Earn more interest than your average savings with a High Yield Savings Account.**
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
$156,320
DURATION OF TIME
Monthly Deposit
Weekly Deposit
Interest 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.
- Open an Account in minutes. To verify your identification, we’ll use your personal details to check public records – without affecting your credit.
- Register your online savings account after you receive your confirmation email (within minutes of applying).
- Sign in and fund your new account by linking your current bank or mailing a check. Linking your external account can take up to 2 days. Transfers typically take less than 24 hours once linked ‡.
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 Rates
Our Top-Ranked High-Yield Savings Accounts
Updated on October 7, 2022
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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
FitnessBank | 3.50% | $100 to open and earn stated APY |
DollarSavingsDirect | 3.01% | $0 to open and earn stated APY |
UFB Direct | 3.01% | $0 to open and $10,000 to earn stated APY |
Bread Savings | 2.90% | $100 to open and $0 to earn stated APY |
CFG Bank | 2.90% | $1,000 to open and earn stated APY |
LendingClub | 2.85% | $100 to open and $2,500 to earn stated APY |
Vio Bank | 2.80% | $100 to open and $0 to earn stated APY |
BrioDirect | 2.80% | $500 to open and $0 to earn stated APY |
Bask Bank | 2.75% | $0 to open and earn stated APY |
E*TRADE Bank | 2.75% | $0.01 to open and earn stated APY |
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 Savings
FitnessBank 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
Decent interest even if you don't hit 12,500 steps daily
Seniors can earn the top APY with fewer steps
Cons
Mobile app doesn’t include deposit feature
DollarSavingsDirect Dollar Savings
DollarSavingsDirect 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
No minimums or fees
Ability to automatically link the savings account with a designated checking account
Cons
Limited banking services—CDs are the only other offering
Ability to earn more interest at other banks
UFB Direct High Yield Savings
UFB 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
Mobile account tools including check deposit
Money market account for payments
Cons
Limited banking services
Bread Savings
Bread 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
As little as $100 to get started
Night and weekend customer service hours
What We Don't Like
No checking or money market accounts for spending
CFG High Yield Money Market Account
CFG 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
Competitive CD rates complement the savings account
Cons
Website has limited information and features
LendingClub
LendingClub 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
All transactions available through mobile app
No monthly maintenance fees
What We Don't Like
Relatively new—and unproven—option for savings accounts
Part of smaller SUM ATM network, not available in all states
Vio Bank High Yield Online Savings
Vio 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
Customer service by phone seven days per week
No monthly fees, regardless of balance
Cons
No checking accounts available
BrioDirect High-Yield Savings
BrioDirect 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
No-frills accounts with high rates
Multiple options for funding your account
Cons
Doesn't offer a full range of banking products
Bask Bank
Bask 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
No monthly maintenance fees
No minimum deposit requirement
Cons
No branches for in-person banking
E*TRADE Bank
E*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
No monthly fees
Accounts are simple to set up online or via the app
What We Don't Like
No physical locations
Frequently Asked Questions
What 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.
- Low fees are crucial: If you’re paying monthly maintenance fees, you might wipe out any earnings in your account (or even see your account balance fall each month).
- Verify that your money will be safe: Banks should be FDIC-insured, and the safest credit unions provide NCUSIF coverage.
- Select a bank that will be convenient to work with. Evaluate how you’ll use the account, and find a bank that fits your needs. For example, if you want to deposit checks frequently, make sure the bank offers mobile deposit. If you withdraw cash regularly, choose a bank with a convenient ATM network or ATM rebates.
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.