The 5 Best High-Yield Savings Accounts in the U.S.

If your savings are sitting in an account with one of the big national banks like Chase, Wells Fargo, or Bank of America, you are likely earning an interest rate close to zero. This means your money is barely growing, and with inflation, its buying power is actually shrinking every day. Let's do some quick math: a $10,000 deposit in a standard savings account might earn you just a few dollars over a year. In a high-yield savings account with a competitive rate, that same $10,000 could earn hundreds.

This is not a gimmick; it is just better banking. High-yield savings accounts, primarily offered by online banks, have lower overhead costs and pass those savings on to you as higher interest rates. Worried about safety? Do not be. These accounts are protected by the same FDIC insurance as traditional banks, covering your deposits up to $250,000 per depositor, per insured bank. It is time to make your money work as hard as you do.

Disclaimer: The Annual Percentage Yields (APYs) mentioned in this article are current as of late 2024 but are variable and subject to change at any time. Please verify the latest rates directly on the bank's website before opening an account.

The Top 5 High-Yield Savings Accounts#

Here is a breakdown of the best high-yield savings accounts in the United States, so you can choose the right one and start earning what you deserve.

1. Discover Bank#

Discover Bank stands out as a top choice for savers seeking a straightforward, reliable high-yield savings account in the United States. Its commitment to a fee-free structure makes it particularly attractive. You will not encounter monthly maintenance fees, insufficient funds fees, or minimum balance requirements, allowing every dollar you deposit to grow unimpeded. This customer-first approach is supported by highly-rated 24/7 U.S.-based customer service. A unique perk is the "Cashback Debit" checking account that can be linked, which offers 1% cash back on up to $3,000 in debit card purchases each month.

Learn more or open an account at Discover Bank.

2. Marcus by Goldman Sachs#

Backed by the credibility of Goldman Sachs, Marcus offers a powerful and streamlined high-yield savings account ideal for those who value brand reputation alongside competitive returns. Its no-frills approach focuses on delivering a high APY without the burden of monthly fees or minimum balance requirements. The mobile app is famously easy to use, making it simple to set up recurring deposits, track interest earnings, and initiate transfers. A key advantage is the "Same Day Transfer" feature, which allows for free transfers up to $100,000 to and from other banks, providing much faster access to your funds than the industry standard.

Learn more or open an account at Marcus by Goldman Sachs.

3. Ally Bank#

Ally Bank is a leader in the online banking space, known for its customer-centric features and consistently high rates. Its standout feature is "Savings Buckets," which allows you to digitally partition your savings for different goals like "Emergency Fund," "Vacation," or "New Car" all within a single account. This makes it incredibly easy to organize your money and track progress toward your objectives. Ally also offers an interest-bearing checking account with a debit card and reimburses up to $10 per statement cycle for fees charged at other domestic ATMs, giving you great access to your cash.

Learn more or open an account at Ally.

4. Capital One 360 Performance Savings#

Capital One presents an appealing hybrid option for those seeking the high rates of an online bank while still valuing some physical presence. The 360 Performance Savings account offers a competitive APY with no fees or minimums, all supported by a major, recognizable financial institution. This account integrates smoothly with Capital One's other products, and its mobile app is exceptional. Notably, the account can be opened without a Social Security Number, using alternatives like an Individual Taxpayer Identification Number (ITIN). What sets it apart is the access to in-person support at "Capital One Cafés," where you can receive assistance, open accounts, and enjoy a coffee, merging the digital and physical banking experiences.

Learn more or open an account at Capital One.

5. Western Alliance Bank (via Raisin)#

For savers whose top priority is getting the absolute highest interest rate, looking at accounts on the Raisin platform is a must. Raisin is not a bank itself; it is an online marketplace that connects you with FDIC-insured savings products from various banks and credit unions, often with market-leading rates. Western Alliance Bank is frequently one of the top performers on the platform. By using Raisin, you can open an account with a bank like Western Alliance in minutes and manage it through the Raisin dashboard. This is a fantastic way to access some of the best high-yield savings accounts in the United States that you might not find otherwise.

Learn more or open an account at Raisin.

Conclusion#

It is time to stop losing value to inflation. Keeping your savings in a traditional account is no longer a neutral choice; it is a losing one. Switching to a high-yield savings account is one of the easiest and most impactful financial moves you can make. The process is quick, entirely online, and has no effect on your credit score.

Every account on this list is FDIC-insured and offers a return that is dramatically higher than the national average. Choose the one that best fits your goals, open an account in minutes, and let your money finally start working for you.