A high yield savings account offers you a better interest rate on your savings than a traditional bank does. This type of account is an excellent place to deposit your emergency fund money or to use for saving towards a larger expense, such as a wedding, vacation or home down payment. Your interest amount will vary depending on the rate set by the U.S. Federal Reserve, and some years will yield a higher return on investment than others. All of our recommended accounts are FDIC insured up to $250,000, offer easy access to your money, allow for six free transactions a month and offer a high annual percentage yield.
Table of contents
- 5 Best High Yield Savings Accounts
- Our Top Picks
- Vio Bank High Yield Online Savings Account – Offers the Highest APY
- Ally Online Savings Account – Opportunity To Add a Checking Account
- American Express® High Yield Savings Account – Excellent Customer Service
- Marcus by Goldman Sachs High Yield Online Savings – Best Mobile App
- Synchrony Bank High Yield Savings – ATM Access to Your Money
- The Bottom Line
- Quick Questions
5 Best High Yield Savings Accounts
- Vio Bank High Yield Online Savings Account: Highest APY
- Ally Online Savings Account: Checking account option
- American Express® High Yield Savings Account: Excellent customer service
- Marcus by Goldman Sachs Online Savings Account: Best mobile app
- Synchrony Bank High Yield Savings: Easy withdrawals
Our Top Picks
Vio Bank High Yield Online Savings Account – Offers the Highest APY
If you are looking for a high yield savings account with the highest APY, Vio Bank is your best choice with a 0.66% APY. You need a minimum of $100 to open the account and will be charged $5 in monthly fees, which is waived if you choose paperless statements. There is a $10 transaction fee for any withdrawals or deposits made beyond the six free allowed per statement cycle.
Ally Online Savings Account – Opportunity To Add a Checking Account
The account offered by Ally Bank has no monthly fee or required minimum balance and gives you a 0.60% APY on your savings. There is a $10 fee for any additional deposits or withdrawals beyond your six allowed monthly. However, you always have the option to have a check mailed to you, and that won’t count as a transaction. This account is the only of our picks that gives you the opportunity to add a checking account to keep all your banking in one convenient place. If you select this option, you can access your savings for free from over 43,000 Allpoint® ATMs.
American Express® High Yield Savings Account – Excellent Customer Service
The American Express® High Yield Savings Account has no minimum deposit or balance requirements and no monthly fees. Your money will grow at a 0.60% APY, and you are allowed nine deposit or withdrawal transactions per statement cycle instead of the standard six. Interest is compounded daily and added to your account monthly. There is no mobile app, but the website offers you easy access to add to or check on your savings. You also have 24/7 access to American Express’ award-winning customer service.
Marcus by Goldman Sachs High Yield Online Savings – Best Mobile App
This high yield savings account offers 0.60% APY with no minimum balance requirements or monthly fees. On weekdays, transactions of $100,000 or less made by noon Eastern time will be completed on the same day. The Marcus account has the best mobile app of all our recommended accounts, making it easy to check in on your account or set up a deposit from any location.
Synchrony Bank High Yield Savings – ATM Access to Your Money
This Synchrony Bank product requires no minimum balance, has no monthly fees, and gives you a 0.60% APY. You are allowed the standard six deposit or withdrawal transactions in a statement cycle, and your account could be closed if you exceed that amount. An optional ATM gives you easy unlimited access to your savings, and Synchrony Bank will refund up to $5 of ATM fees charged by your provider.
The Bottom Line
All of these products offer you a better return on your savings than you will find at a brick-and-mortar bank. They each give you a safe place to grow your cash reserves for future use.
Quick Questions
Yes, they are worth it because they offer higher interest rates than a bank’s savings account. Interest rates are low right now, but you will still earn some money on your savings.
No, you cannot lose money on a high yield savings account as they work like a bank’s savings options do.
The rates in a high yield savings account generally only change when the U.S. Federal Reserve raises or lowers interest rates. They all have variable rates that could change at any time.
If you’re comfortable with a little risk take a look at our guide to the 5 best Robo advisors in 2021.
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