Top 10 High-Yield Accounts
When it comes to savings accounts, you want to ensure you get the most bang for your buck. That’s why a high-yield account is the way to go! A high-yield account provides a higher annual percentage interest than all savings accounts. Compound interest, which allows you to earn interest on interest, helps high-yield savings increase your money more quickly.
According to the Federal Deposit Insurance Corporation, the average annual percentage yield (APY) on savings accounts is merely 0.06%. That’s over ten times less than what the highest-yield savings accounts offer.
A high-yield savings account is a promising choice if you’re looking to start an emergency fund or put money aside for other financial objectives. We’ve gathered a list of the best high-yield accounts available today.
Our Methodology
We considered several factors when selecting the best high-yield savings accounts, including:
- Annual Percentage Yield (APY)
- Minimum Deposit
- Monthly Maintenance Fee
- Access to customer service
- Ease of use
- Account accessibility
Online banks offer the best high-yield savings accounts with high APYs, low minimums, no fees, and advanced mobile banking platforms.
Top High-Yield Accounts in 2022
Without further ado, here are the top ten high-yield accounts:
1. Synchrony Bank
APY: 1.10%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– Cashing out is quick and straightforward when you have a Synchrony Bank High Yield Savings account. There are no monthly fees, no minimum balance requirements, and a competitive APY of 1.10%. But the account’s realistic withdrawal options are what set it apart.
Synchrony Bank High Yield Savings offers six different ways to access your money: online transfers, ATM withdrawals (fee-free at Allpoint® ATMs), wire transfers, telephone transfers, standard checks and mobile deposit checks.
Although Synchrony Bank only permits six free withdrawals or transfers per statement cycle, you can make an infinite number of transactions at an ATM. Synchrony Bank will reimburse these fees up to $5 per statement cycle for ATM fees used in the United States.
To deposit money into your high-yield savings account at Synchrony Bank, you can make an electronic transfer from an external bank account that you’ve linked, make a wire transfer, make a direct deposit, or use the bank’s mobile app to deposit a check or mail a check.
You can manage your account online or through the mobile app. The online interface is straightforward to use, with a sleek design.
Pros
- High APY
- No monthly fees
- No minimum balance requirements
- ATM fee reimbursements
- Easy-to-use mobile app
Cons
- Limited account history
- One physical branch (in Bridgewater, New Jersey)
2. Ally Bank
APY: 0.75%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– With an Ally savings account, you may earn a respectable 0.75% APY. The high-yield savings account has no minimum balance requirements or monthly maintenance fees. You also have access to more than 43,000 free Allpoint® ATMs, making it simple to withdraw money when you need it. You won’t be able to use a debit card if all you have is an online savings account.
Ally customers can withdraw or transfer money online up to six times monthly without incurring fees. Ally then assesses a $10 transfer fee.
You can deposit money into your Ally savings account in a few different ways. For example, you can do an electronic transfer from an external bank account or deposit checks remotely with eCheck Deposit.
Ally offers two mobile apps: Ally Mobile Banking and Ally eCheck Deposit. With the Ally Mobile Banking app, you can deposit checks, monitor your account activity, and transfer money. The Ally eCheck Deposit app allows you to deposit paper checks by taking photos with your smartphone.
Pros
- High APY
- No minimum balance requirements or monthly maintenance fees
- Free ATM withdrawals
- Can deposit checks remotely
- User-friendly mobile app
Cons
- $0.50 per page for paper statements
- $25 outgoing wire fee
3. Marcus by Goldman Sachs
APY: 0.85%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– Marcus by Goldman Sachs is an excellent option for those looking for a high yield and no fees. The APY is 0.85%, one of the highest rates available.
Users who have at least $1 in their accounts can start earning interest. Although there are no costs involved, the bank’s website warns that your account may risk closure if you don’t keep a positive balance for 60 days.
Account users have two options for money withdrawals from their Marcus savings accounts: ACH or a free wire transfer to a linked account at another bank. You have a few options for depositing money to your account: wire transfers, checks sent by mail, direct deposit payments, and money transfers.
Holders of Marcus savings accounts are entitled to six free withdrawals or transfers each statement cycle, as required by law.
Pros
- High APY
- No minimum balance requirements or monthly maintenance fees
- Free wire transfers
Cons
- You can’t deposit a check via the mobile app
- No ATM withdrawals
4. SoFi Bank
APY: 0.70%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– The SoFi Checkings and Savings combination can give you a respectable return if you’re seeking to boost your interest-earning potential. The only restriction with this account is that to receive the full interest rate of 1.25% APY, you must choose to receive direct deposits. It drops to 0.70% APY in the absence of direct deposit.
The account includes a debit card that entitles the user to fee-free ATM access through the Allpoint® Network, which has over 55,000 locations nationwide.
Pros
- No monthly maintenance fees
- Free ATM access
- High APY with direct deposit
Cons
- Lower APY without direct deposit
5. Sallie Mae Bank
APY: 0.70%-1.0%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– Sallie Mae provides a competitive APY and access to saving tools for setting and monitoring financial objectives. This high-yield savings account has no minimum balance requirement or ongoing monthly fees.
While this account has no ATM access, you can make up to six free external transfers per month. You’ll need to initiate these through an ACH transfer or by requesting a wire transfer form from customer service. You can also make unlimited free transfers to other Sallie Mae Bank accounts.
Pros
- No monthly maintenance fees
- No minimum balance requirements
- Free external transfers
Cons
- No ATM access
6. Varo Bank
APY: 0.95%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– With no monthly fee, Varo Bank’s Saving Account offers a competitive 0.95% APY. And by achieving specific criteria each month, it can earn up to 5.00% APY (see Details). Moreover, there is no concern regarding a required account minimum.
Additionally, Varo provides a network of accessible ATMs (along with no fees for overdrafts up to $50). Please be aware that Varo only offers cash deposits through third-party providers, some of which may have a cost.
Pros
- No monthly maintenance fees
- High APY potential
- Free ATM access
Cons
- Cash deposits are only available through third-party providers
7. Axos Bank
APY: 0.61%
Minimum Deposit: $250
Monthly Maintenance Fee: $0
Why we chose it– The High Yield Savings account from Axos Bank is a great option for savers with lower balances. Balances below $25,000 are eligible for the account’s highest APY of 0.61%. The APY on balances between $25,000 and $100,000 is 0.25 percent.
The opening deposit requirement for this high-yield savings account ($250) is higher than the other accounts on this list. However, the account doesn’t charge a monthly maintenance fee.
Customers can also ask for a free ATM card, which they can use at more than 91,000 surcharge-free ATMs throughout the U.S.
Pros
- No monthly maintenance fees
- High APY on lower balances
- Free ATM access
Cons
- Higher minimum deposit requirement ($250)
8. American Express
APY: 1.0%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– The American Express High Yield Savings Account offers a competitive APY with no minimum deposit or monthly maintenance fees. You can open an account and start earning interest with as little as $0.
This account provides access to over 24,000 fee-free ATMs through the American Express ATM network. You can also make free withdrawals at any American Express banking center.
Pros
- No monthly maintenance fees
- No minimum deposit requirements
- Free ATM access
Cons
- Limited branch locations
9. CIT Bank
APY: 0.50%
Minimum Deposit: $100
Monthly Maintenance Fee: $0
Why we chose it– CIT Bank offers a High Yield Savings account that provides a competitive APY with no monthly maintenance fees. You can open an account with a minimum deposit of $100.
This account provides free online and mobile banking access. You can also make free withdrawals at any CIT Bank ATM.
Pros
- No monthly maintenance fees
- Free ATM withdrawals
- Free online and mobile banking access
Cons
- Higher minimum deposit requirement ($100)
10. Discover Bank
APY: 0.60%
Minimum Deposit: $0
Monthly Maintenance Fee: $0
Why we chose it– Known for its cards, Discover also provides a High Yield Savings account with no monthly maintenance fees and no minimum deposit requirements.
Discover does not offer checking accounts; however, the high-yield savings account does provide free online and mobile banking access.
Pros
- No monthly maintenance fees
- No minimum deposit requirements
- Free online and mobile banking access
Cons
- No ATM access
- No checking accounts available
Conclusion
Opening a high-yield savings account is a relatively simple process. Most banks and credit unions allow you to open an account online or using a mobile device; however, a physical visit may be necessary for other situations. It’s essential to research and compare the different options available to find the best account for you.
