Best Online Savings Accounts of

How We Chose the Best High Yield Savings Accounts

If you want to maximize your money, opening a high yield savings account can be a very smart move. These accounts do exactly as their name implies: They earn a higher-than-average interest rate on deposits, enabling your savings to grow much faster than they would with a traditional savings account.

These accounts are typically offered by online banks and credit unions, which don’t have the overhead costs of brick-and-mortar facilities and are therefore able to pass extra savings along to customers in the form of higher interest rates.

But not all high yield savings accounts are the same, and unless you know what to look for—and what to look out for, you may find yourself disappointed in your choice. Our team of experts spent countless hours researching and identifying the most important considerations when choosing one of these account. We then used that criteria to narrow our search for the best options on the market today.

The Most Important Criteria

There is a lot to consider when selecting the best high yield savings account for your specific needs and financial goals. Below, we lay out the most universal and critical considerations, which we used to guide our own search.

High Yields

Obviously, one of the most appealing aspects of a high yield savings account is the higher interest rate, otherwise known as the annual percentage yield (APY). In some cases, high yield savings accounts earn as much as 10 times the rate of traditional savings accounts. Generally speaking, any bank offering an APY of four percent or higher is worth a look, so that’s where we started our search.

Of course, it’s important to keep in mind that, as with any savings account, the interest rates on high yield savings accounts are variable. So while you may secure a very high APY when you apply, it is susceptible to fluctuations—especially if the Federal Reserve changes its benchmark fund rate.

Reasonable Requirements

Many online banks have strict requirements for opening a high yield savings account—or for securing the highest APYs. With some banks, you can’t open one of these accounts unless you make a sizable minimum deposit. Others require you to maintain a minimum balance in order to continue earning the best interest rate.

If you’re comparing your options, look for online banks without strict requirements for opening an account. Our list of the best high yield savings accounts includes banks that have no—or minimal—requirements for opening and maintaining an account.

Minimal Fees & Restrictions

With some high yield savings accounts, too many fees and restrictions can offset the benefits. Some banks, for example, have monthly maintenance fees and a cap on the amount of money you can have in your account at any one time. Others enforce strict limits on withdrawals or transfers—they restrict how much you can take out or move at one time. Our researchers took all of this into account when compiling our list of the best high yield savings accounts, looking for those with no—or very minimal—fees and restrictions. 

Convenience

While high yield savings accounts promise to grow your money faster, many make you jump through hoops to actually access that money. The best options make it easy, offering remote deposit and ATM access (the very best offer fee-free access). Online banks that have user-friendly mobile apps that enable 24/7 access to your account and allow you to link your external accounts for seamless transfers are also a plus. Some online banks even enable you to automatically deposit a certain percentage of your paycheck into your savings account, a favorite feature of customers. And of course, the best options include unlimited access to friendly and knowledgable customer service representatives who can help you navigate the online banking experience.

Safety

The best way to ensure your money is safe is to make sure you use a federally insured high-interest savings bank account. Funds in these accounts are insured up to $250,000 per depositor, per ownership category by the Federal Deposit Insurance Corporation (FDIC). If you’re using a credit union, the National Credit Union Administration (NCUA) has a fund that also federally insures up to $250,000 per depositor. These protect your savings if the bank or credit union dissolves. All of the high yield savings accounts on our list include these protections. If you want to check the coverage for an institution that is not on our list, you can search for it using the FDIC’s BankFind search page (for banks) or the NCUA’s research page (for credit unions).

DISCLOSURE
SoFi
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

7. Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

8. 0.20% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.