Interest rates on the best savings accounts

Our Highest-Rated Savings Accounts

No, not always. Savings accounts at some banks and credit unions offer respectable interest rates that compete with CD rates—without the restrictions. A savings account is an excellent place to keep cash on hand and safe, but it's not the best place to make money. Every weekday, we examine more than 150 banks and credit unions to find the best savings rates and offers. Finding the highest rates is our first step, and we prefer accounts with reasonable minimum deposit requirements and fee structures. Customers can open one of these high-interest savings accounts anywhere in the country, and your money is federally insured for up to $250,000 per depositor per institution. If money market accounts operate similarly to savings accounts, we include them. If an account offers a high yield but forbids check writing, it is included in the mix. To determine the best high-interest savings accounts, we evaluate savings accounts that are widely available across the United States. In this round-up, we focus primarily on the annual percentage yield (APY) provided. Still, to make it easier for you to compare options, we also consider how quickly interest compounds, how simple it is to make deposits, and the availability of customer service.


In the face of prevailing economic and financial market uncertainty, APYs are changing quickly. Rates are being monitored by The Balance, updating them as necessary. We collaborated with the following banks to bring you the savings account offers.

Bask Bank

Through Texas Capital Bank, Bask Bank established the first savings account available only online in 1999. Both a high-yield Interest Savings Account and a Mileage Savings Account are available today. The Interest Savings Account offers an industry-leading 1.50 percent APY with no minimum deposit or monthly fees. Every day, interest is compounded. With the Mileage Savings Account, you have a one-of-a-kind chance to accumulate airline miles just by saving money. You'll receive one American Airlines AAdvantage mile for every $1 you put aside each year. Both telephone and email customer service are offered.


  • No recurring monthly fees
  • No minimum down payment is necessary


  • There are no branches for personal banking.

Online Savings with CIBC U.S. Agility

A wholly-owned indirect subsidiary of the Canadian Imperial Bank of Commerce with headquarters in Chicago, CIBC U.S. (CIBC). It provides services and products for personal finance, small businesses, and wealth management. There are no ongoing balance requirements or monthly maintenance fees for its high-yield online savings account, which can be opened with as little as $1,000. Compound interest is credited each month.


  • No minimum balance is needed, and no monthly charges
  • Mobile application for account management on the go


  • You can earn comparable rates at other banks with a smaller opening deposit.
  • High-Yield Savings at TAB Bank

TAB Bank High-Yield Savings

With just $1 in your account, the High-Yield Savings account at TAB Bank offers the highest rates with no required initial deposit. You can open several other accounts at the bank, including checking, money market, certificates of deposit, and business bank accounts, without paying any monthly fees. In its early years, TAB Bank concentrated on the transportation sector.


  • There is no minimum deposit needed to begin saving.
  • Available are all types of accounts.


  • Earn the same amount or more at different banks.

Savings through FitnessBank

Newton Federal Bank's online division FitnessBank offers rewards for participating in physical activity. With your Fitbit, Apple Health, Garmin, or Google Fit fitness tracker, you must log an average of at least 12,500 steps per day to receive the maximum APY. Must open the FitnessBank app at least once a month to log your steps, and lower rates are available with lower activity levels. The minimum balance needed to open the account is $100, and you must keep it there regularly to avoid a $10 monthly maintenance fee. Interest accrues monthly and compounds daily.


  • Even if you don't walk 12,500 steps daily, there is still some interest.
  • Seniors can take fewer steps to earn the highest APY.


  • The deposit feature is absent from the mobile app.

Account CFG High Yield Money Market

The online CFG High Yield Money Market Account from CFG Bank, established in 1927, offers the highest APY. The website is not as informative or functional as some of the biggest online banks. However, if you value high rates over a positive user experience, CFG may be able to meet your needs. To open the account and avoid a monthly fee, you must deposit $1,000, but you must keep a minimum daily balance of $25,000 at all times. Interest accrues monthly and compounds daily.


  • Competitive CD rates complement the savings account.


  • The website has few features and information

Comenity Bank's bread savings

Bread Savings provides a high-yield savings account with no ongoing balance requirements and monthly fees. You must deposit at least $100 to open an account, but you can withdraw funds from your balance without being concerned about ongoing maintenance fees. Community Bank, which started in 1986 as a credit card issuer, includes Bread Savings. Bread Savings offers CDs and savings accounts, but not payment accounts. Savings account interest accrues daily and is credited to your account every month.


  • Starting with as little as $100
  • Customer service is available 24/7.


Bank Ivy

An online bank called Ivy Bank is supported by Cambridge Savings Bank, a company that has been around since 1834 and has $5 billion in assets. They provide mobile apps that are well-reviewed and online banking. The required opening deposit is $2,500.


  • Setting up accounts online or through an app is simple.
  • A mobile deposit option


  • There are no branches for personal banking.

Personal Savings at Prime Alliance Bank

The 2004-founded Prime Alliance Bank provides personal and business accounts and a savings account that offers the same APY on balances. No minimum deposits are required or monthly fees: daily compounding and quarterly payment of interest. Prime Alliance offers checking and money market accounts, CDs, and more if you require additional personal banking services.


  • If you withdraw money from your account, there are no fees or lower interest rates.


  • Earning potential at other banks of equal or higher interest

High-Yield Online Savings at Live Oak Bank

Live Oak Bank was established in 2008 with a loan program for veterinary clinics. There are no minimum or ongoing balance requirements for the Online Savings account to earn the APY. Because of this, getting a great rate is simple, and even if you withdraw all of your money, there are no monthly fees. Additionally, Live Oak provides a helpful app that can serve as your financial dashboard and let you view accounts at different banks. Interest accrues daily and is credited to your account once per month.  


  • No minimum balance is necessary.
  • Savings for businesses without monthly fees



After acquiring Radius Bank in 2021, LendingClub started providing checking, savings, and CD accounts in addition to personal loans. The LendingClub mobile app, accessible on iOS and Android devices, allows users to conduct all banking activities.  


  • Every transaction is accessible via a mobile app.
  • No recurring monthly fees


  • Option for savings accounts that is relatively new and unproven
  • Not available in all states; a more minor SUM ATM network component

Citi's Savings Accelerator

Find the origins of the financial services behemoth Citi in the War of 1812. (when it was City Bank of New York). Businesses and individuals can now utilize its banking services, including savings accounts. Rates from large, financially secure banks like Citi are rarely comparable to those of neighborhood banks and credit unions. Although there is no required minimum deposit for this account, you must maintain at least $500 in it to avoid a $4.50 monthly fee. This account offers a competitive APY. Daily compounding and monthly crediting of interest occur.  


  • There is no required down payment
  • You can earn more Citi rewards points by connecting your savings account to another Citi account.


  • A monthly charge if the balance is less than $500.
  • Gain access to higher interest rates at other banks

Frequently Asked Questions(FAQs)

A High-Interest Savings Account: What Is It?

You can grow your money while keeping it accessible with the help of a high-interest savings account, also referred to as a high-yield savings account. Although interest rates vary from bank to bank, savings accounts frequently pay interest on your deposits. A comparatively high rate on your balance distinguishes high-interest accounts: These accounts' top rates are frequently 20 or more times higher than the average national savings rate, which increases your earnings. Your money grows more quickly the higher your rate. You can keep the money in your account and let it compound as you earn interest on your savings. Or, to put it another way, you get interested in the interest you already received.

What Qualities Should a High-Yield Savings Account Have?

When looking for a high-yield savings account, the feature that most people focus on is the interest rate. Don't overlook other important features when comparing banks and choosing a competitive rate. Low costs are essential: Any earnings in your account could be lost if you pay monthly maintenance fees (or even see your account balance fall each month). Check to ensure your money is secure: The safest credit unions offer NCUSIF coverage, and banks should be FDIC-insured. Choose a bank that will be easy to deal with. Find a bank that meets your needs after considering how you plan to use the account. Make sure the bank offers mobile deposit, for instance, if you frequently want to deposit checks. If you frequently withdraw cash, pick a bank that offers an accessible ATM network or ATM rebates.

Why Do Savings Account Interest Rates Alter?

Your savings account's interest rate fluctuates over time. Sometimes the rate does not change over long periods. However, banks typically react in lockstep with changes in rates in the overall economy. Banks typically raise rates when rates rise, though not always as quickly as you'd like. Your savings account rates will likely decline or remain stagnant if the Fed lowers rates.  

What Causes Different Bank Interest Rates?

You can earn a wide range of interest rates, but they are typically lower at large brick-and-mortar banks and higher at online banks. When banks want to raise money, they raise interest rates. A high-interest rate on savings accounts draws customers if they need to get deposits in the door. On the other hand, they can maintain lower rates if they don't require cash. Banks use different strategies to generate revenue. While some take deposits and lend them out, others adopt a more diversified strategy (earning revenue and fees from other services like credit cards and ancillary business). Additionally crucial is the organizational structure. It may be more difficult for some banks to offer high-interest rates to depositors due to shareholder demands that the bank expands (or share income with the shareholders). On the other hand, some banks can keep only what they require to cover expenses and distribute the remaining income (from loans, ATM fees, etc.) to account holders. The latter model will most likely apply to small banks and credit unions.  

Is Interest on Savings Accounts Taxable?

Savings account interest is typically subject to income tax. You should give this information to your tax preparer or include it with your tax filings because your bank typically reports your earnings on Form 1099-INT.   You must pay tax on the interest you receive as income for the year in individual, joint, and other taxable accounts. However, you might be able to delay or avoid paying taxes on that interest if your account is a component of a retirement account, such as an IRA.  


There are benefits and drawbacks to using CDs, which allow you to lock in a rate that never changes.  


During tax season, keep an eye out for a 1099-INT in the mail. Your online banking portal might also allow you to download the form. However, banks frequently refuse to issue a 1099-INT unless you made at least $10 over the year.

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