20 high-yield savings accounts to open in 2024

There is no shortage of opportunities to earn big interest on your savings in today's high-rate environment. Thanks to numerous Fed rate hikes over the last 18 months, both certificates of deposit (CDs) and high-yield savings accounts currently offer some of the highest rates we've seen in years. That makes it a great time to open an interest-bearing account and start raking in the returns.

There's one big difference between CDs and high-yield savings accounts, though: flexibility. When you open a CD, you'll have to leave your money in the account for the full term. Otherwise, you will likely face a hefty early withdrawal penalty that eats into your earnings. So, a CD account won't be the right choice for every saver, despite interest rates being as high as 5.5% or more on some CDs.

But if you want to maintain access to your money and still earn a high APY, a high-yield savings account could be the right move. Unlike CDs, high-yield savings accounts let you withdraw funds and make deposits if you need to. In turn, these accounts can be a smart compromise for those who may need to dip into their funds in the near future. But if you have plans to open a high-yield savings account in early 2024, it's important to know which ones offer the highest rates possible so you can maximize your potential returns.

Ready to get started? Find today's best high-yield savings options here.

20 high-yield savings accounts to open in 2024

If you want to move your money to a high-yield savings account in the new year, these accounts may be worth considering: 

• Milli — 5.50% APY: This account has a $0 minimum opening deposit requirement; there is a $0 minimum balance required; it has no monthly maintenance fee
• Popular Direct — 5.40% APY: This account has a $100 opening deposit requirement; there is a $100 minimum balance required to earn the 5.40% APY; it has no monthly maintenance fee; there is a $25 fee for closing the account within the first 180 days of opening it
• MyBankingDirect — 5.35% APY: This account has a $500 minimum opening deposit requirement; there is a $500 minimum balance required to earn the APY; it has no monthly maintenance fee
• Brio Direct — 5.35% APY: This account has a $5,000 minimum opening deposit requirement; there is a $25 minimum balance required to earn the top APY; it has no monthly maintenance fee
• Blue Peak Credit Union — 5.33% APY: There is a $25 minimum opening deposit requirement; you must maintain a balance of at least $200 daily to avoid a $5 per month account fee
• Vio Bank — 5.30% APY: This account has a $100 minimum opening deposit requirement; there is a $0 minimum balance required to earn APY; it has no monthly maintenance fee
• Tab Bank — 5.27% APY: This account has a $0 minimum opening deposit requirement; there is a $0.01 minimum balance required to earn the APY; it has no monthly maintenance fee
• Total Direct Bank — 5.26% APY: This account requires a $25,000 minimum deposit via ACH to open an account; there is a $2,500 minimum balance required to earn the advertised APY; it has no monthly maintenance fee
• UFB Direct — 5.25% APY: This account has a $0 minimum balance required to earn the top APY; the account offers ATM access; it has no monthly maintenance fee
• Newtek Bank — 5.25% APY: This account has a $0 minimum deposit requirement; there is a $0 minimum balance required to earn the advertised APY; it has no monthly maintenance fee
• UFB Direct — 5.25% APY: This account has a $0 minimum deposit requirement; there is a $0 minimum balance required to earn the APY; it has no monthly maintenance fee
• Valley Direct — 5.25% APY: This account has a $1 minimum opening deposit requirement; there is a $0.01 minimum balance required to earn the APY; it has no monthly maintenance fee
• Evergreen Bank Group — 5.25% APY: This account has a $100 minimum opening deposit requirement; there is a $0 minimum balance requirement to earn the APY; it has no monthly maintenance fee
• CFG Bank — 5.25% APY: This account has a $1,000 minimum opening deposit requirement; there is a $1,000 minimum balance requirement to earn the APY; it has no monthly maintenance fee
• Bread Savings — 5.15% APY: This account has a $100 minimum opening deposit requirement; there is a $0 minimum balance required to earn the advertised APY; it has no monthly maintenance fee
• FNBO Direct — 5.15% APY: This account has a $1 minimum opening deposit requirement; there is a $1 minimum balance required to earn the advertised APY; it has no monthly maintenance fees
• RBMAX — 5.15% APY: This account has a $10 minimum opening deposit requirement; there's an APY of 5.15% paid on accounts with balances of up to $249,000; between 5.03% and 0.50% paid on accounts with balances over $250,000; it has no monthly service or maintenance fees
• CIT Bank — 5.05% APY: This account has a $100 minimum opening deposit requirement; there is a $5,000 minimum balance required to earn the top APY; it has no monthly service fees
• CIBC Bank — 5.01% APY: This account has a $1,000 minimum opening deposit requirement; there is a $1 minimum balance required to earn the advertised APY; it has no monthly maintenance fee
• Salem Five Direct — 5.01% APY: This account has a $10 minimum opening deposit requirement; there is a $10 minimum balance required to earn the top APY; it has no monthly service or maintenance fees; the APY is paid on balances up to $1 million

Learn more about your high-yield savings account options here.

The bottom line

If you want to earn big returns on your savings but don't want to lock away your cash in a CD, a high-yield savings account can be a smart option to consider. And, if you choose one of the high-yield savings accounts offering today's highest rates, you'll maximize your chances of earning big returns on your money. But it's important to remember that each account comes with its own requirements, so make sure you understand the full picture — and can meet all of the necessary requirements — before you open one.