55198 Savings Accounts – Simple Intro V7

Best High-Yield Savings Accounts of 2024

Last Updated: 2024

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Rates as of 2024.

1

Public: High Yield Cash Account

5.1% APY

Minimum APY Balance:

$0

Minimum Opening Deposit:

$0

• Earn a 5.1% APY* on deposited cash
• No minimum balance requirement or maximum balance limit
• Zero subscription, account, or maintenance fees
• Funds are FDIC insured up to $5 million (20x the standard)

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APY Min APY Balance Min Opening Balance

5.1% $0 $0

• Earn a 5.1% APY* on deposited cash
• No minimum balance requirement or maximum balance limit
• Zero subscription, account, or maintenance fees
• Funds are FDIC insured up to $5 million (20x the standard)

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2

Wealthfront: High Yield Cash Account

4.00% APY

Minimum APY Balance:

$1

Minimum Opening Deposit:

$1

• Earn a 4.00% APY on deposited cash
• No account or overdraft fees, plus unlimited fee-free and fast transfers
• Organize your money with categories for spending and saving goals
• Supports Venmo, Cash App, Apple Pay, Google Pay, and PayPal

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APY Min APY Balance Min Opening Balance

4.00% $1 $1

• Earn a 4.00% APY on deposited cash
• No account or overdraft fees, plus unlimited fee-free and fast transfers
• Organize your money with categories for spending and saving goals
• Supports Venmo, Cash App, Apple Pay, Google Pay, and PayPal

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3

Live Oak Bank: Personal Savings Account

4.40% APY

Minimum APY Balance:

$0.01

Minimum Opening Deposit:

$0

• Earn a 4.40% APY on deposited Cash
• Interest is compounded daily
• No monthly fees or minimum balance
• Open and manage your account completely online

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APY Min APY Balance Min Opening Balance

4.40% $0.01 $0

• Earn a 4.40% APY on deposited Cash
• Interest is compounded daily
• No monthly fees or minimum balance
• Open and manage your account completely online

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4

CIT Bank: Platinum Savings Account

4.65% APY

Minimum APY Balance:

$5,000

Minimum Opening Deposit:

$100

• Earn 4.65% APY on balances of $5,000 or more (11X national avg.)
• Start with a minimum $100 deposit to earn 0.25% APY
• A division of First Citizens Bank, with 125+ years’ experience
• Deposit checks and make transfers conveniently through the app

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APY Min APY Balance Min Opening Balance

4.65% $5,000 $100

• Earn a 4.65% APY on balances of $5,000+ and a 0.25% APY on lower balances
• Open an account with a $100 deposit minimum
• No monthly service fees
• Deposit checks and make transfers conveniently through the app
• Customer service is available 24/7 via phone and email

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5

Upgrade: Premier Savings Account

5.07% APY

Minimum APY Balance:

$1,000

Minimum Opening Deposit:

$0

• Earn 5.07% APY on balances of $1,000 or more
• Zero monthly account or transfer fees
• Enjoy secure, 24/7 mobile access to your account
• Deposits are held at Cross River Bank

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APY Min APY Balance Min Opening Balance

4.81% $1,000 $0

• Earn a 4.81% APY on balances of $1,000+
• No minimum balance to open or maintain account
• No monthly account or transfer fees
• Manage your money on the go with 24/7 access to your account through the app

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MORE ABOUT THE TOP HIGH YIELD ACCOUNTS

Public High Yield Cash Account: 5.1% APY*

Discover a smarter approach to finance with Public. Their new high-yield cash account is designed to make your money thrive, offering an impressive 5.1% APY* with no minimum balance requirement or maximum limit. What’s more, you’ll enjoy zero subscription, account, or maintenance fees. And Public goes the extra mile by providing FDIC insurance up to $5 million – 20 times the standard coverage. But that’s not where the perks end. Public simplifies investing by offering commission-free trading of U.S. listed stocks and ETFs during regular market hours. Easily diversify your portfolio by investing in stocks, ETFs, bonds, Treasuries, crypto, and alternative assets. Plus, stay ahead of the game with access to real-time data, market scans, and AI-enhanced earning reports, making informed decisions a seamless part of your investing strategy. From cash management to low-cost investing, Public offers a dynamic platform to help you achieve your financial goals. Get Started: Public

Wealthfront High Yield Cash Account: 4.00% APY

With an outstanding 4.00% APY on all your cash, unlimited fee-free and fast transfers, automated tools, and no pesky account or overdraft fees, your money is set to soar in the Wealthfront cash account. Need cash on the go? Seamlessly send money to and from your cash account to your Wealthfront portfolio and other external accounts. With up to $8 million in FDIC insurance ($16 million for joint accounts) and access to 19,000 free ATMs nationwide at popular spots like Safeway, CVS, and Walgreens, your funds are always safe and within reach. You can instantly organize your cash into categories and funnel money precisely where you want it. From handling everyday expenses to sending checks when needed, boosting your emergency fund, and fueling savings goals and wealth-building investments – it’s all done automatically with cutting-edge software. Plus, pay bills using your account and routing numbers, set up direct deposit for a paycheck, and effortlessly link up with Venmo, Cash App, Apple Pay, Google Pay, and PayPal. From managing everyday expenses to fueling your emergency fund and long-term wealth-building goals, Wealthfront makes managing your money effortless from the moment your paycheck lands in your cash account. Get Started: Wealthfront

CIT Bank Platinum Savings Account: 4.65% APY

With CIT’s Platinum Savings, the higher your balance, the more interest you’ll earn, so aim high and reap the rewards. With an impressive 4.65% APY (that’s 12 times higher than the national average), all you need is a balance of at least $5,000 to enjoy this amazing rate. Lower balances will still earn a 0.25% APY. Interest is compounded daily to maximize your earning potential. Signing up takes about five minutes and can be done by computer or through the app on your tablet or phone. You can conveniently deposit checks remotely through the app and money transfers can also be made electronically or by wire. In 2022, CIT Bank’s commitment to customer service won it the title of #1 in the nation. In a survey by American Banker, an esteemed banking and finance publication, and Monigle, a creative experience agency, CIT Bank was recognized for delivering the most humanized customer service experience. You can chat with customer service via email or phone 24 hours a day, seven days a week. Get Started: CIT Bank

Upgrade Premier Savings Account: 5.07% APY

Upgrade Premier Savings Account is a standout option with its current APY of 4.81% on balances of $1,000 or more. To take full advantage of this APY, you’ll want to have a few thousand dollars in there to earn some serious interest. Upgrade provides a seamless mobile banking experience with no monthly maintenance, transaction, or transfer fees. This means more cash in your pocket to achieve your savings goals. Plus, you’ll have 24/7 secure access to your account through the app, allowing you to check your balance, transfer funds, and manage your account whenever and wherever you are. Get Started: Upgrade

Live Oak Bank Personal Savings Account: 4.40% APY

Live Oak Bank’s Personal Savings Account puts your money to work with a 4.40% APY that compounds daily to maximize your earnings. What’s more, there is no minimum opening deposit or monthly fees. Open your account in just minutes and manage it effortlessly online, whether on your phone or computer. And you can rest assured knowing your funds are FDIC-insured up to $250,000. More than just growing your wealth, banking with Live Oak Bank also means supporting small businesses across America. They actively invest in small businesses, so your business with them helps other businesses flourish. Get Started: Live Oak Bank

TRADITIONAL VS. HIGH-YIELD BANKING

When it comes to reaching your financial goals, the right account can make all the difference. Choosing the right account could mean the difference between earning mere pennies or accumulating hundreds, even thousands of dollars in interest annually. The FDIC reports that the national average APY for traditional savings accounts is near 0.45%, last we checked. Don’t let your hard-earned money sit idle, earning next to nothing. Compare rates, especially from big-name banks like Wells Fargo and Bank of America, to make sure your money is working for you.

APY Min APY Balance Min Opening Balance

0.01% $0 $100

• Earn a 0.01% APY on deposited cash with a Bank of America Advantage Savings Account
• Open an account with a $100 minimum deposit
• Waive the $8/month maintenance fee with a $500 daily balance or by meeting other criteria
• Set and track short and long-term goals with the Life Plan tool

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APY Min APY Balance Min Opening Balance

0.15% $0 $25

• Earn a 0.15% APY on deposited cash with a Wells Fargo Way2Save Savings Account
• Open an account with a $25 minimum deposit
• Avoid a $5/month service fee with a $300 daily balance or by meeting the monthly transfer criteria
• Pay bills, deposit checks, and send and receive money with Zelle
• ATM card access to your savings at 12,000+ ATMs nationwide

VIEW TOP PICK

0.01% APY

Minimum APY Balance:

$0

Minimum Opening Deposit:

$100

• Earn a 0.01% APY on deposited cash with a Bank of America Advantage Savings Account
• Waive the $8/month maintenance fee with a $500 daily balance or by meeting other criteria
• Set and track short and long-term goals with the Life Plan tool

VIEW #1 OFFER

0.15% APY

Minimum APY Balance:

$0

Minimum Opening Deposit:

$25

• Earn a 0.15% APY on deposited cash with a Wells Fargo Way2Save Savings Account
• Avoid a $5/month service fee with a $300 daily balance or by meeting the monthly transfer criteria
• Pay bills, deposit checks, and send and receive money with Zelle
• ATM card access to your savings at 12,000+ ATMs nationwide

VIEW #1 OFFER Now, take a look at the APY of one of our top picks in action in comparison to Wells Fargo and Bank of America’s savings rates:

Bank of America

Traditional Account

• Account Balance $25,000
• APY 0.01%
• Annual Interest Earned $2.50

Public

High Yield Cash Account

• Account Balance $25,000
• APY 5.10%
• Annual Interest Earned $1,275.00

Wells Fargo

Traditional Account

• Account Balance $25,000
• APY 0.15%
• Annual Interest Earned $37.50

BOTTOM LINE

If you want to grow your savings efficiently, the meager returns traditional brick-and-mortar banks and credit unions offer isn’t going to cut it. By choosing a high yield account, you can watch your hard-earned money blossom with competitive interest rates that outperform traditional savings accounts. Whether you’re saving for a future investment, a major life milestone, or simply want to build a robust financial cushion, a high yield savings account ensures that every dollar you save experiences accelerated growth. The accounts from our list above offer some of the best APY rates out there. Explore and choose wisely. #1 PICK OPEN ACCOUNT

Public: Earn An Impressive 5.1% APY On Deposited Cash

• Earn a 5.1% APY on deposited cash
• No minimum balance requirement or maximum balance limit
• Zero subscription, account, or maintenance fees
• Funds are FDIC insured up to $5 million (20x the standard)

Get Started With Public

FREQUENTLY ASKED QUESTIONS

What is the difference between online savings accounts and traditional savings accounts? The biggest difference between online savings accounts and traditional (brick-and-mortar/passbook) savings accounts is their APYs and fees. Since online savings accounts don’t have physical branches that need to be maintained, or tellers, managers, and security to pay, their overhead costs are lower. They pass those savings on to their customers by way of higher interest rates and lower fees, if any. Online savings accounts and traditional savings accounts also differ in convenience. With online savings accounts, if you want to make a deposit (or withdrawal), you often have to transfer money from another linked account (which can take a few days). You can also make deposits via check, wire transfer, or direct deposit. However, some online savings accounts may partner with a network of ATMs, like Allpoint, allowing you to access your funds instantly. With traditional savings accounts held at banks with physical locations, you can access your money more easily by just stopping by your local branch or going to an ATM. What is an annual percentage yield? Annual Percentage Yield (APY) is the percent of return (also known as interest) deposited cash in an account earned over a year. So let’s say you deposited $1,000 into a saving account with a 3.0% APY. If left untouched, at the end of a year, that $1,000 would grow to be $1,030 — you earned $30 in interest. How does compound interest work? Compound interest is the interest you earn on interest. So, let’s reference the example above with the $1,000 initial deposit and the 3.0% APY. At the end of year one, your money will grow to $1,030. Now for year two, you’ll earn a 3.0% APY on that $1,030 and should have $1,060.90 at the end. What is a cash management account? A cash management account (CMA) combines features of a checking, savings and/or investment account. It is usually offered by financial institutions that are not banks or credit unions, like brokerages. However, they often partner with banks to store deposited funds. They offer APYs that are higher than what you would find in a traditional savings account, have low fees (if any), and you can access your money with the ease of a checking account. Since CMAs are not issued by banks or credit unions, not all CMAs are FDIC insured. What is a certificate of deposit? Offered by banks and credit unions, a certificate of deposit (CD) is a type of savings account that pays a fixed interest rate on a fixed amount of deposited cash that an account holder agrees to leave untouched for a fixed term ranging from a few months to a few years. The money deposited into CDs is borrowed by the bank or credit union issuing the account. In exchange, and to compensate for their illiquidity, banks, and credit unions offer higher interest rates on these accounts than traditional savings accounts. Generally, the longer the term, the higher the interest rate. When the term is up, you get the initial deposit plus the interest it earned. If an account holder withdraws their money before a term’s end (also known as the date of maturity), they will likely be charged a hefty penalty fee, which can offset any interest that has been earned. What is a money market account? Despite the name, a money market account (MMA) has nothing to do with the stock market. It is a savings account issued by a bank or credit union that tends to pay a higher interest rate than traditional savings accounts and may offer debit cards and check-writing privileges. Though MMAs provide easier access to funds, most still have monthly transfer limits and other restrictions and requirements associated with many savings accounts. What is the difference between FDIC-insured, NCUA-insured, and SPIC-insured? FDIC stands for the Federal Deposit Insurance Corporation. It’s an independent agency of the U.S. government, one of two, that protects depositors by supplying deposit insurance on bank accounts if a bank fails. The maximum insurable amount for a qualified account is $250,000. So, if you have an FDIC-insured bank account and the bank fails, the FDIC will reimburse you for your losses of up to $250,000. The National Credit Union Administration (NCUA) is the other government-backed agency that provides deposit insurance, specifically for deposits made into credit union accounts. The maximum insurable amount for a qualified account is also $250,000. SPIC stands for Securities Investor Protection Corporation. This is a federally mandated, non-profit that provides deposit insurance for investment accounts. The maximum insurable amount for a qualified account is also $500,000. Are there any requirements for opening a savings account online? The requirements documentation and information you need to provide to open a savings account differ slightly from financial institution to financial institution. An online savings account may require less info, but you’ll want to have the following things handy at the time of account opening:

• One or two forms of government-issued IDs — like a driver’s license or passport
• Social security number or individual taxpayer identification number
• Utility bill with current address information on it
• Contact information — legal name, address, email, phone number

You will also likely be required to fund your account immediately once opened. You can always find details about account opening requirements on the issuing financial institution’s website. PUBLIC DISCLOSURES *As of 12/14/2023, annual Percentage Yield (APY) is variable and may change without notice. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA and SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. Brokerage services for alternative assets are offered by Dalmore Group, LLC, member FINRA & SIPC. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1828849), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Brokerage services for treasury accounts offering 6-month T-Bills  are offered by Jiko Securities, Inc., member FINRA & SIPC. Banking services are offered by Jiko Bank, a division of Mid-Central National Bank. Securities investments: Not FDIC Insured; No Bank Guarantee; May Lose Value. ETFs, options, Bonds through Public Investing, alternative assets, cryptocurrency, and treasury services in Jiko treasury accounts are available to US members only. See public.com/#disclosures-main for more information. WEALTHFRONT DISCLOSURES The Cash Account APY and FDIC insurance are provided via partner banks.