33 Best Savings Account Rates of April 2024 (Up to 5.35%)
List of the best savings rates available from a large pool of providers.
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ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
The best savings account interest rates have yields of up to 5.35%. High rates from top banks can mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. The highest interest rates are significantly better than the national average of 0.46%.
The institutions below offer some of the highest interest rates on savings accounts. With an annual percentage yield, or APY, of 5%, a balance of $10,000 would earn about $500 after one year. An APY of 0.40% would earn about $40.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
APY research methodology: The APYs shown are current as of the publication date of this page. Each weekday, we review account rates to make sure we have the most up-to-date APYs.
APYs shown are current as of April 18, 2024. All other information is current as of March 29, 2024.
ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
The best savings account interest rates have yields of up to 5.35%. High rates from top banks can mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. The highest interest rates are significantly better than the national average of 0.46%.
The institutions below offer some of the highest interest rates on savings accounts. With an annual percentage yield, or APY, of 5%, a balance of $10,000 would earn about $500 after one year. An APY of 0.40% would earn about $40.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
APY research methodology: The APYs shown are current as of the publication date of this page. Each weekday, we review account rates to make sure we have the most up-to-date APYs.
APYs shown are current as of April 18, 2024. All other information is current as of March 29, 2024.
Today’s high rates may not last forever. Take advantage of them while you can with a federally insured high-yield savings account
Best Savings Account Rates of April 2024 (Up to 5.35%)
Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
---|---|---|---|---|
⏰ LTO SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for Savings Rates | 4.60% With $0 min. balance for APY | $400 Limited-time offer Up to $300 cash and $100 in rewards points. Terms apply. | Learn more at SoFi Bank, N.A., Member FDIC |
American Express® High Yield Savings Account Learn more at American Express National Bank, Member FDIC | Best for Savings Rates | 4.30% With $1 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
Synchrony Bank High Yield Savings Learn more at Synchrony Bank, Member FDIC | 4.75% With $0 min. balance for APY | N/A | Learn more at Synchrony Bank, Member FDIC | |
Barclays Online Savings Account Learn more at Barclays, Member FDIC | Best for Savings Rates | 4.35% With $0 min. balance for APY | $200 Requirements to qualify | Learn more at Barclays, Member FDIC |
Bask Interest Savings Account Learn more at Bask Bank, Member FDIC | Best for Savings Rates | 5.10% With $0 min. balance for APY | N/A | Learn more at Bask Bank, Member FDIC |
UFB Secure Savings Learn more at UFB Direct, Member FDIC | Best for Savings Rates | 5.25% With $0 min. balance for APY | N/A | Learn more at UFB Direct, Member FDIC |
Marcus by Goldman Sachs Online Savings Account Learn more at Goldman Sachs Bank USA, Member FDIC | 4.40% With $0 min. balance for APY | N/A | Learn more at Goldman Sachs Bank USA, Member FDIC | |
Affirm Money | 4.35% With $0.01 min. balance for APY | N/A | Read review | |
BMO Alto Online Savings Account | 5.10% With $0 min. balance for APY | N/A | Read review | |
Bread Savings™️ High-Yield Savings Account | 5.15% With $100 min. balance for APY | N/A | Read review | |
BrioDirect High-Yield Savings | 5.35% With $25 min. balance for APY | N/A | Read review | |
Capital One 360 Performance Savings™ Learn more at Capital One, Member FDIC | 4.25% With $0 min. balance for APY | N/A | Learn more at Capital One, Member FDIC | |
CIBC Agility™ Savings | 5.01% With $0.01 min. balance for APY | N/A | Read review | |
CIT Bank Platinum Savings | 5.05% With $5,000 min. balance for APY | N/A | Read review | |
Citi® Accelerate Savings | 4.45% With $0 min. balance for APY | N/A | Read review | |
Citizens Access Savings | 4.50% With $0.01 min. balance for APY | N/A | Read review | |
ConnectOne Bank Online Savings Account | 4.60% With $2,500 min. balance for APY | N/A | Read review | |
EverBank Performance℠ Savings Learn more at EverBank, Member FDIC | 5.15% With $0 min. balance for APY | N/A | Learn more at EverBank, Member FDIC | |
First Foundation Bank Online Savings Account | 4.90% With $0.01 min. balance for APY | N/A | Read review | |
GO2bank™ Savings Account | 4.50% With $0 min. balance for APY | N/A | Read review | |
Ivy Bank High-Yield Savings Account | 5.30% With $2,500 min. balance for APY | N/A | Read review | |
Jenius Savings | 5.25% With $0 min. balance for APY | N/A | Read review | |
Laurel Road High Yield Savings | 5.00% With $0 min. balance for APY | N/A | Read review | |
LendingClub High-Yield Savings | 5.00% With $0 min. balance for APY | N/A | Read review | |
Live Oak Bank High-Yield Online Savings | 4.40% With $0 min. balance for APY | N/A | Read review | |
One Save | 5.00% With $5,000 min. balance for APY | N/A | Read review | |
Popular Direct Savings | 5.15% With $0.01 min. balance for APY | N/A | Read review | |
Quontic High Yield Savings Learn more at Quontic Bank, Member FDIC | 4.50% With $0 min. balance for APY | N/A | Learn more at Quontic Bank, Member FDIC | |
Salem Five Direct eOne Savings | 5.01% With $0.01 min. balance for APY | N/A | Read review | |
Sallie Mae Bank High-Yield Savings Account | 4.50% With $0 min. balance for APY | N/A | Read review | |
TAB Bank High-Yield Savings Account | 5.27% With $0 min. balance for APY | N/A | Read review | |
Upgrade Premier Savings | 5.21% With $1,000 min. balance for APY | N/A | Read review | |
Zynlo Tomorrow Savings Account | 5.00% With $0.01 min. balance for APY | N/A | Read review |
Our pick for
Savings Rates
⏰ Limited-time offer
Limited-time offer
Why We Like It
Rate: For customers with direct deposit or a deposit of at least $5,000 every 30 days into the account, the balance in the savings portion of the account earns an APY of 4.60% (variable and subject to change). For customers without direct deposit or the other monthly deposit option, that goes down to 1.20% APY.
Money held in the checking portion of the account earns 0.50% APY with or without direct deposit.
Requirements: There is no minimum deposit. You can earn interest on any balance.
Fees: No monthly fee.
Additional note: You can earn a bonus for setting up direct deposit into this account.
Don’t miss out on a bigger bonus
Get a NerdWallet-exclusive bonus of up to $400 when you open an account and hit $5,000 in direct deposits within 25 days after your first one. That’s $100 more than SoFi’s normal $300 bonus! Select "Learn More" to get started. Expires 4/22/24. Terms apply.
4.30%
With $1 min. balance for APY
N/A
Why We Like It
The yield on this account is much higher than the average national savings rate, which is 0.46%. The higher yield means your money earns more interest each month.
4.35%
With $0 min. balance for APY
$200
Requirements to qualify
Why We Like It
Rate: 4.35% APY.
Requirements: None.
Fees: No monthly fee.
Additional note: Barclays also offers online CDs.
5.10%
With $0 min. balance for APY
N/A
Why We Like It
Rate: 5.10% APY.
Requirements: There is no minimum balance.
Fee: There are no monthly fees.
Additional note: Bask Bank also offers another savings account that earns airline miles.
5.25%
With $0 min. balance for APY
N/A
Why We Like It
Rate: UFB’s savings account earns a 5.25% APY on all balances.
Requirements: There’s no minimum deposit requirement.
Fee: No monthly fee.
Additional note: UFB Direct also offers a money market account with a competitive rate and the ability to write checks, though it also comes with a monthly fee.
Editor’s note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the the full review for details.
4.75%
With $0 min. balance for APY
N/A
4.40%
With $0 min. balance for APY
N/A
Why We Like It
The competitive yield on this savings account helps your money grow faster than it would in a lower-rate account. You get a bigger bank balance without extra effort on your part.
5.10%
With $0 min. balance for APY
N/A
5.15%
With $100 min. balance for APY
N/A
5.35%
With $25 min. balance for APY
N/A
4.25%
With $0 min. balance for APY
N/A
5.01%
With $0.01 min. balance for APY
N/A
5.05%
With $5,000 min. balance for APY
N/A
4.45%
With $0 min. balance for APY
N/A
4.50%
With $0.01 min. balance for APY
N/A
4.60%
With $2,500 min. balance for APY
N/A
5.15%
With $0 min. balance for APY
N/A
4.90%
With $0.01 min. balance for APY
N/A
4.50%
With $0 min. balance for APY
N/A
5.30%
With $2,500 min. balance for APY
N/A
5.00%
With $0 min. balance for APY
N/A
5.00%
With $0 min. balance for APY
N/A
4.40%
With $0 min. balance for APY
N/A
5.15%
With $0.01 min. balance for APY
N/A
4.50%
With $0 min. balance for APY
N/A
5.01%
With $0.01 min. balance for APY
N/A
4.50%
With $0 min. balance for APY
N/A
⏰ Limited-time offer
Limited-time offer
Why We Like It
Rate: For customers with direct deposit or a deposit of at least $5,000 every 30 days into the account, the balance in the savings portion of the account earns an APY of 4.60% (variable and subject to change). For customers without direct deposit or the other monthly deposit option, that goes down to 1.20% APY.
Money held in the checking portion of the account earns 0.50% APY with or without direct deposit.
Requirements: There is no minimum deposit. You can earn interest on any balance.
Fees: No monthly fee.
Additional note: You can earn a bonus for setting up direct deposit into this account.
Don’t miss out on a bigger bonus
Get a NerdWallet-exclusive bonus of up to $400 when you open an account and hit $5,000 in direct deposits within 25 days after your first one. That’s $100 more than SoFi’s normal $300 bonus! Select "Learn More" to get started. Expires 4/22/24. Terms apply.
5.27%
With $0 min. balance for APY
N/A
5.25%
With $0 min. balance for APY
N/A
Why We Like It
Rate: UFB’s savings account earns a 5.25% APY on all balances.
Requirements: There’s no minimum deposit requirement.
Fee: No monthly fee.
Additional note: UFB Direct also offers a money market account with a competitive rate and the ability to write checks, though it also comes with a monthly fee.
Editor’s note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the the full review for details.
5.21%
With $1,000 min. balance for APY
N/A
5.00%
With $0.01 min. balance for APY
N/A
What to know about savings accounts
A savings account is an account at a bank, credit union or nonbank provider that typically earns interest. The money in a savings account is federally insured. It is typically not used for everyday spending, but is a place where your savings can grow over time.
How to choose the best savings accounts
Look for savings accounts that offer strong yields. You want one that is well above the national average rate, which is currently only 0.46%. To compare, some of the best savings accounts today earn above 5%.
Find a savings account that will not charge you a monthly fee. Many top savings accounts, particularly those available online, have no monthly maintenance fees or minimum deposit requirements.
Check to make sure the account is federally insured. This way, your money is protected if the financial institution fails.
What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts?
When we describe a savings account that is offered by a bank, we note “Member FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the account is federally insured. If a financial technology company — not a bank — offers a savings account, it typically partners with a bank that is an FDIC member to hold the funds so deposits can be insured. In those cases, we note “funds insured by the FDIC.” Savings accounts at credit unions are federally insured by the National Credit Union Administration, so we note “funds insured by the NCUA.”
What to know about the best savings rates
The best savings rates can help your bank balance grow faster over time compared to average-rate savings accounts. NerdWallet regularly evaluates online and brick-and-mortar financial institutions to determine the best savings accounts that can offer you high yields.
Benefits of the best savings rates
The best savings rates are much higher than the national average rate, which is just 0.46%. And money in a high interest rate savings account grows more quickly over time. A deposit of $10,000 would earn about $40 after a year in an account with a 0.40% APY. But that same deposit would earn about $500 in an account with a 5% APY.
Here's how to choose the highest interest rates
Look for accounts that have the highest APY. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Fees cancel out the benefits of high interest rates.
» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.
Where can I earn the most interest on my money?
Online banks and nonbank providers (often apps that partner with a bank for FDIC coverage) tend to offer higher interest rates than traditional brick-and-mortar banks. Rates can go up or down at any time, however, and some institutions have been lowering their APYs to reflect market conditions. Keep a close eye on NerdWallet's list of the best online savings account interest rates to monitor these changes.
Why you earn interest on savings accounts
You earn interest from a savings account because the institution is paying you to lend it money. Your funds are used in its loans to other customers. Credit unions have a similar process, but they call interest “dividends.”
Full list of editorial picks: best savings rates
Here are all of NerdWallet's picks for the best savings account interest rates. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.
Affirm, 4.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.
American Express, 4.30% APY (annual percentage yield) as of 04/09/2024, (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Barclays, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Bask Bank, 5.10% APY, (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
BMO Alto, 5.10% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
Bread Savings, 5.15% APY (read full review), Member FDIC.* NerdWallet overall institution rating: 4.5 stars.
BrioDirect, 5.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 3.5 stars.
Capital One 360, 4.25% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
CIBC U.S., 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
CIT Bank, 5.05% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Citibank, 4.45% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Citizens, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
ConnectOne Bank, 4.60% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
EverBank (formerly TIAA Bank), 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
First Foundation Bank, 4.90% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
Go2bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Ivy Bank, 5.30% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Jenius Bank, 5.25% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
Laurel Road, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
LendingClub, 5.00% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Live Oak Bank, 4.40% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Marcus, 4.40% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
One, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 5.0 stars.
Popular Direct, 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Quontic Bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Salem Five Direct, 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Sallie Mae, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
SoFi, 4.60% APY (variable and subject to change, read full review), Member FDIC. NerdWallet overall institution rating: 5.0 stars.
Synchrony, 4.75% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
TAB Bank, 5.27% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
UFB Direct, 5.25% APY, Member FDIC. NerdWallet overall institution rating: 4.5 stars. Editor's note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the full review for more details.
Upgrade, 5.21% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
Zynlo, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.
Last updated on April 18, 2024
Methodology
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Savings Account Rates of April 2024 (Up to 5.35%)
- SoFi Checking and Savings: Best for Savings Rates, 4.60% APY
- American Express® High Yield Savings Account: Best for Savings Rates, 4.30% APY
- Synchrony Bank High Yield Savings: 4.75% APY
- Barclays Online Savings Account: Best for Savings Rates, 4.35% APY
- Bask Interest Savings Account: Best for Savings Rates, 5.10% APY
- UFB Secure Savings: Best for Savings Rates, 5.25% APY
- Marcus by Goldman Sachs Online Savings Account: 4.40% APY
- Affirm Money: 4.35% APY
- BMO Alto Online Savings Account: 5.10% APY
- Bread Savings™️ High-Yield Savings Account: 5.15% APY
- BrioDirect High-Yield Savings: 5.35% APY
- Capital One 360 Performance Savings™: 4.25% APY
- CIBC Agility™ Savings: 5.01% APY
- CIT Bank Platinum Savings: 5.05% APY
- Citi® Accelerate Savings: 4.45% APY
- Citizens Access Savings: 4.50% APY
- ConnectOne Bank Online Savings Account: 4.60% APY
- EverBank Performance℠ Savings: 5.15% APY
- First Foundation Bank Online Savings Account: 4.90% APY
- GO2bank™ Savings Account: 4.50% APY
- Ivy Bank High-Yield Savings Account: 5.30% APY
- Jenius Savings: 5.25% APY
- Laurel Road High Yield Savings: 5.00% APY
- LendingClub High-Yield Savings: 5.00% APY
- Live Oak Bank High-Yield Online Savings: 4.40% APY
- One Save: 5.00% APY
- Popular Direct Savings: 5.15% APY
- Quontic High Yield Savings: 4.50% APY
- Salem Five Direct eOne Savings: 5.01% APY
- Sallie Mae Bank High-Yield Savings Account: 4.50% APY
- TAB Bank High-Yield Savings Account: 5.27% APY
- Upgrade Premier Savings: 5.21% APY
- Zynlo Tomorrow Savings Account: 5.00% APY
Frequently asked questions
No, rates are variable. That means that they can change over time. The accounts featured in this article have the highest savings rates in our survey this month.
Institutions usually don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see rates at some providers remain unchanged for months.
It’s important to note, however, that rates are variable and theoretically can be changed at any time. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates. Many will change their rates based on what their competitors are doing. This happened in March 2020, when many online providers lowered their savings rates in reaction to the Federal Reserve's rate cuts.
To get the best yield for your money, it’s a good idea to check out the best rates on a regular basis. See this month's best rates.
You can generally access your funds by initiating an electronic transfer from the provider’s secure website or mobile app, day or night. You could transfer the money to your checking account or to another financial institution. This is often the easiest way to access money at an online provider. Other options include withdrawing cash from ATMs and setting up a transfer by phone.
Providers typically limit the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenient withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six withdrawals in a statement cycle, the institution may charge an excess withdrawal fee each time. Getting cash from an ATM does not count toward this limit.
On April 24, 2020, the Federal Reserve gave providers the option to eliminate this cap. To find out if yours has eased restrictions, call its customer service line. To learn more, read our primer on Regulation D.
If you want the ability to withdraw your money on short notice, use the flexibility of a savings account. You can earn interest and have fast access to your funds. If you won't need to take out money for a set time period, generally a few months or years, then you could earn higher rates by putting your money in a CD. To compare yields, take a look at NerdWallet's best CD rates this month.