Best High Yield Savings Accounts

Here of some of the top earning high yield savings accounts available today

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If you don't already have a high yield savings account, why not? By not taking advantage of saving rates, which are currently very high, you're leaving money on the table. Easy money. Setting up a high-yield savings account is simple and straightforward, making it a no-brainer place to save your cash. You'll earn interest on your money over time, with zero effort on your part. 

Currently, savings rates on high yield accounts are notably high. They initially began rising in March 2022, when the Fed began hiking interest rates in an attempt to combat high inflation. But at its latest meeting, the Federal Reserve decided to once again keep the federal funds rate steady. This fourth consecutive pause in rate hikes means the federal funds rate, a key bank lending rate, will remain at a target range of 5.25% to 5.5%, the highest it’s been in 23 years. And interest rate cuts are slated for later this year, meaning savings rates will likely decrease slightly throughout 2024.

Although for now, some of the top earning savings accounts are offering rates over 4% to 5%, significantly higher than the national average of 0.57% for traditional savings accounts. 

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High yield savings accounts

Here are some of the top earning high yield savings accounts available today:

Milli Bank

  • APY: 5.50%
  • Minimum opening deposit: $0
  • No monthly fee

My Banking Direct

  • APY: 5.35%
  • Minimum opening deposit: $500
  • No monthly fee

Brio Direct

  • APY: 5.35%
  • Minimum opening deposit: $5,000
  • No monthly fee

Ivy Bank

  • APY: 5.30%
  • Minimum opening deposit: $2,500
  • No monthly fee

TAB Bank

  • APY: 5.27%
  • Minimum opening deposit: $0
  • No monthly fee

UFB Direct 

  • APY: 5.25%
  • Minimum opening deposit: $0
  • No monthly fee

Popular Direct

  • APY: 5.20%
  • Minimum opening deposit: $100
  • No monthly fee

EverBank

  • APY: 5.15%
  • Minimum opening deposit: $0
  • No monthly fee

Bask Bank

  • APY: 5.10%
  • Minimum opening deposit: $0
  • No monthly fee

CIT Bank

  • APY: 5.05%
  • Minimum opening deposit: $100
  • No monthly fee

Synchrony 

  • APY: 4.75%
  • Minimum opening deposit: $0
  • No monthly fee

Betterment 

  • APY: 4.75%
  • Minimum opening deposit: $10
  • No monthly fee

Opening a high yield savings account is a great option if you're looking for a risk-free way to maximize your savings. Unlike CDs, where your cash is locked away for a certain period of time, high yield savings accounts let you easily access the funds in your account. For this reason, they're good options for short-term savings goals or emergency funds. Plus, sometimes these accounts offer a savings account bonus, putting more money in your pocket.

Another way to browse rates on high yield savings accounts is by using our tool, in partnership with Bankrate, below.

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.