Grow Your Savings With A High-Yield Account
The best place to keep your savings will offer a high interest rate and a great online experience. Therefore, high-yield savings accounts and High-yield cash accounts are great options. Because online banks don’t have the expense of maintaining branches, they can offer rates that pay many times higher than the national average of 0.42%* and focus on having a great online experience. To make the search easier, we created this shortlist of standout High-yield savings and cash accounts from our partners. Check out the offers, from our partners, and start earning interest today.
The best place to keep your savings will offer a high interest rate and a great online experience. Therefore, high-yield savings accounts and High-yield cash accounts are great options. Because online banks don’t have the expense of maintaining branches, they can offer rates that pay many times higher than the national average of 0.42%* and focus on having a great online experience. To make the search easier, we created this shortlist of standout High-yield savings and cash accounts from our partners. Check out the offers, from our partners, and start earning interest today.
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
4.5/5 | 3.80% With $0 min. balance for APY | $300 Earn up to $300 with direct deposit. Terms apply. | Learn moreat SoFi Bank, N.A., Member FDIC | |
4.1/5 | 3.60% With $0 min. balance for APY | $200 Requirements to qualify | Learn moreat Discover® Bank, Member FDIC | |
4.9/5 | 4.40% With $500 min. balance for APY | N/A | Learn moreat Openbank, by Santander Bank, N.A., Member FDIC | |
4.2/5 | 4.00% With $0 min. balance for APY | N/A | Learn moreat Betterment | |
 American Express® High Yield Savings Account Learn moreat American Express National Bank, Member FDIC | 4.5/5 | 3.60% With $0 min. balance for APY | N/A | Learn moreat American Express National Bank, Member FDIC |
4.5/5 | 3.60% With $0 min. balance for APY | N/A | Learn moreat Capital One, Member FDIC |
How to choose the best high-yield account
Start by looking for banks with the highest rates; these days, anything above 3.5% APY is a solid return. Then take a look at the requirements to open the account. With some banks, you must have a certain minimum deposit — such as $1,000. Others offer a competitive rate without minimums or restrictions. Consider whether you'll have ATM access, good customer service, and quality mobile apps and 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.
Be willing to look beyond the larger, well-known banks. Many smaller institutions — including online banks and apps — feature good rates and low deposit requirements.
Should I spread my savings across multiple accounts?
Having multiple savings accounts can be helpful in organizing separate savings goals. For example, you could open one savings account to cover emergencies and another to save for your next vacation.
Why deposit your savings into a high-yield account?
High-yield accounts are a great place for your emergency fund. Your money is parked in a safe place, and the APY boosts your savings balance. You can also use high-yield savings accounts or cash accounts to put money away for short-term goals, such as the down payment on a house, a big vacation or a rainy day fund to cover repair or maintenance expenses. You’ll know you’re earning interest, and there’s not the risk of losing your principal as there is with investment accounts. However, an investment account may be a better way to go for longer-term savings goals, such as saving for retirement, as the returns may be higher over time.
The bottom line
The best high-yield savings accounts and cash accounts can help you grow your money faster than basic options. They pay many times more than the national average of 0.41%.
*The national average annual percentage yield ("APY") is listed as 0.42% as reported by the Federal Deposit Insurance Corporation as of May 19, 2025.
**10x more interest based on the national average annual percentage yield ("APY") of 0.42% (as reported by the Federal Deposit Insurance Corporation as of May 19, 2025) as compared to online banks with interest-bearing savings account APYs of 0.40% or more. Estimated annual earnings result assumes principal and interest remain on deposit for one year and interest rates and APY do not change. Estimated annual earnings are for informational purposes only. Interest rates and APY are subject to change and specific results cannot be guaranteed.
To recap our selections...
NerdWallet's Grow Your Savings With A High-Yield Account- SoFi Checking and Savings: 3.80% APY
- Discover® Online Savings: 3.60% APY
- Openbank High Yield Savings: 4.40% APY
- Betterment Cash Reserve – Paid non-client promotion: 4.00% APY
- American Express® High Yield Savings Account: 3.60% APY
- Capital One 360 Performance Savings™: 3.60% APY