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You Could Earn Over $500 More In Interest Annually With A Top High-Yield Savings Account*

Whether you’re saving up for a down payment, building a rainy day fund, or making that big family vacation finally happen, having a smarter high-yield savings account with a top interest rate can help you get to your goals faster. Browse our Nerds’ favorite picks, choose the smartest account for you, and start saving more.

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How Do High-Yield Savings Accounts Work?

A high-yield savings account is a type of savings account that earns an above-average interest rate on deposits. The average national rate for savings accounts pays only 0.47%. Many traditional banks and credit unions pay even less. But a high-yield savings account earns much more — up to 10 times more in interest (or even more).

High-Yield Savings Account Pros:

  • Earns higher rates than other savings accounts.
  • Is a deposit account, so it has federal insurance (unlike investments).
  • Typically can be opened online, without the need to leave your home.
  • High-Yield Savings Account Cons:

  • Sometimes requires a higher minimum opening balance compared with regular savings accounts.
  • While they can be opened online (a pro), some are online-only, so face-to-face customer service is not an option.
  • What To Look For In A High-Yield Savings Account

    Start by looking for banks with the highest rates; these days, anything above 3% APY is a solid return. Then look at the requirements to earn that rate. With some banks, you must keep a certain amount of money in the savings account — such as $10,000 — to earn the bank’s best rates. Others offer a competitive rate without minimums or other requirements.

    Consider whether you'll have access to good customer service and ATMs, the quality of mobile apps and the remote deposit features. NerdWallet’s bank and credit union reviews take all these factors into account when researching banks. It’s also a good idea to confirm that the funds will be federally insured, which would keep your money safe if the institution goes out of business.

    🤓 Nerdy Tip

    The Federal Reserve raised rates to the highest levels in more than two decades, which is good news for your savings accounts. Take advantage of today’s high rates by opening a federally insured high-yield savings account.

    Ready To Save More? Check Out Our Favorite Picks and Open an Account Today

    APYs shown are current as of Jan. 17, 2024. All other information is current as of Dec. 21, 2023.

    NerdWallet rating 

    4.5

    /5
    SoFi Checking and Savings

    at SoFi Bank, N.A., Member FDIC

    APY

    4.60%

    Bonus

    Earn up to $300 bonus with direct deposit. Terms apply.

    Why we like it

    SoFi Checking and Savings is a combination checking and savings account that earns a strong APY of 4.60% (variable and subject to change) on the money you keep in the savings portion of the account. To earn that rate, you'll need to do one of the following: Set up direct deposit in any amount, or make manual deposits of at least $5,000 every 30 days. Without either a direct deposit or the minimum manual deposit, you’ll earn 1.20% APY on your savings balance.

    Read our methodology
    NerdWallet rating 

    4.5

    /5
    American Express® High Yield Savings Account

    at American Express National Bank, Member FDIC

    APY

    4.35%

    why we like it

    The yield on this account is much higher than the average national savings rate, which is 0.47%. The higher yield means your money earns more interest each month.

    Read our methodology
    NerdWallet rating 

    4.5

    /5
    EverBank Performance℠ Savings

    at EverBank, Member FDIC

    APY

    4.5%

    why we like it

    This savings account earns a competitive yield. Compared to the national average savings rate, which is 0.47%, an account with a high yield helps your balance grow faster over time.

    Read our methodology

    *Estimated earning is the difference between a deposit amount of $12,953 held in an account with national average annual percentage yield (“APY”) of 0.5% versus an account with an APY of 5%. $12,953 is the national average savings deposit balance based on NerdWallet/Harris Poll survey of 2,015 U.S. adults from January 2-4, 2019. Interest rates and APY are subject to change.