The 14 best high-yield savings accounts for November 2024
Does your money truly work for you? If it’s locked away in a traditional savings account, it’s probably not doing enough work earning you more money.
A high-yield savings account is an easy way to make your money make even more money. You earn much higher interest rates than a traditional savings account, without sacrificing the key banking features we all expect from any bank.
There are more high-yield options than ever, but which is the best high-yield savings account this month?
Interest rates are a great place to start. But we also evaluated these accounts based on other factors such as fees, minimum balance requirements and more.
Below are some of the best high-yield savings accounts for November 2024.
Best high-yield savings accounts
- LendingClub LevelUp Savings Account - 4.75% APY
- Valley Direct High-Yield Savings - 4.80% APY
- EverBank Performance Savings Account - 4.75% APY
- Western Alliance Bank High-Yield Savings Premier - 4.46% APY
- Bask Bank Interest Savings Account - 4.65% APY
- Barclays Tiered Savings Account - 4.80% APY
- BMO Alto Online Savings Account - 4.45% APY
- UFB Portfolio Savings Account - 4.31% APY
- Betterment - 4.75% APY
- SoFi High-Yield Savings - 4.20% APY
- American Express High-Yield Savings Account - 3.90% APY
- Capital One 360 Performance Savings Account - 3.90% APY
- Citibank - 4.00% APY
LendingClub LevelUp Savings Account
- Annual percentage yield: 4.75%
- Minimum deposit: $250
- Checking account available: Yes
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
LendingClub LevelUp Savings Account Overview
LendingClub boasts over 4.8 million members since 2007 and remains a trusted FDIC-insured financial institution for high-yield savings accounts. Other banking solutions include a Rewards Checking, Certificate of Deposit (CD) account and robust business banking options. LendingClub offers a variety of loans and investing products as well.
Why we like the LendingClub LevelUp Savings Account
There are no minimum requirements to open a LendingClub LevelUP account, and LendingClub skips the monthly fees — and there are even free transfers. To enjoy the LevelUp Rate of 4.75% APY, just deposit a minimum of $250 per month to maintain the highest APY.
Should you fail to maintain the minimum, the APY drops to 3.75% until you resume depositing the $250 minimum monthly. Even if you don’t maintain that deposit, we still think this is one of the best high-yield savings accounts around, all things considered. Plus, there’s easy access to cash with a free ATM card.
Valley Direct - Great for high APY
- Annual percentage yield: 4.80%
- Minimum deposit: $5,000
- Checking account available: No
- Sign-up bonus: No
- Expiration of sign-up bonus: N/A
Valley Direct account overview
Based in Morristown, New Jersey, Valleydirect is an online bank specializing in high-yield savings accounts and CDs. Founded as the Passaic Park Trust Company in 1927, it changed its name to Valley National Bank in 1976, with Valleydirect later serving as a subsidiary. Today, it has one of the best high-yield savings accounts, offering online banking with physical branches located in New Jersey, New York, Florida, and Alabama.
Why do we like Valley Direct's high-yield savings accounts?
Valleydirect offers two high-yield savings accounts, one for current customers and one for new customers. The latter gets to benefit from a higher APY, giving you a greater return on your balance. However, there is a minimum opening deposit of $5,000 compared to the dollar you need to open its other savings account.
Regardless, you begin earning on balances over $0.01, and there are no monthly maintenance charges to dig into your earnings. If you want an online bank with an attractive APY, Valleydirect could be a great fit as long as you can meet the minimum opening deposit.
EverBank Performance Savings Account
- Annual percentage yield: 4.75%
- Minimum deposit: $0
- Checking account available: No
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
EverBank Performance Savings Account Overview
EverBank may be known for its namesake stadium, home of Florida’s Jacksonville Jaguars, but it is also a mighty bank that offers personal, business, and commercial banking services. It’s highly versatile, combining its Florida branches with online services everyone else can enjoy too. It also believes in transparency, sharing its operating performance of almost $40 billion in assets as of June 2024, in case their FDIC insurance wasn’t enough peace of mind for you.
Why we like the EverBank Performance Savings Account
The EverBank Performance Savings Account provides convenient online management with mobile access to manage your account on the go. There’s no monthly maintenance fee, and interest compounds daily so your money works for you every single day.
No minimum balance is required to open an account, and there is no minimum balance requirement to maintain your account, either. When you’re ready to fund your account, you can deposit checks without worrying about mobile check deposit fees.
Western Alliance Bank High-Yield Savings Premier Account
- Annual percentage yield: 4.46%
- Minimum deposit: $500
- Checking account available: Yes
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
High-Yield Savings Premier Account Overview
Western Alliance Bank (WA) is a subsidiary of Western Alliance Bancorporation, which holds over $80 billion in assets. As a full-service financial institution, WA provides personal checking, money market, certificates of deposits and IRA accounts, and high-yield savings accounts.
Why we like the Western Alliance Bank High-Yield Savings Premier Account
Western Alliance Bank’s High-Yield Savings Premier account immediately captures attention with one of the highest APYs on our list. However, it isn’t just the high interest that makes it a strong contender for the best high-yield savings account this month.
There are also no account minimums or maintenance fees so you don’t have to worry about fees eating away at your earnings. A minimum deposit of $500 is required to start saving, and there are easy transfers from an external account to your new FDIC-insured high-yield savings account. Get started in just five minutes or less.
Bask Bank Interest Savings Account
- Annual percentage yield: 4.65%
- Minimum deposit: $0
- Checking account available: Yes
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
Bask Bank Interest Savings Account Overview
Bask Bank was founded in 1999 by Texas Capital Bank. Its first account was the Bask Mileage Savings Account, a standout among the best credit cards for its American Airlines AAdvantage miles. A year later, it expanded to include its Bask Interest Savings Account and Certificates of Deposit (CDs), which are still popular products today.
Why we like the Bask Bank Interest Savings Account
We like that the Bask Interest Savings Account has flexible terms. There are no monthly account fees, and there is no minimum balance requirement to get started. However, Bask Bank is an online bank without any physical branches or ATM access. But this online-only, FDIC-insured account makes opening an account in 15 minutes or less easy.
Barclays Tiered Savings Account
- Annual percentage yield: 4.80%
- Minimum deposit: $0
- Checking account available: No
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
Barclays Tiered Savings Account Overview
Barclays is one of the oldest banks, founded by two goldsmiths, John Freame and Thomas Gould. With over 300 years of service since its founding in London, today, it’s a global financial institution that bases its online banking services out of Wilmington, Delaware. In addition to CDs, it offers high-yield savings accounts with a built-in savings calculator to help you meet your goals.
Why we like the Barclays Tiered Savings Account
The Barclays Tiered Savings Account uses a scaled APY that’s calculated based on your average daily balance. Interest rates start at 4.50% for $10,000 or less but can go up to 4.80% when you keep $250,000 or more.
This account puts you in control of how much you earn, and there are no monthly fees or minimum deposit requirements. Plus, your money is FDIC-insured.
BMO Alto Online Savings Account
- Annual percentage yield: 4.45%
- Minimum deposit: $0
- Checking account available: No
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
BMO Alto Online Savings Account Overview
BMO Alto is the trade name for the online products offered by BMO Bank N.A., or BMO. Your account is managed through the online platform with no in-person banking services available. This is one of the few banks that does not have a checking account available. Instead, BMO Alto sticks to savings accounts and CDs, making a name for itself with its high yields and lack of fees.
Why we like the BMO Alto Online Savings Account
The BMO Alto account allows you to focus on growing your savings without losing money to costly fees. No minimum opening deposit is required, and there is no minimum balance requirement. Plus, you have 90 days to fund your account, so it’s easy to plan ahead. Funding your FDIC-insured account is simple, and BMO Alto keeps you in control of your finances with unlimited transfers and withdrawals.
UFB Portfolio Savings Account
- Annual percentage yield: 4.31%
- Minimum deposit: $0
- Checking account available: Yes
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
UFB Portfolio Savings Account Overview
UFB Direct offers checking, savings and money market accounts through Axos Bank. It places a strong emphasis on customer service and a robust selection of online tools to keep you in control of your account at all times. From online banking and an APY calendar to a generous video library and financial articles, UFB has everything you need to be successful with your savings.
Why we like the UFB Portfolio Savings Account
With the UFB Portfolio Savings Account, you can focus on your savings with no account maintenance or service fees. Transfers are free between direct deposit accounts, no minimum deposit is required and your money is federally protected.
In addition to an impressively high APY, UFB offers its incremental Freedom Boost that gives you up to 0.20% on your savings rate when you maintain a minimum average daily balance of $10,000 or more monthly. A complimentary ATM card comes included for easy withdrawals, but if you also need a checking account, consider the UFB Checking and Savings Bundle for a step up to a 4.51% APY.
Betterment
- Annual percentage yield: 4.75%
- Minimum deposit: $10
- Checking account available: Yes
- Sign up bonus: No
- Expiration of sign up bonus: N/A
Betterment account overview
Betterment is not an online bank but rather a partner of program banks like Wells Fargo Bank and Truist Bank, which support its services. It offers a generous platform that supports a number of financial products, including high-yield savings accounts and online investing. You even have access to a live advisor for personal support. There are also savings tools and retirement planning support so you can handle all of your finances in one place.
Why do we like Betterment's high-yield savings accounts?
The Cash Reserve account is Betterment’s fee-free high-yield savings account that holds no monthly or maintenance fees. It is unique in that it gives you full access to your funds at all times with unlimited withdrawals. There is no minimum balance you have to maintain, either.
And, thanks to Betterment’s partner banks, this account carries up to $2 million in insurance coverage or $4 million for joint accounts. If you want a multi-faceted financial partner, Betterment is worth consideration with its fee-free model and strong financial backing.
SoFi High-Yield Savings Account
- Annual percentage yield: 4.20%
- Minimum deposit: $0 with direct deposit
- Checking account available: Included
- Sign up bonus: $50 bonus for direct deposits $1,000-$4,999.99; $300 for direct deposits of $5,000 or more
- Expiration of sign-up bonus: 12/31/2024
SoFi High-Yield Savings Account Overview
Founded by Stanford college students, SoFi, or Social Finance, Inc, is an online bank established in 2011. Today, it has over 8.8 million members while offering an all-in-one model that includes banking, loans, credit cards, investing and insurance.
When you become a member, you can enjoy access to personalized financial advice from experienced advisors, as well as referral bonuses, home loan discounts and even travel discounts.
Why we like the SoFi High-Yield Savings Account
When you open a SoFi high-yield savings account, you also get a checking account and, depending on your direct deposit amount, up to a $300 cash bonus.
There are no fees, so you do not have to worry about account, overdraft or monthly fees. With no minimum balance fees, you can deposit the amount that works for you and still earn a competitive APY.
American Express High-Yield Savings Account
- Annual percentage yield: 3.90%
- Minimum deposit: $0
- Checking account available: Yes
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
American Express High-Yield Savings Account Overview
American Express is one of the most popular and well-known banks today. Founded in 1850, it is also one of the oldest. It may be best known for credit cards, but it also offers checking and savings accounts, as well as CDs and personal loans. It also has relationships with several travel partners who provide members perks, among other types of benefits.
Why we like the American Express High-Yield Savings Account
With American Express’s High-Yield Savings Account, no minimum balance is required. There are also no monthly fees to eat into your interest, which compounds daily with monthly deposits.
As an added bonus, there’s 24/7 customer service, a rarity among even the most competitive of the top high-yield savings accounts listed here. There’s always someone to help should you have a question or need support. And there’s peace of mind with FDIC insurance.
Capital One 360 Performance Savings Account
- Annual percentage yield: 3.90%
- Minimum deposit: $0
- Checking account available: Yes
- Sign-up bonus: None
- Expiration of sign-up bonus: N/A
Capital One 360 Performance Savings Account Overview
In business since 1991, today Capital One serves over 100 million customers with a full range of financial products: checking and savings accounts, all types of credit cards and loans for individuals, businesses and commercial customers. Unlike most banks, you still have the option to go in person and speak with a representative about your accounts.
Why we like the Capital One 360 Performance Savings Account
The Capital One 360 Performance Savings Account is an easy way to grow your savings. Its mobile tools are a definite highlight. You can use the Capital One mobile app for easy mobile transfers and mobile check deposits if you don’t have time to stop by one of their banking “cafes.”
Even better, there are no fees, including no monthly or maintenance account fees, and your money is FDIC insured. There is no minimum to open an account, and it takes just five minutes to get started, making it very easy.
CitiBank
- Annual percentage yield: 4.00%
- Minimum deposit: $0
- Checking account available: Yes
- Sign up bonus: No
- Expiration of sign up bonus: N/A
CitiBank account overview
Perhaps one of the most recognizable names today, CitiBank is a long-respected bank that was founded in 1812 as CitiBank of New York. Today, it is used by over 100 million customers for its wide array of financial services. In addition to having one of the best high yield savings accounts, CitiBank also offers banking, credit cards, lending, investing and wealth management. It boasts a strong global presence with service in almost 180 countries and jurisdictions worldwide.
Why do we like CitiBank high-yield savings accounts?
CitiBank bases its accounts on relationship tiers, with higher balances qualifying for higher tiers and greater benefits like no fees and increased withdrawal and purchase limits. The Everyday Benefits tier is the starter tier for monthly balances below $30,000, and you can skip the monthly fee when you maintain a $500 average monthly balance.
With no minimum deposit, it is an approachable high-yield savings account that allows you to earn at a high rate without the pressure of a huge upfront deposit or ongoing minimum balance.
Key terms to know about high-yield savings accounts:
- Annual percentage yield (APY): The APY is the interest rate you earn on the money in your account over the course of a year. It accounts for the interest rate and compound interest. Check the APYs when comparing the highest-yield savings accounts to understand how much you can earn.
- Minimum balance requirement: Some high-yield savings accounts require you to maintain a minimum balance to earn interest and avoid fees. Such requirements aren’t unique to high-yield accounts.
- FDIC insurance: The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per depositor, per institution. Your savings will be protected if something happens to the financial institution holding your money. So make sure your account is federally protected.
- Monthly maintenance fees: While many high-yield savings accounts skip the fees to remain competitive, others charge a monthly fee for holding your money. Such fees can negate some of your earnings.
- Limitations on transactions: Some high-yield savings accounts cap the number of transactions you can make monthly. These limits can include restrictions on and penalties for withdrawals, transfers or deposits.
What is a high-yield savings account?
A high-yield savings account typically offers a higher interest rate than a standard savings account — the current federal rate for savings accounts is 0.43%, according to the Federal Reserve. But high-yield savings accounts can earn much more than that, and grow your savings that much faster.
Interest rates on high-yield savings accounts have risen again, hitting between 4% and 5% APY for the best high-yield savings accounts. These are some of the highest rates since they climbed to 8% in the 1980s.
High-yield savings accounts often have fewer fees and lower minimum balance requirements than traditional savings accounts.
What is the difference between a high-yield savings account and a traditional savings account?
A traditional savings account doesn’t typically generate much interest on its balance — compare 0.43% against high-yield rates of 4 or 5%. The longer you keep your money in a high-yield savings account, the larger your margin between it and a traditional savings account.
How does a high-yield savings account work?
A high-yield savings account is a type of bank account that allows you to hold and earn high interest rates on your deposits. When you open one of these savings accounts, you deposit money into the account and the bank pays you interest on the balance. The interest rate varies, depending on the bank and the account, but it is typically higher than the average savings account.
High-interest savings accounts are a safe place to store your money, because they are typically FDIC-insured, which means that deposits are protected up to $250,000 per depositor, per institution.
Money deposited into high-interest savings accounts typically is not invested, and you can withdraw money any time. Some banks may have limits on the number of transactions you can make per month or charge fees for transactions. It is important to be aware of any fees associated with the account, as well as any minimum balance requirements.
The benefits of high-yield savings accounts
- FDIC-insured
- Higher savings account rates
- No or low fees
- No or low minimum balance requirements
- Additional benefits, such as automated savings tools, mobile check deposit and strong mobile app experiences
Are there monthly fees for high-yield savings accounts?
There are some standard fees you may encounter with your high-yield savings account:
- Monthly maintenance fees
- Overdraft fees
- ATM fees for out-of-network withdrawals
- Excessive withdrawal fees
- Minimum balance fees
- Account closure fees
- Paper statement fees
- Foreign transaction fees
High-yield savings account FAQs
Methodology: Best HYSA accounts
Product rankings for the best high-yield savings accounts are determined by the Moneywise editorial team and are based on factors and features that everyday users care about most. We adhere to strict standards of editorial integrity to help you make decisions with confidence. The products featured in this article were independently selected, but please be aware that some products and services linked in this article are from our sponsors.
Moneywise rates products and services on a sale of 1 to 5 stars, where 5 stars is the best rating possible. Ratings are rounded up to the nearest 0.5 of a star.
Our rating system for the best HYSA accounts is based on the factors that mean the most to the everyday user.
These factors include:
- Account minimums
- Account fees or penalties
- Highest interest rates
- Account types
- FDIC insurance
- Customer support
- Ease of sign-up
- App or bank user experience
- Ease of deposits and withdrawals
- Additional features
We collect data from providers' websites, by using the services and watching demonstrations as required. The data is analyzed and the result is a star rating. Each factor is weighted depending on the category in which the product is being evaluated, in order to ensure it meets the needs of different users.
Our goal is to provide an independent review, and give you the information you need to make a decision on which product or service is best for you.
Vawn Himmelsbach is a journalist who has been covering tech, business and travel for more than two decades. Her work has been published in a variety of publications, including The Globe and Mail, Toronto Star, National Post, CBC News, ITbusiness, CAA Magazine, Zoomer, BOLD Magazine and Travelweek, among others.
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