meet requirements to earn the high yield
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- You can’t just get a checking account – you have to get both a checking and savings account
- No physical branches as SoFi is an online-only bank
Best from a brick-and-mortar bank
Smartfinancialways rating
4.5/5
Monthly fee
None
APY
3.50%*
*Rates and details as of 07/14/25
Minimum balance
None
Overdraft fees
None
Maximum transactions
Up to 6 free per cycle*
*6 free withdrawls or transfers per statment cycle
Excessive transactions fee
None
Offer Checking account
Yes
Offer ATM card
Yes*
*If you’ve a Capitol One Checking account
- Monthly fees.
- Minimum balance required to maintain your account.
- Minimum balance required to obtain the disclosed APY.
- APY & Interest Rate on your account is 3.4451%
- Mobile Check deposits using Capitol One Mobile app.
- Withdraw your money from your 360 Performance Savings online.
- No fees: There are no fees to open or keep your account.
- No minimums: There’s no minimum balance required to maintain your account.
- No worries: Your balance is FDIC-insured up to the allowable limits.
- Minimum balance to obtain Annual Percentage Yield (APY): There is no minimum balance required to obtain the disclosed APY.
- Rate information: The Interest Rate on your account is 3.4451% with an Annual Percentage Yield of 3.50%.
- The interest rates and annual percentage yields are variable and may change at any time at our discretion.
- Compounding and crediting: Interest on your account will be compounded and credited on a monthly basis.
- Effect of closing an account: You will receive the accrued interest if you close your account before interest is credited.
- Balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
- Interest Accrual on non-cash deposits: For all types of non-cash deposits, interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited.
- Interest Accrual on cash deposits: Interest will begin to accrue the same day on which the funds were deposited.
- Outgoing Wire Transfers: If we agree to process an outgoing domestic wire transfer for you, the cost per wire will be $30.00.
- Fees for Foreign Check: If you present a foreign check, we will not charge a fee, but the paying bank may deduct a fee from the proceeds.
- Cashier’s Check: A Cashier’s check purchased at a Capital One location is $10.00.
- Single or Joint account: You can open an account in your name alone or in your name and the name of one other person.
- Linked Account: You “link” your Savings account to your personal (non-business) checking or savings account at another U.S. chartered bank (“Linked Account”).
- Eligible Person Status: You must be a United States citizen or lawful permanent resident with a U.S. physical address located in one of the 50 United States or Washington, D.C., or with military addresses (APO or FPO).
- Eligible Person Profile: You must be at least 18 years old, have a U.S. mobile number, a valid Social Security Number, or an Individual Taxpayer Identification Number (ITIN) & your Linked Account must be with a bank chartered in the U.S.
- How to open an account: You must tell us to either electronically transfer money from your Linked Account or give us a personal check drawn on your Linked Account.
- Your 360 Performance Savings account won’t be considered “opened” until you complete our verification procedures.
- Deposits: This account allows you to make deposits by cash, check, Automated Clearing House (ACH), domestic wire transfer or other payment network transfers, or transfer from another eligible Capital One, N.A. deposit account.
- Withdrawals: You can request a withdrawal from your account by using our website, mobile app, calling us, or visiting one of our branches.
- Overdrafts: You’re not allowed to overdraw your Savings and you agree not to withdraw more money than what is available at the time.
- Consumer account: Your 360 Performance Savings account is a consumer account and must be used primarily for personal, family, or household purposes.
- “Payable on Death” (POD): You may designate your account to be payable upon your death to one or more beneficiaries. Only Individuals can be beneficiaries.
- Connecting accounts: If you have more than one eligible Capital One account, we will automatically “connect” your eligible accounts so they appear when you’re logged into your account.
- Assignment: No part of an account may be pledged, assigned, given as a gift, or otherwise transferred to a third party without our prior written consent.
- Account transfer limitations: Our savings and money market accounts permit no more than six (6) transfers per statement cycle to a third party or to any of your other deposit accounts at Capital One.
- The total daily limit when depositing checks at an ATM is $999,999.99. There is no limit on the amount of an individual check up to this amount.
- When depositing cash at an ATM there is no daily cash deposit limit up to our $5 million total deposit limit. The one-time cash deposit maximum is generally $5,000.
- Charges for electronic transactions: We do not charge a fee for our electronic fund transfer services.
- Capital One 360 Performance Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
Capitol One 360 Performance Savings Overview
With hundreds of physical branches, Capital One may just offer the best of both worlds. The Capital One 360 Performance Savings™ comes with an Annual Percentage Yield (APY) that is competitive with online high-yield savings accounts, without having to give up in-person banking altogether.
For an even more personal touch, customers can head to a Capital One® Café to open an account, ask questions and get financial advice — a perk that stands out among the largest banks and/or credit unions we rated.
The big perk of signing up for a Capital One 360 Performance Savings is its access to in-person customer service.
For an even more personal touch, customers can head to a Capital One® Café to open an account, ask questions and get financial advice — a perk that stands out among the largest banks and/or credit unions we rated.
Pros- Strong APY
- No monthly fees
- No minimum balance or deposit
- Option to add a checking account with ATM access
- Has physical branch locations, plus Capital One® Cafés
- Has a top-rated mobile app
- Offers mobile check deposit in the Capitol One app
- Users can take advantage of free credit monitoring service
- Some competitors offer higher APYs on Savings accounts
- Interest compounds monthly rather than daily
Best for: Big bank good digital experience
Smartfinancialways rating
4.5/5
Monthly fee
$0
APY
3.60%*
*3.60% APY as of 5/8/2025
Minimum opening balance
$0
Overdraft fee
$0
Maximum transactions
No limits
*6 free withdrawls & transfers per cycle
Excessive transactions fee
$0
Offer Checking account
No
Offer ATM card
No
*If you’ve a Discover Checking account
- Monthly fees.
- Fee to open.
- Minimum balance requirement.
- APY, and $0 minimum to earn this APY.
- World-class customer service and fraud monitoring.
- $0 monthly fees, No fee to open, no minimum balance requirement.
- 3.60% APY on account balance – Earn a 3.60% APY on High Yield Savings account as of 05/08/2025.
- No Minimum Balance: There is no min. balance required to open your Account, to avoid being charged a fee, or to obtain APY disclosed to you.
- Funds at Account opening: Your account must be funded within sixty (60) days in order to remain open.
- Compounding Frequency: Interest on your Account will be compounded daily.
- Crediting Frequency: Interest will be credited to your Account on your monthly statement cycle date.
- Daily Balance Computation Method: We use the daily balance method to calculate the interest on your account. It applies a daily periodic rate to the Current Balance in the Account on each day.
- ACH Transfer Limits: There are currently no limits on the number of ACH transactions that you may make into or out of your HYSA Account.
- Incoming ACH Transactions: Incoming ACH Transaction limits apply to each individual Account owner. see terms.
- Limits for Incoming ACH Transactions online or in AMEX app: Rolling 30 Calendar day limit: $250,000.
- Joint Account co-owners may have different individual dollar limits for Incoming ACH Transactions. Each can see their limit by logging in to their Account online.
- Wire Transfer Limits: Both Incoming Wire Transfers and Outgoing Wire Transfers will only be processed and accepted for amounts $500 and greater.
- Access to your cash: No limit on the number of deposits Amex customers can make into their high-yield savings account.
- Access to your cash: Customers can easily make transfers and automate their deposits from their external bank account by simply setting it up within a few minutes online.
- Mobile Check Deposit Limits for High Yield Savings Account: (1) $25,000 per check, (2) $50,000 per day, (3) $200,000 per rolling 30-day period.
- The American Express High Yield Savings Account stands out for its high-rated 24/7 customer support.
- Savings accounts are not meant for everyday spending. Ffor your everyday spending needs, you may be eligible for an American Express® Rewards Checking account. Terms apply.
- Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.
American Express High Yield Savings Account Overview
For those looking to save money with a big-name financial institution, the American Express High Yield Savings Account is a popular option.
American Express High Yield Savings Account has no fees whatsoever and a higher-than-average APY. There is $0 minimum balance requirement and $0 monthly fees with the American Express High Yield Savings Account.
American Express offers a solid Digital Banking experience and scores well on independent customer service metrics & is an ideal choice for someone chiefly concerned with the ease of using an online account.
Pros- Strong APY
- $0 monthly fees
- Minimum deposit/ Min. balance = $0
- Interest is compounded daily on current account balance
- There is no cap on account balance to earn APY
- Award winning 24/7 Customer Support from American Express
- Higher yields available elsewhere
- No check-writing privileges
- No ATM access
- As an online bank, Amex doesn’t offer physical branch access
Best for: Customers with large deposit
Smartfinancialways rating
5.0/5
Monthly fee
$0
Overdraft fee
None
Minimum opening balance
$100
APY
4.00%*
*4.00% APY on balances of $5,000 or more; less than $5,000 earn 0.25% APY
Excessive transactions fee
$10/ transaction*
*$10 per transaction up to $50 per month
Maximum transactions
Up to 6 free transactions*
*Up to 6 free withdrawls or transfers per statement cycle
Offer Checking account
Yes
Offer ATM card
Yes*
*if you’ve a CIT Bank Checking account
- Aaccount opening or maintenance fees.
- Compounding interest to maximze your earning potential.
- APY with a balance of $5,000 or more.
- APY with a balance of less than $5,000.
- Deposit checks remotely and make transfers with the CIT Bank mobile app.
- $100 minimum opening deposit.
- No account opening or maintenance fees.
- 4.00% APYS with a balance of $5,000 or more.
- 0.25% APYS with a balance of less than $5,000.
- Daily compounding interest to maximize your earning potential.
- Deposit checks remotely and make transfers with the CIT Bank mobile app.
- You are limited to six transfers or withdrawals per month. If you submit requests by mail or phone, however, those do not count toward your six.
- CIT does not offer paper checks at all, even for its checking account.
- To Open an Account: You’ll need to provide information such as your address, phone, email and social security number/ITIN.
- Fund your accounts: Minimum of $100 to open your account. You can transfer funds with electronic transfer, mail in check, or wire.
- Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.
- Interest Rates for the Platinum Savings account are variable and may change at any time without notice.
- Awards: Money named CIT Bank Platinum Savings the 2024 Best Savings Account for $5,000 and up.
- Customer Service Awards: CIT Bank ranked #1 in the nation for 2022 for delivering the most humanized experience in banking by American Banker.
- First Citizens Bank and Trust Company (FCB) is a member of the Federal Deposit Insurance Corporation (FDIC). This means your deposits are insured up to $250,000 per depositor, for each account ownership category.
CIT Bank Platinum Savings Overview
CIT is an online-only division of First Citizens Bank. It merged with parent company First Citizens BancShares, Inc. in January 2022. As a whole, the company has approximately $213.6 billion in assets as of Dec. 31, 2023 and is the 15th-largest bank in the U.S.
CIT offers savings, checking and money market accounts, as well as CDs and home loans. CIT is focused on digital personal banking.
The CIT Bank Platinum Savings may be the best option if you regularly keep a minimum of $5,000 in your account, as you’ll be able to earn 4.00% APY. Want a checking account that earns interest.
Pros- No monthly fees
- No overdraft fee
- 4.00% strong APY if you meet requirements
- Minimum opening deposit required is low
- Option to add a checking account with ATM access
- Only earn high APY on balances of $5,000 or more
- Excessive transactions fee
- No physical branch locations
Best for: High-Yield Online Savings Accounts
Smartfinancialways rating
4.2/5
Monthly fee
None
APY
3.50%*
(With deposits of at least $250), or 3.20%
Minimum opening balance
None
Overdraft/ NSF fees
None
Maximum transactions
Up to 6 are free/cycle*
*6 free withdrawls & transfers per cycle
Excessive transactions fee
None
Offer Checking account
Yes
Offer ATM card
Yes*
*If you’ve a Discover Checking account
- Monthly fee.
- Minimum opening deposit.
- Monthly balance requirements.
- Excessive transactions fees.
- US-based customer service available 24/7.
- Payment upto 2 days, with Direct Deposit setup for Online Savings.
- $0 Monthly fee, Insufficient Funds fee.
- No Minimum opening deposit for the Discover® Online Savings account.
- No. Fees. Period. That means you won’t be charged a fee on our Online Savings account.
- Earn over 5X National Savings Average: The Discover® Online Savings currently offers a 3.50% APY.
- Users can start earning interest right away, with no minimum balance required in their account.
- Interest on account holders’ savings compounds daily and is paid out monthly.
- Just remember that, as with any other high-yield savings account, the interest rate is variable and can fluctuate at any time.
- Mobile check deposits: Users can deposit a check into their savings account by snapping a photo of it with their smartphone or tablet.
- No need to login eachtime: Using the app, users can also transfer money from one account to another and use Quick View to check their savings account balance.
- As required by law, Discover® savings account holders can make up to six free withdrawals or transfers per statement cycle.
- Account holders can make unlimited withdrawals in person, by messenger or by mailing a request or calling in to have an official bank check mailed to you.
- Get paid early: Get your paycheck up to two days early when you set up direct deposit for your Online Savings Account with Early Pay.
- Pair it with Checking: Discover® stands out because it offers a checking account option that earns rewards — making it easier to do all your banking in one place.
- Discover® Cashback Debit Checking comes with no monthly fees, cash back on your debit card purchases and access to over 60,000 ATMs nationwide.
- Discover is integrated with Zelle. Customers with a checking & savings account that’s at least 90 days old can send or receive peer-to-peer transactions with no fees.
- Save with confidence: FDIC deposit insurance is up to $250,000 per depositor, per insured bank, per deposit ownership category.
- 100% US-based customer service available 24/7 and extensive security features.
Discover Online Savings Overview
Discover is a big-name institution offering checking account access and a competitive savings rate.
Users can start earning interest right away, with no minimum balance required in their account.
Interest on account holders’ savings compounds daily and is paid out monthly. This means that savers accrue interest on interest every day and see these earnings credited to their accounts each month.
Pros- High 3.50% APY
- No balance requirements for APY
- $0 monthly fees and $0 opening deposit
- Offers mobile check deposits
- Option to add a checking debit account with ATM access
- 100% US-based customer service available 24/7
- Those enrolled in direct deposit can receive paychecks up to two days early
- No cash deposits
- Discover is an online-only bank
Best for: Direct Deposits of $5,000 or more
Smartfinancialways rating
4.9/5
Monthly fee
$0.00
APY
4.30%*
*Earn this APY on all balances
Min. balance to open
$0
Overdraft fees
N/A
Non-Sufficient Funds fee
$0
Min. balance to avoid fee
$0.00
Offer Checking account
Yes
Offer ATM card
Yes*
*If you have Everbank Checking account
- Monthly maintenance fee.
- Non-Sufficient Funds (NSF) fee.
- Returned deposited item fee.
- Mobile check deposit fee.
- ACH/EFT transaction out, with our assistance.
- Minimum deposit required to open account.
- APY on all EverBank Performace℠ Savings account balances.
- 8x the national average. Terms apply.
- No minimum balance, monthly maintenance or NSF fees.
- EverBank is a mostly online bank serving customers in all 50 states.
- Interest on this account is compounded daily and credited monthly.
- Earn 4.30% APY on all Performance℠ Savings accounts regardless of account balances.
- Process To Open an Account: you can get started right away using the website. You’ll need your birth date, Social Security number, address and a few more pieces of data.
- Funding Account Option 1: You’ll need to fund your account once it’s opened. You can use a mobile deposit by capturing a photo of your check and sending it in via mobile app.
- Funding Account Option 2: You mail your check, EverBank has a New York mailing address that you can use if you’d prefer sending a hard copy of your check.
- Physical branches: There are only 11 branches, located mostly in Florida and with two in California.
- Your deposits with EverBank will be FDIC insured up to the standard $250K per depositor for each account ownership category.
- How to withdraw: withdraw money via electronic transfer. This means linking an external bank account and sending money to yourself from one account to another.
- Inside Catch: Many of the company’s best products are for those willing to drop $5,000 or more at a minimum.
Everbank Performance℠ Savings Overview
EverBank (formerly TIAA) is a bank that operates primarily online. EverBank is a nationwide specialty bank headquartered in Jacksonville, Florida. It offers personal, business, and commercial banking products, including high-yield savings accounts and certificates of deposit (CDs), checking accounts, money market accounts, and more.
EverBank has one online savings account that is simple to open and doesn’t require a large balance to earn top interest.
You have all sorts of options at EverBank, such as the typical retail bank offerings of checking and savings accounts and CDs. On top of that, you can choose from a variety of specialized EverBank CDs such as the CDARS® CD account..
EverBank, Member FDIC, may appeal to customers looking for savings accounts that offer strong APYs without requiring minimum deposits.
Pros- No minimum balance, monthly maintenance or NSF fees
- The Performance℠ Savings account doesn’t have a minimum opening balance requirement
- The Performance℠ Savings account earns a highly competitive APY
- Deposit checks into the account via a mobile device
- Many of the company’s best products are for those willing to drop $5,000 or more at a minimum
- EverBank is primarily an online bank, with limited physical branches, primarily in Florida
- No live chat or email, The only way to reach a representative is by phone
Best for: Checking/Savings Combo
Smartfinancialways rating
4.7/5
Monthly fee
$0
APY
3.50%*
*On all balance tiers
Minimum balance
None
Overdraft fees
$0
Maximum transactions
Up to 10 free per cycle*
*10 free withdrawls or transfers per statment cycle
Excessive transactions fee
$0
Offer Checking account
Yes
Offer ATM card
Yes*
*If you’ve a Ally Checking account
- Monthly maintenance fees.
- No minimum balance requirements.
- Standard or expedited ACH transfers.
- Incoming wires (domestic and international).
- Live customer support that is available over the phone, online chat or on the Ally mobile app
- Interest-Bearing Yes: Interest is compounded daily.
- Monthly maintenance $0: No monthly maintenance fees.
- Min. Balance $0: No minimum balance required to keep your account open after you fund.
- Interest-Bearing Yes: All accounts earn interest, and higher balances may earn an even higher rate.
- Ally Bank does not accept cash, you can deposit into your account using (1) Remote Check deposit via Ally eCheck Deposit℠, (2) Online transfers, (3) Wire transfers, or mail.
- New Account funding period: We’ll close your account automatically if we don’t receive your first deposit or transfer within 30 days.
- Deposit checks whenever, wherever: Remote check deposit with Ally eCheck Deposit℠. Take a photo and you’re all set.
- Overdraft Item fees $0: If you don’t have enough money in your account to cover a transaction, the transaction may be declined, but we won’t charge an overdraft fee.
- Standard or Expedited ACH transfers $0: We don’t charge you to transfer money to or from your accounts at other institutions.
- Excessive Transactions $0: We limit certain types of withdrawals and transfers to a total of 10 per statement cycle.
- Excessive Transactions include: (1) Online and Mobile Banking transfers, (2) Overdraft Transfer Service, & (3) Checks and point-of-sale transactions.
- No fees for incoming wire transfers; $20 for outgoing domestic wire transfers (International wire transfers are not supported).
- Access 75,000+ Allpoint and MoneyPass nationwide no-fee ATMS. Receive $10 in monthly ATM-fee reimbursements.
- Set Savings Goals: Account holders can create up to 10 different “buckets” within the same savings account that represent designated funds for certain things, such as naming one a “Future Vacation” and another “Emergency Savings.”
- You’ll have two weeks to bring your negative balance to the black, and Ally will deduct your next check to cover any red ink.
- 24/7 Live Customer Support that is available over the phone at 1-877-247-2559, online chat or on the Ally mobile app
- Your Ally ATM card, always in your control: Lock your card in seconds if it’s lost or stolen.
- Your money, FDIC-insured: Deposits are insured by the FDIC up to the maximum allowed by law.
Ally Bank Online Savings Account Overview
Ally Bank’s Online Savings is a well-rounded savings account that charges few fees and offers a competitive yield. The combination of available customer service, solid yields and low fees (as well as tools to help you meet your savings goals) make it a great option for most savers. Its “buckets” feature can help you save for specific purchases or needs.
Ally Bank is a good choice for those who want to do all your banking in one place. While the Ally Bank Online Savings Account is a decent high-yield account on its own, you can enjoy even more benefits if you also have an Ally Bank Spending Account (Ally’s checking account product).
Pros- Solid APY
- No overdraft fees
- No monthly maintenance fee
- No minimum balance requirements
- Money management features
- Earn a solid interest rate on any daily balance
- Option to add a checking account with ATM access
- 75K fee-free ATMs plus $10 in monthly ATM reimbursements
- 24/7 Live Customer service is available via phone & online chat
- No physical locations
- Cash deposits aren’t accepted
- Higher APYs offered elsewhere
- You can’t send a foreign wire transfer from Ally Bank
- $20 for outgoing domestic wire transfers
Bank Requirements to open a Savings Account in the U.S.
Most U.S. banks typically require some form of;
(1) Valid government-issued photo identification or state-issued driving license along with (2) Basic details about yourself, including your (a) Date of Birth, (b) Your Social Security number, and (c) Your current residential address and (d) Your mobile contact information. (3) Minimum opening deposit depending on the bank requirement.
What is a High-Yield Savings Account?
In the world of personal finance, finding the right place to store your money is crucial. One popular option for those looking to grow their savings is a high-yield savings account. But what exactly is a high-yield savings account, and how does it differ from a regular savings account? Let’s explore this financial tool in detail.
Definition of High-Yield Savings Account
A high-yield savings account is a type of savings account that offers a higher interest rate compared to traditional savings accounts. These accounts are typically offered by online banks, credit unions, and some traditional banks. The primary appeal of a high-yield savings account is its ability to grow your savings faster due to the higher interest rates.
Primary Purpose of High-Yield Savings Account
The primary purpose of a high-yield savings account is to provide a safe and secure place to store your money while earning a higher return on your savings. This makes it an attractive option for individuals looking to maximize their savings potential without taking on the risks associated with investing in the stock market.
How Do High-Yield Savings Accounts Work?
High-yield savings accounts function similarly to regular savings accounts. You deposit money into the account, and the bank pays you interest on your balance. The key difference is the interest rate. While a traditional savings account might offer an interest rate of around 0.01% to 0.05%, a high-yield savings account can offer rates ranging from 0.50% to 2.00% or even higher, depending on the current economic climate and the financial institution.
Difference Between Regular and High-Yield Savings Account
The primary difference between a regular savings account and a high-yield savings account is the interest rate. High-yield savings accounts offer significantly higher interest rates, allowing your money to grow faster. Additionally, high-yield savings accounts are often offered by online banks, which can afford to pay higher rates due to lower overhead costs.
Benefits of High-Yield Savings Account
1. Higher Interest Rates: The most significant advantage is the higher interest rate, which means your money grows faster over time.
2. Safety: Like traditional savings accounts, high-yield savings accounts are typically insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) up to $250,000 per depositor, per institution.
3. Liquidity: High-yield savings accounts offer easy access to your funds. You can typically transfer money to and from your checking account without penalties.
4. No or Low Fees: Many high-yield savings accounts come with no monthly maintenance fees, making them a cost-effective option for savers.
4. No or Low Fees: Many high-yield savings accounts come with no monthly maintenance fees, making them a cost-effective option for savers.
Common High-Yield Savings Terms You Should Know
1. Annual Percentage Yield (APY): The total amount of interest earned on an account in one year, expressed as a percentage.
2. ACH Transfer: Direct deposits, automated bill payments, and other electronic payments are usually free, but the transfer process usually takes at least one business day to finish.
3. Minimum Balance Requirement: The minimum amount of money you must keep in the account to earn interest or avoid fees.
4. Withdrawal Limits: ederal regulations limit certain types of withdrawals and transfers from savings accounts to six per month.
5. Mobile deposit: Instead of visiting to the bank to deposit a check, you can use your mobile banking app to scan a snapshot of the check and have the funds promptly put into your account. It can occasionally take a day or two for the funds to be accessible.
6. Wire Transfer: Banks typically charge a fee when you want to transfer money between accounts and have it accessible for use the same business day.
Key Features To Consider Before Opening a High-Yield Savings Account
1. Interest Rate: Compare the APY offered by different banks to find the best rate.
2. Fees: Look for accounts with no or low fees to maximize your savings.
3. Minimum Balance Requirement: Ensure you can meet any minimum balance requirements to avoid fees.
4. Accessibility: Consider how easy it is to access your funds, whether through online banking, mobile apps, or ATMs.
How to Pick a High-Yield Savings Account
When choosing a high-yield savings account, consider the following factors:
1. Interest Rate: Look for the highest APY available.
2. Fees: Choose an account with minimal or no fees.
3. Reputation: Research the bank’s reputation and customer service.
4. Accessibility: Ensure the account offers convenient access to your funds.
PROS
Above-average APYs
FDIC insurance up to $250,000 per account
Easy access to funds with no penalties for withdrawals
Typically, funds are available up to a certain amount
Some accounts offer ATM cards for savers
Finding an account with no monthly fees and minimal requirements is simple
The majority of accounts are online, and mobile banking apps make it simple to manage them while on the road
Money transfers between bank accounts are simple
An excellent option for short-term or emergency savings
CONS
Interest rates can fluctuate based on the economic environment
Monthly withdrawal or transfer limits are enforced by certain banks
Not all accounts offer ATM cards
Some accounts may have minimum balance requirements
Withdrawal limits may apply, restricting access to funds
There are few, if any, options for in-person banking because the majority of accounts are online
Although you can move your money across banks, it usually takes 24 to 48 hours
Long-term wealth growth is not advised because inflation may eventually surpass interest income
Key Takeaway
A high-yield savings account can be an excellent tool for growing your savings more quickly than a traditional savings account. With higher interest rates, safety, and liquidity, it’s a compelling option for those looking to maximize their savings potential. However, it’s crucial to consider factors like minimum balance requirements, withdrawal limits, and the potential for fluctuating interest rates before making your decision.
Up Next In Savings, compare the other types of best savings accounts:
To summarize our top selections…
Smartfinancialways’s Best High-Yield Savings Accounts for July 2025
Axos ONE® Savings and Checking bundle: 4.66% APY, Best for Earning APY on both Savings & Checking
LendingClub LevelUp Savings Account: 4.20% APY, Best for Account features
SoFi® Checking and Savings: 3.80% APY, Best for Direct Deposits of $5,000 or more in a cycle
Capitol One 360 Performance Savings™: 3.50% APY, Best from a brick-and-mortar bank
American Express® High Yield Savings Account: 3.60% APY, Best for Big bank good digital experience
CIT Bank Platinum Savings: 4.00% APY, Best for Customers with large deposit
Discover® Online Savings: 3.50% APY, Best for High-Yield Online Savings Accounts
EverBank Performance℠ Savings: 4.30% APY, Best for Direct Deposits of $5,000 or more
Ally Bank Savings Account: 3.50% APY, Best for Checking/Savings Combo