Earn more interest than your average savings with a High Yield Savings Account.** Show
When you open an American Express® Savings High Yield Savings Account (HYSA), you’re helping to grow your own money at a rate higher than the national rate. According to NerdWallet, our High Yield Savings Account ranks among the best with our combination of above-average rates and consumer-friendly features. NerdWallet is an American Express advertiser  If you want easy access to your money at a high interest rate, then a High Yield Saving Account could be a great fit for you. And American Express offers much more than just a great rate. No minimums, no monthly fees 24/7 superior customer service Easy access to your money, round-the-clock Backed by the service & reliability of American Express At American Express, the customer always comes first. Simple transfers and auto-deposits Managing your account online is seamless with American Express. Compounding daily, depositing monthly Your interest compounds daily and is deposited in your account monthly. Monthly statements, your way Digital statements are the online way, but we’re happy to mail your statements if you prefer. Adjust the savings calculator to see your money’s potential. FUTURE BALANCE$156,320DURATION OF TIMEMonthly DepositWeekly DepositInterest compounds daily. Savings calculator is for illustration only. ♢ Start banking quickly. Transferring money between your Savings account and your external bank account is easy to set up and complete online. So you start saving fast.
See FAQs for further details about the transfer process, or contact us 24/7 with questions. Strategies to Save High yield savings accounts are a flexible and easy way to earn interest while saving money. Let’s start looking ahead Your high-interest earnings are waiting. Best Savings Account Interest RatesOur Top-Ranked High-Yield Savings AccountsUpdated on October 7, 2022
We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info. A savings account is a good place to keep money safe and liquid, but it’s not a great place to earn money, right? Not necessarily. Some banks and credit unions offer savings accounts with respectable interest rates that rival the rates earned with CDs—but without the restrictions. We review more than 150 banks and credit unions every weekday to find the best savings rates and deals. These high-interest savings accounts are available to customers nationwide, and your funds are federally insured up to $250,000 per depositor per institution. We start by finding the highest rates, and we favor accounts with low minimum deposit requirements and friendly fee structures. We also include money market accounts if they function like savings accounts. That means if an account pays a high yield and doesn’t allow you to write checks, it’s in the mix. We evaluate savings accounts that are widely available throughout the U.S. to identify the best high-interest savings accounts. For this round-up, we primarily look at the annual percentage yield (APY) offered, but to help you compare options, we also consider factors like how quickly interest compounds, how easily you can make deposits, and customer service availability. APYs are changing rapidly amid widespread uncertainty about the economy and financial markets. The Balance is monitoring rates and updating them accordingly. Best High-Yield Savings Accounts
We partnered with the following banks to bring you the savings account offers in the table below. Under that, you'll find additional details on our editors' picks for the best high-interest savings accounts and rates as of Oct. 7, 2022. All of the banks and credit unions listed are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). FitnessBank Fitness SavingsFitnessBank is an online division of Newton Federal Bank that rewards you based on your fitness activity. You’ll earn the max APY if you log an average of at least 12,500 steps daily with your Fitbit, Apple Health, Garmin, or Google Fit fitness tracker. Lower rates are available with lower activity levels, and you must open the FitnessBank app at least monthly to log your steps. The account requires a minimum of $100 to open, and you must maintain at least that much as an average daily balance to avoid a $10 monthly maintenance charge. Interest compounds daily and is credited monthly. Pros
Cons
DollarSavingsDirect Dollar SavingsDollarSavingsDirect is an online banking division of Emigrant Bank, which was founded in 1850 and grew to become the largest savings bank in the nation by the 1920s. Today, the bank offers CDs alongside a savings account with no minimum deposit, minimum ongoing balance, or monthly fees. Interest is compounded daily and credited monthly. Pros
Cons
UFB Direct High Yield SavingsUFB Direct is a subsidiary of Axos Bank, itself an online-only institution. UFB Direct offers savings account and money market accounts. If you’re looking to borrow, the bank offers mortgages through its parent. There’s no minimum to open this account. Interest is compounded daily and credited monthly. Pros
Cons
Bread SavingsBread Savings offers a high-yield savings account with no monthly fee and no ongoing balance requirement. To open an account, you need at least $100, but you can draw down your balance without worrying about monthly maintenance charges. Bread Savings is part of Comenity Bank, which began as a credit card issuer. Bread Savings has savings accounts and CDs, but no payment accounts. Interest in the savings account compounds daily and posts to your account monthly. What We Like
What We Don't Like
CFG High Yield Money Market AccountCFG Bank, founded in 1927, pays its best APY in the Online CFG High Yield Money Market Account. The website is not as functional or informative as some of the largest online banks, but if you prioritize high rates over the user experience, CFG might deliver what you need. The account requires $1,000 to open and avoid a monthly fee, but you must maintain a minimum daily balance of at least $25,000. Interest compounds daily and is credited monthly. Pros
Cons
LendingClubLendingClub completed its acquisition of Radius Bank in 2021 and began offering checking accounts, savings accounts, and CDs in addition to personal lending. Customers can do all banking through the LendingClub mobile app, available for iOS and Android devices. What We Like
What We Don't Like
Vio Bank High Yield Online SavingsVio Bank is the online division of MidFirst Bank. The High Yield Online Savings account requires $100 to open. There are no monthly fees if you use online statements, and customer service is available into the evening hours (as late as 9 p.m. Central on weekdays). If you need to spend your money, your account balance can fall to zero, and you still don’t pay monthly fees. Interest is compounded daily and credited monthly. Pros
Cons
BrioDirect High-Yield SavingsBrioDirect is the online operation of Webster Bank. Its high-yield savings account requires a minimum deposit of $25. There are no monthly fees, and you can fund your account from a linked bank account, checks, or wire transfers. Brio also offers CDs and a money market accounts. Pros
Cons
Bask BankBask Bank created the first online-only savings account in 1999 through Texas Capital Bank. Today, it offers two savings accounts—its high-yield Interest Savings Account and its Mileage Savings Account. The Interest Savings Account earns an industry-leading 2.75% APY with no minimum deposit or monthly fees. Interest is compounded daily. The Mileage Savings Account presents a unique opportunity to earn airline miles simply by saving; you can earn 1 American Airlines AAdvantage mile for every $1 you save annually. Customer support is available by phone and email. Pros
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E*TRADE BankE*TRADE Bank, an online-only subsidiary of Morgan Stanley, offers a variety of investment services, along with savings accounts and other consumer financial instruments. The savings accounts are known to beat the average market interest rates and offer low fees and minimums. What We Like
What We Don't Like
Frequently Asked QuestionsWhat Is a High-Interest Savings Account?A high-interest savings account, also known as a high-yield savings account, helps you grow your money while keeping it accessible. Savings accounts often pay interest on your deposits, but interest rates vary from bank to bank. What makes high-interest accounts unique is a relatively high rate on your balance: Top rates on these accounts are often 20 or more times the national average savings rate, multiplying your earnings. As you earn interest on your savings, you can leave the money in your account and allow the funds to compound. Put another way, you earn interest on the interest payments you received in previous months. The higher your rate, the faster your money grows. What Should You Look for in a High-Yield Savings Account?The interest rate is the feature that most people pay attention to when shopping for a high-yield savings account. Compare banks and pick a competitive rate, but don’t ignore other critical features.
Why Do Savings Account Rates Change?The interest rate on your savings account changes over time. In some cases, the rate remains the same over extended periods. But when rates in the broad economy change, banks typically move in sync with those changes. If the Fed cuts rates, there’s a good chance that your savings account rates will remain stagnant or fall. When rates rise, banks tend to increase rates, but not necessarily as quickly as you’d like. Why Are Some Bank Interest Rates Higher Than Others?How much interest you earn can vary quite a bit, but interest rates tend to be lower at big brick-and-mortar banks and higher at online banks. Banks raise rates when they want to gather money. If they need to get deposits in the door, a high rate on savings accounts attracts customers. If, on the other hand, they don’t need cash, they can keep rates lower. Banks have different approaches to earning money. Some take deposits and lend them out, while others take a more varied approach (earning revenue and fees from other services like credit cards and ancillary business). Organizational structure is also important. Some banks have shareholders demanding that the bank grow (and/or share income with the shareholders), and those demands may make it harder to pay high rates to depositors. However, some banks are able to keep only what they need to pay the bills and share the rest of the revenue (from loans, ATM fees, etc.) with account holders. Small banks and credit unions are most likely to fit the latter model. Is Savings Account Interest Taxable?Interest you earn in your savings account is generally taxable as income. Your bank typically reports your earnings on Form 1099-INT, and you should provide that information to your tax preparer or include it with your tax filings. With individual accounts, joint accounts, and other taxable accounts, you’ll pay tax on the interest you receive as income for the year. But if your account is part of a retirement account like an IRA, you may be able to postpone or avoid taxation on that interest. Keep an eye out for a 1099-INT in the mail during tax season. You may also be able to download the form through your online banking portal. Banks are not required to provide a 1099-INT unless you earn at least $10 during the year. However, interest income below $10 is still taxable and you must report all interest income to the IRS even if you didn't receive a 1099-INT. Which bank has the best high yield online savings accounts?Summary of best high-yield online savings accounts 1 Axos Bank - 0.61% APY 2 Vio Bank - 0.57% APY 3 Live Oak Bank - 0.55% APY 4 Alliant Credit Union - 0.55% APY 5 Comenity Direct - 0.55% APY 6 Quontic Bank - 0.55% APY 7 CIBC Bank USA - 0.52% APY 8 Ally Bank - 0.50% APY 9 Citibank - 0.50% APY 10 Marcus by Goldman Sachs - 0.50% APY More items...
Which banks offer highComenity Direct is an online bank that offers both a high-yield savings account and five terms of CDs. Comenity Direct launched those savings products in 2019. The high-yield savings account requires you to open the account with $100. 5. Quontic Bank – 0.55% APY, $100 minimum opening deposit
What are the highest interest rates for savings accounts?While the savings accounts listed here can give you interest rates as high as 4.00% APY, they do come with specific requirements or limitations. For example, the interest rate may be capped at a certain amount or you may need to have a direct deposit on a regular basis to enjoy the rate. 1. Current Savings – 4.00% APY + $50 Bonus
What is the best American Express high yield savings account?The American Express High Yield Savings Account ranked as our best overall because it offers users above-average rates, is easy to use and has 24/7 customer service with good reviews. This savings account has a current 1.65% APY as of 8/19/22. There are no deposit minimums and no monthly fees.
What Bank currently has the highest savings interest rate?Best High-Yield Savings Account Rates. Fitness Bank - 3.50% APY*. Ivy Bank - 3.10% APY.. DollarSavingsDirect - 3.05% APY.. North American Savings Bank - 3.04% APY*. CFG Bank - 3.03% APY.. UFB Direct - 3.01% APY.. BankPurely - 3.01% APY.. iGObanking - 3.01% APY.. Which bank provides high yield savings account?HDFC offers an interest rate ranging from 3.00% p.a. to 3.50% p.a.. Unity Small Finance Bank Savings Account Interest Rate: Unity Small Finance Bank offers attractive interest rates to retail customers. Effective 22 January 2022, the interest rate for deposits of up to Rs.1 lakh is 6.00% p.a.
Where can I put my money to earn the most interest?Certificates Of Deposit With The Highest Interest Rates
If you're looking for a safe investment with a solid return, you may want to consider a certificate of deposit (CD). A CD is a type of savings account that typically offers a higher interest rate than a traditional savings account.
Which bank gives 6% interest in savings account?Digital Federal Credit Union offers 6.17%, Blue Federal Credit Union offers 5.00%, Landmark Credit Union offers 7.50%, online bank Mango Money offers 6.00% and Consumers Credit Union and online bank T-Mobile Money, both offer 4.00%.
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What bank has the highest yield savings account
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