6 great high-yield savings accounts you may not know about
In today's high interest rate environment, you could be losing money on your savings if you haven't yet converted to a high-yield savings account.
These accounts are earning upward of 4.00% to 4.50% APY — with some even reaching as high as 5.00% APY. Meanwhile, traditional savings accounts are still near-zero, with few crossing over the national average savings rate of 0.42% APY.
The best place to find high-yield savings accounts today is online. Without the hefty overhead costs of an in-person branch, these banks can afford to pass savings on to users in the form of high interest. But while some of these online banks may sound familiar as online divisions of existing banks — Capital One, Discover and Marcus by Goldman Sachs, for example — other top-earning accounts may come from online banks you've never heard of. But they can still have a lot to offer.
Start your high-yield savings search with top-earning accounts here today.
6 great high-yield savings accounts you may not know about
The savings accounts below offer high-value earnings on your savings balances, but may be a bit more under-the-radar than online divisions of large, national bank chains. Many are from online-only banks or online divisions of smaller banks across the country. Each of these accounts are FDIC-insured up to the $250,000 limit per depositor, per account type.
CIT Bank: 5.05% APY
The Platinum Savings account from CIT Bank offers a whopping 5.05% APY on your balances. To earn that, you'll need to maintain at least a $5,000 balance. The account requires at least a $100 minimum deposit to open and charges no monthly fees. CIT Bank is a division of First Citizens Bank.
TAB Bank: 5.02% APY
TAB Bank's high-yield savings account earns a similarly great 5.02% APY. There are no monthly maintenance fees for the account and you also don't need to meet any minimum deposit requirements — just $0.01 is necessary to earn the APY. TAB Bank was originally started to serve customers in the transportation industry, but today the online bank's accounts are available nationwide.
Bread Savings: 5.00% APY
Bread Savings offers 5.00% APY on its high-yield savings account, with no monthly fees and just a $100 minimum opening deposit. Bread Savings is an online-only bank and part of Bread Financial (formerly Comenity Capital Bank).
Bask Bank: 5.00% APY
When you open a high-yield interest savings account with Bask, you can earn 5.00% APY on your balance. There are no monthly fees or minimums, but you will need to fund your account with some amount within 15 days of opening. Bask Bank is the online division of Texas Capital Bank, which is headquartered in Dallas.
Dollar Savings Direct: 5.00% APY
The high interest savings account from Dollar Savings Direct is another 5.00% APY account with no monthly fees and no minimum balance requirements. The bank's website is stark, but it is an online banking division of Emigrant Bank, which traces its origins back to 1850.
Laurel Road: 5.00% APY
Also at 5.00% APY, Laurel Road's high-yield savings account can be great for savers looking for an account with no fees and no minimums. Laurel Road is a digital banking platform that became part of Key Bank in 2019.
Explore more of the top-earning high-yield savings accounts right now!
The bottom line
If you want to take advantage of today's very high interest rates, a high-yield savings account is a great way to get started. These accounts are low-risk and allow you to access your money anytime you need. Plus, they can offer upward of 5.00% APY in some cases. You'll often find the best high-yield accounts online — but it can pay to look beyond online divisions of large banks you may already know. Online only banks that are less familiar, alongside online divisions of smaller banks, can offer great rates and terms while still keeping your money safe under FDIC protections.
