Standout High-Yield Savings And Cash Accounts
Saving money in a high-yield savings account or a cash account provides individuals with a secure and accessible way to grow their savings. Both high-yield savings and cash accounts from non-banking financial institutions typically offer access to better APYs than traditional savings accounts, which average only 0.38%* APY.
The accounts not only have FDIC Insurance for the principal amount and minimum risk but also offer liquidity, enabling quick access to funds in emergencies or for short-term financial goals. Moreover, the predictable earnings from interest help in building wealth steadily over time, making them ideal vehicles for conservative investors or those prioritizing financial stability and flexibility. Additionally, online HYSA and cash accounts typically offer convenience through online banking and mobile access, simplifying account management and encouraging regular savings habits.
Saving money in a high-yield savings account or a cash account provides individuals with a secure and accessible way to grow their savings. Both high-yield savings and cash accounts from non-banking financial institutions typically offer access to better APYs than traditional savings accounts, which average only 0.38%* APY.
The accounts not only have FDIC Insurance for the principal amount and minimum risk but also offer liquidity, enabling quick access to funds in emergencies or for short-term financial goals. Moreover, the predictable earnings from interest help in building wealth steadily over time, making them ideal vehicles for conservative investors or those prioritizing financial stability and flexibility. Additionally, online HYSA and cash accounts typically offer convenience through online banking and mobile access, simplifying account management and encouraging regular savings habits.
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
4.3/5 | Up to 4.50% With $1 min. balance for APY | 0.50% APY Boost 4.00% base variable APY + 3 months of 0.50% boost. Terms apply. | Learn moreat Wealthfront | |
4.2/5 | 4.50% With $0 min. balance for APY | N/A | Learn moreat Betterment | |
4.5/5 | 3.65% With $0 min. balance for APY | N/A | Learn moreat Goldman Sachs Bank USA, Member FDIC | |
4.5/5 | Up to 4.00% With $0 min. balance for APY | $300 + 0.20% APY Earn up to $300 and +0.20% Boost on Savings APY. Terms apply. | Learn moreat SoFi Bank, N.A., Member FDIC | |
 American Express® High Yield Savings Account Learn moreat American Express National Bank, Member FDIC | 4.5/5 | 3.50% With $0 min. balance for APY | N/A | Learn moreat American Express National Bank, Member FDIC |
4.1/5 | 3.50% With $0 min. balance for APY | $200 Requirements to qualify | Learn moreat Discover® Bank, Member FDIC | |
4.5/5 | 3.50% With $0 min. balance for APY | N/A | Learn moreat Capital One, Member FDIC | |
4.5/5 | 3.90% With $0 min. balance for APY | N/A | Learn moreat Barclays, Member FDIC | |
5.0/5 | 2.50% With $0 min. balance for APY | 5.00% APY On the first $5,000 with direct deposit, quals apply. | Learn moreat Varo Bank, Member FDIC | |
5.0/5 | 4.00% With $5,000 min. balance for APY | N/A | Learn moreat CIT Bank, Member FDIC |
Should I get a high-yield savings account or a cash account?
Choosing between a cash account and a high-yield savings account (HYSA) largely depends on your financial goals and liquidity needs. A cash account typically provides immediate access to your funds with very high liquidity, making it ideal if your primary focus is flexibility and immediate availability for frequent transactions or emergencies. On the other hand, an HYSA can offer significantly higher interest rates, helping you earn more on your savings over time while still providing relatively quick access to your money, typically within a day or two. If you want your money to grow steadily while retaining accessibility for short-to-medium-term goals, an HYSA is generally more beneficial; however, if your primary concern is instant access without any transfer delay, a cash account might suit your needs better.
How do I 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 while others offer a competitive rate without minimums or restrictions. Don't forget to consider ATM access, customer service, and the mobile app/remote deposit features. NerdWallet’s account reviews take all these factors into consideration.
Also, be willing to look beyond the larger, well-known banks. Many other 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.
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 0.38%.
*The national average annual percentage yield ("APY") is listed as 0.38% as reported by the Federal Deposit Insurance Corporation as of July 21, 2025.
**10x more interest based on the national average annual percentage yield ("APY") of 0.38% (as reported by the Federal Deposit Insurance Corporation as of July 21, 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 Standout High-Yield Savings And Cash Accounts- Wealthfront Cash Account - Paid non-client promotion: 4.00% APY
- Betterment Cash Reserve – Paid non-client promotion: 4.50% APY
- Marcus by Goldman Sachs Online Savings Account: 3.65% APY
- SoFi Checking and Savings: 3.80% APY
- American Express® High Yield Savings Account: 3.50% APY
- Discover® Online Savings: 3.50% APY
- Capital One 360 Performance Savings™: 3.50% APY
- Barclays Tiered Savings Account: 3.90% APY
- Varo Savings Account: 2.50% APY
- CIT Bank Platinum Savings: 4.00% APY