High annual percentage yield accounts are one of the best ways to increase your savings. The higher the APY, the more you'll earn on your deposits.
The sad part is that about 42% of Americans have less than $1,000 in their savings. With the rise of inflation, it can be challenging to save, but if you want to start a saving account, you need to start today!
Some of the best APY accounts come from online banks. These banks don't have the same overhead costs as traditional banks so they can offer higher APY rates. And, since they're online, you can manage your account anytime, anywhere.
If you want to boost your savings, consider opening an account with the banks on this list.
Note: Our star ratings lean toward offers that provide the best value for savers, with minimal fees, flexibility, and overall convenience.
Savings Accounts With the Best Interest Rates (APY)
LendingClub High-yield Savings (5/5 stars)
LendingClub is a leader in peer-to-peer financing, allowing people to lend money to other individuals without needing a bank. This online platform also offers a savings account with a high APY of 3.25%, making it one of the best savings accounts available today.
With a minimum of $100 to start and no monthly fees, LendingClub is excellent for anyone who wants to boost their savings. The 3.25% interest applies to any amount of money you deposit, and you can open an account in just a few minutes.
Here's a simple example to give you an idea of what you can gain. Deposit $10,000 and top up $100 monthly for the next five years. At 3.25% in interest each year, you can expect to make roughly $18,232 in your deposit account. That can add up to thousands over a longer time, making this a great option for building your nest egg.
- Easy to open an account and low minimum initial deposit of $100
- No fees, so you can grow your savings without the worry
- Earn fantastic interest rates on your funds
- Zero fees for using non-network ATMs with your free ATM card
- You can deposit cash at any ATM in the NYCE network
- Only one physical branch
SoFi Checking and Savings (4.5/5 stars)
SoFi is another fantastic option to consider for high APY savings accounts. This online bank offers an APY of 3.00%, and there are no minimums to open an account. There are also no monthly maintenance fees, so you can grow your savings without worrying about extra costs.
But there's a catch. To get the 3.00% APY, you'll have to opt for direct deposits to fund your account. Anything outside this will lower the APY to 1.20%. Consider the direct deposit offer if you're committed to growing your money in a savings account.
Speaking of direct deposits, SoFi offers up to a $250 bonus for direct deposits made within a 25-day evaluation period. Read the fine print to see if you're eligible for this promotion and how to claim the bonus. You can also qualify for an overdraft when you fund your account with a minimum direct deposit of $1000.
- High APY of 3% with a direct deposit and flexible bonus offers
- Access and withdraw free of charge from 55,000 nationwide ATMs (Allpoint ATM network)
- No minimums for opening an account or monthly maintenance charges
- Easy to set up direct deposits into your account and earn bonus offers
- Get financial planning advice from experts at no additional cost
- You must visit a third party, Green Dot retail location, to deposit cash
- Green Dot ATM cash deposits attract a fee of up to $4.95
Discover Bank Online Savings Account (4.5/5 stars)
Discover Bank's high-yield savings account is worth your consideration if you're looking for a reliable account with no minimum deposit and great customer service. You can grow your savings quickly with an APY of 3.00% on all deposits.
In addition to the high APY, Discover Bank boasts a massive ATM network, so you can easily access and withdraw your funds. Unfortunately, you can't deposit cash or physical checks. But there's a walkaround; you can deposit paper checks via its mobile banking app or by mail to a Salt Lake City processing center.
First-time savings customers also stand a chance to win a $150 or $200 bonus for opening a new account. The caveat is that you must deposit $15,000 or $25,000 within 30 days of opening the account to get this bonus. If you have the money, this is a good deal. (Offer ends 12/15/22).
You may also appreciate the bank's zero-fee policy across the board, including:
- Monthly maintenance
- Official bank check
- Excessive withdrawal fee
- Expedited delivery for official bank checks
- Deposited item returned
- Stop payment order
- Insufficient funds
- Account closure
- An APY of 3% for all deposits, no matter the amount
- No fees for several common banking transactions
- A massive ATM network for easy access to your money
- Bonus offer for first-time savings customers
- No cash deposits at ATMs
- Only one branch in Delaware, so you may need to mail in deposits
Marcus by Goldman Sachs Online Savings Account (4/5 stars)
Marcus is the online banking arm of Goldman Sachs, one of the top companies in finance and investing. With a high APY of 3.00%, this account is ideal for anyone looking to start growing their savings, albeit with an online bank.
Although Marcus by Goldman Sachs offers a higher APY than the national average, you can't withdraw or deposit cash. Why? They don't have the facility that enables you to do so. With no ATMs, the only options are to transfer to an external bank or request a check.
If that's not a dealbreaker for you, then you'll benefit from no monthly fees or minimums to open an account. Marcus has a stellar reputation for customer service and great online banking functionality.
- A high APY of 3% is better than the national average
- No monthly fees or minimums to open an account
- Same-day external transfer of up to $100,000
- No cash deposit or withdrawal at ATMs, making it difficult to access your money
- No checking account options, mandating you to open another bank account for checking
CapitalOne 360 Performance Savings (4/5 stars)
CapitalOne 360 is a great option if you're looking for an online savings account with high APY, high liquidity, and great customer service. This account comes with an APY of 3.00% on any amount you deposit, no matter the size.
Incredibly, CapitalOne offers savings accounts, checking accounts, and CDs – at zero monthly maintenance and overdraft charges. And if it gives you more confidence, they have physical branches, so you can easily access your money.
Thanks to the multiple savings account feature, you can easily organize your savings into different categories, like an emergency fund or vacation savings. This way, you won't worry about dipping into your vacation fund when you have an emergency.
However, there are some downsides to consider. You may have difficulty depositing cash, as you can only do so through ATMs with the CapitalOne logo. Although they work with partner networks Allpoint and MoneyPass, you can only withdraw at these ATMs and not deposit cash.
- An APY of 3% for all deposits, no matter the amount
- No monthly maintenance or overdraft charges
- Multiple savings accounts to easily organize your money
- Physical branches so you can access your account in person
- No cash deposits at ATMs except those with the CapitalOne logo
CIT Bank Savings Connect Account (4/5 stars)
CIT ties with LendingClub as the two highest APY offerings on this list. Not only that, like LendingClub, CIT Bank requires a $100 minimum deposit to benefit from the 3.25% APY. For most people, that should be fine, but if you are not comfortable with it, CIT Bank may not be the right bank for you.
Apart from the high APY, CIT Bank also offers many helpful features. For example, you can deposit checks remotely and make transfers easily with the CIT Bank mobile app. You also get no maintenance fees for your account.
A potential dealbreaker is the absence of free ATMs for transactions. You will have to use third-party ATMs, which charge a fee that can quickly add up. Thankfully, CIT reimburses up to 30% of other banks' ATM fees. That should give you a little wiggle room to withdraw without racking up excessive fees.
Overall, CIT Bank is a good option if you are comfortable with its minimum deposit requirement and willing to use third-party ATMs.
- High APY of 3.25% with no minimum deposit requirements
- Remote check deposits and transfers available through the mobile app
- No maintenance fees
- Fairly reasonable minimum deposit requirement
- No free ATMs, which can lead to significant fees
Start Saving and Grow Your Money
Every bank here offers a great savings account with one key feature: the ability to start saving and grow your money quickly and efficiently. With an APY of 3% or higher, you can watch your savings grow with minimal effort.
In addition to high APYs, these banks are FDIC members, meaning your deposits are protected up to $250,000. Rest assured that your money is safe and secure with any one of these great banks.
Start saving now and get 15x the national average APY!
She started her blog, The Money Dreamer, when she realized the 9-5 job was not the lifestyle she wanted anymore. After designing for a while, she wanted a more meaningful life, which was freedom, so she decided to venture out. She took action so that she can live her dream life and decided to help people to live theirs by helping them how to save, budget, and invest.