Best High-Yield Savings Accounts

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A high-yield savings account is one of our best financial tools. It’s a place that we can keep our emergency funds, travel funds, down payment funds, remodel funds, etc.

It acts as a secure space in between the safety of a checking account and the riskiness of investments. Virtually every high-interest savings account will outperform traditional savings accounts - but not all savings accounts are created equal.

best choice

Betterment logo
  • APY: 1.85%
  • Minimum Balance: $0
  • Promotion: No current promos


CIT Bank logo
  • APY: 1.85%
  • Minimum Balance: $100
  • Promotion: No current promos


Axos Bank logo
  • APY: 2.10%%
  • Minimum Balance: $0
  • Promotion: No current promos

The national average interest rate (or annual percentage yield - APY) on a savings account is 0.09%.

But there are much better options now, offering much higher yields.

There has been a major influx of online banks offering significantly higher interest rates through their online savings accounts.

They offer rates ranging from 1.60% to 2.0%, making them much more competitive for your money.

An online bank is able to offer rates like these since they do not have the costs of operating physical locations.

But fear not, these banks are insured by the FDIC just like the bank or credit union down the street and offer great digital tools to make accessing and transferring your money a breeze.

And remember, once you have enough cash stored away in a savings account, you should look to invest.

Consider using a robo-advisor if you aren’t 100% confident in your investing abilities.

Summary of Best High-Yield Online Savings Accounts




Betterment logo

Betterment Everyday


With $0 minimum balance

at Betterment,

Member, FDIC

CIT Bank logo

CIT Bank Savings Builder


With $100 minimum balance

at CIT Bank,

Member, FDIC

Axos Bank logo

Axos Bank™ Rewards Checking


With $0 minimum balance

at Axos Bank™,

Member, FDIC

Radius Bank logo

Radius Bank Rewards Checking


With $0 minimum balance

at Radius Bank,

Member, FDIC

Sofi logo

SoFi Money


With $0 minimum balance

at SoFi Money,

Member, FDIC

The High-Yield Savings Account Advantage

High-yield savings accounts have an advantage over their lower-yielding counterparts because money held in these accounts grows so much faster.

For example: 2.0% on $10,000 of savings is $200 per year in interest.

Compared to the national average of 0.09%, the same $10,000 would net only $9 per year in interest. 

In this example, a high-yield savings account produces over 22x more interest than the national average.

This is propped up by the fact that there's rarely a monthly fee to maintain your account too - adding to the money you keep.

3 Best High-Yield Savings Accounts

*Note: All rates accurate as of May 21, 2021

Betterment Everyday

Betterment Logo

APY: 1.85% (if signed up for Betterment Everyday Checking, otherwise 1.60%)

Minimum account balance: None

ATM Fees: Reimbursed worldwide

Review: While not technically a bank, Betterment offers a cash management account where they provide up to 1.85% interest on any balance held in the account.

Because Betterment is not a bank - rather they are an online financial institution that provides investment services - when you deposit money, it's stored with their network of partner banks and therefore have the protection of an FDIC insured savings account.

Betterment’s Everyday Cash Reserve account benefits from the sleek design of Betterment’s entire website and mobile app.

Their services are easy to use and easy to sign up for. In addition to the Everyday Cash Reserve, Betterment will soon be offering an Everyday Checking account that reimburses all ATM fees and allows unlimited transfers each month.

CIT Bank

Cit Bank icon

APY: 1.55% - 1.85%

Minimum Account Balance: $100

Review: CIT Bank offers two different high-interest savings accounts: the Premier High Yield Savings and Savings Builder.

The accounts function in slightly different ways, but they are both FDIC insured, are free from monthly fees to open and maintain, and offer mobile check deposit and transfers with the CIT Bank mobile app.

The Premier High Yield is their standard high-yield savings account, offering 1.55% APY after a minimum opening deposit of $100.

The Savings Builder account takes a different approach to savings and offers a 1.85% APY if you make at least one monthly deposit of $100 (or more) or maintain a balance of $25,000 or more.

The Savings Builder account encourages you to save consistently, and for that reason, it’s the clear recommendation here from CIT Bank.

SoFi Money

Sofi icon

APY: 1.60%

Minimum Account Balance: None

Review: SoFi’s online savings feature comes in the form of a cash management account since they are not a bank.

It is standard practice for cash management accounts to use a process called “sweeping” whereby the financial institution (SoFi) sweeps your deposited money into partner banks, who then hold it.

Because your money is swept into a licensed bank, it carries the full FDIC protection that you’d receive at any other bank.

Access to SoFi’s cash management bank accounts is free, with no minimum balance requirement - and they don't charge monthly maintenance fees.

SoFi offers a debit card and unlimited reimbursed ATM fees along with automated bill pay and access to SoFi member benefits like career coaching and financial advising.

Which High-yield Savings Account Should You Choose?

High-yield online savings account are the hands-down best savings account option currently available today - usually significantly better than a traditional savings account. 

It is a safe place to store your cash for:

  • An emergency fund
  • A down payment
  • Travel funds
  • Future large purchases (like an automobile)
  • Home renovation funds
  • Etc.

Not only are these accounts insured by the FDIC, but their interest rates make them much more attractive than a money market account, checking account or savings account that does not offer as high a yield.

But remember, you shouldn’t store all of your cash here. Money market accounts are useful for debit card privileges - and if you feel like you have enough stored away for whatever purpose, you should look to invest anything extra.

Investing in low-cost index funds has historically returned anywhere from 7-10% annually, which is much greater than these accounts.

But investing carries a lot more risk, so these high-yield online savings accounts are a great option for any cash you expect you might need in the near future.

Betterment Everyday

A cash management suite that helps you make the most of your everyday money, including Checking and Cash Reserve accounts.

Betterment Logo

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