Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.
Stashing cash in a high-yield savings account can help you reach your goals quicker. High-yield savings accounts reward you with higher interest rates than traditional savings accounts and your money grows even faster thanks to compound interest — which lets you earn interest on interest. The higher your annual percentage yield (APY), the faster your money grows and the better return you earn on your money.
The national average APY on savings accounts is just 0.47%. That's over 10 times less than the 5-plus percent APY and around 6% APY that the highest-yield savings accounts offer.
To determine which high-yield savings accounts are best, CNBC Select compared dozens of savings accounts offered by online banks, brick-and-mortar banks and large credit unions. The savings accounts selected offer an above-average APY to all customers (no matter their balance), are FDIC- or NCUA-insured, have zero monthly maintenance fees and low (or no) minimum balance requirements. (See our methodology for more information on how we choose the best high-yield savings accounts.)
Best high-yield savings accounts
- Best for earning a high APY: Western Alliance Bank Savings Account
- Best for account features: LendingClub High-Yield Savings
- Best for no minimum deposit: Newtek Bank Personal High Yield Savings
- Best for ATM card: UFB Secure Savings
- Best for easy access to your cash: Synchrony Bank High Yield Savings
- Best for no fees: Marcus by Goldman Sachs High Yield Online Savings
- Best for low deposits: Mango Savings™
- Best for welcome bonus: SoFi Checking and Savings
- Best for checking/savings combo: Ally Savings Account
- Best for earning airline miles: Bask Bank Mileage Savings Account
- Best if you want extra help saving: Varo Savings Account
- Best from a brick-and-mortar bank: Capital One 360 Performance Savings
- Best from a big bank: American Express® High Yield Savings Account
Compare offers to find the best savings account
Best for earning a high APY
Western Alliance Bank Savings Account
Annual Percentage Yield (APY)
5.24% APY
Minimum balance
$1 minimum deposit
Monthly fee
None
Maximum transactions
Up to 6 transactions each month
Excessive transactions fee
The bank may charge fees for non-sufficient funds
Overdraft fee
No overdraft fee
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Pros
- Strong APY
- Low minimum deposit required
- No monthly fees
Cons
- Bank may charge non-sufficient funds
- Doesn't offer checking account or ATM access
- Accounts are opened and managed on Raisin.com
Who's this for? The Western Alliance Bank Savings Account account is for anyone focused on maximizing their returns. It offers one of the highest savings rates currently available with no cap to earning this solid return.
Best for account features
LendingClub High-Yield Savings
Annual Percentage Yield (APY)
5.00%
Minimum balance
No minimum balance requirement after $100.00 to open the account
Monthly fee
None
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- $100 minimum opening deposit required, though there's no minimum balance after that
- No physical branch locations
Who's this for? Unlike many savings accounts, LendingClub High-Yield Savings provides customers with a free ATM card and never charges any ATM fees. This makes it easy to access your savings account and withdraw money whenever you want. You can also use your funds to pay bills, send money to friends and family and make internal and external transfers.
Best for no minimum deposit
Newtek Bank Personal High Yield Savings
Annual Percentage Yield (APY)
5.25% APY
Minimum balance
$0.01 to earn interest
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle; transaction amount limits apply; withdrawals from your account can only be transferred to the original external funding source
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Only a business checking account
Offer ATM card?
Yes, if have a Newtek checking account
Terms apply.
Pros
- Strong APY
- No minimum deposit and low minimum balance
- No monthly fees
- Offers business checking account and ATM access
Cons
- Transfer limit
- Only offers a business checking account
- Mobile deposits on app only available for business accounts
Who's this for? Newtek Bank Personal High Yield Savings account holders earn one of the highest savings returns with no minimum deposit required.
Best for ATM card
UFB Secure Savings
Annual Percentage Yield (APY)
Up to 5.25% APY on any savings balance; add a UFB Freedom Checking and meet checking account qualifications to get an additional up to 0.20% APY on savings
Minimum balance
$0, no minimum deposit or balance needed for savings
Fees
No monthly maintenance or service fees
Overdraft fee
Overdraft fees may be charged, according to the terms; overdraft protection available
ATM access
Free ATM card with unlimited withdrawals
Maximum transactions
6 per month; terms apply
Terms apply.
Read our UFB Secure Savings review.
Pros
- Strong APY on any savings balance
- Get an additional up to 0.20% APY on savings when you add UFB Freedom Checking and set up direct deposit of $5,000 monthly, maintain minimum balance of $10,000 and make 10 debit card transactions per statement cycle.
- No minimum deposit or balance required for savings
- No monthly fees
- Free ATM card with unlimited withdrawals
- Free transfers between direct deposit accounts
- Online and SMS banking available
- Mobile check deposits
- Security features include fraud and anti-virus protection, SSL encryption for secure connection, automatic logouts after inactivity
Cons
- Potential overdraft fee, though overdraft protection is offered
- Certain types of withdrawals and transfers may be limited
- $10 excessive transaction fee per transaction over 6/month
- No physical branch locations
Who's this for? The UFB Secure Savings is ideal for anyone who wants to earn one of the highest returns and get ATM access. Although there are no physical branches, customers get a free ATM card — and even the potential to earn more interest on their savings with a UFB checking account.
Best for easy access to your cash
Synchrony Bank High Yield Savings
Annual Percentage Yield (APY)
4.75% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- Easy ATM access
Cons
- No option to add a checking account
Who's this for? The Synchrony Bank High Yield Savings account stands out for its convenient withdrawal options. Synchrony Bank offers an optional ATM card to its savings account holders. You can access your money by ATM, wire transfer (up to three free per statement cycle) or through an electronic transfer to or from accounts you have at other banks.
Though you are limited to six free withdrawals or transfers per statement cycle, Synchrony Bank allows you to conduct unlimited transactions at an ATM. The bank won't charge an ATM fee, but the ATM provider may. For these charges, Synchrony Bank refunds ATM fees in the U.S. up to $5 per statement cycle.
Best for no fees
Marcus by Goldman Sachs High Yield Online Savings
Annual Percentage Yield (APY)
4.40% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- No limit on withdrawals or transfers
- Easy-to-use mobile banking app
- Offers no-fee personal loans
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
Who's this for? Marcus by Goldman Sachs High Yield Online Savings offers no fees whatsoever, no minimum deposit requirement and easy mobile access. It's the most straightforward savings account to use when all you want to do is grow your money with zero conditions attached.
Best for low deposits
Mango Prepaid Mastercard® savings feature
Annual Percentage Yield (APY)
6.00% APY on up to $2,500 if make signature purchases of $1,500 or more and have a minimum balance of $25 at the end of the month (after, 0.10% APY for balances over $2,500; $5,000 cap)
Minimum balance
$25
Monthly fee
None
Maximum transactions
Up to 6 transfers out each month and transfer amounts to savings apply
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
Yes, offers prepaid debit card
Terms apply.
Pros
- Strong APY
- Low minimum balance
- No monthly fees
- Offers prepaid debit card with ATM access
Cons
- Savings feature only available to Mango cardholders
- Cap on earning high APY
- High APY has requirements
- Low APY for balances over $2,500
- No option to add a checking account
Who's this for? Cardholders of the Mango Prepaid Mastercard® (issued by Metropolitan Commercial Bank) have access to a savings feature where they can earn up to 6.00% APY on up to $2,500 by meeting two requirements:
- Make a minimum deposit of $25 and have that minimum balance at the end of the month
- Make signature purchases of $1,500 or more on the Mango Prepaid Mastercard each month
For savers that max their balance to $2,500, that's $150 in interest earnings in a year. The APY thereafter is a low 0.10% over $2,500 — which at that point we'd recommend shifting any other savings beyond the $2,500 to another high-yield savings account like the ones on this list.
Best for welcome bonus
SoFi Checking and Savings
Annual Percentage Yield (APY)
Members with direct deposit earn 4.60% APY on savings, no minimum balance needed. Members without direct deposit earn 1.20% APY on savings balances, and everyone earns 0.50% APY on checking balances.
Welcome bonus
Earn a $300 welcome bonus when you direct deposit a total of $5,000 or more within 25 days of your first direct deposit. Get a $50 welcome bonus when you direct deposit between $1,000 and $4,999.99 within 25 days of your first direct deposit.
Fees
No monthly fee and no excessive transaction fees.
No-fee overdraft protection
No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.
Offer ATM card?
Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.
Offer checking account?
Yes, bundled with savings account.
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle. Transaction amount limits apply.
Pros
- A welcome bonus of $300 with direct deposit totaling $5,000 or more within 25 days of your first direct deposit. Or a welcome bonus of $50 with direct deposit totaling between $1,000 and $4,999.99 within 25 days of your first direct deposit
- Strong 4.60% APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your pay check in your account up 2 days early automatically when set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $2 million through the SoFi Insured Deposit Program
Cons
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
Who's this for? The SoFi Checkings and Savings account stands out for offering a valuable welcome bonus after you set up direct deposit payments: Earn $50 when setting up a direct deposit of $1,000 to $4,999.99 and earn $300 when setting up a direct deposit of $5,000 or more.
Best for checking/savings combo
Ally Bank Savings Account
Annual Percentage Yield (APY)
4.25% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Unlimited withdrawals or transfers per statement cycle
Excessive transactions fee
$10 per transaction
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have an Ally checking account
Terms apply.
Read our Ally Bank Savings Account review.
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- Unlimited withdrawals or transfers
- Option to add a checking account with ATM access
Cons
- Higher APYs offered elsewhere
- $10 excessive transactions fee
Who's this for? Ally is a good choice for anyone looking to do all their banking in one place. While the Ally Savings Account is a solid high-yield account on its own, account holders can enjoy even more benefits if they also have an Ally Bank Spending Account (Ally's checking account product). An Ally checking and savings account gives you access to over 43,000 free Allpoint ATMs, making it easy to withdraw cash when you need to. If you only have an Ally savings account, you won't have access to a debit card. Ally also reimburses out-of-network ATM fees up to $10 per month.
Not all online banks also offer a checking account option. Saving your money with a bank that doesn't offer a checking account means you would have to transfer your money between banks, which could take a couple of days.
Best for earning airline miles
Bask Mileage Savings Account
Annual Percentage Yield (APY)
Earn 2.5 American Airlines AAdvantage® miles for every $1 saved annually instead of interest.
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D
Overdraft fees
N/A
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Pros
- Earn American Airlines AAdvantage miles instead of cash
- No minimum balance
- No monthly fees
Cons
- No option to add a checking account
- No ATM access
Who's this for? If you're a frequent traveler, you can opt for the Bask Bank Mileage Savings Account to earn American Airlines AAdvantage® miles back instead of interest. With the mileage savings account, you'll earn 2.5 miles for every $1 saved annually. You can use these miles for flights on American Airlines or any of its 20+ partner airlines. So, you can effectively fund your next vacation without any spending.
If you want to maximize your interest-earning potential, consider Bask Bank. The Bask Bank Interest Savings Account offers a respectable 5.10% APY to all savings account holders.
Best if you want extra help saving
Varo Savings Account
Annual Percentage Yield (APY)
Begin earning 3.00% APY and qualify to earn 5.00% APY if meet requirements
Minimum balance
$0.01 to earn interest
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have a Varo Bank Account
Terms apply.
Read our Varo Savings Account review.
Pros
- Strong APY and option to earn even higher
- No minimum deposit and low minimum balance
- No monthly fees
- Option to add a checking account with ATM access
- Offers 2 programs to help automate your savings
Cons
- Have to meet requirements to earn higher APY
- Cash deposits are only available through third-party services, which charge a fee
Who's this for? With the Varo Savings Account, savers get access to two programs that automatically transfer money from their Varo bank account to their savings account: Save Your Pay®, which automatically transfers a percentage of their paycheck into their savings, and Save Your Change, which rounds up checking account transactions to the nearest dollar and transfers the difference to savings.
Best from a brick-and-mortar bank
Capital One 360 Performance Savings™
Annual Percentage Yield (APY)
4.35% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have a Capital One checking account
Terms apply.
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- Option to add a checking account with ATM access
- Has physical branch locations, plus Capital One® Cafés
- Has a top-rated mobile app
- Offers mobile check deposit
- Users can take advantage of free credit monitoring service
Cons
- Higher APYs offered elsewhere
Who's this for? Account holders of the Capital One 360 Performance Savings can get a pretty good savings rate for a brick-and-mortar bank (which usually don't offer great returns). There are no monthly fees and zero minimum deposit or balances required. A brick-and-mortar bank can be a good option for those who prefer in-person banking. Capital One has hundreds of bank branches, as well. as Capital One Cafés you can visit to chat with someone.
Best from a big bank
American Express® High Yield Savings Account
Annual Percentage Yield (APY)
4.30% APY as of 4/9/2024
Minimum balance
Min balance to open = $0
Monthly fee
None
Maximum transactions
No limits
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
American Express National Bank is a Member FDIC.
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- 24/7 customer support
- Helpful "Tips & Tools" section on website
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
- You can't deposit a check via the mobile app
Who's this for? When it comes to high-yield savings accounts offered by big-name banks, the online American Express® High Yield Savings Account stands out. The Amex High Yield Savings has an above-average APY, no minimum balance and no monthly fees.
Find the best savings account for you: Help your money grow by finding the savings account that offers the best rates and features for you
More on our top high-yield savings accounts
Western Alliance Bank Savings Account
Minimum balance
$1 minimum deposit
Fees
Zero monthly fee or overdraft fee, the bank may charge fees for non-sufficient funds
Maximum transactions
Up to 6 transactions each month
LendingClub High-Yield Savings
Minimum balance
$100 minimum deposit
Fees
Zero monthly fee or excessive transaction fee
Maximum transactions
None
Newtek Bank Personal High Yield Savings
Minimum balance
$0.01 to earn interest
Fees
Zero monthly fee, excessive transactions fee or overdraft fee
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle; transaction amount limits apply; withdrawals from your account can only be transferred to the original external funding source
UFB Secure Savings
Minimum balance
None
Fees
Zero monthly fee, overdraft fee may be charged
Maximum transactions
Six per month
Synchrony Bank High Yield Savings
Minimum balance
None
Fees
Zero monthly fee, excessive transactions fee or overdraft fee
Maximum transactions
Up to six free withdrawals or transfers per statement cycle
Marcus by Goldman Sachs High Yield Online Savings
Minimum balance
None
Fees
Zero monthly fee, excessive transactions fee or overdraft fee
Maximum transactions
None
Mango Savings
Minimum balance
$25
Fees
Zero monthly fee, excessive transactions fee or overdraft fee
Maximum transactions
Up to six transfers out each month and transfer amounts to savings apply
SoFi Checking and Savings
Minimum balance
None
Fees
Zero monthly fee, excessive transactions fee, offers no-fee overdraft protection
Maximum transactions
Up to six free withdrawals or transfers per statement cycle and transaction amount limits apply
Ally Savings Account
Minimum balance
None
Fees
Zero monthly fee or overdraft fee, $10 per excessive transactions
Maximum transactions
None
Bask Bank Mileage Savings Account
Minimum balance
None
Fees
Zero monthly fee
Maximum transactions
Up to six free withdrawals or transfers per statement cycle
Varo Savings Account
Minimum balance
$0.01 to earn interest
Fees
Zero monthly fee, excessive transactions fee or overdraft fee
Maximum transactions
Up to six free withdrawals or transfers per statement cycle
Capital One 360 Performance Savings
Minimum balance
None
Fees
Zero monthly fee, excessive transactions fee or overdraft fee
Maximum transactions
Up to six free withdrawals or transfers per statement cycle
American Express High Yield Savings Account
Minimum balance
None
Fees
Zero monthly fee, excessive transactions fee or overdraft fee
Maximum transactions
None
What is a high-yield savings account?
A high-yield savings account is like a normal savings account but offers a higher interest rate, or APY, on one's cash. With a higher APY, your money grows faster as it sits in your account. Note, however, that unlike with certificates of deposit (CDs), these interest rates are variable, meaning they can go up or down at any time.
Not only does your money earn a better return in a high-yield savings account than in traditional savings, but you still have access to your cash when you need it as you would in a normal savings account. Your money in a high-yield savings account is federally insured by the FDIC or NCUA, which means that deposits up to $250,000 are protected if the bank were to suddenly collapse.
Common high-yield terms you should know
- ACH transfer: When you want to make small and frequent payments electronically (direct deposit, automated bill payments, etc.); typically always free but usually takes at least one business day to complete the transfer.
- Annual percentage yield (APY): The amount of interest an account earns in a year.
- ATM networks: ATMs can either be in-service or out-of-network, depending on which bank you have. When you make a transaction at an ATM that is outside your bank's network, then a fee will most likely be applied by both the ATM operator and your bank.
- Mobile deposit: Instead of going to the bank to deposit a check, you can use your mobile banking app to scan a photo of the check and have the funds immediately deposited into your account. It can sometimes take a day or two for the funds to be accessible.
- Wire transfer: When you want to move funds from one bank account to another and have the money available for use on the same business day; banks usually charge a fee.
FAQs
What is the difference between a high-yield savings account and a traditional savings account?
The main difference between high-yield savings accounts and traditional savings accounts is that high-yield savings accounts offer higher interest rates, which in turn allow your money to grow faster. Also, unlike traditional savings accounts, high-yield savings accounts are generally offered by online banks that don't have physical branch locations.
Why are most high-yield savings accounts online?
High-yield savings accounts, by nature, offer higher returns largely because they operate solely online. They do this because of the savings they get by not paying for overhead costs that traditionally come with operating physical branches, such as the cost of real estate and the additional workers to work in those branches.
How do online savings accounts work?
While online savings accounts offer some of the highest APYs, it's also more tedious to access your money than banking at a brick-and-mortar institution, since you'll usually have to transfer to a checking account to use your money. This is arguably a good thing if you're trying to grow your emergency savings, as you won't have easy access to withdraw from the account.
While it may seem nerve-wracking to have limited access to your savings, one of the big reasons to put your emergency fund into a high-yield account is to watch it grow. The higher your account balance is, the more money you will earn in compound interest over time.
How often do savings rates change?
Interest rates on high-yield savings accounts are variable and can fluctuate at any time. In general, savings rates change every few months after a Federal Reserve committee meets to adjust the federal funds rate.
Are high-yield savings rates increasing?
High-yield savings rates are not increasing at the moment. Rates increased throughout 2023 as the Federal Reserve raised its benchmark rate to tamper with inflation. We saw this reflected in high-yield savings accounts' APYs, which still stand around 5% to even 6% APY. As of early 2024, interest rates are poised to decrease later in the year once the Fed cuts rates.
Can you lose money in a high-yield savings account?
There's a near-zero risk of capital loss when you open a savings account at an FDIC-insured bank, as your account is insured for up to $250,000. Interest rates may decrease, but your cash will not. Theoretically, your money would lose value if the inflation rate is higher than your APY, but that's no different than a traditional savings account. So, opening a high-yield savings account is safe and worth considering.
Can you withdraw money from a high-yield savings account?
You can withdraw funds from a high-yield savings account like you can a traditional savings account.
How often can I take money out of a high-yield savings account?
It used to be a rule that consumers could only withdraw or transfer cash out of a high-yield savings account up to six times per month without paying any fees. Since the pandemic, however, this rule has ended and it is now up to each bank's discretion to choose how often savers can withdraw. Most banks have stuck to this six-times-per-month rule, while others let you make unlimited withdrawals at no cost.
Do you pay taxes on a high-yield savings account?
Interest accrued on a high-yield savings account is taxed as ordinary income. You must report the interest on your tax return for any account that earned more than $10 in one year.
What are the cons of a high-yield savings account?
The biggest con of high-yield savings accounts is that their interest rates can fluctuate at any time. Withdrawing money may also be a slightly slower process as only a few high-yield savings accounts offer ATM cards. And, if you care about in-person banking, most of the online high-yield savings account banks don't have physical locations.
What does APY mean?
APY is the acronym for "annual percentage yield" and it represents the total amount of interest a bank account earns over one year, taking into account compound interest. APY is different from an account's actual interest rate, the latter meaning simply the percentage of interest you'd earn on a bank account.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every high-yield savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking and personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best high-yield savings accounts.
Read more
Our methodology
To determine which high-yield savings accounts offer the best return on your money, CNBC Select compared dozens of U.S. savings accounts offered by various financial institutions, including brick-and-mortar banks, online banks and large credit unions. Though most online banks don't have physical branches, they often offer higher APYs, lower fees and overall better benefits than national brick-and-mortar banks.
We narrowed down our ranking by only considering those savings accounts that offer an above-average interest rate, no monthly maintenance fees and low (or no) minimum balance requirements.
While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.
All accounts included on this list are FDIC- or NCUA-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate per the Federal Reserve rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.
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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC Select and has not been reviewed or provided by the bank prior to publication.
*SoFi members with direct deposit can earn up to 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/12/23. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.