12 Best High Yield Bank Accounts to Earn Interest in
Finding the right bank account for your personal finances can make a big difference in growing your savings. With higher interest rates, high-yield bank accounts offer an easy way to earn more on your money while keeping it accessible. Whether you’re looking for a high-interest savings account, money market account, or even a checking account that earns interest, plenty of great options are available.
We’ve rounded up the 12 best high-yield bank accounts for that offer competitive interest rates. We’ll also break down what to consider when choosing an account so you can maximize your idle cash. If you have a business, check out our best high yield bank accounts for SMBs.
Find the Best High Yield Savings Account
What to Consider When Choosing a High Yield Bank Account
Not all high-yield bank accounts are created equal. Before opening an account, here are some key factors to keep in mind so you can choose an account that aligns with your lifestyle and financial goals.
1. Interest Rate (APY)
The annual percentage yield (APY) determines how much interest you’ll earn. Higher APYs mean better earnings, but rates can change over time, so it’s important to check if the bank has a history of maintaining competitive rates.
2. Account Types
- High-Yield savings account (HYSA): Great for stashing away money while keeping it accessible.
- Money market account (MMAs): Comes with higher interest rates and check-writing privileges.
- Interest checking account: Allows you to accumulate interest while using your account for daily transactions.
3. Minimum Balance Requirements
Some banks require a minimum average balance or recurring direct deposits to earn the high advertised APY. If you don’t meet the requirements, you may receive a lower interest rate or no interest at all.
4. Fees and Penalties
Look out for monthly maintenance fees, withdrawal limits, and penalties for not maintaining a certain savings balance. Many online banks offer fee-free accounts with competitive interest rates.
5. Accessibility and Features
Consider how you’ll use the account. Does the bank offer a mobile app, debit card with ATM access, or check-writing options? Some high-yield accounts have restrictions on withdrawals or transfers, so make sure they fit your needs.
6. FDIC or NCUA Insurance
Ensure your money is protected. Banks should be FDIC-insured (up to $250,000 per depositor), while credit unions should be NCUA-insured for the same amount.
7. Promotions & Deals
Some banks offer intro APYs, while others may offer a welcome bonus for a new account. Some even participate in cash back programs where you get a bonus for a new account.
Top 12 High Yield Bank Accounts for
Best High-Yield Savings Accounts
Openbank High-Yield Savings
Openbank (a digital bank backed by Santander) offers one of the highest savings account APYs on the market at the time of writing. This online-only savings account provides a seamless digital experience with no monthly fees and easy access to funds via ACH transfers.
Current APY: 4.75% Welcome offer: None |
Minimums: $500 minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: 24/7 mobile and online banking, real-time transaction alerts, international banking support, linked Santander services available, FDIC insured. |
Bread Savings
Bread Savings (formerly Comenity Direct) offers a top-tier APY with no hidden fees, making it a strong contender for those who want a simple and high-earning savings account. While withdrawals are limited to six per month, there are no penalties for account inactivity.
Current APY: 4.40% Welcome offer: None |
Minimums: $100 minimum opening deposit. No minimum balance. Fees: No monthly maintenance fee. Features: Free incoming wire transfers, competitive mobile app, automatic savings features, unlimited mobile check deposits, high transfer limits, FDIC insured. |
Wealthfront Cash Account
Wealthfront Cash Account functions as a hybrid savings and checking account, offering a competitive APY with the convenience of unlimited transfers and no transaction limits. Customers can also use a linked debit card and direct deposit for added flexibility.
Current APY: 4.00% Welcome offer: Extra 0.5% APY for 3 months (with referral) |
Minimums: $1 minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: Free unlimited transfers, bill pay functionality, ATM fee reimbursement (2 per month), direct deposit support, FDIC insurance up to $8 million through partner banks. |
Marcus by Goldman Sachs High-Yield Online Savings
Marcus by Goldman Sachs offers a high-yield savings account with no fees or minimum balance requirements, making it a great choice for those who want a no-frills, high-earning account. While it lacks a checking feature, it provides strong interest rates and fast ACH transfers.
Current APY: 3.90% Welcome offer: None |
Minimums: No minimum opening deposit. No minimum balance. Fees: No monthly maintenance fee. Features: No transaction limits, same-day transfers up to $100,000, personalized financial insights, FDIC insured. |
SoFi Checking and Savings
SoFi offers a hybrid checking and savings account for one streamlined product with high interest on savings and cashback perks on spending. Direct deposit customers can unlock the highest APY, making it an attractive all-in-one banking solution.
Current APY: 3.80% on savings Welcome offer: Up to $300 with $5,000+ direct deposits within 25 days |
Minimums: Recurring direct deposit required for APY. No minimum balance. Fees: No monthly maintenance fees. Features: Automatic savings tools, fee-free overdraft protection, early direct deposit, cashback offers, up to $3 million in FDIC insurance. |
Best Money Market Accounts
VirtualBank Money Market
VirtualBank (a division of First Horizon) Money Market account blends high-interest earnings with easy access to funds, making it a great alternative to a traditional savings account. With check-writing privileges and free ACH transfers, it offers flexibility alongside its strong APY.
Current APY: 4.25% Welcome offer: None |
Minimums: $100 minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: Mobile banking, automatic transfers, FDIC insured. |
Quontic Bank Money Market Account
Quontic Bank Money Market Account offers a strong interest rate with the added flexibility of a debit card and check-writing privileges. It’s a great choice for those who want higher yields than a checking account but more accessibility than a traditional savings deposit account.
Current APY: 4.25% Welcome offer: None |
Minimums: $100 minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: Debit card/ATM access, check writing, FDIC insured. |
Fidelity Cash Management
Fidelity Cash Management Account is technically not a traditional money market account, but it functions similarly by earning interest while offering full checking account capabilities. With unlimited ATM fee reimbursements and no monthly fees, it’s a great option to consider.
Current APY: 4.00% Welcome offer: None |
Minimums: No minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: Unlimited global ATM fee reimbursements, mobile deposit, free check writing, bill pay, SIPC protection, FDIC insured up to $5 million with partner banks. |
Ally Bank Money Market
Ally Bank Money Market Account offers a solid APY with no monthly maintenance fees, plus the added flexibility of a debit card and check-writing privileges. It’s a great choice for those who want higher yields with the convenience of everyday banking features.
Current APY: 3.70% Welcome offer: None |
Minimums: No minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: Free checks and debit card, unlimited ATM withdrawals, mobile check deposit, no overdraft fees, free incoming wire transfers, FDIC insured. |
Best High Interest Checking Accounts
TAB Bank Spend Account
TAB Bank Spend Checking account is a no-fee, high-interest checking option designed for everyday banking. With no minimum balance requirements and a competitive APY, it’s a great choice for those who want to earn interest while maintaining full access to their funds.
Current APY: 3.50% Welcome offer: None |
Minimums: No minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: Mobile check deposit, free bill pay, cashback on debit purchases, FDIC insured. |
Consumers Credit Union Free Rewards Checking
Consumers Credit Union Free Rewards Checking account offers tiered APY rates that increase based on spending and direct deposit activity. Customers can earn a higher APY by meeting CCU credit card transaction requirements.
Current APY: 3.00% Welcome offer: None |
Minimums: $5 minimum opening deposit. $500+ deposits per month, no minimum balance. Fees: No monthly maintenance fees. Features: Earns up to 5.00% APY with qualifying transactions, unlimited ATM fee reimbursements, early direct deposit, no overdraft fees, NCUA insured. |
Bask Bank Checking
Bask Bank offers an Interest Checking account with a strong APY and the added convenience of a fully digital banking experience. Unlike many high-interest checking accounts, this one does not require debit card transactions or direct deposits to earn interest.
Current APY: 1.00% Welcome offer: None |
Minimums: No minimum opening deposit. No minimum balance. Fees: No monthly maintenance fees. Features: Mobile banking, unlimited ACH transfers, no overdraft fees, debit card access, FDIC insured. |
How to Maximize Earnings with a High Yield Bank Account
A high-yield bank account is a great tool for growing your idle cash, but there are a few strategies you can use to maximize your earnings even further:
1. Automate Your Savings
Set up automatic transfers from your traditional checking account to your high-yield savings or money market account. Or better yet, choose a recurring direct deposit of your pay into your high-yield bank account.
2. Promotional APYs
When you receive an introductory APY that’s higher for a limited time, make sure you understand and follow the requirements to qualify. Look for ongoing promotional APY boosts from some banks with qualifying deposits.
3. Avoid Fees
Monthly maintenance fees can eat into your earnings. Opt for an account with a competitive interest rate and no monthly fees or waivable fees to ensure you keep all the interest you earn.
4. Leverage Multiple Accounts
Consider using a combination of high-yield savings, money market, and/or checking accounts to diversify your account benefits, which can work better together.
5. Watch for Rate Changes
Interest rates can fluctuate based on economic conditions. Regularly review your account’s APY and compare it to competitors to ensure you’re getting the best return. If your bank lowers its rates significantly, it might be time to switch.
Final Thoughts: Are High Yield Bank Accounts Worth It?
A high-yield bank account is one of the safest and easiest ways to earn interest on your money. Whether you choose a savings, money market, or checking account, the key is to find one with a competitive APY, minimal fees, and features that match your needs.
If you want to make your money work harder for you, high-yield bank accounts that offer a competitive savings rate can be a smart choice for anyone looking to grow their savings with minimal risk.
Editor’s note: Opinions shared in this article are solely the author’s and do not represent the views of any bank, credit card issuer, hotel, airline, or other organization. The content has not been evaluated, approved, or endorsed by any of the mentioned entities. These are our recommendations but it isn’t financial advice. We may receive a commission if you click through any of the links in this article.
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