The 11 Best High-Yield Savings Accounts of July 2024

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After a few years of falling rates, the tide has turned: Interest rates are on the rise.

While rising rates might not sound like a good thing — and, to be fair, it’s probably not the best news if you have a variable rate on a student loan, for example — it can be a positive sign for your savings account.

Higher rates mean you have the opportunity to earn more on your funds in a savings account. And if you’re a super saver looking for bigger earning potential, you’ll want to check out a high-yield, sometimes called a high-interest, savings account.

What Is a High-Yield Savings Account?

A high-yield savings account allows you to save money and earn higher-than-average interest on it. While the average savings account has a 0.46% interest rate, per the FDIC, you can expect to earn more with a high-yield savings account—sometimes a lot more, especially with rising interest rates.

Many traditional banks, credit unions, and financial institutions offer high-yield savings accounts. And because online-only banks have less overhead, they usually offer higher interest rates to customers. If you can put money away, stay organized, and follow an account’s requirements to earn a higher interest rate, a high-yield account could be a better fit for you than a traditional savings account.


The 11 Best High-Yield Savings Accounts for July 2024

Account Minimum to Open Account APY Other Fees

Vio Cornerstone Money Market Savings Account

$100

5.30%

No monthly fee

Axos Bank High Yield Savings

$250

0.61%

No monthly balance requirements/ maintenance fees

SoFi Checking and Savings

None

Up to 4.60%

No monthly fees

Capital One 360 Performance Savings

None

4.25%

No monthly fees

CIT Bank Savings Builder

$100

Up to 1.00%

No monthly maintenance fee

M1 High Yield Savings Account

None

5.00%

No monthly maintenance fee

Public High-Yield Cash Account

None

5.1%

No monthly maintenance fee

PNC High Yield Savings Account

None

4.65%

No monthly maintenance fee

PenFed Premium Online Savings

$5

3.00%

No monthly maintenance fee

Marcus High Yield Online Savings

None

4.40%

No monthly maintenance fee

Credit Karma Money Save

None

5.10%

No monthly maintenance fee

Of course, “the best account” will be determined by your individual wants and needs. If you’re highly organized, a stricter but high-paying account could be a good option. And if you’re more of a “set it and forget it” type of person, another one on the list might better suit you.

Vio Cornerstone Money Market Savings

Highest APY

5 out of 5 Overall

Key Features
  • Interest is compounded daily
  • Only requires $100 to open
Vio is an online bank offering one of the highest interest rates you'll see — 5.30% APY — on its Cornerstone Money Market Savings Account. Interest is compounded daily, and you can set up an automatic savings plan by establishing auto transfers. There are no monthly fees and you only need $100 to open the account.
Cornerstone Money Market Savings Account

APY
5.30%
Amount to open account
$100
Fees
None
ATM access
No
Additional banking products
Yes

More Information About Vio Bank Cornerstone Money Market Savings Account

Vio is the online division of MidFirst Bank, the largest privately held bank in the United States. It's also an FDIC member.

In addition to one of the highest interest rates you'll see, Vio‘s Cornerstone Money Market Savings Account sees interest compounded daily. Not only does it pay well, it also costs nothing to open an account. You just need to transfer at least $100 to keep it open.

Axos Bank High-Yield Savings

Best for Digital-First Experience

3.5 out of 5 Overall

Key Features
  • No monthly balance requirements
  • 0.61% APY
  • No maintenance fees
Axos Bank offers an FDIC-insured, high-yield online savings account. You can earn up to 0.61% APY on your money, regardless of the starting balance. You do need $250 to open the account, however, there are no monthly balance requirements or maintenance fees. Since Axos is an online-only bank, customers can live anywhere in the U.S. and open an account.
Axos Bank

APY
0.61%
Amount to open account
$250
Fees
None
ATM access
Yes
Additional banking products
Yes

More Information About Axos Bank High Yield Savings

Axos offers other banking products, such as rewards checking (with up to 3.30% APY!), business CDs, small business banking services, commercial lending and more. Axos is an online-only bank, which is a perk for many digital-first users. It’s also FDIC-insured, so your money is secure. 

For a full run down of fees and services, check out our complete Axos Bank review.

SoFi Checking and Savings

Best for Checking Interest

5 out of 5 Overall

Key Features
  • No minimum opening balance
  • Fee-free overdraft coverage
The SoFi bank account currently has one of the highest potential APYs of any account on our list. Plus, it has one of the highest new customer bank bonus offers: up to $300. Other highlights of this account include early access to your paycheck with direct deposit, no-fee overdraft coverage, automatic saving features and up to 15% cash back when you shop local. Plus, there are no monthly account fees.
SoFi Checkings and Savings

APY
Up to 4.60%
Amount to open account
No minimum
Fees
None
ATM access
Fee-free ATMs with Allpoint® Network
Additional banking products
Yes

More Information About SoFi Checkings and Savings

SoFi’s online bank account certainly rewards members for spending and saving. The account, which doubles as a checking and savings account, allows you to organize your savings into vaults so you can work toward your goals. You’ll earn up to 4.60% APY on money in savings and up to 0.50% on checking funds, and when you shop local, you can earn up to 15% cash back. The bonus is tiered; to get the full $300 bonus, make sure your qualifying direct deposits total $5,000 or more.

Capital One 360 Performance Savings

Best for Connecting to Multiple Accounts

5 out of 5 Overall

Key Features
  • No minimum deposit
  • No monthly fees
This big-name savings account boasts no monthly fees, easy integration with other Capital One 360 accounts (including a checking account for easy funds transfer) and a killer app. Per the latter, in 2022, the Capital One 360 mobile app ranked No. 1 in customer satisfaction in the banking category among national banks in J.D. Power’s U.S. Banking App Satisfaction Study.
Capital One 360 Performance Savings

APY
4.25%
Monthly fees
None
Minimum balance requirement
None
Additional fees for withdrawals
None
ATM fees
None for in-network

More Information About Capital One Performance Savings

If you don’t open a linked checking account for easy ATM access with Capital One, you can still get your funds via the traditional (but slower) means. The Capital One Performance Savings Account is a good option for people who prefer to bank with a well-known entity.

For more information on the Capital One Performance Savings account, check out our full Capital One review.

CIT Bank Savings Builder

Best for a Low Monthly Deposit Requirement

4 out of 5 Overall

Key Features
  • Up to 1.00% APY
  • Only $100 to open an account
  • Online-only bank
CIT Bank is another online financial institution. It offers an FDIC-insured Savings Builder account where you can earn up to 1.00% APY on your balance. To hit that APY, customers need to maintain a $25K balance or make a monthly deposit of $100. This account can be accessed anywhere (another bonus of being digital!) and there are no maintenance fees.
CIT Bank Savings Builder

APY
1.00%
Amount to open account
$100
Fees
None
ATM access
Yes
Additional banking products
Yes

More Information About CIT Bank Savings Builder

CIT Bank is an online-only institution, which means you can easily access your account via your phone, computer or tablet. The CIT mobile app provides another way for users to check in on their accounts. CIT also offers CDs and money market accounts, which is useful if you’re looking for other ways to save and grow your money. 

For a full run down of fees and services, check out our complete CIT Bank review.

M1 High Yield Savings Account

Best for Online-Only Accounts

4 out of 5 Overall

Key Features
  • 5.00% APY
  • ATM access
  • Online-only account
With the M1 High Yield Savings account, customers can earn 5.00% interest on their money. M1 also offers a variety of banking products, like IRAs and brokerage accounts, in addition to this high-earning, online-only account. (Note: New account openings are paused at the moment.)
M1 High Yield Savings Account

APY
5.00%
Amount to open account
$100
Fees
None
ATM access
Yes
Additional banking products
Yes

More Information About the M1 High Yield Savings

M1 is a technology company that offers financial products and services. The M1 High Yield Savings account is furnished by B2 Bank, which is FDIC-insured. Previously, you needed an M1 Plus membership to take advantage of premium features, but the company decided to end the program and open up the perks to everyone.

Public High-Yield Cash Account

High APY, No Fees

5 out of 5 Overall

Key Features
  • 5.1% APY*
  • No minimum deposit
  • No Fees
Public is more than an investing app. The Public High-Yield Cash Account lets you earn 5.1% APY* (annual percentage yield). And it won't hit you with minimum balance requirements, limits, subscription fees or maintenance fees.
Public High-Yield Cash Account

APY
5.1%
Minimum Deposit
No Minimum
Maintenance or Service Fees
None
Minimum Balance
$0
Additional Banking Products
Yes

More Details about the Public High-Yield Cash Account

The Public High-Yield Cash Account offers you a way to diversify your savings alongside your investing, retirement and other savings accounts. You can withdraw, deposit or transfer your money whenever you want. They offer FDIC insurance up to $5 million.

*As of 2/24/2024, annual percentage yield (APY) is variable and may change without notice.



PNC High Yield Savings Account

Best for Saving in Select Markets

4 out of 5 Overall

Key Features
  • 4.65% APY
  • Online-only account
  • Available in select areas
PNC is one of the largest banks in the U.S.and operates in 27 states. The banking giant now offers a high-interest savings account: The PNC High Yield Savings Account, which earns a whopping 4.65% APY. This account boasts no minimum balance requirements, service charges or monthly fees. But be sure to check your zip code on the website — this account is only available for certain eligible markets.
PNC High Yield Savings Account

APY
4.65%
Amount to open account
$0
Fees
None
ATM access
Yes
Additional banking products
Yes

More information about PNC High Yield Savings Account

As we stated above, the PNC High Yield Savings Account is only available in select locations. (Currently, these states: AR, CT, ID, IA, KS, LA, ME, MA, MN, MS, MT, NE, NV, NH, ND, OK, OR, RI, SD, TN, UT, VT, WA, WY, TX, NM, AZ, CO, WV, CA.) Also, since the account is accessible via online only, you’ll need to use online or mobile banking, send a wire, or bank by mail to add money to the account.

PenFed Premium Online Savings

Best for Non-Banking Perks

4.5 out of 5 Overall

Key Features
  • Only $5 to open the account
  • 3.00% APY
  • Over 85K ATMs nationwide
If you prefer to bank with credit unions, PenFed’s Premium Online Savings account could be a solid choice for you. This account is federally insured up to $250K by the National Credit Union Administration, or NCUA (basically the FDIC for credit unions). You only need $5 to get started and there are no monthly maintenance fees. PenFed also offers auto loans and credit cards.
PenFed Premium Online Savings

APY
3.00%
Amount to open account
$5
Fees
None
ATM access
Yes
Additional banking products
Yes

More Information About PenFed Premium Online Savings

Contrary to some information online, you do not need to be a member of the military to join this credit union. PenFed doesn’t have branches in all 50 states, but all customers can access their accounts and apply for banking products online. Not to mention, users can take advantage of other member benefits, from discounts on home security to flower delivery.

Marcus by Goldman Sachs Savings

Best for a High Interest Rate

4.5 out of 5 Overall

Key Features
  • 4.40% APY
  • No minimum opening deposit
  • Popular mobile app
Goldman Sachs is a well-known name in the financial services industry. The bank offers a solid high-yield savings account known as Marcus (fun fact: Marcus Goldman founded the company). There’s no required opening deposit amount and no monthly fees, plus the interest rate is highly competitive. The account is accessible online or via the Marcus mobile app on the App Store and Google Play.
Marcus by Goldman Sachs Savings

APY
4.40%
Amount to open account
$0
Fees
None
ATM access
Yes
Additional banking products
Yes

More Information About Marcus Savings

Marcus by Goldman Sachs is a good account choice if you’re looking for a recognized leader that won’t ding you with extraneous fees. Marcus also offers debt consolidation and home improvement loans, the opportunity to manage investment portfolios and more. Customer service is available 24/7 via phone, too.

For a full run down of fees and services, check out our complete Marcus review.

Credit Karma Money™ Save

Best for Fee-Free, High-Yield Saving

4.5 out of 5 Overall

Key Features
  • No monthly balance requirements
  • 5.10% APY
  • No maintenance fees
Credit Karma — the company you likely know as the place where you can easily access your credit score — offers a savings account with a high interest rate to boot. This online-only account is free to open and has no maintenance fees. Plus, it’s backed by the FDIC, so you can store and grow your money, worry-free.
Credit Karma Money™ Save

APY
5.10%
Amount to open account
$0
Fees
None
ATM access
No
Additional banking products
Yes

More Information About Credit Karma Money Save

On top of not requiring a minimum deposit to open the account, Credit Karma Money Save has no fees or deposit requirements to earn the 5.10% APY. To use money from the account, you’ll first have to transfer it to a Credit Karma Spend account and withdraw it that way. Credit Karma also offers a checking account with cashback rewards and credit building tools, so you can save and earn money in more than one way.

What to Consider When Looking for a High-Yield Savings Account

While you’ll bring in more than you would in a traditional account, you’ll often need to adhere to strict guidelines. So keep that in mind before you sign up.

For instance, you may experience the following:

  • A required opening deposit.
  • A minimum required balance at all times.
  • A cap on how often you can move money out of the account.
  • Monthly maintenance fees.
  • Fees for going over the allotted amount of withdrawals a month.
  • A high interest rate—but only for X months or Y years for a certain amount of money AND if you follow all the rules. A particular rate may also only be available for new account holders.

That said, these accounts are a great way to earn more on money you don’t plan on touching for some time—just read the fine print (and maybe brush up on your organizational skills) first.

How to Open a High-Yield Savings Account

Typically, the same rules apply to opening any other type of bank account. You’ll likely need to be at least 18 years old and have identification, for example. This is pretty standard stuff.

You have options on where to open a high-yield savings account, too. They can be found at traditional brick-and-mortar institutions, credit unions, and online-only banks. In fact, the latter may offer you higher interest rates since there’s less overhead (i.e. no physical location to pay bills for, so the savings get passed on to you). The interest rate may vary depending on where you live.

Bonus: Many companies offer various banking products (loans, checking, etc.), too. So if you want additional services on top of a high-yield savings account, you’re in luck.

Our Criteria for Finding the Top High-Yield Savings Accounts for You

We looked at accounts that offered a high APY by today’s standards — that means between the 0.50% and 6.00% interest-rate-and-up mark — and low (or no) fees. We included a variety of online-only and big-name accounts to choose from as well.

You don’t have to transfer all your banking needs to an institution that offers a high-interest account. You can hang on to your primary bank and have a separate, high-earning savings account elsewhere. But note: Some accounts may require you to open other products with them, so keep that in mind.

Additional High-Interest-Earning Accounts That Can Help You Make More Money

In addition to high-yield savings accounts, we found two other types of accounts that will help you earn more money: rewards checking and debit-card-linked savings accounts.

You’ll need to meet a few requirements to qualify for these rates as well, but they’ll still give you more bang for your buck.

Rewards Checking Accounts

Rewards checking accounts pay higher interest rates (usually between 1.5%-6%) on your money up to a certain amount. For example, a bank or credit union might offer a 2% APY on accounts capped at $15,000.

Even though they pay higher interest rates, you usually won’t find rewards checking accounts on a typical list of the best checking accounts. They’re in a category of their own, and you can’t simply deposit your money and forget about it; these accounts require a little work and organization.

To take advantage of rewards checking accounts, you might be required to do any of the following:

  • Have a minimum deposit to open the account.
  • Keep a required minimum balance at all times.
  • Pay a monthly maintenance fee.
  • Hit a certain number of regular deposits or ACH transactions.
  • Make a fixed number of debit card purchases per month.
  • Opt into e-statements (paperless statements) or other agreements.

Your interest rates may fluctuate or plateau depending on the amount in your account, as well. But the maximum APY can be pretty significant, so these accounts may be worth it.

For example, Solvay Bank in upstate New York offers 4.00% APY for its high-interest checking account. Here’s the deal:

  • You must be a new customer.
  • You must live in specified counties in the State of New York.
  • This rate is available on balances up to $15,000.

You must also follow certain guidelines during each monthly statement cycle:

  • Enroll in and receive e-statements.
  • Have at least one direct deposit or ACH transaction.
  • Make at least 12 debit card purchases.

A minimum deposit of $15 is required, and there’s a $5 monthly maintenance fee for the account, though it can be waived. It’s easy enough to click the button to enroll in e-statements, and once you set up direct deposit for your paycheck, it’s automatic.

Another example is Guardian Credit Union in Alabama, which offers  5.12% APY — on balances up to $15K. To qualify for the Guardian Ultimate Checking account, you’ll need to:

  • Live, worship, go to school in or be retired or active Alabama Army or Air National Guard personnel in specified counties in Alabama.
  • Have 15 debit transactions a month.
  • Monthly minimum of $250 spend.

You’ll need to meet additional requirements (check the website for all of them), too.

You can find a list of rewards checking accounts in your state along with current interest rates here.

Savings Accounts Linked to Prepaid Debit Cards

A prepaid debit card allows you to load money onto a card without needing a bank account. It can be a helpful budgeting or learning tool (some parents get them for their kids). Others may prefer using this financial service over a traditional bank account. However, these cards typically come with their own set of rules and fees.

Some prepaid debit cards come with savings accounts. Mango Financial is one such example — and you can earn up to 6.00% APY with Mango Savings.

Here’s an overview of how it works:

  • First, you need to activate and load your Mango debit card.
  • Then, you can open a savings account with $25.
  • To qualify for the 6.00% APY, you’ll need signature purchases of $1,500 or more and a minimum balance of $25 at the end of the month.

Cardholders are entitled to up to six transfers each month. Also, you can only have one savings account with Mango. You can view a list of fees (for balance inquiries and ATM withdrawals, etc.) here.

Netspend is another prepaid debit card with a savings account option. You’ll have to load the card account and then transfer the money to the savings account. From there:

  • You can earn up to 6.00% APY on $2,000 or less (the APY drops to 0.50% on any higher amount).
  • You can set up an auto-save function to transfer money every time you load your Netspend card account with funds.
  • You can transfer money from your savings account to your card up to six times per month.

Again, you want to be mindful of associated fees.

Pros and Cons of a High-Yield Savings Account

It’s good to know the advantages and disadvantages of high-yield savings accounts before you open one.


Pros
  • Available at brick-and-mortar, online-only and hybrid financial institutions
  • Earn high interest rates on your money
  • Generally more accessible than other high-interest-earning accounts, like CDs
  • Sometimes accounts come with a debit card

Cons
  • There may be fees or minimum balance requirements
  • Typically, you can only access or move money a set number of times during a statement cycle
  • You might lose out on the high interest rate if you don’t abide by an account’s rules

Frequently Asked Questions (FAQ) About High-Yield Savings Accounts

We’ve rounded up the answers to the most commonly asked questions about high-yield savings accounts.

Can You Lose Money in a High-Yield Savings Account?

No. As long as your money is in an FDIC-insured high-yield savings account, it’s safe.

Are High-Yield Savings Accounts Worth It?

If you’re looking to save money and have semi-flexible access to it, all while earning a little more interest on it, then yes, a high-yield savings account is worth it. These accounts are ideal places to store an emergency fund, for example — a place where you can safely grow your money, yet access it (typically, via a debit card or transfer it to another bank account) relatively quickly when needed.

Which Bank Has the Highest Yield Savings Account?

Vio Cornerstone Money Market Savings offers a solid 5.30% APY. 

Rates can change, so look around every now and then to see the latest, highest offers.

Earn More Interest on Your Accounts

Of course, it can be tricky to keep track of numerous accounts and their requirements (and to avoid fees). But, that’s just the way it is in this low-interest-rate environment.

You have to exercise your organizational skills to make some extra money on your high-yield savings accounts. But the end results can be worth it.

Steve Gillman and Kathleen Garvin are contributors to The Penny Hoarder.

SoFI fine print: 

*Sofi Checking and Savings (member FDIC):

1. 10x based on FDIC monthly savings account rate as of October 24, 2023.

2. SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn up to a 4.60% annual percentage yield (APY) on savings balances (including Vaults) and up to a 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits during the 30-Day Evaluation Period will earn up to 1.20% APY on savings balances (including Vaults) and up to 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates will be available through 12/31/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

3. New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings (member FDIC) is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn up to a 4.60% annual percentage yield (APY) on savings balances (including Vaults) and up tp a 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn up to 1.20% APY on savings balances (including Vaults) and up to 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates will be available until 12/31/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

4. SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks.