Are high-yield savings accounts safe?

High-yield savings accounts are safe if they’re offered at an FDIC-insured bank or a National Credit Union Administration (NCUA) credit union and within federal insurance limits and guidelines.

How much interest can I earn on $10,000 after a year in a high-yield savings account?

You can earn $500 of interest if the $10,000 you stash in a savings account earns 4.85 percent APY in a year. Savings APYs are generally variable, so you’d only earn $485 if the APY remains at 4.85 percent APY for the whole year, and you keep your money in your account.

What should I do if I am unable to open a high-yield savings account?

If you’re unsuccessful in opening a new account, you can ask the bank why this happened. Depending on the answer, you might want to go to ChexSystems’ website and request a report to see whether your banking history is the reason you were denied the account. ChexSystems is a national specialty consumer reporting agency that keeps track of some of your banking history. Things that can appear on a ChexSystems report include your check-cashing history, any suspected fraudulent activity and a list of closed accounts.

How often do savings rates change?

Competitive banks and credit unions have a tendency to adjust their interest rates based on the Federal Reserve’s rate moves. Unlike CD rates, which are locked for a set term, savings account yields tend to be variable, which means they could change at any time. A bank may decide to lower or raise savings account APYs for various reasons. It may increase its rate as part of a promotion to attract more deposits, or it may adjust rates in response to broader economic factors, such as changes to monetary policy by the Federal Reserve.

How often can I take money out of a high-yield savings account?

Most banks limit the number of times you can withdraw money from a savings account. Check with your bank to see its policy so that you’re not charged an excessive transfer fee. A bank could even close your account for excessive transactions. Checking accounts are meant to have frequent withdrawals for spending money and paying bills. But savings accounts are generally meant for accumulating money, those accounts are generally liquid.

Do I pay taxes on interest earned in a high-yield savings account?

The IRS specifically says that interest earned on bank accounts is taxable interest. Interest is usually taxed as ordinary income. All interest income is taxable, even if it’s not reported on a Form 1099-INT. That form is usually generated toward the beginning of the calendar year, after you’ve earned more than $10 in interest during the previous tax year.

Why are most high-yield savings accounts online?

The best high-interest savings accounts are usually found online. The best online banks tend to offer the most competitive yields on their accounts. One reason why these banks can pay more is that they have fewer expenses since they don’t operate branches. But these online banks also need a way to get your attention. Often, a high yield is the way to do that. Many online banks also don’t charge a monthly service fee for their accounts, and some of them don’t have minimum balance or minimum opening deposit requirements either.

Best high-yield savings accounts for May 2024

Written by

Edited by

Reviewed by

Edited by

Reviewed by

Updated May 13, 2024

Editorial note: While our partners compensate us from links on this page, we maintain editorial integrity, and partners don't influence our product evaluations. Here's how we make money and here is our advertiser disclosure.

High-yield savings accounts can be a great place to put money that you’re saving and want to earn a competitive APY on, but you aren’t sure on the time horizon for the money. Bankrate’s top high-yield savings offers pay much higher APYs than the national average yield of 0.58 percent.

Bankrate provides you with timely news and rate information on the top savings yields from some of the most popular and largest FDIC banks and NCUA credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.

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Best high-yield savings accounts for May 2024

Note: Annual percentage yields (APYs) shown were updated between May 6 and May 12. All other information is current as of May 13. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

BrioDirect

4.7

Overview

BrioDirect offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open.

Read Bankrate's Expert BrioDirect Review

5.35% APY

$5,000 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

BrioDirect

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- BrioDirect offers a competitive yield on its High-Yield Savings account.
- You need to keep at least $25 in the account to earn the APY.
- You need at least $5,000 to open this account.
- Your account may be closed if it doesn’t have money in it for 21 or more days.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	BrioDirect APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.35%	0.58%
04/30/2024	5.35%	0.58%
04/23/2024	5.35%	0.58%
04/16/2024	5.35%	0.58%
04/09/2024	5.35%	0.58%
04/02/2024	5.35%	0.58%
03/26/2024	5.35%	0.57%
03/19/2024	5.35%	0.57%
03/12/2024	5.35%	0.57%
03/05/2024	5.35%	0.57%
02/27/2024	5.35%	0.58%
02/20/2024	5.35%	0.58%
02/13/2024	5.35%	0.58%
02/06/2024	5.35%	0.58%
01/30/2024	5.35%	0.58%
01/23/2024	5.35%	0.58%
01/16/2024	5.35%	0.58%
01/09/2024	5.35%	0.58%
01/02/2024	5.35%	0.58%
12/26/2023	5.35%	0.57%
12/12/2023	5.35%	0.57%
12/05/2023	5.35%	0.57%
11/28/2023	5.35%	0.60%
11/21/2023	5.35%	0.60%
11/14/2023	5.35%	0.60%
11/07/2023	5.35%	0.60%
10/31/2023	5.35%	0.58%
10/24/2023	5.35%	0.58%
10/17/2023	5.35%	0.58%
10/10/2023	5.35%	0.58%
10/03/2023	5.35%	0.58%

TAB Bank

4.9

Overview

TAB Bank is known for offering competitive yields. It’s also known for its unique checking account for truck drivers. TAB Bank’s High Yield Savings Account doesn’t require a minimum opening deposit and doesn’t have a monthly maintenance fee. TAB Bank pays the same yield on any balance. (But of course, you’ll want to make sure that you’re within FDIC insurance limits and guidelines.)

Read Bankrate's Expert TAB Bank Review

5.27% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

TAB Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- TAB Bank pays a very competitive yield on its savings account.
- TAB’s savings account doesn’t require an opening deposit
- The account also doesn’t have a monthly service fee.
- Paper statements cost $5 for TAB Bank’s High Yield Savings Account. Outgoing wire transfers cost $30.
- There’s a $30 fee if you deposit an item that ends up being returned.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	TAB Bank APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.27%	0.58%
04/30/2024	5.27%	0.58%
04/23/2024	5.27%	0.58%
04/16/2024	5.27%	0.58%
04/09/2024	5.27%	0.58%
04/02/2024	5.27%	0.58%
03/26/2024	5.27%	0.57%
03/19/2024	5.27%	0.57%
03/12/2024	5.27%	0.57%
03/05/2024	5.27%	0.57%
02/27/2024	5.27%	0.58%
02/20/2024	5.27%	0.58%
02/13/2024	5.27%	0.58%
02/06/2024	5.27%	0.58%
01/30/2024	5.27%	0.58%
01/23/2024	5.27%	0.58%
01/16/2024	5.27%	0.58%
01/09/2024	5.27%	0.58%
01/02/2024	5.27%	0.58%
12/26/2023	5.27%	0.57%
12/12/2023	5.27%	0.57%
12/05/2023	5.27%	0.57%
11/28/2023	5.27%	0.60%
11/21/2023	5.27%	0.60%
11/14/2023	5.27%	0.60%
11/07/2023	5.27%	0.60%
10/31/2023	5.27%	0.58%
10/24/2023	5.27%	0.58%
10/17/2023	5.02%	0.58%
10/10/2023	5.02%	0.58%
10/03/2023	5.02%	0.58%
09/26/2023	5.02%	0.57%
09/19/2023	5.02%	0.57%
09/12/2023	5.02%	0.57%
09/05/2023	5.02%	0.57%
08/29/2023	5.02%	0.54%
08/22/2023	5.02%	0.54%
08/15/2023	5.02%	0.54%
08/08/2023	5.02%	0.54%
08/01/2023	5.02%	0.54%
07/25/2023	5.02%	0.54%
07/18/2023	4.76%	0.54%
07/11/2023	4.76%	0.54%
07/04/2023	4.76%	0.54%
06/27/2023	4.76%	0.49%
06/20/2023	4.76%	0.49%
06/13/2023	4.76%	0.49%
06/06/2023	4.76%	0.49%
05/30/2023	4.76%	0.47%
05/23/2023	4.76%	0.47%
05/16/2023	4.76%	0.47%

UFB Direct

4.5

Overview

UFB Direct is known for its high-yield savings account and money market account. Both the UFB Secure Savings account and UFB Secure Money Market account have very competitive yields. One of the differences is that the UFB Secure Savings account, which has ATM access, doesn’t have a monthly service fee. The UFB Secure Money Market account has a $10 monthly maintenance fee if you don’t keep at least $5,000 in the account.

Read Bankrate's Expert UFB Direct Review

5.25% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

UFB Direct

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- UFB Direct’s Secure Savings account offers a top-tier yield.
- It also offers ATM access, which isn’t offered by every online bank.
- You can use mobile deposit to deposit checks at UFB Direct.
- Unlike the UFB Secure Money Market Account, the UFB Secure Savings account doesn’t have a monthly service fee or minimum balance requirement.
- The UFB Secure Savings account doesn’t require a minimum opening deposit.
- Time will tell if UFB Direct’s yield stays among the highest APYs over time, since savings APYs are variable.
- UFB Direct has five balance tiers. All of them yielded the same APY during Bankrate’s review, but this could change in the future.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	UFB Direct APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.25%	0.58%
04/30/2024	5.25%	0.58%
04/23/2024	5.25%	0.58%
04/16/2024	5.25%	0.58%
04/09/2024	5.25%	0.58%
04/02/2024	5.25%	0.58%
03/26/2024	5.25%	0.57%
03/19/2024	5.25%	0.57%
03/12/2024	5.25%	0.57%
03/05/2024	5.25%	0.57%
02/27/2024	5.25%	0.58%
02/20/2024	5.25%	0.58%
02/13/2024	5.25%	0.58%
02/06/2024	5.25%	0.58%
01/30/2024	5.25%	0.58%
01/23/2024	5.25%	0.58%
01/16/2024	5.25%	0.58%
01/09/2024	5.25%	0.58%
01/02/2024	5.25%	0.58%
12/26/2023	5.25%	0.57%
12/12/2023	5.25%	0.57%
12/05/2023	5.25%	0.57%
11/28/2023	5.25%	0.60%
11/21/2023	5.25%	0.60%
11/14/2023	5.25%	0.60%
11/07/2023	5.25%	0.60%
10/31/2023	5.25%	0.58%
10/24/2023	5.25%	0.58%
10/17/2023	5.25%	0.58%
10/10/2023	5.25%	0.58%
10/03/2023	5.25%	0.58%
09/26/2023	5.25%	0.57%
09/19/2023	5.25%	0.57%
09/12/2023	5.25%	0.57%
09/05/2023	5.25%	0.57%
08/29/2023	5.25%	0.54%
08/22/2023	5.25%	0.54%
08/17/2023	5.25%	0.54%
08/15/2023	5.25%	0.54%
08/11/2023	5.06%	0.54%
08/08/2023	5.06%	0.54%
08/01/2023	5.06%	0.54%
07/25/2023	5.06%	0.54%
07/18/2023	4.81%	0.54%
07/11/2023	4.81%	0.54%
07/10/2023	4.81%	0.54%
07/04/2023	4.81%	0.54%
06/27/2023	4.81%	0.49%
06/20/2023	4.81%	0.49%
06/13/2023	4.81%	0.49%
06/06/2023	4.81%	0.49%
05/30/2023	4.81%	0.47%
05/23/2023	4.81%	0.47%
05/16/2023	4.81%	0.47%

EverBank (formerly TIAA Bank)

5.0

Overview

The EverBank Performance Savings account earns more than the national average APY. There’s no minimum deposit required to open the account. The account comes with EverBank’s Yield Pledge promise: EverBank adjusts its APY so that it remains within the top 5 percent of accounts.

Read Bankrate's Expert EverBank (formerly TIAA Bank) Review

5.15% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

EverBank (formerly TIAA Bank)

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- There’s no monthly account fee.
- EverBank doesn’t have a minimum opening balance requirement for its Performance Savings account.
- Some savings accounts from other banks offer slightly higher yields.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	EverBank (formerly TIAA Bank) APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/22/2024	5.15%	0.58%
04/09/2024	5.15%	0.58%
04/01/2024	5.15%	0.58%
01/03/2024	5.15%	0.58%
12/06/2023	5.15%	0.57%
12/04/2023	5.15%	0.57%
10/03/2023	5.15%	0.58%
10/02/2023	5.15%	0.58%
09/12/2023	5.00%	0.57%
09/01/2023	5.00%	0.57%
08/01/2023	4.75%	0.54%
07/10/2023	4.50%	0.54%
05/31/2023	4.50%	0.47%

Bread Savings

4.8

Overview

Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs. Bread Savings requires at least $100 to open this account.

Read Bankrate's Expert Bread Savings Review

5.15% APY

$100 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bread Savings

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- Bread Savings pays very competitive yields on its savings account.
- With just $100 needed to open an account and no monthly maintenance fees, savers of all types may find it to be an appealing option.
- A paper statement will cost you $5 per request at Bread Savings.
- The bank also charges $25 to send a wire transfer.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bread Savings APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/18/2024	5.15%	0.58%
03/21/2024	5.15%	0.57%
09/27/2023	5.15%	0.57%
08/02/2023	5.00%	0.54%
07/10/2023	4.90%	0.54%
06/07/2023	4.75%	0.49%

Popular Direct

4.8

Overview

Popular Direct is known for offering competitive yields. But those competitive yields have $100 minimum opening deposit requirements with the Popular Direct High-Rise Savings account. (The minimum opening requirement is twice that for its CDs.) The account also has a $25 fee for closing it within your first 180 days, so definitely make sure you’re going to keep this account for at least that amount of time. Popular Direct has been around since 2016. It offers a savings account and eight terms of CDs. The CDs have terms ranging from three months to five years.

Read Bankrate's Expert Popular Direct Review

5.15% APY

$100 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Popular Direct

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- The Popular Direct Select Savings account earns a competitive yield.
- The account has no monthly maintenance fee.
- A $25 fee applies if the account is closed within the first 180 days.
- The bank charges a $5 fee for each withdrawal or transfer over the six-withdrawal limit per statement cycle, according to its product guide.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Popular Direct APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.15%	0.58%
04/30/2024	5.15%	0.58%
04/23/2024	5.15%	0.58%
04/16/2024	5.15%	0.58%
04/09/2024	5.15%	0.58%
04/02/2024	5.15%	0.58%
03/26/2024	5.15%	0.57%
03/19/2024	5.15%	0.57%
03/12/2024	5.15%	0.57%
03/05/2024	5.20%	0.57%
02/27/2024	5.20%	0.58%
02/20/2024	5.20%	0.58%
02/13/2024	5.20%	0.58%
02/06/2024	5.20%	0.58%
01/30/2024	5.20%	0.58%
01/23/2024	5.20%	0.58%
01/16/2024	5.20%	0.58%
01/09/2024	5.20%	0.58%
01/02/2024	5.25%	0.58%
12/26/2023	5.35%	0.57%
12/12/2023	5.35%	0.57%
12/05/2023	5.40%	0.57%
11/28/2023	5.40%	0.60%
11/21/2023	5.40%	0.60%
11/14/2023	5.40%	0.60%
11/07/2023	5.40%	0.60%
10/31/2023	5.40%	0.58%
10/24/2023	5.40%	0.58%
10/17/2023	5.40%	0.58%
10/10/2023	5.25%	0.58%
10/03/2023	5.25%	0.58%
09/26/2023	5.25%	0.57%
09/19/2023	5.20%	0.57%
09/12/2023	5.20%	0.57%
09/05/2023	5.20%	0.57%
08/29/2023	5.20%	0.54%
08/22/2023	5.20%	0.54%
08/15/2023	5.15%	0.54%
08/08/2023	5.15%	0.54%
08/01/2023	5.05%	0.54%
07/25/2023	5.05%	0.54%
07/18/2023	5.05%	0.54%
07/11/2023	5.05%	0.54%
07/04/2023	5.05%	0.54%
06/27/2023	5.05%	0.49%
06/20/2023	5.00%	0.49%
06/13/2023	5.00%	0.49%
06/06/2023	5.00%	0.49%
05/30/2023	4.85%	0.47%
05/23/2023	4.85%	0.47%
05/16/2023	4.85%	0.47%

Bask Bank

4.7

Overview

Bask Bank is known for its high-yielding Bask Interest Savings account. It’s also known for a unique account, the Bask Mileage Savings account, where you can earn American Airlines miles. Bask Bank, a division of Texas Capital Bank, made its debut in early 2020 with its Mileage Savings Account. In February 2022, Bask introduced its Interest Savings Account, which offers a very competitive yield and doesn’t require a minimum opening deposit.

Read Bankrate's Expert Bask Bank Review

5.10% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bask Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- Bask Bank has consistently offered a top-tier APY on its Interest Savings Account since it first debuted in early 2022.
- Bask Bank doesn’t have a minimum balance requirement.
- The Bask Bank Interest Savings Account doesn’t have a monthly service fee.
- The bank has a unique savings account, the Bask Mileage Savings account, where you can earn American Airlines miles.
- You’ll need to fund your Bask Bank Interest Savings Account within 15 days of opening it; otherwise, the account could be closed.
- The bank charges $35 for outgoing wire transfers.
- Though Bask Bank has a top-tier yield, some banks do offer higher APYs.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bask Bank APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.10%	0.58%
04/30/2024	5.10%	0.58%
04/23/2024	5.10%	0.58%
04/16/2024	5.10%	0.58%
04/15/2024	5.10%	0.58%
04/09/2024	5.10%	0.58%
04/02/2024	5.10%	0.58%
03/26/2024	5.10%	0.57%
03/19/2024	5.10%	0.57%
03/12/2024	5.10%	0.57%
03/05/2024	5.10%	0.57%
02/27/2024	5.10%	0.58%
02/20/2024	5.10%	0.58%
02/13/2024	5.10%	0.58%
02/06/2024	5.10%	0.58%
01/30/2024	5.10%	0.58%
01/23/2024	5.10%	0.58%
01/16/2024	5.10%	0.58%
01/09/2024	5.10%	0.58%
01/02/2024	5.10%	0.58%
12/26/2023	5.10%	0.57%
12/12/2023	5.10%	0.57%
12/05/2023	5.10%	0.57%
11/28/2023	5.10%	0.60%
11/21/2023	5.10%	0.60%
11/14/2023	5.10%	0.60%
11/08/2023	5.10%	0.60%
11/07/2023	5.10%	0.60%
11/03/2023	5.10%	0.60%
10/31/2023	5.10%	0.58%
10/24/2023	5.10%	0.58%
10/18/2023	5.10%	0.58%
10/17/2023	5.00%	0.58%
10/10/2023	5.00%	0.58%
10/03/2023	5.00%	0.58%
09/26/2023	5.00%	0.57%
09/19/2023	5.00%	0.57%
09/12/2023	5.00%	0.57%
09/05/2023	5.00%	0.57%
08/29/2023	5.00%	0.54%
08/22/2023	5.00%	0.54%
08/15/2023	5.00%	0.54%
08/08/2023	5.00%	0.54%
08/01/2023	5.00%	0.54%
07/31/2023	5.00%	0.54%
07/25/2023	4.85%	0.54%
07/18/2023	4.85%	0.54%
07/11/2023	4.85%	0.54%
07/04/2023	4.85%	0.54%
06/27/2023	4.85%	0.49%
06/20/2023	4.85%	0.49%
06/13/2023	4.85%	0.49%
06/08/2023	4.85%	0.49%
06/06/2023	4.75%	0.49%
05/30/2023	4.75%	0.47%
05/23/2023	4.75%	0.47%
05/16/2023	4.75%	0.47%

Salem Five Direct

4.9

Overview

Salem Five Direct is known for being the online division of Salem Five, a bank founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995. It’s also known for offering a high-yield savings account, checking account and CDs. Its eOne Savings account only requires a $10 opening deposit, and it doesn’t have a monthly service fee or minimum balance requirements.

Read Bankrate's Expert Salem Five Direct Review

5.01% APY

$10 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- An eOne Savings account can be opened with $10.
- A competitive APY is paid on balances up to $1 million.
- You can mobile deposit checks at this bank.
- The eOne Savings account is available only to customers who don’t have an existing checking or savings account with Salem Five Bank.
- There might be a fee for exceeding the bank’s six transfers in a calendar month.
- Balances over $1 million could be transferred into a 0.01 percent APY savings account. (Always remember to follow FDIC limits and guidelines.)

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Salem Five Direct APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.01%	0.58%
04/30/2024	5.01%	0.58%
04/23/2024	5.01%	0.58%
04/16/2024	5.01%	0.58%
04/09/2024	5.01%	0.58%
04/02/2024	5.01%	0.58%
03/26/2024	5.01%	0.57%
03/19/2024	5.01%	0.57%
03/12/2024	5.01%	0.57%
03/05/2024	5.01%	0.57%
02/27/2024	5.01%	0.58%
02/20/2024	5.01%	0.58%
02/13/2024	5.01%	0.58%
02/06/2024	5.01%	0.58%
01/30/2024	5.01%	0.58%
01/23/2024	5.01%	0.58%
01/16/2024	5.01%	0.58%
01/09/2024	5.01%	0.58%
01/02/2024	5.01%	0.58%
12/26/2023	5.01%	0.57%
12/12/2023	5.01%	0.57%
12/05/2023	5.01%	0.57%
11/28/2023	5.01%	0.60%
11/21/2023	5.01%	0.60%
11/14/2023	5.01%	0.60%
11/07/2023	5.01%	0.60%
10/31/2023	5.01%	0.58%
10/24/2023	5.01%	0.58%
10/17/2023	5.01%	0.58%
10/10/2023	5.01%	0.58%
10/03/2023	5.01%	0.58%
09/26/2023	5.01%	0.57%
09/19/2023	5.01%	0.57%
09/12/2023	5.01%	0.57%
09/05/2023	5.01%	0.57%
08/29/2023	5.01%	0.54%
08/22/2023	5.01%	0.54%
08/15/2023	5.01%	0.54%
08/08/2023	5.01%	0.54%
08/01/2023	5.01%	0.54%
07/25/2023	5.01%	0.54%
07/18/2023	5.01%	0.54%
07/11/2023	5.01%	0.54%
07/04/2023	5.01%	0.54%
06/27/2023	5.01%	0.49%
06/20/2023	5.01%	0.49%
05/24/2023	5.01%	0.47%

CIBC Bank USA

4.9

Overview

CIBC Bank USA is currently known for offering a competitive yield on its CIBC Agility Online Savings Account, which charges no monthly service fee. The bank also is known for offering CDs that have a slightly higher yield with a deposit of at least $25,000. But its savings account has a much lower minimum opening deposit amount of $1,000.

Read Bankrate's Expert CIBC Bank USA Review

5.01% APY

$1,000 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

CIBC Bank USA

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- The CIBC Bank USA Agility Online Savings Account offers a top-tier yield.
- It’s a good option for some savers who have at least $1,000 to initially deposit. The Agility Online Savings Account doesn’t have a monthly service fee.
- CIBC’s Agility Online Savings Account requires at least $1,000 as an opening deposit. This is a much higher requirement than some other online banks.
- You also won’t be able to make external transfers via CIBC NetBanking during the first 30 days that you have the account.
- The Agility Online Savings Account doesn’t have ATM access.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	CIBC Bank USA APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.01%	0.58%
04/30/2024	5.01%	0.58%
04/23/2024	5.01%	0.58%
04/16/2024	5.01%	0.58%
04/09/2024	5.01%	0.58%
04/02/2024	5.01%	0.58%
03/26/2024	5.01%	0.57%
03/19/2024	5.01%	0.57%
03/12/2024	5.01%	0.57%
03/05/2024	5.01%	0.57%
02/27/2024	5.01%	0.58%
02/20/2024	5.01%	0.58%
02/13/2024	5.01%	0.58%
02/06/2024	5.01%	0.58%
01/30/2024	5.01%	0.58%
01/23/2024	5.01%	0.58%
01/16/2024	5.01%	0.58%
01/09/2024	5.01%	0.58%
01/02/2024	5.01%	0.58%
12/26/2023	5.01%	0.57%
12/12/2023	5.01%	0.57%
12/05/2023	5.01%	0.57%
11/28/2023	5.01%	0.60%
11/21/2023	5.01%	0.60%
11/14/2023	5.01%	0.60%
11/07/2023	5.01%	0.60%
10/31/2023	5.01%	0.58%
10/24/2023	5.01%	0.58%
10/13/2023	5.01%	0.58%
10/10/2023	4.76%	0.58%
10/03/2023	4.76%	0.58%
09/26/2023	4.76%	0.57%
09/19/2023	4.76%	0.57%
09/12/2023	4.76%	0.57%
09/05/2023	4.76%	0.57%
08/29/2023	4.76%	0.54%
08/22/2023	4.76%	0.54%
08/15/2023	4.76%	0.54%
08/08/2023	4.76%	0.54%
08/04/2023	4.76%	0.54%
08/01/2023	4.67%	0.54%
07/25/2023	4.67%	0.54%
07/18/2023	4.67%	0.54%
07/11/2023	4.67%	0.54%
07/10/2023	4.67%	0.54%
07/04/2023	4.52%	0.54%
06/27/2023	4.52%	0.49%
06/20/2023	4.52%	0.49%
06/13/2023	4.52%	0.49%
06/06/2023	4.52%	0.49%
05/30/2023	4.52%	0.47%
05/23/2023	4.52%	0.47%

LendingClub Bank

4.9

Overview

LendingClub was known for its lending products. But with its acquisition of Radius Bank, which closed in early 2021, LendingClub is also known for its deposit products. LendingClub Bank’s High-Yield Savings account doesn’t have a monthly service fee and comes with an ATM card. You can open the account with $100.

Read Bankrate's Expert LendingClub Bank Review

5.00% APY

$100 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

LendingClub Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

- LendingClub Bank offers a top-tier savings APY, meaning it’s one of the top yields currently offered.
- That combined with the low minimum opening deposit requirement and no monthly service fee makes it an appealing option for savers to consider.
- There is no minimum balance required to earn interest.
- You’ll need at least $100 to open a LendingClub Bank High-Yield Savings Account. Some banks don’t have a minimum opening deposit requirement. At the time of this review, all balance tiers paid the same APY. But that might not always be the case in the future.
- LendingClub may close your account if it doesn’t have money in it for more than six months.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	LendingClub Bank APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.00%	0.58%
04/30/2024	5.00%	0.58%
04/24/2024	5.00%	0.58%
04/23/2024	5.00%	0.58%
04/18/2024	5.00%	0.58%
04/16/2024	5.00%	0.58%
04/09/2024	5.00%	0.58%
04/02/2024	5.00%	0.58%
03/26/2024	5.00%	0.57%
03/19/2024	5.00%	0.57%
03/12/2024	5.00%	0.57%
03/05/2024	5.00%	0.57%
02/27/2024	5.00%	0.58%
02/20/2024	5.00%	0.58%
02/13/2024	5.00%	0.58%
02/06/2024	5.00%	0.58%
01/30/2024	4.65%	0.58%
01/25/2024	5.00%	0.58%
01/23/2024	4.65%	0.58%
01/16/2024	4.65%	0.58%
01/09/2024	4.65%	0.58%
01/02/2024	4.65%	0.58%
12/26/2023	4.65%	0.57%
12/12/2023	4.65%	0.57%
12/05/2023	4.65%	0.57%
11/28/2023	4.65%	0.60%
11/21/2023	4.50%	0.60%
11/14/2023	4.50%	0.60%
11/07/2023	4.50%	0.60%
10/31/2023	4.50%	0.58%
10/24/2023	4.50%	0.58%
10/17/2023	4.50%	0.58%
10/10/2023	4.50%	0.58%
10/03/2023	4.50%	0.58%
09/26/2023	4.50%	0.57%
09/19/2023	4.50%	0.57%
09/12/2023	4.50%	0.57%
09/05/2023	4.50%	0.57%
08/29/2023	4.50%	0.54%
08/22/2023	4.50%	0.54%
08/15/2023	4.50%	0.54%
08/08/2023	4.50%	0.54%
08/01/2023	4.50%	0.54%
07/25/2023	4.50%	0.54%
07/18/2023	4.25%	0.54%
07/17/2023	4.50%	0.54%
07/11/2023	4.25%	0.54%
07/04/2023	4.25%	0.54%
06/27/2023	4.25%	0.49%
06/20/2023	4.25%	0.49%
06/13/2023	4.25%	0.49%
06/06/2023	4.25%	0.49%
05/30/2023	4.25%	0.47%
05/23/2023	4.25%	0.47%
05/16/2023	4.25%	0.47%

Bankrate's expertise

Bankrate’s trusted industry knowledge

Read our full methodology

Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

48 years

of industry experience

3 k

deposits rates tracked

120

banks reviewed

Recent news on high-yield savings account rates

Even though the Federal Reserve didn’t change rates in March, you can currently find savings accounts with yields greater than the rate of inflation.

It’s likely that the Fed might cut rates three times this year. Those rate cuts might reduce top savings yields, but it’s important to remember that the Fed raised rates 11 times in the current cycle, and some of those were large increases.

Returns on savings accounts will likely remain at attractive levels for some time, with little change expected until the prospect of Fed rate cuts becomes clearer. — Greg McBride, CFA, Bankrate chief financial analyst

While it’s easy to find a top-yielding account these days that beats inflation, there are plenty of other savings accounts that earn uncompetitive rates. For instance, the national average savings account rate as of May 13, 2024 is just 0.58 percent APY, according to Bankrate’s most recent survey of banks. That average factors in competitive rates commonly offered by online banks, as well as rock-bottom rates often found at large brick-and-mortar banks.

In June 2023, Bankrate updated its methodology that determines the national average savings account rates. More than 500 banks and credit unions are surveyed to generate weekly national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation’s largest banks.

Bankrate insights

Only 1 in 5 Americans with short-term savings currently has an online savings account that earns a competitive yield of 3 percent or greater, Bankrate’s Online Savings Survey earlier this year found.

Nearly a quarter of people with a savings account earn a rock-bottom rate of less than 1 percent.
Online banks are often where the high yields can be found. Among online banks surveyed by Bankrate earlier this year, the APY most commonly offered was 3.75 percent, while rates of 4 percent or greater are earned by 40 percent of accounts.

How to choose an online high-yield savings account

The top three factors to look for when choosing a high-yield savings account are:

You want to earn a competitive APY on your money. And in 2024 your money in a high-yield savings account can outpace inflation.
You want to find an account where you won’t pay fees since these subtract from your interest earnings.
Being comfortable with the ways to withdraw your money is important, especially in an emergency. Accessing methods can be via an ATM or using Zelle to transfer money into another account.

What to know about high-yield savings accounts

High-yield savings accounts typically pay a much higher APY than traditional savings accounts, providing savers the ability to earn more on their money while still enjoying the security of a federally insured account. Traditional savings accounts are commonly offered at brick-and-mortar banks and larger banks. These accounts may yield close to nothing, often around 0.01 percent APY. High-yield savings accounts can earn hundreds of times more these days.

Most high-yield savings accounts have a variable APY, which means the yield is subject to change. Consumers looking for a guaranteed yield should consider a certificate of deposit (CD), and a no-penalty CD might be a good option for those who prefer both a fixed APY and access to their money without incurring a penalty.

Savings accounts usually earn compound interest, which simply means you’ll earn interest on interest. As such, you’ll earn interest on your principal as well as the interest that accumulates over time.

Below are a few important features to consider when searching for a high-yield savings account. When choosing which account is right for you, also take a look at Bankrate’s expert reviews of popular banks, many of which offer high-interest savings accounts.

Annual percentage yield (APY): APY incorporates the effect of compounding. Simply stated, compound interest is the interest you earn on interest. You’ll earn interest on your initial deposit as well as on the interest that accumulates over time.
Minimum opening deposit required: The amount you’ll need to open your account.
Minimum balance required: The balance you’ll need to keep in your account to avoid a monthly service fee.
Monthly maintenance fees: The fee you’ll incur if your balance falls below the minimum balance requirement in your account.

Learn more: What is a high-yield savings account?

Who should get an online high-yield savings account?

A high-yield savings account is ideal for someone who’s currently earning low interest on their savings account – or no interest at all – and is eager to boost their savings potential.

A good time to get a savings account is when:

You’re not earning any interest – or you’re earning a low APY – in your current bank account
You don’t have an emergency fund, or you have your emergency fund commingled with your checking account at a brick-and-mortar bank.

High-yield savings accounts with no minimum opening deposit requirement, no minimum balance requirement and no monthly service fees can be a good choice for nearly anyone. People can have different money-related goals and be at different stages in their financial life and benefit from these accounts. Here are a few examples:

Future homebuyers

A high-yield savings account is a great way to ensure your down payment money will grow until you need it to buy a house, condo or apartment. And unlike most CDs, you can add to your balance at any time.

Jetsetters and road-trippers

A good strategy when saving for your next vacation is to determine how much you’ll need for the trip and then open a dedicated savings account for it. Consider automating your savings to keep your savings goals on track.

Soon-to-be married couples

A high-yield savings account allows you to earn a competitive yield on your balance as you save for your wedding. You can keep adding to this account all the way up until you say “I do.” Having a separate account devoted to wedding savings can help you monitor your progress more easily, which helps you meet your savings goals for the big day.

How to open a savings account

Before you dump your money into an account at your local bank, there are several steps you should take.

Learn more

Pros and cons of high-yield savings accounts

Savings accounts are a good place to set aside funds for many financial goals. Here are the pros and cons of online high-yield savings accounts, so you can make sure one is right for you.

Pros

Online high-yield savings accounts typically pay a much higher APY than traditional savings accounts.
Many high-yield savings accounts offer digital tools that allow you to manage your savings easily through your computer, smartphone or tablet.
High-yield savings accounts at most banks and credit unions are insured by the federal government, meaning your money is safe.
Unlike with a certificate of deposit, funds in a high-yield savings account are easily accessible.

Cons

Rates for high-yield savings accounts are variable and could fall.
Some banks restrict withdrawals/transfers to only six a month.
Checks generally can’t be written using savings accounts.
Your money could get higher returns if you invest it.
Not all online banks offer branch or ATM access.

Alternatives to high-yield savings accounts

Traditional savings accounts

These accounts typically earn a very low yield, especially at major national banks – often less than the national average APY.

CDs

These generally earn a fixed APY for a certain period of time.

Money market accounts

A savings deposit account that typically offers check-writing privileges.

Checking accounts

Accounts for your daily transactions.

High-yield savings FAQs

High-yield savings accounts are safe if they’re offered at an FDIC-insured bank or a National Credit Union Administration (NCUA) credit union and within federal insurance limits and guidelines.
You can earn $500 of interest if the $10,000 you stash in a savings account earns 4.85 percent APY in a year. Savings APYs are generally variable, so you’d only earn $485 if the APY remains at 4.85 percent APY for the whole year, and you keep your money in your account.
If you’re unsuccessful in opening a new account, you can ask the bank why this happened. Depending on the answer, you might want to go to ChexSystems’ website and request a report to see whether your banking history is the reason you were denied the account.

ChexSystems is a national specialty consumer reporting agency that keeps track of some of your banking history. Things that can appear on a ChexSystems report include your check-cashing history, any suspected fraudulent activity and a list of closed accounts.
Competitive banks and credit unions have a tendency to adjust their interest rates based on the Federal Reserve’s rate moves.

Unlike CD rates, which are locked for a set term, savings account yields tend to be variable, which means they could change at any time.

A bank may decide to lower or raise savings account APYs for various reasons. It may increase its rate as part of a promotion to attract more deposits, or it may adjust rates in response to broader economic factors, such as changes to monetary policy by the Federal Reserve.
Most banks limit the number of times you can withdraw money from a savings account. Check with your bank to see its policy so that you’re not charged an excessive transfer fee. A bank could even close your account for excessive transactions.

Checking accounts are meant to have frequent withdrawals for spending money and paying bills. But savings accounts are generally meant for accumulating money, those accounts are generally liquid.
The IRS specifically says that interest earned on bank accounts is taxable interest. Interest is usually taxed as ordinary income. All interest income is taxable, even if it’s not reported on a Form 1099-INT. That form is usually generated toward the beginning of the calendar year, after you’ve earned more than $10 in interest during the previous tax year.
The best high-interest savings accounts are usually found online. The best online banks tend to offer the most competitive yields on their accounts. One reason why these banks can pay more is that they have fewer expenses since they don’t operate branches.

But these online banks also need a way to get your attention. Often, a high yield is the way to do that. Many online banks also don’t charge a monthly service fee for their accounts, and some of them don’t have minimum balance or minimum opening deposit requirements either.

Research methodology

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields (APYs), low minimum balances, banks that have highly-rated apps and banks that are popular and broadly available. We also include some of the largest banks, to help readers compare those to online-only banks.

These financial institutions are featured in our high yield savings account rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank 5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BrioDirect, Bread Financial (formerly Comenity Direct), Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, HSBC, Huntington National Bank, KeyBank, LendingClub Bank, Limelight Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees' Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

Learn more

Get Started

Best high-yield savings accounts for May 2024

Best high-yield savings accounts for May 2024

BrioDirect

Overview

Rate history for BrioDirect's savings account

Why we chose it

What to watch for

TAB Bank

Overview

Rate history for TAB Bank's savings account

Why we chose it

What to watch for

UFB Direct

Overview

Rate history for UFB Direct's savings account

Why we chose it

What to watch for

EverBank (formerly TIAA Bank)

Overview

Rate history for EverBank (formerly TIAA Bank)'s savings account

Why we chose it

What to watch for

Bread Savings

Overview

Rate history for Bread Savings's savings account

Why we chose it

What to watch for

Popular Direct

Overview

Rate history for Popular Direct's savings account

Why we chose it

What to watch for

Bask Bank

Overview

Rate history for Bask Bank's savings account

Why we chose it

What to watch for

Salem Five Direct

Overview

Rate history for Salem Five Direct's savings account

Why we chose it

What to watch for

CIBC Bank USA

Overview

Rate history for CIBC Bank USA's savings account

Why we chose it

What to watch for

LendingClub Bank

Overview

Rate history for LendingClub Bank's savings account

Why we chose it

What to watch for

Bankrate's expertise

Bankrate’s trusted industry knowledge

Recent news on high-yield savings account rates

How Bankrate calculates the national average

Bankrate insights

How to choose an online high-yield savings account

A competitive yield

No monthly service fee

Access to your money when you need it

What to know about high-yield savings accounts

Who should get an online high-yield savings account?

How to open a savings account

Pros and cons of high-yield savings accounts

Pros

Cons

Alternatives to high-yield savings accounts

High-yield savings FAQs

Are high-yield savings accounts safe?

How much interest can I earn on $10,000 after a year in a high-yield savings account?

What should I do if I am unable to open a high-yield savings account?

How often do savings rates change?

How often can I take money out of a high-yield savings account?

Do I pay taxes on interest earned in a high-yield savings account?

Why are most high-yield savings accounts online?

Research methodology

Banks we monitor

Learn more

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