The 9 Best High-Yield Savings Accounts of December 2024
SoFi® Checking and Savings
Best for Checking Interest
- No account fees
- No monthly fees
Up to 4.00%
APY
Wealthfront High-Yield Cash Account
Best for Savings Flexibility
- No annual fees
- No minimum balance
4.25%
APY
As you’re probably aware, interest rates are pretty high.
While high rates might not sound like a good thing — and, to be fair, it’s probably not the best news if you have a variable rate on a student loan, for example — it can be a positive sign for your savings account.
Higher rates mean you have the opportunity to earn more on your funds in a savings account. And if you’re a super saver looking for bigger earning potential, you’ll want to check out a high-yield, sometimes called a high-interest, savings account.
What Is a High-Yield Savings Account?
A high-yield savings account allows you to save money and earn higher-than-average interest on it. While the average savings account has a 0.45% interest rate, per the FDIC, you can expect to earn more with a high-yield savings account—sometimes a lot more, especially with rising interest rates.
Many traditional banks, credit unions, and financial institutions offer high-yield savings accounts. And because online-only banks have less overhead, they usually offer higher interest rates to customers. If you can put money away, stay organized, and follow an account’s requirements to earn a higher interest rate, a high-yield account could be a better fit for you than a traditional savings account.
The 9 Best High-Yield Savings Accounts for December 2024
| Account | Minimum to Open Account | APY | Other Fees | ||
|---|---|---|---|---|---|
Axos Bank High Yield Savings |
$250 |
0.61% |
No monthly balance requirements/ maintenance fees |
SEE DETAILS | |
SoFi Checking and Savings |
None |
Up to 4.00% |
No monthly fees |
SEE DETAILS | |
Wealthfront High-Yield Cash Account |
None |
4.25% |
No annual fees |
SEE DETAILS | |
CIT Bank Savings Builder |
$100 |
Up to 1.00% |
No monthly maintenance fee |
SEE DETAILS | |
M1 High Yield Cash Account |
None |
4.25% |
No monthly maintenance fee |
SEE DETAILS | |
Public High-Yield Cash Account |
None |
4.35% |
No monthly maintenance fee |
SEE DETAILS | |
PenFed Premium Online Savings |
$5 |
3.00% |
No monthly maintenance fee |
SEE DETAILS | |
Marcus High Yield Online Savings |
None |
4.10% |
No monthly maintenance fee |
SEE DETAILS | |
Credit Karma Money Save |
None |
3.35% |
No monthly maintenance fee |
SEE DETAILS |
Of course, “the best account” will be determined by your individual wants and needs. If you’re highly organized, a stricter but high-paying account could be a good option. And if you’re more of a “set it and forget it” type of person, another one on the list might better suit you.
Axos Bank High-Yield Savings
- No monthly balance requirements
- 0.61% APY
- No maintenance fees
Axos offers other banking products, such as rewards checking (with up to 3.30% APY!), business CDs, small business banking services, commercial lending and more. Axos is an online-only bank, which is a perk for many digital-first users. It’s also FDIC-insured, so your money is secure.
For a full run down of fees and services, check out our complete Axos Bank review.
SoFi Checking and Savings
- No minimum opening balance
- Fee-free overdraft coverage
SoFi’s online bank account certainly rewards members for spending and saving. The account, which doubles as a checking and savings account, allows you to organize your savings into vaults so you can work toward your goals. You’ll earn up to 4.00% APY on money in savings and 0.50% on checking funds. The bonus is tiered; to get the full $300, make sure your qualifying direct deposits total $5,000 or more.
Wealthfront High-Yield Cash Account
- 4.25% APY
- No Minimum Balance
- No Annual Fees
With Wealthfront, you can forget those annoying bank fees and earn a whopping 4.25% APY through partner banks on your cash — about 9x the national average savings rate.1
Enjoy unlimited transfers, same-day withdrawals, zero account fees, and no minimum balance requirements to earn 4.25% APY. You can use Wealthfront with your favorite payment apps like Apple Pay, Venmo, and Google Pay.
They’ll also give you access to a customizable investment portal so you can start building wealth while focusing on your short- and long-term goals.
Wealthfront isn’t quite a bank, but it works with several FDIC-insured partner banks to give you the convenience and flexibility you expect, minus the sneaky fees and account requirements. The best part? You can get started with Wealthfront with only a $1 opening deposit or snag a $30 bonus2 when you deposit $500 or more (terms and conditions apply).3
Join Wealthfront today and make your money work for you— not your bank.
1. Based on the national average interest rate for savings accounts as posted on FDIC.gov, as of September 15, 2024). FDIC coverage will remain at up to $8 million for individual Cash Accounts ($16M for joint accounts) through partner banks.
2. Client must maintain $500 by the 30 day mark. See website for details.
3. Checking features for the Cash Account are subject to identity verification by Green Dot Bank, Member FDIC. Cash account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”;), a Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. The APY rate listed is as of 09/19/2024 and is subject to change at any time. Fees and Eligibility requirements may apply to certain checking features, please see the Deposit Account Agreement for details. Limits, fees, and exclusions apply. All investing involves risk, including the possible loss of money you invest.
Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google, Android and Google Play are trademarks of Google Inc., registered in the U.S. and other countries.
Please note, Real-Time Payments (RTP) transfers may be limited by destination institutions, daily transaction caps, and by participating entities such as Wells Fargo and the RTP® Network. New Cash Account deposits are subject to a 2-4 day holding period before becoming available for transfer. Wealthfront doesn’t charge for transfers, but receiving institutions may impose an RTP fee.
The Penny Hoarder receives compensation when a reader clicks on the referral link that redirects them to Wealthfront, which creates a conflict of interest. Penny Hoarder’s opinions in this article are their own and are not tied directly to such compensation. The Penny Hoarder and Wealthfront Brokerage, LLC are not associated with one another and have no formal relationship outside of this arrangement.
CIT Bank Savings Builder
- Up to 1.00% APY
- Only $100 to open an account
- Online-only bank
CIT Bank is an online-only institution, which means you can easily access your account via your phone, computer or tablet. The CIT mobile app provides another way for users to check in on their accounts. CIT also offers CDs and money market accounts, which is useful if you’re looking for other ways to save and grow your money.
For a full run down of fees and services, check out our complete CIT Bank review.
M1 High Yield Cash Account
- 4.25% APY
- ATM access
- Online-only account
M1 is a technology company that offers financial products and services. The M1 High Yield Cash Account is furnished by B2 Bank, which is FDIC-insured. Previously, you needed an M1 Plus membership to take advantage of premium features, but the company decided to end the program and open up the perks to everyone.
Public High-Yield Cash Account
- 4.35% APY*
- No minimum deposit
- No Fees
The Public High-Yield Cash Account offers you a way to diversify your savings alongside your investing, retirement and other savings accounts. You can withdraw, deposit or transfer your money whenever you want. They offer FDIC insurance up to $5 million.
*As of 12/2/2024, annual percentage yield (APY) is variable and may change without notice.
PenFed Premium Online Savings
- Only $5 to open the account
- 3.00% APY
- Over 85K ATMs nationwide
Contrary to some information online, you do not need to be a member of the military to join this credit union. PenFed doesn’t have branches in all 50 states, but all customers can access their accounts and apply for banking products online. Not to mention, users can take advantage of other member benefits, from discounts on home security to flower delivery.
Marcus by Goldman Sachs Savings
- 4.10% APY
- No minimum opening deposit
- Popular mobile app
Marcus by Goldman Sachs is a good account choice if you’re looking for a recognized leader that won’t ding you with extraneous fees. Marcus also offers debt consolidation and home improvement loans, the opportunity to manage investment portfolios and more. Customer service is available 24/7 via phone, too.
For a full run down of fees and services, check out our complete Marcus review.
Credit Karma Money™ Save
- No monthly balance requirements
- 3.35% APY
- No maintenance fees
On top of not requiring a minimum deposit to open the account, Credit Karma Money Save has no fees or deposit requirements to earn the 3.35% APY. To use money from the account, you’ll first have to transfer it to a Credit Karma Spend account and withdraw it that way. Credit Karma also offers a checking account with cashback rewards and credit building tools, so you can save and earn money in more than one way.
What to Consider When Looking for a High-Yield Savings Account
While you’ll bring in more than you would in a traditional account, you’ll often need to adhere to strict guidelines. So keep that in mind before you sign up.
For instance, you may experience the following:
- A required opening deposit.
- A minimum required balance at all times.
- A cap on how often you can move money out of the account.
- Monthly maintenance fees.
- Fees for going over the allotted amount of withdrawals a month.
- A high interest rate—but only for X months or Y years for a certain amount of money AND if you follow all the rules. A particular rate may also only be available for new account holders.
That said, these accounts are a great way to earn more on money you don’t plan on touching for some time—just read the fine print (and maybe brush up on your organizational skills) first.
How to Open a High-Yield Savings Account
Typically, the same rules apply to opening any other type of bank account. You’ll likely need to be at least 18 years old and have identification, for example. This is pretty standard stuff.
You have options on where to open a high-yield savings account, too. They can be found at traditional brick-and-mortar institutions, credit unions, and online-only banks. In fact, the latter may offer you higher interest rates since there’s less overhead (i.e. no physical location to pay bills for, so the savings get passed on to you). The interest rate may vary depending on where you live.
Bonus: Many companies offer various banking products (loans, checking, etc.), too. So if you want additional services on top of a high-yield savings account, you’re in luck.
Our Criteria for Finding the Top High-Yield Savings Accounts for You
We looked at accounts that offered a high APY by today’s standards — that means between the 0.50% and 6.00% interest-rate-and-up mark — and low (or no) fees. We included a variety of online-only and big-name accounts to choose from as well.
You don’t have to transfer all your banking needs to an institution that offers a high-interest account. You can hang on to your primary bank and have a separate, high-earning savings account elsewhere. But note: Some accounts may require you to open other products with them, so keep that in mind.
Additional High-Interest-Earning Accounts That Can Help You Make More Money
In addition to high-yield savings accounts, we found two other types of accounts that will help you earn more money: rewards checking and debit-card-linked savings accounts.
You’ll need to meet a few requirements to qualify for these rates as well, but they’ll still give you more bang for your buck.
Rewards Checking Accounts
Rewards checking accounts pay higher interest rates (usually between 1.5%-6%) on your money up to a certain amount. For example, a bank or credit union might offer a 2% APY on accounts capped at $15,000.
Even though they pay higher interest rates, you usually won’t find rewards checking accounts on a typical list of the best checking accounts. They’re in a category of their own, and you can’t simply deposit your money and forget about it; these accounts require a little work and organization.
To take advantage of rewards checking accounts, you might be required to do any of the following:
- Have a minimum deposit to open the account.
- Keep a required minimum balance at all times.
- Pay a monthly maintenance fee.
- Hit a certain number of regular deposits or ACH transactions.
- Make a fixed number of debit card purchases per month.
- Opt into e-statements (paperless statements) or other agreements.
Your interest rates may fluctuate or plateau depending on the amount in your account, as well. But the maximum APY can be pretty significant, so these accounts may be worth it.
For example, Solvay Bank in upstate New York offers 4.00% APY for its high-interest checking account. Here’s the deal:
- You must be a new customer.
- You must live in specified counties in the State of New York.
- This rate is available on balances up to $15,000.
You must also follow certain guidelines during each monthly statement cycle:
- Enroll in and receive e-statements.
- Have at least one direct deposit or ACH transaction.
- Make at least 12 debit card purchases.
A minimum deposit of $15 is required, and there’s a $5 monthly maintenance fee for the account, though it can be waived. It’s easy enough to click the button to enroll in e-statements, and once you set up direct deposit for your paycheck, it’s automatic.
Another example is Guardian Credit Union in Alabama, which offers 5.00% APY — on balances up to $15K. To qualify for the Guardian Ultimate Checking account, you’ll need to:
- Live, worship, go to school in or be retired or active Alabama Army or Air National Guard personnel in specified counties in Alabama.
- Have 15 debit transactions a month.
- Monthly minimum of $250 spend.
You’ll need to meet additional requirements (check the website for all of them), too.
You can find a list of rewards checking accounts in your state along with current interest rates here.
Savings Accounts Linked to Prepaid Debit Cards
A prepaid debit card allows you to load money onto a card without needing a bank account. It can be a helpful budgeting or learning tool (some parents get them for their kids). Others may prefer using this financial service over a traditional bank account. However, these cards typically come with their own set of rules and fees.
Netspend is a prepaid debit card with a savings account option. You’ll have to load the card account and then transfer the money to the savings account. From there:
- You can earn up to 6.00% APY on $2,000 or less (the APY drops to 0.50% on any higher amount).
- You can set up an auto-save function to transfer money every time you load your Netspend card account with funds.
- You can transfer money from your savings account to your card up to six times per month.
Again, you want to be mindful of associated fees.
Pros and Cons of a High-Yield Savings Account
It’s good to know the advantages and disadvantages of high-yield savings accounts before you open one.
Pros
- Available at brick-and-mortar, online-only and hybrid financial institutions
- Earn high interest rates on your money
- Generally more accessible than other high-interest-earning accounts, like CDs
- Sometimes accounts come with a debit card
Cons
- There may be fees or minimum balance requirements
- Typically, you can only access or move money a set number of times during a statement cycle
- You might lose out on the high interest rate if you don’t abide by an account’s rules
Frequently Asked Questions (FAQ) About High-Yield Savings Accounts
We’ve rounded up the answers to the most commonly asked questions about high-yield savings accounts.
No. As long as your money is in an FDIC-insured high-yield savings account, it’s safe.
If you’re looking to save money and have semi-flexible access to it, all while earning a little more interest on it, then yes, a high-yield savings account is worth it. These accounts are ideal places to store an emergency fund, for example — a place where you can safely grow your money, yet access it (typically, via a debit card or transfer it to another bank account) relatively quickly when needed.
Rates can change, so look around every now and then to see the latest, highest offers.
Earn More Interest on Your Accounts
Of course, it can be tricky to keep track of numerous accounts and their requirements (and to avoid fees). But, that’s just the way it is in this low-interest-rate environment.
You have to exercise your organizational skills to make some extra money on your high-yield savings accounts. But the end results can be worth it.
Steve Gillman and Kathleen Garvin are contributors to The Penny Hoarder.
* SoFi® Checking and Savings (member FDIC):
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See the list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
