Earn Up to 4.70% APY: Best High-Yield Online Savings Accounts of 2024

Why let your money sit idle when it could be working harder for you? High-yield savings accounts are offering incredible opportunities to grow your savings faster than ever. With interest rates soaring between 4.35% and 4.70% APY, now is the perfect time to take advantage of these top-tier accounts.

For instance, CIT Bank Platinum Savings leads the pack with an impressive 4.70% APY for balances over $5,000. If you’re looking for a more accessible option, the CIT Bank Savings Connect only requires $100 to open, still delivering a competitive 4.35% APY.

Compare this to the national average savings rate of a mere 0.47% APY, and it’s clear: leaving your money in a standard account is costing you potential earnings.

Our team has analyzed the best savings accounts of 2024 to help you make a smarter financial choice. Whether you’re saving for a big purchase, an emergency fund, or future investments, these accounts can supercharge your savings. Start earning more on your money today—here’s how.

Our Picks Of The Best High Yield Savings Accounts

Savers can now get better returns on their money because interest rates have gone up. This is a great chance for people to grow their emergency funds or save for big purchases. If you’re with a big national bank, you might not be getting the best rates. Think about switching to an online bank for higher rates.

Don’t stick with a low-interest rate on your savings.

We did the research and found the best high-yield accounts for 2024. Ready for My Millennial Guide’s selections for the best savings account rates?

Rates are current as of the writing of this post.

The Full List Of Top Savings Account Options

We assess savings accounts by considering factors such as their annual percentage yield (the interest you earn), required minimum balances, branch accessibility, and the account’s terms and conditions. Please note that we might receive compensation from some or all of the featured companies. Below are our top picks for the best high-yield savings accounts.

CIT Bank

For customers seeking savings accounts and CDs that offer above-average yields along with an interest-bearing checking account at an online bank, CIT Bank is an excellent option.

CIT Bank provides various banking products and services to individuals and businesses, including savings accounts, some of the best CD rates, money market accounts, and loans. The bank is headquartered in Pasadena, California, and has branches in different states. It also offers online banking services, allowing customers to access their accounts and perform transactions digitally.

Here are two online savings accounts from CIT Bank to consider:

CIT Platinum Savings Account: Best for high balances

CIT Bank’s Platinum Savings Account is a high-yield savings account with a 4.70% annual percentage yield (APY) on balances of at least $5,000. Balances under $5,000 earn only 0.25% APY.

The account has no account opening or maintenance fees, and the minimum initial deposit is only $100. It also offers daily compounding interest, meaning interest is earned on both the principal and any interest accrued.

Other features of the Platinum Savings account include:

• Unlimited transfers and withdrawals each month
• FDIC insured deposits
• Remote deposit checks
• Transfers with the CIT Bank mobile app

To qualify for the highest APY, you’ll need to maintain a minimum balance of $5,000. Balances under $5,000 earn only 0.25% APY.

Savings Connect: Best for no fees

By rewarding those who actively add to their savings, the Savings Connect account helps people build their savings account balance while developing good saving habits.

Savings Connect is a tiered high-yield savings account that offers a 4.35% APY. It’s FDIC-insured and doesn’t have monthly fees or minimum balance requirements. Savings Connect offers a boost to your APY when you make a qualifying deposit into the linked interest-bearing eChecking account.

You’ll need $100 to open this account, but there are no account maintenance fees and you do almost all of your transactions through their app.

SoFi Checking & Savings: Best for welcome bonus

Overview:

SoFi is a digital bank that makes managing money easy and convenient. One of its best features is getting your paycheck up to two days faster, and you don’t have to worry about overdraft fees. The SoFi mobile app is super handy. It lets you do a bunch of things like freezing your card if it’s lost, getting alerts about your account, depositing checks with your phone, and changing your PIN.

When it comes to safety, SoFi’s got you covered. Both checking and savings accounts are insured for up to $2 million. This is done through SoFi and a group of other banks they work with. Also, finding an ATM is a breeze because SoFi is part of the Allpoint® Network, which has over 55,000 ATMs nationwide. Plus, there are lots of opportunities to earn cashback.

Starting an account with SoFi is stress-free. You don’t need to put money in right away, and the interest rate is pretty impressive – up to 4.50% APY. To get the best savings rate, you should either set up a direct deposit or add at least $5,000 every 30 days. Overall, SoFi seems like a great choice if you’re looking for an online bank that offers both ease and extra perks.

Learn more about SoFi:

Visit SoFi here to learn more

Quontic Bank: Best for ease of use

Overview:

Quontic Bank is a digital bank that offers online and mobile banking. It was founded in 2009, and offers a range of deposit accounts, mortgages, and savings accounts. It also has a fee-free ATM network with 90,000 ATMs across the country.

Quontic Bank’s High Yield Savings account has an APY of 4.50%, which is more than 10 times the national average. Interest is compounded daily and credited monthly. There is no monthly fee and a low minimum opening requirement of $100.

Quontic’s High Yield Savings account has the following features:

• No balance requirements or tiers
• Access to over 90,000 free ATMs with an ATM card
• Interest earned every day that the account balance equals or exceeds the minimum daily balance requirement

Quontic’s High Yield Savings account has a $10 excess transaction fee for every transaction over six for pre-authorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions per account statement cycle.

Quontic’s High Yield Savings account is a solid savings account with a high rate and no monthly service fee.

Learn more about Quontic:

Visit Quontic here to learn more

Live Oak Savings: Best for no balance requirement

Overview:

Live Oak Bank, headquartered in Wilmington, North Carolina, is a digital bank serving customers across all 50 states. As a subsidiary of Live Oak Bancshares, Inc., it specializes in deposit accounts, loans, and business banking, catering primarily to small business owners.

Their personal savings accounts, accessible through both an online platform and a mobile app, offer a competitive 4.30% APY.

Even though the APY is a bit lower than the previous banks, this savings account offers unlimited monthly withdrawals so your money is always easy to access.

Other key features include no monthly maintenance fees, no minimum deposit requirements, and FDIC-insured. You can open an account in minutes online and access your account online or through the bank’s mobile app.

Learn more about Live Oak Bank:

Visit Live Oak Bank here to learn more

Upgrade Premier Savings: Best for competitive rates

Overview:

Upgrade is a financial services company with its main headquarters located in San Francisco, California. The company has additional offices in Phoenix, Arizona and Montreal, Quebec, Canada. Upgrade specializes in offering credit and banking products to consumers, including fixed-rate credit cards and loans. In addition to these products, the company also provides a premier savings account, credit monitoring, and educational tools to its customers.

Upgrade’s new Premier Savings Account is worth a look since you can earn an exceptional 5.21% APY, 16x the national average, on $1,000 or more. You won’t have any monthly account fees to worry about either. Online transfers to and from other banks are just a click away and you are FDIC or NCUA insured up to $250,000 through Cross River Bank or or Participating Institutions.

Learn more about Upgrade:

Visit Upgrade here to learn more

Liberty Savings Bank, powered by Raisin

Overview:

Liberty Savings Bank is a family-owned community bank that offers personal and commercial banking services, mortgages, and savings products. The bank was founded in 1889 and is headquartered in Ohio, with branches in the Sarasota-Manatee County area of Florida.

Liberty Savings Bank offers convenience savings accounts with low minimum balances, no monthly fee if the minimum balance is maintained, and interest paid on the entire balance.

Liberty Savings Bank provides savings options to people all over the country using the safe Raisin platform. If you want to open an account, you do it at Raisin. This platform takes care of everything related to the savings products from Liberty Savings Bank. It handles your deposits and withdrawals, gives you your account statements, and helps with any customer service you might need.

They let you earn 4.60% APY on its high-yield savings account, which is 11.6x higher than the national average. FDIC insured. No fees. And with a history of serving communities across America.

Learn more about Liberty Savings Bank:

Visit Raisin here to learn more about Liberty Savings Bank

Other High-Yield Savings Accounts to Consider

Bread Financial – 5.15% APY

Whether you’re planning a big vacation or preparing for those unplanned events in life, a Bread Savings High-Yield Savings Account can get you there. And with their highly competitive rates, achieving your dreams is closer than ever. They have a $100 minimum opening deposit with no hidden fees so you save more.

Synchrony Bank – 4.75% APY

Similar to other banks on this list, Synchrony Bank offers an annual percentage yield that is significantly higher than the national average. If you are looking for a high-yield account to grow your savings, but also want ATM access to your funds, Synchrony is a good choice. 

Marcus by Goldman Sachs – 4.50% APY

The Marcus Online Savings Account is an online high-yield savings account offered by Marcus by Goldman Sachs, which is the online consumer banking and lending division of Goldman Sachs. The account offers a competitive interest rate of 4.50% APY with no fees, no minimum balance requirement, and easy online account management.

Discover Bank – 4.35% APY

If you’re not sure about online banking, using a reputable, established company like Discover Bank should offer some peace of mind. Zero-fee savings, checking and money market products, along with industry-leading interest rates make Discover Bank a great option for online banking.

Ally Bank – 4.35% APY

Ally offers high rates, low fees, an easy-to-use app, and great customer service. With a competitive, fluctuating rate and zero monthly maintenance fees, the Ally Bank Savings Account also provides tools designed to amplify your savings. There are no physical branches for Ally Bank, but they offer a $10 monthly credit to apply towards ATM fees, making it easy to use an ATM if you need one.

Barclays Bank – 4.35% APY

Barclays has no physical branches in the United States but makes up for it with a very competitive annual percentage yield. There are no monthly fees and no minimum balance you must maintain.

American Express National Bank – 4.35% APY

The American Express® Savings High Yield Savings Account is an online savings account offered by American Express, a well-known financial services company. The account offers a competitive interest rate on your savings of 4.35% APY with no monthly maintenance fees or minimum balance requirements. Additionally, the account offers free online transfers to and from other bank accounts, as well as mobile banking capabilities and 24/7 account access.

Is Having a Savings Account Worth It?

Having a savings account can be worth it depending on your financial goals and circumstances. Here are some factors to consider:

High-Yield Savings Rates

The average interest rate for savings accounts in the U.S. is about 0.58%, as found in a Bankrate survey. Some accounts, like money market or cash management accounts, offer higher rates. But, they require you to keep more money in them and often have higher fees.

To find the best rates for savings accounts, you should look at what different banks offer, especially for online accounts. Savings accounts like the Platinum Savings Account currently have really good rates, around 5.05% APY, which is one of the highest out there.

Remember, you won’t become rich just by having a savings account, but it’s still good to have your money earn the best interest it can.

Here are some more factors to consider:

• Safety: Money in a savings account is usually safe because the FDIC guarantees it (usually up to $250,000 per depositor, per bank). This means you won’t lose your money even if the bank has problems.
• Easy to Get Your Money: You can quickly get to your money in a savings account, which is great for emergencies or money you’ll need soon.
• Helps You Save: Having a separate account for savings can help you manage your money better and save for things you want or need later.
• Low Risk: Keeping your money in a savings account is very safe compared to investing in things like the stock market.
• Low or No Fees: Many savings accounts don’t charge monthly fees, especially if you keep a certain amount of money in them.
• Automatic Saving: Some banks let you set up a plan to automatically move money from your checking account to your savings, making saving easier.

However, there are some downsides to savings accounts:

• Low Interest Rates: The interest you earn on a savings account is often less than inflation (the rate at which prices go up), so over time, your money might buy less.
• Better Options for Long-Term Saving: If you’re saving for the future, other options like stocks or mutual funds might grow your money more, though they’re riskier.
• Fees and Minimums: Some savings accounts have monthly fees or require you to keep a certain amount of money in them, which might not work for everyone.
• Inflation Risk: Your money in a savings account might lose some of its buying power over time because of inflation.

In summary, whether a savings account is worth it depends on your financial needs and goals. If you’re looking for a safe, easily accessible place to store funds for short-term needs or emergencies, a savings account is a good choice.

For long-term savings, especially if you’re aiming for higher returns and can tolerate more risk, you might consider other investment options.

Ready to Open a Savings Account?

It is not just the convenience of opening an online savings account. A growing number of banks offer free online banking tools that help people learn how to save money.

Below is a recap best online savings accounts for 2024.