Could you be earning more interest?
We all have things we want beyond our means. Whether it’s a new car, that dream trip to Japan, or even just building an emergency fund — the sooner you start saving, the faster you’ll be able to reap the benefits of a great APY rate. Accounts with higher yields mean more compound interest over time. Lucky for you, we’ve assembled a shortlist of standout online savings accounts with high yields. Whatever your savings goals, these options can help you reach them faster.
We all have things we want beyond our means. Whether it’s a new car, that dream trip to Japan, or even just building an emergency fund — the sooner you start saving, the faster you’ll be able to reap the benefits of a great APY rate. Accounts with higher yields mean more compound interest over time. Lucky for you, we’ve assembled a shortlist of standout online savings accounts with high yields. Whatever your savings goals, these options can help you reach them faster.
Bank/institution | NerdWallet rating | APY | Learn more |
---|---|---|---|
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 | Learn moreat American Express National Bank, Member FDIC |
4.5/5 | 3.60% With $0 min. balance for APY | Learn moreat Capital One, Member FDIC | |
5.0/5 | 4.10% With $5,000 min. balance for APY | Learn moreat CIT Bank, Member FDIC |
How to choose great high-yield savings accounts
Start by looking for banks with the highest rates; these days, anything above 4% 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. 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 have more than one savings account?
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.
Smart uses for a high-yield savings account
High-yield savings accounts are a great place for your emergency fund. All of the accounts on this page are FDIC-insured, making them a safe place to park your money; plus, the APY boosts your savings balance. You can also use high-yield savings 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. 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
Great high-yield savings accounts can help you grow your money faster than basic options. They pay many times more than the national average of 0.42% .
*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 Could you be earning more interest?- American Express® High Yield Savings Account: 3.60% APY
- Capital One 360 Performance Savings™: 3.60% APY
- CIT Bank Platinum Savings: 4.10% APY