Where to find high-yield savings accounts right now
High-yield savings accounts exist at three types of institutions: online banks (which have no physical branches), traditional banks with online options, and credit unions. Online banks typically offer the highest rates because they have lower overhead costs. Traditional banks offer lower rates but may give you a local branch and existing customer discounts. Credit unions sometimes match online rates but membership rules vary by location and employer.
The rate you see today will not be the rate you see in six months. Banks change rates weekly or even daily based on what the Federal Reserve does and what competitors offer. When you compare accounts, look at the current rate and the bank's history of rate changes—some institutions drop rates faster than others when the Fed cuts.
You can find current rates on comparison sites like Bankrate, DepositAccounts, or NerdWallet, which update multiple times per day. These sites show you the rate, the minimum deposit required (if any), and whether the account has monthly fees. Read the fine print on the bank's own website before opening, because promotional rates sometimes expire after a set period.
Key Takeaways
- Online banks typically offer the highest rates because they have lower operating costs than branches, but you cannot deposit cash in person.
- Traditional banks offer lower rates than online competitors but may waive fees if you have other accounts with them or maintain a minimum balance.
- Credit unions sometimes match online rates, but you must be a member, which usually requires living or working in a specific area or belonging to a may have access to employer.
- Rates change frequently and are not locked in, so the account that pays the most today may not pay the most in three months.
- The FDIC or NCUA insures deposits up to $250,000 per account owner per institution, so balances above that are not protected.
Online banks and their current structure
Online banks have no physical locations, which means you deposit money by transfer from another bank, mobile check deposit, or ACH transfer. You cannot walk in with cash. Most online banks charge no monthly maintenance fee and have no minimum balance requirement, though a few still do. The tradeoff is that customer service is phone or chat only—there is no branch to visit if you have a problem.
Common online banks offering high-yield savings include Marcus (owned by Goldman Sachs), Ally Bank, American Express Personal Savings, Discover Bank, and Synchrony Bank. Each has a different rate, different fee structure, and different features. Some offer tiered rates (higher balances earn higher rates), while others pay the same rate on all balances. Some allow you to link multiple savings accounts under one login; others limit you to one.
Online banks are FDIC-insured, meaning your money is protected up to $250,000 per account owner per bank. If you have $300,000, you can open accounts at two different online banks and keep both amounts fully protected. The insurance does not cover investment products, only deposit accounts.
Traditional banks with online high-yield options
Most large national banks (Chase, Bank of America, Wells Fargo, Citibank) offer high-yield savings accounts, but their rates are usually lower than online competitors. They make up for this by offering convenience: you can deposit cash at a branch, speak to someone in person, and link the account to checking you already have. Some waive monthly fees if you maintain a minimum balance or have direct deposit.
Regional banks and smaller national banks sometimes offer competitive rates. Credit unions like Navy Federal, Pentagon Federal, and Connexus often pay rates close to online banks, but membership is restricted. Navy Federal, for example, requires military service or family connection to someone who served. Pentagon Federal requires federal employment or membership in certain organizations.
If you already bank at a large institution, ask whether they offer a high-yield savings product and what the current rate is. You may get a small rate bump just for being an existing customer, or they may waive the monthly fee. The convenience of one login and one relationship sometimes outweighs a slightly lower rate, depending on how much money you are saving.
Credit unions and membership requirements
Credit unions are member-owned, not shareholder-owned, which means they sometimes return profits to members through higher rates and lower fees. Some credit unions offer high-yield savings rates that match or beat online banks. The catch is membership: you must live in a specific geographic area, work for a specific employer, or belong to a specific organization.
To find credit unions you can join, use the CO-OP Network search tool or the Alliant Credit Union locator. Some credit unions have opened membership to anyone in the United States (like Connexus Credit Union and Alliant), while others remain restricted. If you may have access to for membership at a credit union with a strong rate, it is worth comparing their high-yield savings account to online banks, because the rate may be similar and you get the added benefit of a physical location or phone support.
Credit union deposits are insured by the NCUA (National Credit Union Administration), not the FDIC, but the coverage is the same: $250,000 per account owner per institution. If you have accounts at two different credit unions, each account is separately insured.
What to check before opening an account
Before you open a high-yield savings account, verify the current rate on the bank's website (not just the comparison site, because rates update constantly). Check whether there is a minimum deposit to open the account and whether the rate applies to all balances or only balances above a certain threshold. Some banks pay a higher rate on the first $25,000 and a lower rate on anything above that.
Read the fee schedule. Most high-yield savings accounts have no monthly maintenance fee, but some charge a fee if you make more than a certain number of withdrawals per month (usually six). Check whether the bank charges a fee to close the account early or to transfer money out. Look at how the bank handles deposits: can you deposit checks by phone, or do you need to use an ATM or transfer from another bank?
Confirm that the bank is FDIC-insured (for banks) or NCUA-insured (for credit unions). This information is on the bank's website and on the FDIC or NCUA websites. If a bank is not insured, your money is not protected if the bank fails.
How rates compare across institution types
| Institution Type | Typical Rate Range | Minimum Deposit | Monthly Fee | Cash Deposit Option |
|---|---|---|---|---|
| Online banks | Highest (varies weekly) | Usually $0 | Usually $0 | No |
| Traditional banks | Lower than online | Often $0–$25,000 | Usually $0 with conditions | Yes |
| Credit unions | Competitive with online | Usually $0–$500 | Usually $0 | Yes (if member) |
The rate difference between online banks and traditional banks can be significant. If you have $50,000 in savings, the difference between 4.5% (online) and 0.5% (traditional bank) is $2,000 per year. Over five years, that gap compounds. However, if you need to deposit cash regularly or want in-person support, the convenience of a traditional bank or credit union may be worth a lower rate.
Moving money between accounts and banks
If you already have a savings account at a traditional bank and want to move the money to a high-yield account, you can transfer it electronically. Most banks allow ACH transfers (Automated Clearing House), which take one to three business days and are free. You provide the new bank with your old bank's routing number and your account number, and the money moves automatically.
Some banks also allow you to link multiple external accounts, so you can transfer money between them through their website or app. This is useful if you want to keep your checking account at one bank and your high-yield savings at another. The transfer is free and usually takes one to three business days.
If you are moving a large amount of money, ask the new bank whether they have any deposit limits or fraud checks that might delay the transfer. Some banks flag large deposits and hold them for a few days while they verify the source.
Frequently Asked Questions
Can I have high-yield savings accounts at multiple banks?
Yes. Each account is separately insured up to $250,000 by the FDIC or NCUA, so you can spread your savings across multiple banks and keep all of it protected. Some people open accounts at two or three banks to maximize their rate or to keep money organized by purpose (emergency fund, vacation fund, down payment fund).
What happens to my rate if the Federal Reserve cuts interest rates?
Banks usually lower their rates within days or weeks of a Fed cut, though the timing varies. Online banks tend to cut rates faster than traditional banks. If you want to lock in a high rate, you cannot—savings accounts have variable rates that change at the bank's discretion. CDs (certificates of deposit) do lock in a rate for a set period, but you cannot withdraw the money without a penalty.
Do I need a minimum balance to earn the advertised rate?
Most online banks pay the advertised rate on all balances, with no minimum. Some traditional banks and credit unions require a minimum balance (often $500 to $25,000) to earn the full rate. If your balance falls below the minimum, you may earn a much lower rate or no interest at all. Check the bank's terms before opening.
Is my money safe in an online bank?
Yes, as long as the bank is FDIC-insured. Online banks are regulated the same way as traditional banks, and the FDIC insurance covers your deposits up to $250,000 per account owner. The bank's lack of physical branches does not affect the safety of your money—it only affects how you deposit and withdraw.
Can I withdraw money from a high-yield savings account anytime?
Yes, but there may be limits. Federal rules previously capped withdrawals at six per month, but that rule was suspended. However, individual banks may still limit withdrawals or charge a fee for excess withdrawals. Check the bank's withdrawal policy before opening. If you need frequent access to your money, a regular savings account or money market account may be better than a high-yield savings account.