Top 16 High-Yield Savings Accounts

Elements Financial now offers a savings account with the highest annual percentage yield (APY) in the country, which is 3.25%. This is only one of the highest rates you can find in our rankings below, and it’s about 20 times higher than the national savings account average of 0.17% APY set by the FDIC. Even the 10th-best rate on the list, drawn from our weekly rate analysis on more than 200 banks and credit unions that provide nationwide savings accounts, pays 2.50% APY. The top savings account rates offered by our partners are listed below, followed by a list of all the greatest savings account rates available countrywide.

Best High-Yield Savings Account Rates

• Elements Financial – 3.25% APY*
• DollarSavingsDirect – 3.00% APY
• Bask Bank – 2.75% APY
• CFG Bank – 2.75% APY
• Ivy Bank – 2.70% APY
• TAB Bank – 2.66% APY
• UFB Direct – 2.61% APY
• BrioDirect – 2.61% APY
• TotalDirectBank – 2.60% APY
• Quorum Federal Credit Union – 2.50% APY
• USAlliance Financial – 2.50% APY
• Fitness Bank – 2.50% APY*
• Northpointe Bank – 2.45% APY
• CIT Bank – 2.40% APY
• Rising Bank – 2.35% APY
• Citizens Access – 2.35% APY

The top savings account rates in the country are listed below in order of APY. Where more than one institution has the same rate, we’ve ranked accounts by those requiring the smallest minimum ongoing balance.

Elements Financial, Promo Helium Savings – 3.25% APY*

• Minimum initial deposit: Any amount
• Minimum ongoing balance: $2,500 to earn promo APY
• Monthly fee: None
• ATM card: Yes
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

DollarSavingsDirect, Dollar Savings Account – 3.00% APY

• Minimum initial deposit: $0
• Minimum ongoing balance: $0
• Monthly fee: None
• ATM card: No
• Mobile check deposit: No
• Checking accounts available: No
• CDs available: Yes

Bask Bank, Interest Savings Account – 2.75% APY

• Minimum initial deposit: Any amount
• Minimum ongoing balance: Any amount
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: No
• CDs available: No

CFG Bank, High Yield Money Market Account – 2.75% APY

• Minimum initial deposit: $1,000
• Minimum ongoing balance: $1,000 to earn stated APY
• Monthly fee: None with $1,000 ongoing balance; otherwise, $10/month
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: No
• CDs available: Yes

Ivy Bank, High-Yield Savings Account – 2.70% APY

• Minimum initial deposit: $2,500
• Minimum ongoing balance: $2,500 to earn stated APY
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: No
• CDs available: Yes

TAB Bank, High Yield Savings Bank – 2.66% APY

• Minimum initial deposit: Any amount
• Minimum ongoing balance: $1
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

UFB Direct, High Yield Savings Account – 2.61% APY

• Minimum initial deposit: Any amount
• Minimum ongoing balance: Any amount
• Monthly fee: None
• ATM card: Yes
• Mobile check deposit: Yes
• Checking accounts available: No
• CDs available: No

BrioDirect, High-Yield Money Market Account – 2.61% APY

• Minimum initial deposit: $500
• Minimum ongoing balance: Any amount
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

TotalDirectBank, Money Market Account – 2.60% APY

• Minimum initial deposit: $2,500
• Minimum ongoing balance: $2,500 to earn stated APY
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: No
• CDs available: Yes

Quorum Federal Credit Union, HighQ Savings – 2.50% APY

• Minimum initial deposit: Any amount
• Minimum ongoing balance: Any amount
• Monthly fee: None
• ATM card: Yes
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

USAlliance Financial Credit Union, High Dividend Savings – 2.50% APY

• Minimum initial deposit: Not stated
• Minimum ongoing balance: $500 to earn interest
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

Fitness Bank, Savings Account – 2.50% APY

• Minimum initial deposit: $100
• Minimum ongoing balance: $100
• Monthly fee: None with a $100 ongoing balance; otherwise, $10/month
• ATM card: No
• Mobile check deposit: No
• Checking accounts available: No
• CDs available: No

Northpointe Bank, Ultimate Savings – 2.45% APY

• Minimum initial deposit: $100
• Minimum ongoing balance: $25,000 to earn stated APY
• Monthly fee: None
• ATM card: No (only with checking account)
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

CIT Bank, Savings Connect – 2.40% APY

• Minimum initial deposit: $100
• Minimum ongoing balance: Any amount
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

Rising Bank, High Yield Savings Account – 2.35% APY

• Minimum initial deposit: $1,000
• Minimum ongoing balance: $1,000 to earn stated APY
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: Yes
• CDs available: Yes

Citizens Access, Online Savings Account – 2.35% APY

• Minimum initial deposit: $5,000
• Minimum ongoing balance: $5,000 to earn stated APY
• Monthly fee: None
• ATM card: No
• Mobile check deposit: Yes
• Checking accounts available: No
• CDs available: Yes

Is a Savings Account Online Safe for My Money?

Most banks, both physical and online, are covered by FDIC insurance, which safeguards banking customers by covering up to $250,000 of their deposits per institution in the event of a bank failure. By providing NCUA insurance to the great majority of financial institutions, the U.S. government supports credit union consumers up to $250,000 in a similar manner.

Your deposits are therefore equally safe and safeguarded regardless of whether your organisation has physical locations or is an online-only bank. Prior to doing business with any new financial institution, make sure to look for the FDIC or NCUA logo.

What Differs a Money Market Account from a High-Interest Savings Account?

Money market accounts and savings accounts are related. Their primary purpose is to give you a method to save money while earning interest on your balance. Both allow you to move money in and out as you see fit. Additionally, both types of accounts are subject to the federal law that places a monthly withdrawal cap of six on savings accounts.

Savings and money market accounts are typically distinguished by the ability to draw cheques against the account in the case of money market accounts. Savings accounts, on the other hand, often only permit money withdrawals through electronic transfer, ATM cards (where available), or in-person visits to the branch.

How Often Do Savings Rates Differ?

It’s not a given that a savings account will pay an APY on the day of your initial deposit. The rate of the account may actually alter at any time.

The Federal Reserve has a significant impact on how frequently and whether interest rates increase or decrease. Banks and credit unions frequently go in the same direction as the federal government when it changes the federal funds rate.

That said, rate changes among savings accounts are not typically a daily or weekly event. Barring recent moves by the Fed, rates often remain at the same level for weeks or months at a time.