Best Savings Account Interest Rates

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The average savings account interest rate is 0.46% APY (Annual Percentage Yield) in the United States. If you’d like to earn a higher APY, there are high-interest savings accounts that offer more than the national average. Several high-yield savings accounts pay well above 5% APY. One even pays as high as 6.17% APY on balances up to $1,000 if you meet certain membership eligibility requirements. 

Featured Nationally Available Savings Rates

Best Savings Account Interest Rates

Top High-Yield Savings Rates Overall

Top High-interest Savings Accounts With Minimal Effort

Top High-interest Savings Account Rates on Popular HYSAs

• Betterment: 4.75% APY — new users will earn 5.50% (variable) APY for the first three months with a qualifying deposit
• Synchrony: 4.75% APY
• Marcus: 4.40% APY

Market Leader

Digital Federal Credit Union: 6.17% APY on $1,000 and 0.15% APY on the remaining balance

You must become a member of the credit union to open this savings account. Membership is open to anyone who lives in select areas of Massachusetts, lives in a New Hampshire participating condominium community, works for a Select Employer Group, or belongs to a local participating organization.

Compare the Best High-Interest Savings Accounts

Below are our top options for savings accounts. We monitor rates daily to find the best high-interest savings accounts in three categories — the best rates overall, accounts that let you earn a high rate with minimal effort (like low minimum deposits and balance requirements), and high rates with popular brands. We have also included a market leader so you know the highest savings rate available throughout local financial institutions. 

Best High-Yield Savings Account Rates Overall

High-Interest Savings Accounts With Minimal Effort

Best High-Interest Savings Account Rates on Popular HYSAs

Market Leader

Our top picks for savings accounts are federally insured by the FDIC or NCUA. Federal insurance protects up to $250,000 per depositor in the event of a bank failure.

High-Yield Savings Account Reviews

Digital Federal Credit Union Primary Savings Account

The Digital Federal Credit Union Primary Savings Account is currently one of few savings accounts that offer 6% APY. You can earn 6.17% APY on balances up to $1,000. If you have an account balance above $1,000, the interest rate drops to 0.15% APY. This account doesn’t charge monthly service fees.

To open the Digital Federal Credit Union Primary Savings Account you’ll have to meet certain membership eligibility requirements. You must live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. 

Digital Federal Credit Union currently has an A+ rating from the BBB. The credit union hasn’t been involved in any recent public controversies. 

Milli Savings Account

The Milli Savings Account has a high rate and no monthly service fees. Milli is a solid option if you’re comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account, plus a savings tool called Jars that helps you track money for individual goals without having to create a new savings account. There are no minimum balance requirements to earn interest.

Milli doesn’t have a Better Business Bureau rating yet. Its parent bank, First National Bank of Omaha, has an A+ rating.

Customer service is available Monday through Sunday from 8 a.m. to 8 p.m. CT, and only through chat or email. You can still have other banking options with more customer support availability. For example, some financial institutions offer 24/7 customer support by telephone.

Milli Bank Review

Popular Direct Select Savings

Popular Direct Select Savings is a good option if you have at least $100 to open an account. The online account pays 5.40% APY and doesn’t charge monthly service fees. 

Popular Direct has an online savings account and CDs. It’s a good option if you’re specifically searching for competitive rates and do not need immediate access to your savings — to take money out of your savings account, you have to transfer money to an external checking account, which could take a few business days.

You might prefer another financial institution if you prioritize a strong mobile app. The Popular Direct mobile app has lackluster ratings in the Google Play and Apple stores. That said, the app doesn’t have a lot of ratings yet.

We usually consider ratings from the BBB, which rates businesses on transparent business practices and customer service issues. Popular Direct doesn’t have a rating from the BBB yet. However, its parent company Popular Bank has an A+ rating.

Popular Direct Review

BrioDirect High-Yield Savings Account

The BrioDirect High-Yield Savings Account offers a competitive rate of 5.35% APY and doesn’t charge monthly maintenance fees. You also might like BrioDirect if you’re looking for CDs that pay more than the national average. 

You might consider another bank if you’d like to open a high-yield savings account with a low minimum opening deposit. The BrioDirect High-Yield Savings Account requires $5,000 to open an account. 

The BBB also gave BrioDirect’s parent company, Webster Bank, a B- rating because it received numerous customer complaints and hasn’t resolved one of the complaints.

BrioDirect Review

My Banking Direct High-Yield Savings Account

The My Banking Direct High-Yield Savings Account may be a solid option if you have at least $500 to open a savings account. The My Banking Direct High-Yield Savings Account pays 5.35% APY on balances of $1 or more. It also doesn’t charge any monthly services.

My Banking Direct is an online bank and part of Flagstar Bank. Flagstar Bank has received an A+ rating from the Better Business Bureau. It hasn’t been involved in any recent public settlements.

Keep in mind that a $500 minimum opening deposit is pretty steep compared to other financial institutions. You might consider one of our other top picks if you don’t have that much money to deposit upfront. 

Customers Bank High Yield Savings Account

The Customers Bank High Yield Savings Account is the highest-yield savings account on Raisin. Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from a variety of banks and credit unions. There are also other savings accounts and CDs available on Raisin that pay 5.00% APY or more, though.

Raisin doesn’t have checking accounts, so it’s not ideal if you want to do all your banking with the same institution. Also, you’ll need to be comfortable with a completely digital experience.

Raisin received a B+ rating from the BBB because there are several complaints against the company on the BBB website.

Raisin Review

TAB Bank High-Yield Savings Account

The TAB Bank High-Yield Savings Account pays a high interest rate with no monthly service fees. This account also might be a good choice if you’d like to open a savings account with $0 upfront.

TAB Bank does not have an ATM network. If you’d like to withdraw money from an ATM, TAB charges a $2 ATM fee.

The BBB gave TAB Bank an A- rating because government action has been taken against the bank. In 2022, the bank entered an Assurance of Discontinuance with the State of Iowa. According to the settlement, the State of Iowa accused TAB Bank of charging Iowa residents more than the permitted maximum APR for consumer installment loans. The bank has stopped making consumer installment loans to Iowa residents and can resume if it provides a 30-day notice to the state and follow the state code.

TAB Bank Review

UFB Secure Savings

UFB Secure Savings comes with a complimentary ATM card, so you’ll have easy access to your bank account. It also has zero minimum balance requirements and no monthly service fees. 

The Better Business Bureau gave UFB Direct an A+ rating. The BBB looks at a company’s responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. UFB Direct also hasn’t been involved in any recent public scandals.

Customers with existing savings accounts may have to call customer service to get upgraded to an account with the newest rate. It also may not be easy to deposit cash at UFB Direct since its an online-only institution. You’ll have to see if there are cash-accepting ATMs in your area.

UFB Direct Review

Betterment Cash Reserve

The Betterment Cash Reserve Account is offering a promotional APY boost to new customers. With the APY boost, you can earn 5.50% APY for three months. After the 3-month period, you’ll earn the standard rate.

To earn the promotional rate, you’ll open it through the signup link and make a deposit from an external bank account in the first 14 days. Once you make the deposit, the rate on your Cash Reserve Account will be raised by 0.75% APY for 92 days. You cannot have an existing Betterment account. Existing customers will earn the standard rate.

If you’re looking for a place where you can save and invest, Betterment may be a strong choice.

You may also prefer another institution if you’d like to open CDs or money market accounts. Betterment only offers a checking account and cash reserve account, which is similar to a high-yield savings account.

The Better Business Bureau gave Betterment an F rating because it has a high volume of customer complaints on the BBB website and six unresolved complaints. It has also been involved in a recent public controversy. In 2023, the Securities and Exchange Commission required Betterment to pay $9 million in a settlement that accused the investment advisory firm of omitting information regarding automated tax loss harvesting, which the SEC claimed affected clients. 

Betterment Cash Reserve Review

Synchrony High-Yield Savings Account

The Synchrony High-Yield Savings Account is one of the best online savings accounts because it has no minimum opening deposit, and it charges zero monthly fees. It also comes with an ATM card so you can access your savings quickly. Synchrony high-yield savings rates and CD rates also make this bank an appealing option.

Synchrony has an A+ rating from the BBB.

Synchrony doesn’t have a checking account, so it might not be the best option if you want to do all your banking with one institution.

Synchrony has also been involved in a couple of recent public controversies. In 2023, Synchrony was required to pay $2.6 million in a settlement when accused of calling customers about bank accounts they didn’t have. In 2021, the bank also was required to pay $3.5 million in a settlement when accused of making unreasonable phone calls to debtors living in California.

Synchrony Bank Review

Marcus High Yield Online Savings Account

Marcus savings rates are well above the national average — you can earn 4.40% APY on an online high-yield savings account. The Marcus High Yield Online Savings Account also might be a good choice if you’d like to open an account with $0 and do not want to worry about any monthly service fees. 

Keep in mind Marcus doesn’t have checking or money market accounts. If you’re looking to open these types of bank accounts, you’ll want to consider another financial institution.

The Better Business Bureau gives Marcus by Goldman Sachs an A+ rating, and it doesn’t have any recent public controversies.

Marcus Bank Review

High-Yield Savings Account FAQs

What To Do When Your Savings Account Interest Changes

Interest rates on high-interest savings accounts closely follow the federal funds rate. This means rates are variable and can change several times per year at the whim of the Federal Reserve. Savings rates may go up or drop after a Fed meeting.

If the interest rate on your savings account changes significantly, you may decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account’s rate drops afterward.

You also might consider other types of savings account options. For example, buying savings bonds or setting up a CD ladder may be worth considering if you’ve already established your emergency fund.

Typical Interest Rates on High-Yield Savings Accounts

As of December 2023, the average savings account in the United States offers 0.46% APY.

If you’re more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate because online banks and credit unions usually offer higher rates.

High-Yield Savings Account Basics

A savings account is an interest-earning bank account. Accounts that are backed by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) are secure. Up to $250,000 per owner, per account category is insured in these bank accounts.

What To Look For in a High-Yield Savings Account

When you’re looking for high-interest savings accounts, you’ll want to read through the account disclosures and terms to review the account’s minimum balance requirements and minimum opening deposits. The account disclosure may also specify any fees associated with the account, and whether there are any transaction limits.

What to Know About the Highest Interest Savings Account Interest Rates

Generally, you’ll find the best nationwide savings interest rates at online banks. That said, a local credit union currently offers the highest interest rate on a savings account overall. You may get 6.17% APY on up to $1,000 in your savings if you join Digital Federal Credit Union. Membership, however, is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. 

High-Yield Savings Account Fees

Depending on where you bank, some savings accounts may charge monthly bank maintenance fees. A monthly service fee is an amount you’ll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements while others cannot be waived. Bear in mind that some savings accounts do not charge certain fees at all.

How High-Yield Savings Accounts Work

A savings account is a type of interest-earning bank account. A savings account rate is variable, which means it can fluctuate after it is opened. Your bank will usually email you to tell you the rate will go up or down soon.

Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you’ll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.

The Board of Governors of the Federal Reserve has recently amended Regulation D, so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.

The Different Types of Savings Accounts

There are six types of savings accounts: traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you may depend on your banking preference, goals, and when you’ll need to access your money.

A high-yield savings account, for example, is a strong choice if you’re comfortable with banking digitally and want to obtain a high interest rate.

Savings Account Glossary

Below is an overview of all the terms you may need to know about savings accounts:

Why You Should Trust Us: Experts’ Advice on Choosing the Best High-Yield Savings Account

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.

Insider

Here’s what our expert panel had to say about high-interest savings accounts. (Some text may be lightly edited for clarity.)

Generally, what makes a high-yield savings account good or not good?

Roger Ma, certified financial planner with lifelaidout® and author of“Work Your Money, Not Your Life”:

“It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don’t want to have so much friction where it’s such a pain to get the money out when you need it.”

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, certified financial planner at SaverLife:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Sophia Acevedo, CEPF:

“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account, I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”

Our Methodology: How We Chose the Best Savings Accounts

There are many high-yield savings accounts available across financial institutions. Through our research, we’ve found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you’re more comfortable banking with a national brick-and-mortar bank, you’ll likely have to consider a premium savings account to earn a more competitive interest rate.

We review savings accounts at nearly three dozen institutions weekly to identify the strongest options. While interest rates are an important aspect of any savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features.

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

See our full ratings methodology for checking, business checking, savings, and money market accounts »

Sophia Acevedo, CEPF

Banking Reporter

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.

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