Best High-Yield Savings Accounts of December 2024

Updated Dec. 24, 2024
Fact checked

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

Select Your Initial Deposit Amount Below:


Bank/Institution APY info Open Account Bonus Offer
SoFi Checking and Savings
5.0
info
4.00
%APY
With $0 min. balance2
Learn More Member FDIC
Up to $300 cash bonus when you sign up and set up direct deposit with a minimum initial deposit of $5,000 or more
American Express® High Yield Savings
5.0
info
3.80
%APY
With $0 min. balance3
Learn More Member FDIC
N/A
Barclays Tiered Savings
4.5
info
4.35
%APY
With $0 min. balance4
Learn More Member FDIC
Axos ONE®
4.6
info
4.86
%APY
With $0 min. balance5
Learn More Member FDIC
Combined Savings & Checking account offering up to 4.86% APY on Savings and 0.51% APY on Checking


Compare Today's Top Savings Accounts

Most Popular
bonus icon Earn up to a $300 bonus and up to 4.00% APY6 on your money
SoFi Checking and Savings
5.0
info
  • Earn up to a $300 bonus and up to 4.00% APY6 on your money
  • No account, overdraft, or monthly fees7
  • Get your paycheck up to two days early8
  • Access additional FDIC insurance up to $2 million9

Highly Rated Offer From a Trusted Brand
American Express® High Yield Savings
5.0
info
  • Earn a competitive 3.80% annual percentage yield (APY)3 from a trusted brand
  • No minimum deposits or balances required, and no monthly fees10
  • Award-winning financial institution with 24/7 access to customer service representatives
  • Accounts offered by American Express National Bank, Member FDIC, Terms Apply

bonus icon Earn 4.65% APY4 on balances of $250,000 or more
Barclays Tiered Savings
4.5
info
  • Earn 4.35% APY.4 The more you save, the more you'll earn. See offer page for more details.
  • No monthly maintenance fees
  • Online transfers to and from other banks and direct deposit to make saving simple and easy
  • FDIC insured

Axos ONE®
4.6
info
  • Earn up to 4.86% APY on savings and 0.51% APY5on checking with Axos ONE®
  • Powerful mobile app for all your money needs — bank, borrow, invest, and plan
  • Get your paycheck up to 2 days early11
  • No monthly maintenance, minimum balance, account opening, or overdraft fees
  • Access expanded FDIC Insurance for up to $250 million

Bottom Line: Why we like the SoFi Checking and Savings Account

    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 4.00% APY.6 Plus, when you set up direct deposit, you could also earn up to a $300 bonus.

    • Earn Up to 4.00% APY: With direct deposit or qualifying deposits, you can earn up to 4.00% 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.

    » Open an account with SoFi® here

Most Popular
bonus icon Earn up to a $300 bonus and up to 4.00% APY6 on your money
SoFi Checking and Savings
5.0
info
  • Earn up to a $300 bonus and up to 4.00% APY6 on your money
  • No account, overdraft, or monthly fees7
  • Get your paycheck up to two days early8
  • Access additional FDIC insurance up to $2 million9



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.

Is my money safe in an online savings account?

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.

What is a good interest rate for an online savings account?

Savings account interest rates vary from bank to bank and over time. The FDIC indicates the national average interest rate for savings accounts is 0.43% (as of 11/18/24) APY. That means if you see an account with a higher interest rate, it would allow you to beat the average.

What do I need to have to open an online savings account?

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.

How do I deposit or withdraw money from an online savings account?

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.

5.0
info
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 4.00% APY6 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.12 FDIC Insured.9

Learn More
5.0
info
American Express® Savings - 3.80% annual percentage yield (APY)3

High Yield Savings Account. No Minimum Required Deposit or Balance.10 Terms Apply.

Learn More
4.5
info
Barclays Tiered Savings – Earn 4.35% APY4with no minimum deposit.

High-yield savings account. Earn up to 4.65% APY with a minimum balance of $250,000 or more.

Learn More
4.8
info
UFB Portfolio Savings - 4.01% APY13

High Yield Savings Account. No Minimum Balance. FDIC Insured.

Learn More


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.