financemaster.org 0e5c613dd75070925b19b4ce94c94fc1 - Top 9 High-Yield Savings Accounts Provided by Major Banks
Eva-Katalin / iStock.com

Whether it’s an emergency fund, holiday stash, or rainy day nest egg, keeping your money in savings account is a good idea. Your cash stays out of sight, and you can earn some interest that adds up over time if you get a good rate — ideally higher than the national average of 0.46%. This often means looking at smaller banks offering higher interest rates to attract new customers.

Although the three biggest banks in the United States still don’t have a high-yield savings account option for customers, several big banks now have high-yield savings accounts with competitive APYs. These accounts usually are part of the bank’s online division, which means you won’t always get all the perks the bank offers — but that’s the price you pay for a high APY. Here’s how these high yield savings accounts from big banks compare.

1. BMO Bank: BMO Alto Online Savings Account

BMO Alto is an online-only division of BMO Financial Group, one of the largest banks in North America. The bank offers savings accounts and certificates of deposit with some of the most competitive interest rates available. There are no fees or minimum balance requirements, which helps protect your balance. You can open a savings account online in minutes and use the website to transfer funds in and out of the account.

APY:

Pros:

  • No fees or minimum balance requirements 
  • $0 opening deposit
  • No limitations on transfers and withdrawals

Cons:

  • No support available at BMO branches
  • Account access is only available through the website — no mobile app
  • The wait for customer service can be long.

Who it’s best for: BMO Alto Online Savings Account is best for individuals who want to maximize their savings with an exceptional interest rate and don’t need immediate access to their money. Consider it for short-term savings goals like a down payment, home improvement or vacation.

2. CIT Bank: Savings Connect Account

CIT Bank offers several savings options, and the high-yield Savings Connect account has a competitive APY of without a tiered rate system like its other savings accounts. In addition to a competitive rate, the account has no maintenance fees, and the interest compounds daily. You can open an account online with a minimum deposit of $100 minimum deposit.

APY:

Pros:

  • Highly rated customer experience
  • No service fees
  • Access to account through CIT Bank mobile app

Cons:

  • Minimum opening deposit is higher than other banks on the list
  • App has mixed reviews from customers
  • Limited customer service hours

Who it’s best for: CIT’s Savings Connect account is best for customers who prefer a more traditional banking experience but want a higher rate on their savings account. If you do most of your banking during the day and don’t need a mobile app with all the bells and whistles, you may appreciate what this account offers.

3. Citi®: Citi® Accelerate Savings

If you live in one of the markets where the Citi® Accelerate Savings account is available, you can open an account online and earn a competitive APY on your balance. New customers can open an account online at Citi’s website, but current customers with a Relationship Tier should contact a representative to ensure the new account will count toward their Relationship Tier balances.

APY:

Pros:

  • No minimum balance requirement
  • Easy transfers between Citi accounts through the mobile app
  • Highly-rated mobile app

Cons:

  • Top APY is not available in all markets
  • Customers without a Citi checking account pay a monthly service fee after the first three months
  • Citi may close accounts with a $0 balance for more than 90 days

Who it’s best for: Citi’s Accelerate Savings is a great option for customers who live in one of the markets where it’s available. It’s also a good choice for current and new customers who qualify for a Relationship Tier and can take advantage of the benefits that come with that service.

4. Goldman Sachs: Marcus Online Savings Account

Goldman Sachs may be best known for its investment banking services, but its online bank platform has a high-yield savings account with competitive features. You can open an account online through the Marcus app or website with no minimum deposit and link an external checking account for transferring funds. In addition to the savings account, Marcus by Goldman Sachs, Member FDIC, offers certificates of deposit, investment accounts and credit cards.

APY: Annual Percentage Yield as of December 13, 2023

Pros:

  • No fees or minimum balance requirements
  • Same-day transfers available for amounts up to $100,000
  • Customer service available 24/7 via phone or chat

Cons:

  • Rates can vary by location
  • No checking account
  • No mobile check deposit — customers must mail physical checks for deposit

Who it’s best for: A Marcus by Goldman Sachs Online Savings Account may be right for customers who want to grow their money and still have access to it when they need it — instead of waiting a few days for the transfer to go through. You’ll get an exceptional APY and same day access to your cash in most cases.

5. Barclays: Online Savings

Like many of the accounts on this list, Barclays’ Online Savings account has no minimum balance requirements or monthly maintenance fees. The APY puts it in the mid-range of this list, but it’s easy to open an account online and transfer funds from other banks. After opening an account, you can set up a direct deposit to make savings automatic and access tools like the Savings Assistant to help you set and meet savings goals.

APY:

Pros:

  • No minimum balance requirements or service fees
  • Savings Assistant features an easy-to-use calculator for setting savings goals
  • Competitive APY

Cons:

  • Mobile app has mixed reviews
  • No checking account
  • Limited customer service hours and access

Who it’s best for: The Barclays Online Savings account is a solid choice for someone who wants a no-frills savings account with a high APY. If you’re comfortable doing your banking online and without full-time access to customer service, this may be a good bank for you.

6. Capital One: 360 Performance Savings

Capital One’s 360 Performance Savings account comes with a competitive APY and no fees or minimums, but it also offers something no other account on this list has. You can walk into a Capital One Café or branch and do business in person — if you have one nearby. If visiting a physical location is inconvenient, you can open and manage your account online and through the bank’s mobile app, which includes free credit monitoring through Credit Wise. 

APY:

Pros:

  • Access to physical branches and Interactive Phone Service
  • Highly rated mobile app
  • No fees or balance requirements

Cons:

  • No ATM access
  • Limited number of checking and savings account options

Who it’s best for: Capital One 360 Performance Savings is a good choice for anyone who lives near a Capital One Café or branch and prefers access to a physical location where they can speak to a human in person. You also may appreciate having access to a full range of banking products, including car loans, credit cards, and more. 

7. Discover Bank: Online Savings Account

Discover Bank, Member FDIC pays a respectable APY on its Online Savings Account, a fee-free account with no minimum balance requirements. This account offers more than a great interest rate and exceptional customer service. You can access the account through the website or highly-rated mobile app, where you can transfer funds between accounts, deposit checks, and monitor your spending.

APY:

Pros:

  • No fees or minimum balance requirements
  • Highly-rated customer service
  • Customer service available 24/7

Cons:

  • No physical branches
  • Service charge for domestic wire transfers
  • Bank may close accounts with excessive withdrawals

Who it’s best for: Discover Bank is best for customers who also have a Discover Cashback Debit account. Transfers between Discover accounts are immediate, and both accounts come with valuable perks, including a competitive APY for the savings account and cash back on purchases made with the debit card. See website for details.

8. American Express National Bank: High Yield Savings Account

American Express National Bank, Member FDIC has a reputation for providing exceptional customer service, and this carries over to its High Yield Savings Account. The account pays APY, has no service fees or balance requirements and comes with access to a top-rated mobile app. You won’t get an ATM card, but you can quickly and easily transfer money to an external account — funds usually arrive within one to two business days.

APY:

Pros:

  • No fees or minimum balance requirements
  • Customer service available 24/7
  • Robust online support with educational resources

Cons:

  • No ATM card
  • Transfers can take up to 3 days or more to complete

Who it’s best for: American Express National Bank’s High Yield Savings Account is best for customers who like keeping their money in a well-known financial institution with global name recognition. The company has been around for more than 170 years.

9. Ally Bank: Savings Account

Ally Bank’s Saving Account is more than a fee-free place to set aside cash. It’s a tool you can use to organize your savings. In addition to the APY of , the bank has systems in place to boost your savings. They include boosters, like the option to round up your transactions to the nearest dollar and pocket the difference. The bank analyzes your spending habits to identify when you can afford to move extra cash to your savings account and provides a savings bucket system to organize your money and help you visualize how much you’re saving.

APY:

Pros:

  • APY applies to all balance tiers
  • Savings boosters help increase savings account balance
  • Customer service available 24/7

Cons:

  • No cash deposits
  • May close accounts after more than 10 withdrawals in a month
  • No physical locations

Who it’s best for: Customers who need help establishing a savings habit or want to make saving money effortless may enjoy Ally’s savings buckets and boosters. You’ll need an Ally checking account to take advantage of all those perks, such as rounding up transactions.

FAQ

Here are answers to some of the most frequently asked questions about high-yield savings accounts.
  • What banks have 5% high-yield savings accounts?
    • You can find several banks paying an APY of 5% or greater if you shop around. Popular Direct pays 5.40% APY on its Popular Direct Select Savings account. My Banking Direct pays 5.35% APY on the My Banking Direct High Yield Savings account. Bread Savings pays 5.15% APY on its High-Yield Savings Account.
  • Why don’t big banks have high-yield savings accounts?
    • Banks are businesses, and many big banks don’t offer a high-yield savings account because they don’t need to offer an incentive to increase deposits. They also tend to have higher overhead costs than smaller financial institutions and online banks. What the smaller guys save on rent and salaries, they pass on to the customers through higher interest rates on savings accounts.
  • Which bank has the highest interest rate for savings?
    • If you’re willing to open an account at a smaller bank or credit union, you can find higher rates than those listed here. Digital Credit Union pays 6.17% APY on its Primary Savings Account. You’ll need to qualify for membership to take advantage of this exceptional savings account rate. Another option is the Savings Account and Jars product from Milli, which has an APY of 5.50%. However, keep in mind that the interest rate should not be the only factor to consider when choosing a savings account, as the interest rate can and will change over time.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 12, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Leave a Reply

Your email address will not be published. Required fields are marked *

SQL: 92 за 1.958 sec. 11.95 MB