Grow your savings faster with the best high-yield savings accounts from our partners, offering up to 10x higher APY (annual percentage yield) than traditional savings accounts.1
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Compare Today's Top Savings Accounts
- Earn Up to 4.20% APY: With direct deposit or qualifying deposits, you can earn up to 4.20% Annual Percentage Yield (APY) on savings balances and 0.50% APY on checking balances. Without, you can earn 1.20% APY on savings balances and 0.50% APY on checking balances.
- Earn Up to $300 With Direct Deposit: Sign up and set up direct deposit, wait for your direct deposit to hit your account (typically 2-4 weeks), then collect a cash bonus of $50 to $300 depending on your direct deposit amount.
- No Account Fees: No overdraft fees. No minimum balance fees. No monthly fees. Plus, 55,000+ fee-free ATMs within the Allpoint® Network.7
- Get Paid Up to Two Days Early: Feel the magic of payday up to two days earlier — automatically — when you set up direct deposit.
- Access Additional FDIC Insurance Up to $2M: Deposits are insured up to $2M through a network of participating banks. SoFi is a Member, FDIC.
This is one of the top savings + checking accounts we’ve seen, and offers like this can be very rare. This powerful account from SoFi® allows you to earn up to 4.20% APY.6 Plus, when you set up direct deposit, you could also earn up to a $300 bonus.
Frequently Asked Questions
When picking a new savings account, there are a few key things to consider, like the APY (annual percentage yield) they offer or the fees they charge. And remember, you don’t have to stick with just one account — opening different accounts can help you get the best rates and ensure your money is protected up to the legal limit.
Money in an online savings account is covered by protections as long as the account provider is FDIC insured, and virtually all major banks are. You'll typically see it stated as "member FDIC."
FDIC stands for Federal Deposit Insurance Corporation. The FDIC insurance covers accounts up to $250,000 accounts up to $250,000, so if your bank goes under financially, you will still get back all your money, up to that amount. The National Credit Union Administration provides similar insurance for credit unions.
Savings account interest rates vary from bank to bank and over time. The FDIC indicates the national average interest rate for savings accounts is 0.45% (as of 10/21/24) APY. That means if you see an account with a higher interest rate, it would allow you to beat the average.
Requirements to open an online savings account vary by the financial institution. You generally need to provide your full name, address, contact details, and a Social Security number. Some banks also require you to provide your driver's license information. If you are planning to fund the new account with money from a different bank or credit union, you will also need that account information.
The process for depositing and withdrawing money from online savings accounts varies by bank or credit union. Generally, you can fund an online savings account via electronic transfer from another bank account, by direct deposit, or by depositing a check. Withdrawals can generally also be completed by bank-to-bank transfer, or you may be able to request a check or use a debit card if your bank allows it.
Earn up to 4.20% APY6 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.11 FDIC Insured.9
High Yield Savings Account. No Minimum Required Deposit or Balance.10 Terms Apply.
High-yield savings account. Earn up to 4.80% APY with a minimum balance of $250,000 or more.
High Yield Savings Account. No Minimum Balance. FDIC Insured.
How we chose these products
FinanceBuzz evaluated a selection of bank accounts offered by our partners, looking at various criteria including interest rates, minimum deposit requirements, and more. We did not review all products in the category and compensation was considered when evaluating and ordering the products.