Best high-yield savings accounts

Higher interest rates aren't always bad news, as is the case with high-yield savings accounts (HYSAs). Interest rates on savings accounts are variable and usually track the federal funds rate, which is the target interest rate set by the Federal Reserve. 

As a result, the Fed's rate hikes that occurred over the last 18 months helped lift the returns on these savings products, sparking a renewed interest among savers. Rates on high-yield savings accounts are exponentially higher than those that come with many traditional savings accounts.

As with most financial products or services, it helps to do your research to get the most value. High-yield savings accounts are no different. In this article we will break down some of your best high-yield savings account options, delivering the highest yields and other benefits.

Start exploring your high-yield savings account options online now to see how much more you could be earning.

Best high-yield savings accounts

There are multiple attractive high-yield savings accounts currently available. Here are our picks (rates current as of December 26, 2023):

• Best for yield/interest rate: Bask Bank
• Best for maintenance fees: LendingClub
• Best for minimum deposit: Marcus by Goldman Sachs
• Best for mobile banking: Capital One
• Best for flexibility: Synchrony

Best for yield/interest rate: Bask Bank

As of December 26, 2023, Bask Bank's 5.10% APY is one of the highest we've seen among high-interest savings accounts. The account comes without a monthly fee or minimum balance requirements and also offers a Mileage Savings Account that allows you to earn two American Airlines AAdvantage miles for every $1 you save annually.

Best for maintenance fees: LendingClub

While many banks charge monthly account fees, you can usually avoid them by maintaining a minimum balance or setting up a monthly direct deposit. LendingClub's high-yield savings account has no monthly maintenance fee and there's no minimum balance requirement other than the $100 needed to open the account. LendingClub's APY of 4.65% is considerably higher than the national average (0.46%) and is among the highest yields on the market.

You can easily explore your best high-yield savings account options here now or in the below table.

Best for minimum deposit: Marcus by Goldman Sachs

Marcus by Goldman Sachs currently offers a 4.50% savings rate and doesn't require a minimum deposit. The bank also facilitates same-day transfers with other banks for deposits of $100,000 or less. As with most banks offering high yields, Marcus by Goldman Sachs is an online bank so you won't make deposits at a branch office. You can fund your account in one of four ways:

• Transfer funds from another account
• Automate deposits through direct deposit
• Mail a check
• Wire funds

Best for mobile banking: Capital One

Capital One's mobile app provides access to your accounts and other useful perks. You can track your balance and earnings from your high-yield savings account and maintain any other accounts you have with Capital One. You can also take a picture of a check to deposit funds into your account.

It's also possible to pair the app with Amazon Alexa so that you can check your balance and other account details via voice commands. The app also features Credit Wise, allowing you to monitor your TransUnion credit score for free.

Best for flexibility: Synchrony

Since online banks generally offer the best savings rates, you should be open to this style of banking. Generally, this means you won't have access to a branch office or ATMs. However, Synchrony Bank's high-yield savings account is one of the few that provide an optional ATM card to make withdrawals and other transactions.

Synchrony doesn't charge ATM fees, but you may incur them from the ATM operator. If another financial institution charges you a domestic ATM fee, Synchrony claims it will refund up to $5 per statement cycle.

Check your high-yield savings options here now to find the best account for you.

What about traditional banks?

According to the Federal Deposit Insurance Corporation (FDIC), the national average rates for savings accounts are 0.46%. However, this average includes lower yields that come with standard savings accounts from traditional banks. The best high-yield savings accounts earn interest rates that can be up to 12 times higher than traditional bank accounts.

Most savers should have little trouble finding an account from a reputable financial institution with an APY of 4% or higher. Shop and compare banks for the best rates and remember to take fees and other terms and conditions into account.