Best High-Yield Savings Accounts for June 2024

High-yield savings accounts are one of the best ways to save money. They offer much higher interest rates than traditional savings accounts, making them an ideal place to park your money – whether for an emergency fund or to set aside for a major purchase.

In this post, I’ve listed the best high-yield savings accounts today and their most attractive features to help you decide which bank can take your savings to the next level.

Best High-Yield Savings Rates For June 18, 2024

*As determined from the banks and credit unions which we monitor. Does not represent all available offers. Rates provided by
ProductAPYMin Deposit
Western Alliance Bank
High Yield Savings Premier
5.36% APY $0
High Yield Savings
5.26% APY $1
UFB Direct
UFB High Yield Savings
5.25% APY $0
Customers Bank
High Yield Savings
5.16% APY $1
Bread Financial
High-Yield Savings
5.15% APY $100
Mission Valley Bank
High Yield Savings Account
5.12% APY $0
Bask Bank
Bask Interest Savings
5.10% APY $0
BMO Alto Online Savings Account
5.10% APY $0
Yield Pledge® Online Savings
5.05% APY $25
Varo Bank
Savings Account
up to 5.00% APY $0

12 Best High-Yield Savings Accounts

Here are the top high-yield savings accounts for June 2024:

  1. UFB Direct
  2. Varo Money
  3. Bask Bank
  4. LendingClub
  5. CIT Bank
  6. Citizens
  7. BrioDirect
  8. TAB Bank
  9. Discover Bank
  10. Marcus by Goldman Sachs
  11. Synchrony Bank
  12. American Express

1. UFB Direct

  • Interest Rate: 5.25% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

UFB Direct, a division of Axos Bank, is an online bank that boasts an impressively high interest rate compared to what you would get at a brick-and-mortar establishment.

You don’t need a minimum deposit amount to open an account with UFB, and you can access your account from anywhere with UFB Direct’s mobile app and SMS banking.

Unlike other high-yield savings accounts, UFB includes a complimentary ATM card. UFB Direct customers have access to over 91,000 ATMs across the country. You can find your nearest ATM with the ATM locator tool on UFB Direct’s website.

2. Varo Bank

  • Interest Rate: up to 5.00% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

Varo is an online-only bank based out of Utah that believes your money should work for you. They embody this through their unique tiered APY rate system that encourages you to save more.

In addition to being one of the best high-yield savings accounts, Varo offers a checking account, cash advance, and a credit-building credit card.

Varo’s tiered rate system stands apart from other banks on this list. You begin by earning 3.00% APY on your balance. From there, you can earn 5.00% APY (on your first $5,000, then 3% for balances above that) – among the highest interest rates on this list – if you meet certain conditions.

You must receive at least $1,000 in qualifying direct deposits, and you cannot let your balance fall below zero at the end of the month.

3. Bask Bank

  • Interest Rate: 5.10% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

Bask Bank is an online bank created through Texas Capital Bank with two account options for customers looking to save. They have their Bask Savings Account, which incentivizes customers with a high-interest rate, and their Bask Mileage Savings Account, which rewards customers in American Airlines AAdvantage® miles.

The Bask Savings Account is a recent addition to Bask’s product offerings. It offers 15x the national average annual percentage yield or APY and no monthly balance requirements, fees, or minimum opening deposit. Bask Bank does not that if your account remains balance-free within the first 15 days of opening your account, they reserve the right to close it.

4. LendingClub

  • Interest Rate: 5.00% APY
  • Minimum Balance Requirement: $0, $100 to open
  • Monthly Fees: $0

If you’re comfortable with a fully online banking experience, LendingClub is a financial institute that stands out. Because they don’t have traditional banks’ overhead, they can offer a staggering annual percentage yield or APY on all HYSA balances. They have among the best rates in the country and can help you maximize your savings over time.

One of the best parts of banking through LendingClub is that you can get started in as little as three minutes. To apply for their high-yield savings account, you only need to provide your name, address, phone number, email, and Social Security number.

You will also need $100 to open the account, but LendingClub does not require a minimum balance after opening the account.

5. CIT Bank

  • Interest rate: up to 5.00% APY
  • Minimum balance requirement: $5,000 to get 5.05% APY
  • Monthly fees: $0

CIT Bank – an online bank owned by CIT Group (a financial holding company established in 1908), has multiple high-yield savings options, but the Platinum Savings account has the best rates.

Savings Connect from CIT Bank also offers attractive rates and doesn’t require a minimum balance. The current rate is 4.65% on all balances.

6. Citizens

  • Interest Rate: 4.50% APY
  • Minimum Balance Requirement: $0
  • Opening Deposit Requirement: $5,000
  • Monthly Fees: $0

Citizens is the online-only division of the larger Citizens Bank. They were formed to offer one of the best high-yield savings accounts and CDs to compete with the other financial institutions offering high interest rates on savings balances. At 4.50% APY, Citizens has stepped up to the challenge by providing a rate well above the national average.

They don’t have minimum balance requirements or have teaser rates. Everyone earns the same APY, and of course, they are FDIC-insured.

7. BrioDirect HYSA

  • Interest Rate: 5.35% APY
  • Minimum Balance Requirement: $0
  • Opening Deposit Requirement: $5000
  • Monthly Fees: $0

BrioDirect, the digital offshoot of Webster Bank, is making waves in the HYSA world for its high interest rates and nonexistent monthly fees. They offer a high APY on all balances with a minimum opening deposit of $5000. This opening minimum may be steep for some customers, but customers have the advantage of working with an online bank backed by an established and trusted financial institution.

Like most financial institutions on our list, BrioDirect is an online-only company. You must be comfortable working through their app or website to view your balance, deposit money, or change account information.

Luckily, their BrioDirect mobile app is relatively simple to navigate and allows you to access your account information in one place.

8. TAB Bank HYSA

  • Interest Rate: 5.27% APY
  • Minimum Balance Requirement: $1
  • Monthly Fees: $0

TAB Bank is an online bank that began by catering to a particular market: truck drivers. Initially operating from truck stops, TAB Bank is available to everyone but offers a specific checking account product for truck drivers only.

Their HYSA offers a competitive APY, requires no minimum opening deposit, and has no monthly fees.

There are no balance caps or tiered interest rates, and your money is FDIC-insured at TAB Bank.

9. Discover Online Savings Account

  • Interest rate: 4.25% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Discover Bank is one of my favorite online banks because it offers simplicity and great rates at no cost. It’s the definition of hassle-free banking!

With the Discover Online Savings Account, you can earn a solid APY on all balances. There are no minimum balance requirements – and you can easily bank on the go with Discover Bank’s top-rated mobile banking app, Discover Mobile.

10. Marcus by Goldman Sachs Online Savings Account

  • Interest rate: 4.40% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

This account frequently gets a mention here – but that’s because Marcus by Goldman Sachs High-Yield Savings Account is an account with a first-class rate.

There are no fees and no minimum balances. You can also earn a high APY on all balances. This account is somewhere between a savings account and a money market account because it has features of both.

10. Synchrony Bank

  • Interest Rate: 4.75%
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

Synchrony Bank is known for its credit cards but has one of the best high-yield savings accounts. With a 4.75% APY on any balance, you can increase your earnings fast, motivating you to save more.

Even though it’s an online bank, Synchrony makes accessing your funds simple. You can accept the optional debit card or make an electronic transfer to an external account.

They also make deposits easy, allowing mobile deposits, which means you can deposit from the comfort of your home, as well as set up direct deposit, electronic transfer, or wire transfer.

11. American Express

  • Interest Rate: 4.25%
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

American Express is another well-known credit card company that offers one of the best high-yield savings accounts.

They are an FDIC member and offer 24/7 customer service. Its online banking program is second to none, and interest compounds daily but deposits monthly.

It takes only a few minutes to open an account to start earning interest, and you can fund the account with an electronic funds transfer or mailed-in check.

What is a High-Yield Savings Account?

A high-yield or high-interest savings account is a savings account that functions similarly to a traditional savings account but accrues a much higher interest rate (annual percentage yield or APY.)

High-yield savings accounts are typically only offered through online banks because online banks have fewer overhead costs than traditional brick-and-mortar banks and can pass the savings onto you through better interest rates.

If you’re comfortable banking online, high-interest savings accounts are definitely worth it. You can also check with your current bank to see if they have an online-only subsidiary that offers high-yield savings accounts.

How Do High-Yield Savings Accounts Work?

HYSAs are similar to certificates of deposit (CDs), but your money isn’t necessarily locked up for a set period. CDs may offer a higher rate because you agree to let your bank use your money for a set period without access to it.

High-yield savings accounts have many advantages over more traditional accounts – often because online banks offer these accounts. Since online banks have lower overhead, they can offer more attractive interest rates at lower costs.

However, several traditional banks also have high-yield savings accounts worth checking out.

How to Choose the Best High-Yield Savings Account

You must consider several factors before opening a high-yield savings account. Here are some that we believe are critical to getting the most out of your account.

Interest Rates

The interest rate on a high-yield savings account matters significantly. You want to research and ensure you get the most out of your high-interest savings account. Beware that the highest interest rate doesn’t always equal the best option. You need to consider all your options before opening an account.

Minimum Opening Deposit

If you only have $100 and the minimum opening deposit for an account is $500, that will be a problem. Many online banks do not have a minimum deposit for opening a high-yield savings account, but many do. Look around and find a bank account that works with what you have in your wallet right now.

It’s also helpful to remember that although many high-yield savings accounts don’t have a minimum opening deposit, they will expect you to deposit money eventually. If your account remains balance-free after a certain period, the bank may close your account.

Hidden Fees

Many online banks boast no monthly fees but may charge ATM or withdrawal fees. Read the fine print (or our in-depth reviews) to understand what you’re signing up for when opening a high-yield savings account through an online bank.

Minimum or Maximum Account Balances

Different banks may require a minimum account balance to earn interest on your balance. Similarly, you may be restricted by only earning interest on balances up to a certain amount. Depending on how much you plan to store in your savings account, you may fall outside these parameters.

How to Access Your Money

Like certificates of deposit (CDs), high-yield savings accounts can stipulate that you can store savings in the account and earn high interest if you don’t touch the money for some time. This can be an issue if you plan to dip in and out of the account over time. Check to ensure that you can access your money through an ATM or debit card if you plan to rely on that balance.

Pros and Cons of High-Yield Savings Accounts

All banking products have good and bad sides. Here’s what to consider with high-yield savings accounts.


  • Protected by FDIC insurance (if you stick to our list)
  • Money grows at a faster rate than traditional accounts
  • Easy access to your funds


  • May require a high minimum balance
  • Some APYs are tiered based on your balance

Alternatives to High-Yield Savings Accounts

Before choosing the best high-yield savings accounts, consider these alternatives so you compare all options.

High-Yield Savings Account vs. Money Market Account

Money market accounts are similar to high-yield savings accounts, except you typically get a checkbook or debit card to make purchases with the funds. An MMA is a cross between a checking and savings account and is worth considering if you can find one that pays a high APY.

Factors to watch out for when choosing an MMA include the maximum number of transactions allowed per month and the minimum balance required to earn interest. Some banks have tiered rates that are next to nothing if you don’t meet the higher balance requirement.

High-Yield Savings Account vs. Certificate of Deposit (CD)

CDs often pay interest rates as high or higher than the best high-yield savings accounts, but there’s a catch.

You must keep the funds deposited for the CD term. You choose the term, which usually ranges from one month to 10 years. If you withdraw funds before the CD matures, you face an early withdrawal penalty, usually equal to three months of interest, but sometimes, it’s higher.

If you choose a CD, pay close attention to the requirements, including the APY, as some banks pay high APYs on specific terms and much lower rates on others.

High-Yield Savings Account vs. Checking Account

Checking accounts are meant for ‘spending.’ They often don’t pay interest, and if they do, it’s minimal. These accounts don’t limit how many withdrawals you can make and usually offer easy access to your funds via check, ATM withdrawals, or electronic transfers.

High-Yield Savings Account vs. Traditional Savings Account

You might wonder why you’d choose an online savings account that makes it harder to access your funds over a traditional savings account at your local bank.

There’s one reason – interest. Traditional savings accounts pay such low interest rates that you’d make next to nothing even on large deposits. Online high-yield savings accounts have much less overhead, so they can pay higher APYs, helping your money grow.


When looking for the best high-yield savings accounts, we consider many factors, including:

  • Monthly fees
  • Minimum opening balance requirement
  • Monthly minimum balance requirement
  • Accessibility
  • Interest rates, and whether they are tiered

We choose banks with the most attractive options, offering the easiest accessibility, and the lowest minimum balance requirements. If a bank requires a minimum balance requirement, or offers a tiered interest rate, we note the requirements so you know upfront what to expect upfront.


Are high-yield savings accounts safe?

Yes, your money is safe if you open a high-yield savings account at a legitimate FDIC-insured bank. The FDIC protects your deposit (typically up to $250,000) if an insured bank fails or becomes insolvent, making HYSAs virtually risk-free.

Can I take my money out of a HYSA at any time?

Your money is never “locked in” to a high-yield savings account, so you can withdraw it at any time. However, banks place some restrictions on the frequency of withdrawals and offer different methods to withdraw money from an account.

Typically, savings accounts have a maximum of 6 allowable withdrawals per month, no matter the size. You can withdraw funds via wire transfer, ACH transfer to a checking account, or possibly a check withdrawal. Every bank works slightly differently, so be sure to check all the withdrawal limits and options before opening an account.

Can you ever lose money in a high-yield savings account?

Depositing funds into an FDIC-insured high-yield savings account is the safest way to invest funds. It’s a conservative investment because you don’t risk losing the funds, but you won’t see the same rate of return like you would with stocks or ETFs.

Do you pay taxes on a high-yield savings account?

Yes, you must report your interest income on your taxes like any income. This may increase your tax liability slightly, but if you work with your tax advisor, you may be eligible for certain deductions that decrease the amount owed. Your bank will likely send a 1099-INT if you earn over $10 in interest for the year.

Do online savings accounts have fixed interest rates?

Bank interest rates, including high-yield savings account rates, can change at any time. The rates you see today may change tomorrow. Always read the bank’s terms and conditions to determine how you’ll learn about APY changes.

Are High-Yield Savings Accounts Worth It?

Having a growing savings account is one of the stepping stones to achieving financial freedom.

A substantial savings account provides a financial cushion – and once you have that, you can begin thinking about creating passive income through investing.

Remember that the higher the earning potential, the higher the risk – so you must have some savings to fall back on before you begin your investment journey.

If your goal is to earn risk-free interest, an online savings account is definitely a great alternative to a traditional checking account.

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  • Comment Author image blank
    Capital One 360 also has a 1.5% apy. I've been with them for years and have always been very happy there.
  • Comment Author image blank
    Great article! Many people don't realize just how little their cash is earning in interest rates. Would be nice to have a bank that offered interest rates like these, along with a debit card, ATM rebates and no foreign transaction fees when using the debit card for overseas purchasing. But then, a debit card attached to a savings account isn't really a savings account, is it? So-Fi sounds pretty good for the services it provides, despite not offering the highest rates of the accounts on your list. Thanks!
  • Comment Author image blank
    You should add First Foundation Bank to this list. They have had their Online Savings Account since August and are offering 2.00% with no cap. Decent size bank at over $6 billion in assets and they provide an ATM card with reimbursement up to $20 per cash withdrawal from any ATM in the US. Worth checking out.
  • Comment Author image blank
    You should add First Foundation Bank to this list. They have been offering a 2.40% online savings since August. They also provide ATM fee reimbursements up to $20 for any ATM in the country.