Best High Yield Savings Accounts – up to 5.50% APY

(Update 9/20/24: I ran a big update today, hopefully everything is correct now.)

Here’s a list of the best high interest savings accounts. Get up to 5.50% APY with a basic savings account. There are also accounts with requirements that pay even more. We don’t receive any commissions for any of these, and ALL banks are included in this list.

Best Basic Savings Rates

Leaving money in a regular bank account will usually get you a terrible interest rate. With a little research, we can find accounts that offer competitive rates. These are all ordinary savings accounts with no hoops to jump through, and they are FDIC/NCUA insured up to $250,000 (please verify insured status for yourself with FDIC and with NCUA before using a bank or credit union).

Here are the best options available, rated in APY from highest to lowest:

Pibank – 5.50% savings (app only)
Poppy Bank – 5.50% premier savings ($25k monthly withdraw limit)
Eagle Bank – 5.35% savings (not in CA, NV, or VT)
Peak Bank – 5.33% Envision savings
Western Alliance – 5.31% high yield savings (review)
Ivy Bank – 5.30% savings ($2,500 minimum; nationwide except for CA)
Ivy Bank – 5.66% indexed savings account ($2,500 minimum; nationwide except CA)(review)
Forbright Bank – 5.30% savings
TotalDirectBank – 5.26% money market (balances $2,500-$500,000; not available in FL)
Timbr – 5.25% bold savings
Newtek Bank – 5.25% savings
Vio Bank – 5.20% APY money market
TradeUp – 5.20% Cash+ program
Modern Bank – 5.20% high yield money market (minimum $100,000)
CFG Bank – 5.19% APY high-yield money market (must maintain minimum $1,000)
Brio – 5.15% high yield savings (minimum $5,000 to open)
Bask Bank – 5.10% APY savings (our review)
Comenity ‘Bread’ – 5.10% APY savings
BMO Harris – 5.10% alto online savings (select markets)
Primis Bank – 5.07% APY savings and checking (review)
EverBank (TIAA) – 5.05% APY yield pledge savings
Jenius Bank – 5.05% savings
Valley Direct – 5.05% APY savings (new customers) (12,000 MyPoints signup bonus)
TAB Bank – 5.02% savings
Upgrade – 5.02% APY everyday/premier/performance savings (minimum $1,000)(see this comment)
Salem Five Direct – 5.01% APY eone savings (see this comment)
CIBC – 5.01% APY savings (minimum $1,000)
Popular Direct – 5.01% APY savings (see this comment)
Republic Bank – 5.01% APY money market (minimum $2,500)(nationwide except IL, IN, WI, MI)
MyBankingDirect – 5.00% APY savings
Flagstar – 5.00% savings (minimum $25k, guaranteed for 5 months, then it drops)
Quontic – 5.00% money market
Laurel Road – 5.00% high yield savings
Webull – 5.00% cash management account
mph – 5.00% savings
Dollar Savings Direct – 5.00% APY savings (see this comment)
One Finance – 5.00% savings ($5,000 minimum, $100,000 max)(review)
Wealthfront – 5.00% APY cash account (signup bonus)
Northern Bank Direct – 4.95% APY premier money market
NASB – 4.90% E-Savings (check incognito) ($10,000 minimum) (see this comment)
First Foundation – 4.90% APY money market
Brilliant Bank – 4.85% APY surge money market (minimum $2,000 to avoid fee)(see this comment)
Western State Bank – 4.85% APY money market (our review)
CIT Bank – 4.85% platinum savings ($5,000 minimum)
UFB – 4.83% APY savings account (see this comment and this)
Lending Club Banking – 4.80% APY savings (see below for 5.30% option)
Merchants Bank – 4.75% APY money market
Evergreen Bank – 4.75% high yield online savings
VirtualBank – 4.75% APY eMoney Market
Fierce – 4.75% cash account (requires iOS app)($30 Swagbucks bonus)
BankPurely – 4.75% APY money market (minimum $25,000)(see this comment)
Redneck Bank / All America Bank – 4.75% APY money market, up to $100,000 (review)
Styl Bank – 4.75% APY
FNBO Direct – 4.75% online savings
Customers Bank – 4.73% savings ($25k minimum)(auto-adjusts with fed rate)
Climate First Bank – 4.72% money market (or checking)
Public – 4.60% high yield cash account
Sallie Mae – 4.55% APY money market
Barclays – 4.50% tiers savings (minimum $50,000)
Citizens Access – 4.50% APY savings account
Synchrony – 4.50% APY savings
Betterment – 4.50% saving account (our review)(temporary .75% boost)
Vanguard – 4.50% Cash Plus account
E*Trade – 4.50% APY savings
Presidential Bank – 4.50% Advantage Savings ($25k-$250k; requires checking)
PNC – 4.45% high-yield savings (select areas)
Usalliance – 4.45% APY high dividend savings
Wise – 4.44% interest feature
Prime Alliance – 4.40% savings (minimum $10,000)
Colorado Federal – 4.40% APY savings
Apple Card/Goldman Sachs – 4.40% savings (our review)
Marcus Bank – 4.40% APY savings
Live Oak Bank – 4.40% APY savings
Mysavingsdirect – 4.35% APY savings (see this comment)
Citibank – 4.30% APY savings (not available in all states) (our review)
Synchrony Paypal version – 4.30% APY savings
SFGI – 4.26% APY savings
U.S. Bank – 4.25% elite money market (minimum $25,000)
Capital One 360 – 4.25% APY savings
American Express – 4.25% APY savings account
Ally Bank – 4.20% APY savings or money market
Barclays – 4.20% APY savings
Empower/Personal Capital – 4.20% APY cash account (our review)
Discover – 4.20% APY savings (4.25% via AAA) (review)
Credit Karma Savings – 4.10% APY (our review)
Fidelity Bank – 4.00% savings
Blupeak – 3.75% money market ($300 bonus)
Alliant Credit Union – 3.10% APY savings
PenFed – 3.00% APY premium savings
Fidelity – 2.72% cash management account
T-Mobile Money – 2.50% APY savings for anyone (4% on up to $3,000 for T-Mobile customers; our review)
Chime – 2.00% savings
American Express – 1.00% APY checking account (our review)

Other Basic Options

Maxmyinterest – 5.31%-5.38% max savings (see this review first)
Lending Club – 5.30 Level Up Savings (requires $250 deposit prior month)(see this comment)
Morgan Stanley – 5.00% APY Preferred Savings Program
First Internet Bank – 4.83% money market with balances of $1M+
Merrill Edge Preferred Deposit – 4.71% savings (initial opening needs $100,000)
Robinhood – 4.50% APY for those with Gold membership ($5/month; our review)
M1 Finance – 4.50% APY savings account ($95/year)(our review)
SoFi Savings – 4.50% with monthly direct deposit of any amount (our review)
USAlliance – 4.45% 11-month no penalty CD
Marcus – 4.40% APY 7-month no penalty CD
J.P. Morgan Premium Deposit – 4.00% ($100,000 minimum initial deposit)
Ally Bank – 4.00% 11-month no penalty CD (review)
Customers Bank – 2.00% APY checking (requires 2 bill payments, otherwise rate is 1%)

All of these rates will fluctuate over time, and we’re constantly updating this list. There is an advantage to a bank who has a proven track record of giving good interest rates since some of the top rates might be ‘bait-and-switch’ soon to be lowered. Banks like CFG, Discover, Marcus, Ally and some others have been known to offer competitive interest rates for many years. Their rates will also fluctuate but will likely always be a good rate. See also What’s The Best Simple High-Yield Savings Account?

Another thing to keep in mind is that while most banks automatically increase your rate as interest rates increase, some don’t. We wrote data points on which do and which don’t here. Keep that in mind when choosing a bank.

Most of these are savings accounts, with a few checking accounts mixed in. We wrote about options for getting a high yield on your checking account in this post.

Alternative High-Yield Options

Government Series I Bonds are currently offering 4.30%, you’re limiting to purchasing $10,000 annually (our review)
U.S. Treasury Bills (our review)
Brokerage Money market funds and Bond funds
U.S. Series EE Bonds
CD Annuities
Vanguard VMFXX – 5.16% (more options)
Fidelity SPAXX – 4.91% (more options)
Schwab SNVXX – 4.88% (more options)
SGOV etf treasury fund
Interactive Brokers – 4.33% for IBKR Pro (minimum $100,000 balance)

Best CD Rates

Nationwide CD Offers:

Best Business Savings Rates

Credit Karma – 5.00% savings for Quickbooks customers
NBKC Bank – up to 4.50% business CD
Wise business – 4.44%
Live Oak Bank – 4.00% business savings
TAB Bank – 3.92% money market
U.S. Senate FCU (USSFCU) 3.65% APY 24-month CD (join with ACC membership free)
Lending Club Banking – 3.60% APY business savings (review)
First Internet Bank – 3.40% APY money market
[CT, MA, RI, PA] Owners Bank – between 3.50% and 5.01%
Newtek Bank – 3.50% business savings
First Internet Bank – 3.25% APY money market savings ($4,000 minimum to waive fee)
Panacea/Primis – 3.00% business savings
Bluevine – 4.25% APY business checking (requires $100k and $5k spend to waive $95 fee)
Bluevine – 2.00% APY business checking (up to $250,000; requires receivables or debit spend)
NBKC Bank – 2.00% business money market
American Express Business – 1.30% APY checking account (up to $500,000; plus 30k bonus)
Paramount Bank – 1.10% business money market ($5,000 minimum to avoid fee)
Axos Bank – 1.01% APY business checking (up to $50,000)
Lending Club Banking – 1.50% APY tailored checking (review)
Newtek Bank – 1.00% business checking
Usalliance – rate varies from .05% to .60% depending on deposit amount
Axos Bank – .20% business premium savings

Mega High-Interest (Nationwide)

Aside from basic accounts offering competitive interest rates, there are ultra high-yield options which are more involved and take time and patience to deal with. Bear in mind, all of the best options have velocity limits, sometimes it’s $5k, $10k, $15k, or $20k. You’ll never be netting more than $1,000 in annual interest from any of these accounts, and it’s usually much less than that. Someone who is impatient or doesn’t have spare time would best use a standard high-interest savings account options and forget about the velocity-limited accounts.

Below you’ll find all mega high interest accounts which are available nationwide, and in the next segment we list the regional options.

[WA] Express Credit Union 9% CD On Up To $5,000
Genius CU (nationwide) 6.50% on up to $7,500 (w/10 debit trx)
Element FCU – 10% on up to $5,000 with some steep requirements
Andrews FCU 6% APY Kasasa Cash Checking
Securityplus FCU 6.00% APY 8-Month CD, Max $50,000 (Plus $100 Referral Bonus)
Fitness Bank 6% APY on up to $25k When You Have An Average Of 10,000+ Steps A Day
OnPath FCU 7.00% checking on up to $10,000 with qualifications (details here)
Elevault 5.13% (max $50,000; iOS only)
Kanza Bank 6.00% on balances up to $20,000
Pelican State Credit Union Kasasa Checking Account – 6.05% APY On Balances Up To $20,000
Presidential Bank 4.625% APY Checking On Up To $25,000 (With Requirements)
Genisys Credit Union 5.25% APY High Yield Checking Account – Up To $7,500
The Bank Of Denver – 5% APY On Balances Up To $15,000
Aspiration Spend & Save: 3%-5% APY On Balances Up To $10,000
Hanscom Federal Credit Union 5% APY, On Up To $6,000
Elements Financial 5% APY Checking Account, up to $20,000, with requirements
Service Credit Union 3% APY On Balances Up To $3,000 + 5% savings account on up to $500
Bank of Missouri 3.05% APY on Balances Up Too $15,000 (nationwide)
Porte Bank 3% APY On Balances Up To $15,000 + $50 Referral Bonus
Western Vista Credit Union Rewards Checking 3.00% APY On Balances Up To $15,000