Where to find high-yield savings accounts right now

High-yield savings accounts are offered by online banks, traditional banks with online divisions, and some credit unions. The banks paying the highest rates tend to be online-only operations—companies like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank—because they have lower overhead costs than brick-and-mortar branches. Some traditional banks including Chase, Bank of America, and Wells Fargo offer high-yield options, but their rates are typically lower than online competitors. Credit unions also offer high-yield savings, though availability and rates vary by institution and membership may be able to access.

The rate you see advertised changes weekly or even daily, so comparing three or four banks before opening an account makes a real difference. A 0.5 percentage point difference on $10,000 means $50 per year in extra earnings. The banks listed here represent common options, but new entrants appear regularly and rates shift constantly—checking current rates on each bank's website takes five minutes and is the only way to know what you'll actually earn.

Key Takeaways

  • Online banks typically offer higher rates than traditional banks because they operate without physical branches and pass the savings to depositors.
  • Rates change frequently, so the highest-paying bank today may not be the highest next month—compare current rates directly on bank websites before opening an account.
  • Your money is insured up to $250,000 per depositor at FDIC-insured banks and up to $250,000 at NCUA-insured credit unions, regardless of which institution you choose.
  • Some banks charge monthly fees or require minimum balances; reading the account terms before opening prevents surprises.
  • You can open accounts at multiple banks to spread your savings and take advantage of different rates or features without penalty.

Online banks with consistently competitive rates

Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank have historically offered rates at or near the top of the market. These four have no monthly maintenance fees, no minimum balance requirements, and no restrictions on how many times you withdraw per month. All four are FDIC-insured, meaning your deposits are protected up to $250,000.

Marcus and Ally offer accounts through their websites and mobile apps only—no branches. American Express and Discover also operate online but Discover has a small network of ATMs you can use without fees. None of these banks charge you to move money out, so if rates drop elsewhere, you can transfer your balance without penalty. The tradeoff is that you cannot walk into a physical location to deposit cash or speak to someone in person, though all four offer phone support.

Traditional banks with high-yield options

Chase, Bank of America, Wells Fargo, and Citibank all offer high-yield savings accounts, but their rates are usually 0.5 to 1.5 percentage points lower than online-only banks. The advantage is that you can deposit cash at a branch, speak to a banker in person, and use their ATM network. If you already have a checking account at one of these banks, opening a savings account takes minutes online or at a branch.

Check the specific terms for each bank's high-yield account—some require a minimum opening deposit, charge monthly fees if your balance drops below a threshold, or limit the number of free withdrawals per month. These details vary by bank and sometimes by branch, so reading the account agreement before opening prevents unexpected charges.

Credit unions offering high-yield savings

Credit unions are member-owned institutions, and some offer high-yield savings rates competitive with online banks. Navy Federal Credit Union, Pentagon Federal Credit Union, and Connexus Credit Union are among the largest and offer rates comparable to online banks, though membership is restricted—Navy Federal and Pentagon Federal require military affiliation or family connection to military members, while Connexus is open to people who live or work in certain states or work in specific industries.

If you are a member of a credit union already, ask whether they offer a high-yield savings product. Smaller credit unions may not, but many have added these accounts in recent years. Credit union deposits are insured by the National Credit Union Administration (NCUA) up to $250,000, the same protection as FDIC insurance at banks. Credit unions typically have no monthly fees and no minimum balances on savings accounts.

How to compare rates and features across banks

Visit each bank's website and look for the current Annual Percentage Yield (APY) listed on the savings account page. The APY is the rate you will earn over one year, including compounding. Write down the APY, any monthly fees, minimum balance requirements, and whether the bank charges to transfer money out. Spend ten minutes comparing three to five banks side by side.

Pay attention to whether the rate is promotional (temporary, often for new customers) or standard. A bank advertising 5.00% APY might drop that rate to 4.50% after six months if you are a new customer. Read the fine print or call the bank to ask how long the advertised rate lasts. Also check whether the rate applies to all balances or only balances up to a certain amount—some banks pay a higher rate on the first $100,000 and a lower rate on anything above that.

What to watch for when opening an account

Before you fund an account, confirm that the bank is FDIC-insured (for banks) or NCUA-insured (for credit unions). This information appears on the bank's website, usually in the footer or on a "Security" page. FDIC and NCUA insurance protects your money if the bank fails, up to $250,000 per depositor per institution.

Check whether the account has a monthly maintenance fee and what balance or activity keeps that fee waived. Some banks waive fees if you maintain a minimum balance; others waive fees automatically. Confirm the bank's policy on transfers and withdrawals—federal rules no longer limit how many times you can withdraw per month, but some banks still charge fees for transfers to external accounts or frequent withdrawals.

Read the terms about how interest is compounded and credited. Most high-yield savings accounts compound interest daily and credit it monthly, meaning you earn interest on your interest. Some banks credit interest weekly or quarterly instead, which results in slightly lower earnings over time. The difference is small on modest balances but worth noting if you are comparing two banks with similar APY rates.

Opening an account and moving money in

Most online banks let you open an account entirely through their website or app in ten to fifteen minutes. You will need your Social Security number, a government-issued ID, your current address, and a funding source—usually a bank account you already have. The bank will ask you to link an external account and then either transfer money in or wait for the bank to verify the account by depositing two small test amounts (usually under $1 each) that you confirm in your online banking portal.

Traditional banks and credit unions may let you open an account online or at a branch. If you open online, funding works the same way—link an external account and transfer money in. If you open at a branch, you can deposit cash immediately. The account is usually active within one business day, and you can begin earning interest right away.

Moving money between banks if rates change

You are not locked into any bank. If you open a high-yield savings account and another bank offers a significantly higher rate a few months later, you can transfer your balance to the new bank at no cost. Most banks offer an ACH transfer tool in their online banking portal that lets you move money to another bank account in one to three business days. Some banks also offer a "switch kit" that automates moving direct deposits and automatic payments, though for a savings account you typically just need to transfer the balance once.

There is no penalty for closing a savings account, and no limit on how many accounts you can open. Some people keep accounts at two or three banks to take advantage of different rates or to spread their savings across multiple FDIC-insured institutions (since insurance covers up to $250,000 per bank). This strategy is legal and common.

Frequently Asked Questions

Is my money safe in an online bank?

Yes, as long as the bank is FDIC-insured. FDIC insurance protects your deposits up to $250,000 per depositor per bank, whether the bank has branches or operates online only. You can verify FDIC insurance on the FDIC's website by searching the bank's name in their "Bank Find" tool.

Can I withdraw money from a high-yield savings account whenever I want?

Yes. Federal rules allow unlimited withdrawals from savings accounts. Some banks charge a fee for transfers to external accounts or for frequent withdrawals, so check the account terms. Most high-yield accounts waive these fees or allow several free transfers per month.

What is the difference between APY and interest rate?

APY (Annual Percentage Yield) includes the effect of compounding, while the interest rate does not. If a bank compounds interest daily, the APY will be slightly higher than the stated interest rate. Banks advertise APY because it shows you the actual earnings you will receive over one year.

Do I need a minimum balance to earn the advertised rate?

Most online banks do not require a minimum balance to earn the full APY. Some traditional banks require $500 to $10,000 to earn the highest rate. Check the account terms on the bank's website or call to confirm whether a minimum balance applies.

Can I have high-yield savings accounts at multiple banks?

Yes. There is no limit on how many accounts you can open, and no penalty for doing so. Many people maintain accounts at two or three banks to spread their savings across multiple FDIC-insured institutions or to take advantage of different rates.