A high-yield savings account (HYSA) is an excellent way to grow your money with minimal risk. These accounts offer higher interest rates than traditional savings accounts while providing the same level of safety and accessibility. Here’s a guide to some of the best high-yield savings accounts in 2024, focusing on interest rates, fees, and features.
1. Marcus by Goldman Sachs
Interest Rate: 4.40% APY. Why It Stands Out: Marcus offers competitive rates with no fees or minimum deposit requirements. Key Features: No monthly maintenance fees, user-friendly mobile and online banking platform, 24/7 customer support.
2. Ally Bank
Interest Rate: 4.25% APY. Why It Stands Out: Ally Bank is a top choice for its robust digital banking features and no minimum balance requirement. Key Features: No monthly fees, includes tools like “Buckets” for goal-based savings, free ATM access through the Allpoint network.
3. Discover Online Savings Account
Interest Rate: 4.30% APY. Why It Stands Out: Discover offers a straightforward savings account with no hidden fees and an attractive APY. Key Features: No fees for monthly maintenance, overdrafts, or insufficient funds, 24/7 customer service, integration with Discover’s credit cards and loans for streamlined financial management.
4. Capital One 360 Performance Savings
Interest Rate: 4.30% APY. Why It Stands Out: Capital One provides a seamless banking experience with competitive rates and no fees. Key Features: No minimum deposit or balance requirements, access to Capital One branches and ATMs, highly rated mobile app.
5. CIT Bank Savings Connect
Interest Rate: 4.60% APY. Why It Stands Out: CIT Bank offers one of the highest APYs in the market, ideal for those seeking aggressive savings growth. Key Features: $100 minimum opening deposit, easy integration with checking accounts for transfers, online and mobile banking access.
6. American Express® High-Yield Savings Account
Interest Rate: 4.30% APY. Why It Stands Out: Backed by the reputable American Express brand, this account offers reliable service and strong interest rates. Key Features: No fees or minimum balance requirements, simple, easy-to-navigate platform, competitive rates for savings growth.
7. Synchrony Bank High-Yield Savings
Interest Rate: 4.50% APY. Why It Stands Out: Synchrony Bank offers a high APY with no minimum balance or monthly fees. Key Features: Free ATM card for easy withdrawals, no transaction fees for ACH transfers, secure online banking platform.
8. SoFi Checking and Savings
Interest Rate: 4.50% APY (with direct deposit). Why It Stands Out: SoFi combines checking and savings features with a competitive APY and no fees. Key Features: No fees for overdrafts or minimum balances, early access to direct deposits, rewards for using SoFi’s financial ecosystem.
9. Barclays Online Savings Account
Interest Rate: 4.35% APY. Why It Stands Out: Barclays is a well-established bank offering a high APY with no monthly fees or minimum deposit requirements. Key Features: No hidden fees, easy online account management, strong customer support.
10. Varo Savings Account
Interest Rate: Up to 5.00% APY (with qualifying direct deposits). Why It Stands Out: Varo offers one of the highest APYs, especially for customers meeting deposit requirements. Key Features: No fees or minimum balance, boosted APY with $1,000 in direct deposits and 5+ monthly transactions, modern app for seamless banking.
What to Consider When Choosing a High-Yield Savings Account
Interest rates, fees, minimum balance requirements, access and flexibility, and FDIC insurance are key factors to consider when choosing a high-yield savings account.
Conclusion
High-yield savings accounts are a safe and effective way to grow your money while maintaining easy access to your funds. In 2024, many banks and fintech platforms offer competitive APYs with no fees or minimums, making it easier than ever to start saving. Evaluate your financial goals and choose an account that provides the best balance of interest rates, flexibility, and features for your needs.