15 Best High-yield Savings Accounts 2019

A high-yield savings account charges little or no fees and allows consumers to build their savings by earning interest each month while still maintaining access to their money. We’ve reviewed the best high-interest savings accounts and compared the 15 best accounts below with the highest interest rates.

Top 15 High-yield Savings Accounts 2019

*Updated April 2019

What a High-yield Savings Account Is

A high-yield savings account is an interest-bearing bank account that pays a higher annual percentage yield (APY) on deposits compared to traditional savings accounts. High-yield savings accounts give consumers the opportunity to reach their financial goals quicker while still having access to their funds. Additionally, the best business savings accounts generally charge minimal account fees.

What Changed Since Our Last Review of the Best High-yield Savings Accounts

This article was first published in October 2018. We update this article frequently because banks frequently revise their product offerings on high-yield savings accounts. This is especially true regarding APYs and monthly account fees as well as minimum and maximum deposits.

The changes with the greatest impact on the best high-yield savings accounts during this most receive review were Federal Reserve Bank rate hikes and an expansion of our list of high-yield savings accounts.

Fed Rate Hikes

We monitor the Federal Reserve Bank rate because any change in the rate affects the cost of money for banks. When the prime rate fluctuates, banks may change their APYs or account fees. Since our last update, we saw a significant increase in interest rates throughout our list. This is a result of the increase in the national rate for savings accounts. The national rate is calculated by the Federal Deposit Insurance Corporation (FDIC) as a simple average of rates paid by all insured depository institutions and branches for which data are available.

Expanded List of High-yield Savings Accounts

Additionally, we expanded our list after reviewing more high-yield savings accounts that are available. We decided to expand our list of the best high-yield savings accounts because we wanted to provide readers with more options from which to choose. Originally, our best high-yield savings account list compared 12 different accounts and now we have expanded the list to 15 high-yield savings accounts.

How We Evaluated the Best High-yield Savings Accounts

High-yield savings accounts are offered by several banks and online providers. The best high-yield savings accounts offer APYs ranging from 2.20% to 2.41%, FDIC protection, and no monthly fees if you maintain minimum balance requirements.

We evaluated high-yield savings accounts on several factors, including:

• APY: The interest rate that the bank offers to pay you on a monthly basis
• Introductory offer: Higher interest rates or sign-up bonuses offered to new customers
• Potential fees: Any ongoing monthly fees associated with a specific account
• Minimum balance requirements: The amount of money you are required to maintain on a day-to-day basis
• Additional account features & products: Other benefits included in high-interest savings accounts, such as free online checking accounts, debit cards or cashier’s checks
• Network & accessibility: How easy it is to open or access an account, whether any qualification requirements may restrict eligibility, and accessibility to the bank
• Government insurances: Whether the money deposited in the account is insured by the FDIC or National Credit Union Administration (NCUA) up to the federal limit of $250,000. Most often, credit unions are NCUA-insured, and banks are FDIC-insured.

While many high-yield savings accounts charge little or no fees, some providers require that account holders maintain certain minimum monthly balances to avoid charges. When comparing providers, it’s important to consider fees because they can quickly lower your yield on a high-yield savings account.

After comparing more than 60 banks and credit unions that offer high-interest savings accounts online with the best interest rates, our recommended high-yield savings account provider is PNC Bank. PNC Bank offers one of the best interest rates and has several other products, such as checking accounts, credit cards, loan options, and investment accounts.

PNC Bank: 2.35% APY — No Minimum Deposit

PNC Bank is located in 19 states on the East Coast and offers interest rates of 2.35% with no minimum deposit required to open the account. Your deposits are FDIC-insured up to the federal limit of $250,000. Although branches and in-network ATMs are located on the East Coast, you can apply online and manage your high-yield savings account using its digital banking tools. Additionally, PNC Bank also provides a full suite of financial products and services.

PNC Rates & Requirements

The high-yield savings account offered by PNC Bank has the following rates and account requirements:

• Interest rate: 2.35% on balances up to $5 million
• Minimum initial deposit: None
• Minimum balance: None

PNC Bank offers some of the highest interest rates with no minimum deposit or ongoing minimum balance requirement. There are some other accounts on our list with higher APYs. However, they also carry a minimum initial deposit. For example, CIBC Bank USA offers 2.39% but requires a minimum deposit of $1,000.

PNC Bank Fees

PNC Bank charges fees including:

• Monthly fee: None
• ATM withdrawal fee: $3 for non-PNC Bank ATMs
• Domestic incoming wire fee: None
• Foreign incoming wire fee: $15
• Domestic outgoing wire fee: $30
• Foreign outgoing wire fee: $45
• Paper statement fee: None

PNC Bank provides accounts holders with low account fees compared to other accounts on our list. Specifically, PNC Bank doesn’t require you to maintain a minimum balance to avoid a monthly account fee. In comparison, Northfield Bank requires you to maintain a minimum balance of $2,500 to avoid an $8 monthly account fee.

PNC Bank Additional Features & Product Offerings

PNC Bank offers various personal banking products and services in addition to its high-yield savings account, such as checking accounts, credit cards, and loans. It also offers a service called Virtual Wallet, which pairs its money management tools with high-yield savings, regular savings, and checking accounts. If you take advantage of this service, you can earn up to 2.40% instead of 2.35% on your high-yield savings account.

PNC Bank Branch Network & Accessibility

PNC Bank only has branches and ATMS in 19 states on the East Coast. However, it makes banking easy with its website and mobile banking app. From its mobile making app, you can initiate account transfers, set up automatic transfers into your savings account, and take advantage of mobile check deposits. Additionally, you can apply online.

What PNC Bank Is Missing

PNC Bank is missing a widespread branch network and ATMs that are accessible nationwide. Although you can use any ATM you’d like, PNC Bank will charge you $3 per transactions on top of any fees the specific ATM charges. These fees won’t be reimbursed.

PNC Bank Customer Reviews

We sourced the web for user reviews and, in doing so, we found customer reviews to be positive. Most reviews suggested it has strong online and mobile tools and they loved the APY they could earn with no minimum deposit. The only negative review was in regard to its $36 overdraft fee per item, which is steep compared to competitors.

Vio Bank: 2.41% APY — $100 Minimum Deposit

Vio Bank is an online savings account that offers 2.41% interest on all balances and FDIC insurance up to $250,000. It is also a division of MidFirst Bank. Since it’s an online account, you won’t have access to any ATMs or physical branch locations. However, applying online is easy, and account fees are relatively low compared to accounts connected to a physical bank.

Vio Bank Rates & Requirements

Vio Bank High Yield Savings has the following rates and account requirements:

• Interest rate: 2.41% on all balances
• Minimum initial deposit: $100
• Minimum balance: None

Vio Bank requires a minimum initial deposit of $100 to open its high-yield savings account. However, on a go-forward basis, you won’t be required to maintain a minimum daily account balance. Its 2.41% APY ranks well compared to PNC Bank’s 2.36%. However, if you need access to a branch or ATM, this account isn’t best for you.

Vio Bank Fees

Vio Bank monthly account fees are:

• Monthly fee: None
• ATM withdrawal fee: ATM use not available
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: $18
• Foreign outgoing wire fee: Not available
• Paper statement fee: $2

Vio Bank is an online bank and, therefore, doesn’t have the same overhead as a physical bank. For this reason, its fees are low. As we saw with PNC Bank, Vio Bank also doesn’t have a monthly account fee. However, the major downside to this account is the use of a debit card or ATM card is not available.

Vio Bank Additional Features & Product Offerings

Vio Bank offers both an online banking and mobile banking experience, both of which are free to account holders. With its online banking platform, you can search transaction history, view and print statements, make electronic transfers, and download account information into Quicken. However, PNC Bank offers much more additional features and products, such as its Virtual Wallet.

Vio Bank Branch Network & Accessibility

Vio Bank provides an online high-yield savings account, which means it has no physical locations for its account holder to visit. Additionally, Vio Bank doesn’t allow for the use of debit cards or ATM cards with its savings account. For that reason, this account is only good for someone who is OK with a totally online banking experience. If you need an ATM card, consider PNC Bank.

What Vio Bank Is Missing

Vio Bank doesn’t provide any physical locations for its account holders to visit. This means you will need to do all your banking either through its online banking platform or recently launched mobile app. If you’re looking for an account with physical locations or access to ATMs, consider PNC Bank.

Vio Bank Customer Reviews

We pulled reviews from online and found that Vio Bank has many positive reviews. Account holders said they love the low account fees and market-leading interest rate. There was a negative review about Vio Bank not having a mobile app, but it has recently launched a mobile banking experience.

Salem Five Direct: 2.30% APY — $100 Minimum Deposit

Salem Five Direct is a regional bank in Massachusetts that is also available nationally and offers interest rates of 2.30% with a minimum deposit of just $100. Salem Five provides both FDIC insurance up to $250,000 and Depositors Insurance Fund (DIF) insurances for any amount above $250,000. Although they are a regional bank, you can apply online and will have access to your funds through a mobile banking app. Additionally, you’ll have access to 55,000 Allpoint ATMs nationwide.

Salem Five Direct Rates & Requirements

Salem Five Direct offers the following high-yield savings interest rates and requirements:

• Interest rate: 2.30% up to $1 million, 0.05% thereafter
• Minimum initial deposit: $100
• Minimum balance: None

With a minimum initial deposit of $100, Salem Five Direct offers interest rates of 2.30% for all balances up to $1 million. If you pass the $1 million threshold, you will only earn 0.05%. These rates fall short of our best high-yield savings account. PNC Bank, for example, offers 2.35% on all balances and requires no initial deposit.

Salem Five Direct Fees

Salem Five Direct fees include:

• Monthly fee: None
• ATM withdrawal fee: $2 for non-Allpoint ATMs
• Domestic incoming wire fee: $15
• Foreign incoming wire fee: $15
• Domestic outgoing wire fee: $20
• Foreign outgoing wire fee: $40
• Paper statement fee: $5

Similar to PNC Bank, Salem Five Direct carries no monthly account fee or a minimum account balance to have it waived. With a Salem Five Direct high-yield savings account, you will have access to 55,000 Allpoint ATMs nationwide for no additional fee. For any transactions a non-Allpoint ATMs, you will be charged $2.

Salem Five Direct Additional Features & Product Offerings

Salem Five Direct offers free checking accounts and CDs that have some of the best interest rates available, in addition to their online savings accounts. Customers of Salem Five also get free access to online and mobile banking, mobile deposits and text alerts. In comparison, if you’re looking for more widespread products consider a bank like PNC Bank.

Salem Five Direct Branch Network & Accessibility

Salem Five Direct is a small regional bank in Massachusetts and doesn’t provide many physical location options for account holders. However, they do give you access to 55,000, fee-free ATMs nationwide, which is a huge benefit. You can access your funds through its free online banking and mobile banking app. This is much better than PNC Bank as it doesn’t offer fee-free ATMs.

What Salem Five Direct Is Missing

Salem Five is a relatively small regional bank, but it has one of the best high-yield savings accounts. The bank has just more than 30 branches in the Boston region, making it difficult for customers who live outside the area to get in-person help. However, customers can still access their account online from anywhere.

Salem Five Direct Customer Reviews

Salem Five customer reviews online are mixed. The bank is rated A by the Better Business Bureau (BBB) and widely regarded as a healthy, established bank, but it also has some customer complaints. Most complaints are related to the bank’s lending products, but there have also been some complaints about customer interest rates being cut unexpectedly.

CIT Bank: 2.20% APY — $100 Minimum Deposit

CIT Bank offers 2.20% APY as long as you maintain a minimum balance of $25,000 or deposit $100 every month. If your account balance is less than $25,000 and you don’t make at least one deposit of $100, you will earn 1.26% APY. CIT Bank is also FDIC-insured, which means your deposit accounts are insured up to $250,000 per depositor. However, it is a completely online bank, so you will need to apply online and access your funds through its mobile banking experience.

CIT Bank Rates & Requirements

CIT Bank rates and requirements include:

• Interest rate: 2.20% on more than $25,000 or if you make $100 monthly deposits, 1.26% for balances less than $25,000 and if you don’t make $100 monthly deposits
• Minimum deposit: $100
• Minimum balance: None

To receive CIT Bank’s highest rate of 2.20%, you’re required to maintain a minimum balance of $25.000 or make a $100 monthly deposit. If your balance is less than $25,000 and you don’t make a $100 monthly deposit, you’ll earn 1.36%. Conversely, PNC Bank offers 2.35% on all balances with no recurring monthly deposit or minimum balance requirement.

CIT Bank Fees

CIT Bank charges fees including:

• Monthly fee: None
• ATM withdrawal fee: Not applicable; the bank does not offer ATM cards
• Domestic incoming wire fee: None
• Foreign incoming wire fee: Not allowed
• Domestic outgoing wire fee: $10, if balance is less than $25,000
• Foreign outgoing wire fee: Not allowed
• Paper statement fee: None

As a branchless bank, CIT Bank can provide accounts with low account fees. CIT Banks Savings Builder account has no monthly account fee and only charges for domestic outgoing wire transfers if your balance is less than $25,000. In comparison, PNC Bank charges $30 for all domestic outgoing wire transfers.

CIT Bank Additional Features & Product Offerings

CIT Bank offers its account holders with online and mobile banking, which allows them to transfer funds electronically, manage their account, and make remote check deposits. Additionally, it offers other savings accounts, money market accounts, CD accounts, and home loans. Although these additional offerings are strong, they fall short of PNC Bank’s wealth management capabilities and solutions.

CIT Bank Branch Network & Accessibility

CIT Bank is a completely online bank, which means you won’t have the ability to visit any physical locations. It also doesn’t offer ATM cards with its savings accounts. To access and manage your funds, you can utilize their mobile banking app. If you need access to ATMs, consider Salem Five Direct. It offers access to 55,000 fee-free ATMs nationwide.

What CIT Bank Is Missing

CIT Bank doesn’t have any physical branch locations. It is an internet only bank, and account holders will need to do all their banking through their online and mobile banking experience. Additionally, it doesn’t offer any checking accounts. If you’re looking to open a high-yield savings account and checking account with the same bank, consider PNC Bank.

CIT Bank Customer Reviews

We sourced the web for user reviews and, in doing so, we found that reviews are mostly positive. Account holders love the rate they can earn with this savings account, and they also like CIT Bank’s money market account. One negative review suggests customers would like it if CIT Bank had a checking account product offering.

Popular Direct: 2.36% APY — $5,000 Minimum Deposit

Popular Direct is an internet only bank that offers 2.36% APY. While it takes $5,000 to open an account with Popular, you can still earn 2.36% if your balance falls as low as $500. Popular Direct is FDIC-insured up to the federal limit of $250,000. Since it’s an online-only bank, you can apply online in a matter of minutes and access your account through its mobile banking app.

Popular Direct Rates & Requirements

Popular Direct rates and requirements include:

• Interest rate: 2.36%
• Minimum deposit: $5,000
• Minimum balance: $500

Popular Direct offers high-interest rates of 2.36%; however, it takes an initial deposit of $5,000 to open the account. Additionally, you must maintain a minimum balance of $500 to avoid a monthly account fee. Conversely, CIT Bank offers interest rates of 2.30% with a $100 minimum deposit requirement.

Popular Direct Fees

Popular Direct fees for high-yield savings fees include:

• Monthly fee: $4, waived if you maintain a minimum balance of $500
• ATM withdrawal fee: Not applicable
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: None; the bank only does outgoing automated clearing house (ACH) transactions
• Foreign outgoing wire fee: Not applicable
• Paper statement fee: $5 if fewer than 60 days; otherwise $10

Although Popular Direct requires you to maintain a minimum balance to avoid a $4 account fee, it does have low wire transfer fees relative to other accounts. For example, PNC Bank has no monthly account fee but charges $30 for domestic outgoing wire transfers.

Popular Direct Additional Features & Product Offerings

Popular Direct high-yield savings customers have access to free online and mobile banking and can also purchase CDs online. With its mobile banking app, you can make electronic transfers, view your balances and statements, and submit checks by uploading a photo. If you want access to more products, consider CIT Bank. It offers several financial products, such as money market accounts and checking accounts.

Popular Direct Branch Network & Accessibility

Popular Direct is an internet-only bank and doesn’t have any physical branch locations. Additionally, Popular Bank doesn’t have a network of ATMs like some of the other accounts in our list. However, it offers an online and mobile banking platform for all account holders. If you need access to ATMs, consider Salem Five Direct, which has 55,000 ATMs nationwide.

What Popular Direct Is Missing

Popular Direct’s barrier to entry is high compared to most accounts. It requires a $5,000 deposit to open an account and customers are charged monthly maintenance fees if their balance falls below $500. If you’re looking for an account with no initial deposit requirement, consider PNC Bank.

Popular Direct Customer Reviews

Popular Direct online customer reviews online are mixed. The most frequent complaint among Popular Direct customers is about the freezing of new account withdrawals. However, positive reviews suggest that Popular Direct is an easy-to-use online provider and offers some of the best interest rates available.

Citizens Access: 2.35% APY — $5,000 Minimum Deposit

Citizens Access offers 2.35% APY on balances of at least $5,000. It’s an online subsidiary of Citizens Bank that’s focused exclusively on high-yield savings accounts and CDs. Citizens Bank is headquartered in Rhode Island but has branches across the United States. Citizens Access high-yield savings accounts are FDIC-insured up to $250,000. You can apply only in just a couple of minutes and access your funds through its mobile banking app.

Citizens Access Rates & Requirements

Citizens Access has rates and requirements including:

• Interest rate: 2.35% on balances of at least $5,000; 0.25% on balances less than $5,000
• Minimum deposit: $5,000
• Minimum balance: $5,000 to earn the advertised APY

Although Citizens Bank offers a high-interest rate of 2.35%, you are required to make an initial deposit of $5,000. Additionally, you must maintain a minimum balance of $5,000 to earn the 2.35%. If your balance falls below $5,000, your account will only earn 0.25%. If you can’t meet this requirement, consider PNC Bank who offers 2.35% on all balances up to $5 million.

Citizens Access Fees

Citizen Access charges high-yield savings fees including:

• Monthly fee: None
• ATM withdrawal fee: Not applicable; the bank doesn’t offer ATM cards
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: None, the bank only does outgoing ACHs
• Foreign outgoing wire fee: Not applicable
• Paper statement fee: Not applicable; the bank doesn’t offer paper statements

Citizen Access is the most affordable account on our list. It is a completely fee-free, digital banking platform. It’s a cashless, paperless, and have no physical bank branches, which allows it to reduce its fees to nothing. In comparison, accounts like PNC Bank and Vio Bank charge fees for wire transfers.

Citizens Access Additional Features & Product Offerings

Citizens Access high-yield savings customers get access to free online and mobile banking, remote check deposit, and additional free banking services. This is similar to Vio Bank’s mobile banking app that allows account holders to access their funds on the go.

Citizens Access Branch Network & Accessibility

Although Citizens Access is an online-only bank, they are a part of Citizens Bank in Rhode Island. Citizens Bank has more than 1,200 branches and approximately 3,200 ATMs across 11 states. However, Citizen Access provides enough features for its account holders to manage their account from its mobile device. In comparison, Salem Five Direct offers 55,000 fee-free ATMs nationwide.

What Citizens Access Is Missing

Citizens Access makes it challenging to qualify for its account. Account holders must maintain a minimum balance of $5,000. Citizens Access also only offers high-yield savings accounts and CDs. It doesn’t offer a checking account online, and additional features are minimal for high-yield savings accounts.

Citizens Access Customer Reviews

Citizens Access has excellent customer reviews online. Customers like the high-interest rate and find the bank easy to work with. Customers also don’t seem to have a problem using the parent company for additional banking services. There were no negative reviews in regard to this account.

CIBC Bank USA: 2.39% APY — $1,000 Minimum Deposit

CIBC Bank USA offers a free high-yield savings account that requires a minimum deposit of $1,000 and pays 2.39% APY. Notably, CIBC Bank USA only has physical locations in Illinois, Michigan, Missouri, and Wisconsin. However, you can apply online and access your account through its mobile banking app. All deposits into your CIBC Bank USA high-yield savings account are FDIC-insured up to $250,000.

CIBC Bank USA Rates & Requirements

CIBC Bank USA has the following rates and requirements:

• Interest rate: 2.39%
• Minimum deposit: $1,000
• Minimum balance: None

CIBC Bank USA offers high-interest rates of 2.39%. However, you are required to make an initial deposit of at least $1,000. Although this rate is high, so is the minimum deposit requirement in comparison to other accounts. PNC Bank, for example, offers 2.35% and has no minimum deposit requirement.

CIBC Bank USA Fees

CIBC Bank high-yield savings fees include:

• Monthly fee: None
• ATM withdrawal fee: $3, plus 2.5% administration fee
• Domestic incoming wire fee: $15
• Foreign incoming wire fee: $15
• Domestic outgoing wire fee: $30 to $80, depending on the size of the payment
• Foreign outgoing wire fee: $30 to $80, depending on the size of the payment
• Paper statement fee: $5

CIBC charges outgoing wire transfer fees that range from $30 to $80, depending on the size of the payment. There is a fee of $30 for wire transfers of $10,000 or less. The fee for transfers between $10,001 and $50,000 is $50, and the fee is $80 for outgoing wire transfers of more than $50,000. In comparison, PNC Bank only charges $0 incoming and $30 outgoing for domestic wire transfers.

CIBC Bank USA Additional Features & Product Offerings

CIBC high-yield savings customers can access their account through mobile banking. In addition, CIBC customers have access to a full lineup of personal and business banking products and wealth management services. CIBC Bank USA compares and ranks well when put up against CIT Bank as they both offer several additional products.

CIBC Bank USA Branch Network & Accessibility

CIBC Bank USA only has physical branch locations in Illinois, Michigan, Missouri, and Wisconsin. Additionally, its ATMs are only located in all of those states besides Michigan. You can use other financial institutions’ ATMs. However, you will be charged $3 plus a 2.5% administration fee. CIBC Bank USA provides a mobile banking app that allows account holders to access their funds.

What CIBC Bank USA Is Missing

CIBC Bank USA doesn’t have many U.S. locations where customers can get in-person help. CIBC only has banking centers in four Midwestern states and ATMs in three states. If you’re looking for a bank with more physical branches, consider PNC Bank.

CIBC Bank USA Customer Reviews

We sourced the internet for customer reviews of the bank and found they are very negative. CIBC has an F rating from the BBB and many customer complaints online, particularly about customer service. Delays by the bank are also a frequent source of complaints and can be difficult to resolve.

Marcus by Goldman Sachs: 2.25% APY — No Minimum Deposit

Marcus is the retail banking arm of Goldman Sachs, which is one of the largest and most established investment banks in the world. It offers an online high-yield savings account that pays 2.25% on balances of at least $1. Marcus savings accounts are FDIC-insured up to the federal limit of $250,000. You can apply online in a matter of minutes and access your account through its online banking website. Unfortunately, Marcus doesn’t have a mobile app or an ATM network.

Marcus Rates & Requirements

Marcus high-yield savings accounts have rates and fees including:

• Interest rate: 2.25%
• Minimum deposit: None
• Minimum balance: None to open account; $1 to earn 2.25% APY

Marcus by Goldman Sachs offers a high-yield savings account that pays 2.25% on balances of at least $1. However, there is no minimum deposit required to open your account or minimum balance requirement to maintain your account. In comparison, PNC Bank offers 2.35% interest on all balances with no initial deposit requirement.

Marcus Fees

Marcus high-yield savings fees include:

• Monthly fee: None
• ATM withdrawal fee: Not applicable; Marcus does not offer ATM cards
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: None
• Foreign outgoing wire fee: None
• Paper statement fee: None

Marcus is one of the most inexpensive online banking providers on our best high-yield savings account list. The only time you may experience a fee is if other third parties charge fees for sending or receiving wire transfers from your Marcus savings account. Conversely, PNC Bank charges $30 for domestic outgoing wire transfers.

Marcus Additional Features & Product Offerings

Marcus offers one of the best interest rates available for high-yield savings accounts with no account minimums. It also offers clients a great selection of personal loans for customers who want to consolidate debt or do a home addition. However, other banks offer more products beyond personal finance accounts, such as PNC Bank.

Marcus Branch Network & Accessibility

Marcus by Goldman Sachs is an internet high-yield savings account. This means you won’t be able to walk in and visit a physical location. Unlike some of our other accounts, such as PNC Bank, Marcus doesn’t provide a mobile app. You will need to do all your banking through its website.

What Marcus Is Missing

Marcus does not offer checking accounts. However, it is a great provider of online savings products from one of the world’s largest financial institutions. Additionally, the bank also has no branch offices where customers can get in-person help. If you need a personal checking account or access to select branches, consider PNC Bank.

Marcus Customer Reviews

We sourced the web for user reviews and found Marcus has great reviews for its online savings account product. It has been a few complaints about customer service, but most of the complaints are focused on CDs or loan products. However, most customer reviews are very positive.

Synchrony Bank: 2.25% APY — No Minimum Deposit

Synchrony Bank is an online-only provider of savings products including high-yield savings accounts, CDs and money market. Synchrony pays 2.25% interest and doesn’t require a minimum deposit or minimum balance. Since this is an online-only bank, account holders can access their funds through online and mobile banking. You can apply online and bank with confidence as Synchrony Bank is FDIC-insured up to $250,000 per depositor.

Synchrony Bank Rates & Requirements

Synchrony Bank has rates and requirements including:

• Interest rate: 2.25%
• Minimum deposit: None
• Minimum balance: None

Similar to PNC Bank, Synchrony Bank doesn’t require a minimum initial deposit or require you to maintain a minimum balance. However, their APY of 2.25% falls short of PNC Bank. PNC Bank offers 2.35% interest on all balances with no minimum deposit.

Synchrony Bank Fees

Synchrony Bank fees include:

• Monthly fee: None
• ATM withdrawal fee: None
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: $25
• Foreign outgoing wire fee: $25
• Paper statement fee: None

As an online-only bank, Synchrony Bank can charge low account fees on their savings accounts. Additionally, you can get an optional ATM card to perform basic transactions from your high-yield savings accounts at any ATM displacing the Plus or Accel logos. It doesn’t charge a fee to use an ATM, but there may be an ATM fee charged by the ATM owner.

Synchrony Bank Additional Features & Product Offerings

Synchrony Bank offers an optional ATM card that can help account holders make transactions with their high-yield savings accounts. Synchrony Bank also offers several other products including CDs, money market accounts, individual retirement account (IRA) CDs, and IRA money market accounts. These additional product offerings rank well compared to most other high-yield savings accounts on our list.

Synchrony Bank Branch Network & Accessibility

Synchrony Bank is an online-only high-yield savings account, which means there are no physical locations. With Synchrony Bank, you have access to an optional ATM card and any ATMs with the Plus or Accel logos. In comparison, Marcus by Goldman Sachs falls short of this as it doesn’t offer an ATM card or access to ATMs.

What Synchrony Bank Is Missing

Synchrony Bank customers only get six transactions in their account each month. The bank doesn’t charge a fee if you exceed six transactions but reserves the right to close your account if it suspects it’s being misused. Customers also can’t get a checking account through Synchrony. The bank’s selection of products is also limited, only offering savings, CDs and money market accounts.

Synchrony Bank Customer Reviews

Synchrony Bank has very positive customer reviews online. Customer complaints are very rare, especially about the bank’s online high-yield savings products. Synchrony is generally well-regarded and considered one of the best high-yield savings account providers available.

Ally Bank: 2.20% APY — No Minimum Deposit

Ally Bank is another online-only and cashless high-yield savings account provider that’s generally regarded as one of the best online banks. The bank has more than 250,000 customer accounts and, with no account minimums or monthly fees, is a great provider of free online savings products that pay 2.20% APY. Your Ally Bank deposits are FDIC-insured up to $250,000. You can apply online and manage your funds through their mobile banking app.

Ally Bank Rates & Requirements

Ally Bank offers rates and requirements including:

• Interest rate: 2.20%
• Minimum deposit: None
• Minimum balance: None to maintain account, $1 to earn 2.20% APY

Ally Bank offers 2.20% interest and has no minimum deposit or minimum balance requirements. Similar online accounts, such as Wealthfront and Marcus, require you to have a minimum balance of $1 to earn their highest APY.

Ally Bank Fees

Ally Bank high-yield savings fees include:

• Monthly fee: None
• ATM withdrawal fee: Not applicable; Ally Bank does not offer ATM cards
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: $20
• Foreign outgoing wire fee: Not applicable; Ally does not issue international wire transfers
• Paper statement fee: None

Ally Bank is another inexpensive internet banking provider. Their high-yield savings account virtually has no account fees, with the exception of a $20 fee for domestic outgoing wire transfers. These account fees are similar to both Wealthfront and Marcus, besides that $20 wire transfer fee. Marcus and Wealthfront don’t have a transfer fee.

Ally Bank Additional Features & Product Offerings

Ally Bank high-yield savings customers get access to remote deposit. Customers also get unlimited deposits and aren’t charged any fees for incoming wire transfers. Additionally, Ally also offers a cash back credit card, auto and home loans, and investment account. However, its investment products are not FDIC-insured, not bank guaranteed, and may lose value. These offerings outrank Wealthfront, a similar type of online bank.

Ally Bank Branch Network & Accessibility

Similar to both Marcus and Wealthfront, Ally Bank does not provide its account holders with access to ATMs or physical branches. It’s a completely online and cashless banking provider. Although, you can access and manage your funds through its mobile app, which also allows for remote deposits.

What Ally Bank Is Missing

Ally Bank is an online-only bank, which means it’s missing access to branches and ATMs. Additionally, customers are limited to six third-party transactions per month and are charged $10 for each transaction after the first six. If you’re looking for a provider with ATMs and branches, consider PNC Bank or Salem Five Direct.

Ally Bank Customer Reviews

We sourced user reviews from Ally Bank’s website, and they are excellent. Ally is an online-only provider and has structured customer service to suit customer needs. According to online reviews, Ally is one of the most trusted online banking providers. Some customers have noted they experience some issues with their automatic transfers.

Wealthfront: 2.29% APY — $1 Minimum Deposit

Wealthfront is an internet provider that offers a high-yield savings account for existing Wealthfront clients that pays 2.29%. This high-yield savings account is FDIC-insured up to $1 million per account holder ― $2 million for jointly held accounts ― because it brokers the deposits to more than one bank. You can apply online and use its mobile banking app to access your account. If you’re not an existing Wealthfront client, you can sign up on its website to receive notifications on when the account will be available to you.

Wealthfront Rates & Requirements

Wealthfront has rates and requirements including:

• Interest rate: 2.29%
• Minimum deposit: $1
• Minimum balance: None

Wealthfront recently launched a new high-yield savings account that pays 2.29% interest after a minimum deposit of $1. There are no additional deposit or minimum balance requirements. In comparison, PNC Bank offers 2.35% interest on all balances up to $5 million and no minimum deposit to open the account.

Wealthfront Fees

Wealthfront charges fees including:

• Monthly fee: None
• ATM withdrawal fee: Not applicable; Wealthfront does not offer ATM cards
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: None
• Foreign outgoing wire fee: None
• Paper statement fee: None

Similar to Citizens Access, Wealthfront’s high-yield savings account is a fee-free internet banking option. Account holders won’t be responsible for any account fees. Conversely, PNC Bank charges $30 for domestic outgoing wire transfers.

Wealthfront Additional Features & Product Offerings

To qualify for the Wealthfront account, you need to be an existing Wealthfront Client who uses its investment account. Wealthfront is known for its robo-investing product that helps people invest with minimal effort. It chooses low-cost exchange-traded funds (ETFs) to invest your money in and only charger a 0.25% annual advisory fee on what you invest. In comparison to Ally Bank, a similar online bank, Wealthfront falls short as it doesn’t offer as many additional products.

Wealthfront Branch Network & Accessibility

Wealthfront is an online-only and cashless banking provider. This means you won’t have access to an ATM or physical branch location. To manage your funds and your account, you will need to use its online or mobile banking experience. If you need access to ATMs, consider PNC Bank or Five Salem Direct.

What Wealthfront Is Missing

Wealthfront has yet to release this savings account product to everyone. You must use their investment account to have access to open a high yield-savings account. However, you can sign up on their website to receive notifications on when it will be available. They have not specified a date, but say it’ll be available in the near future. If you’re not an existing Wealthfront client, consider a similar account like Marcus.

Wealthfront Customer Reviews

We sourced the web for Wealthfront reviews and found most to be positive. Wealthfront clients like the minimal opening balance and its robo-investing product. However, people that don’t have its investment account yet complain about not being able to access the high-yield account.

PurePoint Financial: 2.35% APY — $10,000 Minimum Deposit

PurePoint Financial pays 2.35% interest if you maintain a minimum balance of $10,000. It has physical branch locations in New York, Illinois, Florida, and Texas. Although, you can apply online and access your funds through its mobile banking experience. With PurePoint Financial, you can bank with confidence because your deposits are FDIC-insured up to the federal limit of $250,000.

PurePoint Financial Rates & Requirements

PurePoint Financial rates and requirements include:

• Interest rate: 2.35% on balances of $10,000 or more; 0.25% on balances less than $10,000
• Minimum deposit: $10,000
• Minimum balance: 1 cent to maintain account; $10,000 or more to earn the highest interest rate

PurePoint Financial pays 2.35% on balances of $10,000 or more and requires a minimum initial deposit of $10,000. If your balances fall below $10,000, you will only earn 0.25% interest. In comparison, PNC Bank offers the same 2.35% interest, but on any balances up to $5 million. If you don’t think you can maintain the $10,000 requirement, consider PNC Bank.

PurePoint Financial Fees

PurePoint Financial charges fees including:

• Monthly fee: None
• ATM withdrawal fee: Not applicable; the bank does not offer ATM cards
• Domestic incoming wire fee: $25
• Foreign incoming wire fee: $25
• Domestic outgoing wire fee: $25
• Foreign outgoing wire fee: $25
• Paper statement fee: None

Similar to PNC Bank, PurePoint Financial doesn’t carry a monthly account fee. Additionally, to maintain your account you only need to have a balance that is greater than $0. Although, PurePoint Financial doesn’t offer ATM access to account holders. If you think you’ll need access to ATMs, consider Salem Five Direct, which has 55,000 fee-free ATMs.

PurePoint Financial Additional Features & Product Offerings

PurePoint Financial customers get free access to online and mobile banking plus bank transfers, mobile deposit and wire transfers. Additionally, it offers online CD accounts offering interest rates between 2.20% to 3.10%, depending on the term length. Similar to its savings accounts, there is a $10,000 initial deposit requirement for its CD accounts. In comparison, Synchrony Bank also offers CD products with up to 3.10% interest.

PurePoint Financial Branch Network & Accessibility

PurePoint Financial only has physical branches in New York, Illinois, Florida, and Texas. Additionally, it doesn’t offer ATM access to its high-yield savings accounts. However, you can access your funds through its online and mobile banking experience if you’re not near a physical branch location. If you need access to ATMs, consider Salem Five Direct.

What PurePoint Financial Is Missing

PurePoint is a subsidiary of one of the world’s largest and most established financial groups. However, it only has offices in four states and offers a limited selection of products including savings accounts and CDs. If you are looking for a bank with a more widespread selection of products, consider PNC Bank.

PurePoint Financial Customer Reviews

PurePoint Financial customer reviews online are mostly positive. Clients report that PurePoint’s website and mobile banking are easy to use and that they get quick responses to inquiries. There have been some complaints about poor customer service or clients having trouble resolving problems, but these seem like rare occurrences.

Barclays: 2.20% APY — No Minimum Deposit

Barclays is an online banking provider that offers both online high-yield savings accounts and CD accounts. Its online high-yield savings account pays 2.20% APY on all balances. There is also no minimum deposit or minimum balance requirement for this account. All deposits up to $250,000 are FDIC-insured. Since this is an online provider, there are no ATMs or physical branches. You can apply online and manage your account through its mobile banking app.

Barclays Rates & Requirements

Barclays has the following rates and requirements:

• Interest rate: 2.20%
• Minimum deposit: None
• Minimum balance: None

Barclays offers 2.20% on its high-yield savings accounts with no minimum initial deposit. Additionally, you won’t be required to maintain a minimum balance. Other accounts on our list, such as our best PNC Bank, offer rates up to 2.35% with no initial deposit.

Barclays Fees

Barclays high-yield savings has fees including:

• Monthly fee: None
• ATM withdrawal fee: Not applicable; Barclays does not offer ATM cards
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: None
• Foreign outgoing wire fee: None
• Paper statement fee: 50 cents

Since Barclays is an internet bank, it’s able to reduce most of their monthly account and maintenance fees. The only account fees you will be responsible for is a paper statement fee of 50 cents. However, you can avoid this fee by viewing your statements through its mobile banking app. These fees are similar to other internet banks on our list, such as Ally Bank and Wealthfront.

Barclays Additional Features & Product Offerings

In addition to its online savings account, Barclays offers an online CD account. Its CD term lengths range between three months and 60 months and their rates range between 0.35% (three months) to 3.10% (60 months). Additionally, Barclays has a savings assistant tool to help account holders decide how much they need to save each month to reach a certain goal, such as college tuition or a home loan. If you’re looking for more robust features and additional product offerings, consider Synchrony Bank or PNC Bank.

Barclays Branch Network & Accessibility

Barclays is an online-only bank and, therefore, does not have any physical branch locations. Account holders can use its online and mobile banking platform to manage their account, make electronic transfers, and make remote deposits by taking a photo of your check. If you’re looking for a bank that offers access to ATMs, consider Salem Five Direct.

What Barclays Is Missing

Barclays doesn’t have any physical branches where customers can get in-person help. There also aren’t very many additional features for savings accounts, and the only additional product the bank offers is online CD accounts. If you want a bank with more product offerings, consider PNC bank who offers several different options.

Barclays Customer Reviews

We sourced the internet for online reviews and found that Barclays has a mix of positive and negative reviews. One positive review said that account holders love the interest rate they can earn and the minimal account fees. However, several people complain about the lack of an ATM network and branch locations.

Northfield Bank: 2.25% APY — $2,500 Minimum Deposit

Northfield Bank has locations in New York and New Jersey and offers interest rates of 2.25% with a $2,500 minimum deposit. All deposits up to $250,000 are FDIC-insured. Although the bank is located in New York and New Jersey, you can apply online and access your funds through its website or mobile banking app.

Northfield Bank Rates & Requirements

Northfield Bank Online Platinum Savings offers the following interest rates and requirements:

• Interest rate: 2.25% up to $100,000; 0.90% thereafter
• Minimum initial deposit: $2,500 to avoid the $8 monthly account maintenance fee
• Minimum balance: $2,500 to avoid an $8 monthly account fee

Northfield Bank offers an interest rate of 2.25%. However, it caps it at $100,000. Any balances above $100,000 will only earn 0.90%. Additionally, you must make a $2,500 deposit to open the account and maintain a minimum account balance of $2,500. If you want to earn high rates on balances above $100,000 and have fewer requirements, consider PNC Bank, which is at 2.35% and no minimum deposit.

Northfield Bank Fees

Northfield Bank charges fees including:

• Monthly fee: $8, waived if you maintain a minimum balance of $2,500
• ATM withdrawal fee: $1 for non-Northfield Bank ATMs
• Domestic incoming wire fee: $15
• Foreign incoming wire fee: $20
• Domestic outgoing wire fee: $25
• Foreign outgoing wire fee: $40
• Paper statement fee: $5

Northfield Bank account fees are much higher than those of PNC Bank. You must maintain a minimum account balance of $2,500 to avoid a $8 monthly account fee. In comparison, PNC Bank has no monthly account fee or minimum balance requirement.

Northfield Bank Additional Features & Product Offerings

Northfield Bank offers a wide selection of personal and business banking services in addition to high-interest savings. It also offers wealth management and loan services. High-yield savings customers have access to bank branches in New York and New Jersey plus free online and mobile banking. You can also set up a free checking account. These additional product offerings rank well when compared to CIT Bank’s additional financial products.

Northfield Bank Branch Network & Accessibility

Northfield Bank only has physical branches and ATMs across New York and New Jersey. You have access to use other branded ATMs. However, you will be charged a $1 fee for each transaction. For those that are not in the area but want to use Northfield, can access their funds through its online and mobile banking platform. If you need more widespread ATMs, consider a bank like Salem Five Direct.

What Northfield Bank Is Missing

Northfield Bank only has branches in the New York-New Jersey area and only pays attractive interest rates on the first $100,000 in an account. Customers also have to keep $2,500 in their account to avoid monthly maintenance fees. Consider opening an account with PNC Bank, where you can earn 2.35% on balances up to $5 million.

Northfield Bank Customer Reviews

Northfield Bank has great product reviews and ratings indicate the bank is financially healthy. However, Northfield Bank customer reviews online are mixed. There are a number of customer complaints, particularly about poor account accessibility through its website and some individual incidents of poor customer service.

Digital Federal Credit Union: 6.17 APY — $5 Minimum Deposit

Digital Federal Credit Union is headquartered in the Boston areas and has branches in Massachusetts and New Hampshire, although accounts can be accessed online from anywhere. To be eligible, you must live in a specific community, have a family member with an account, work for a qualifying company, or belong to a qualifying organization. DCU offers an incredible 6.17% on the first $1,000. For account balances more than $1,000, you will earn 0.25%. All deposits up to $250,000 are NCUA-insured through DCU. You can apply online in a matter of minutes.

Digital Federal Credit Union Rates & Requirements

Digital Federal Credit Union rates and requirements include:

• Interest rate: 6.17% on the first $1,000, and 0.25% thereafter
• Minimum deposit: $5
• Minimum balance: $5

Digital Federal Credit Union has the highest interest rates for any account on our list but puts a monetary cap to its APY. You can earn 6.17% on balances up to $1,000 and 0.25% for any amount that’s more than $1,000. So, this account is best if you know you won’t have more than $1,000 in your savings. In comparison, our recommended account, PNC Bank, offers 2.35% on all balances up to $5 million.

Digital Federal Credit Union Fees

Digital Federal fees include:

• Monthly fee: None
• ATM withdrawal fee: 75 cents for non-DCU ATMs, free with Plus or Relationship Benefits
• Domestic incoming wire fee: None
• Foreign incoming wire fee: None
• Domestic outgoing wire fee: $15
• Foreign outgoing wire fee: $40, if sent in foreign currency; otherwise $50
• Paper statement fee: $1 per page

DCU has branches and ATMs only in the Boston area. You can use non-DCU ATMs. However, you will be charged 75 cents for each transaction. If you have Plus or Relationship Benefits, you can receive free ATM access and between $10 and $25 per month in non-DCU ATMs reimbursements. You’ll automatically receive these benefits when you maintain direct deposit, Social Security, or pension into your DCU checking account.

Digital Federal Credit Union Additional Features & Product Offerings

All members of Digital Federal Credit Union get a free high-yield savings account at signup. Customers also get free access to online and mobile banking as well as nationwide ATM access. Digital Federal customers can also get free checking accounts or health savings accounts (HSAs). However, these additional product offerings fall short of some of the top accounts on our list, such as CIT Bank and PNC Bank.

Digital Federal Credit Union Branch Network & Accessibility

To open a DCU high-yield savings account, you must be eligible for a DCU membership. You can become eligible by having a family relationship to a current DCU member, the company your work for or retired from, an organization you belong to, or the community you live in. For example, qualifying communities include Chelmsford, Lowell, Tewksbury, Worcester, Cumming, Gainesville, and Norcross.

DCU’s headquarters are in Boston. However, it has physical branches in both Massachusetts and New Hampshire. Although, account holders will have the ability to manage their funds and access their high-yield savings account through its online or mobile banking platform. From there, you can view statements, pay your bills, make online deposits, and export history to Quicken. Its online banking experience is similar to most other high-yield accounts.

What Digital Federal Credit Union Is Missing

Digital Federal Credit Union has strict membership eligibility criteria limiting who can apply for an account. You must have a family member that is a current DCU member, work for a company who is a participating employer, belong to a participating organization, or live in an area that has a DCU office to be eligible for a membership

Digital Federal Credit Union Customer Reviews

Customer reviews of Digital Federal Credit Union online are mixed. Some customers prefer credit unions to traditional banks, but others dislike the restricted membership eligibility. Customers also like that Digital Federal pays the best interest rates for accounts less than $1,000 but don’t like that interest rates are far lower for higher balances.

Alternatives to Personal High-yield Savings Accounts

High-yield savings accounts aren’t right for everyone. Savings rates typically change every month or two or as prime rate changes and some customers prefer to lock in their interest rate for a set period of time. Others need to access their funds more than six times per month and may want to consider a money market account in lieu of the options in this list.

Three high-yield savings alternatives are:

Customers Bank: 2.25% Money Market Account

Customers Bank is a community bank based in Pennsylvania with more than $11 billion in assets. The bank offers a full line of personal and business banking services including savings and checking accounts, mortgages, CDs, credit cards, and commercial loans. The bank also pays 2.25%, which is among the best interest rates available for a money market account.

MySavingsDirect: 2.40% Certificate of Deposit Account

MySavingsDirect is an online division of Emigrant Bank, which was founded in 1850 and is the oldest savings bank in New York. Emigrant is also one of the 10 largest privately owned banks in the U.S. In addition to a full menu of banking services from Emigrant, MySavingsDirect customers can earn 2.40% APY in six-month CDs.

Capital One Spark Savings: 2.00% Business Savings Account

Capital One Spark Savings offers some of the best interest rates for online business savings accounts. Capital One, which is headquartered in Virginia, is the 11th largest bank in the U.S. Through Spark Savings, business owners can earn 2.00% for the first 12 months, which is a great high-yield savings tool for small business owners.

Bottom Line

A high-yield savings account is a great tool for consumers to start earning interest on savings while maintaining quick access to funds. We reviewed dozens of high-yield savings accounts and have narrowed it down to a list of those with low costs and some of the best interest rates available.

When considering the best rates, monthly account fees, and accessibility, we recommend PNC Bank as the best high-yield savings account. PNC Bank pays 2.35% APY, has no minimum deposit requirement, and offers a wide range of financial and investment products. You can open account online and manage your funds from your mobile device.

Visit PNC Bank