List of Top High-Interest Savings Accounts

These days, CFG Bank is the only national bank offering a savings account with a higher annual percentage yield (APY) than the current national average of 3.15%. It's one of the best rates out there, and it's 18 times the FDIC's national average for savings accounts of 0.21% APY.

Every week, we compile a list of the best savings account rates from the hundreds of banks and credit unions around the country that offer deposit accounts. The greatest rate on this list is 3.50% APY, and the worst is 0.01% APY.

LendingClub High-Yield Savings

LendingClub offers its users a free ATM card and never charges them any ATM fees, unlike most savings accounts. To put it another way, this facilitates the withdrawal of funds from your savings account at your convenience.

You can utilize your balance for a variety of internal and external transactions, as well as to pay bills, send money to loved ones, and more.

You can fund your LendingClub savings account in several ways, including a wire transfer, an electronic transfer from another bank, a direct deposit, and certain ATM deposits.

Marcus by Goldman Sachs Online Saver

No maintenance fees or minimum balance requirements are associated with this account, which yields an annual percentage yield of 3.00%. With just a single dollar in an account, users begin to accumulate interest.

While there are no fees to open an account, the bank may close it if there is no activity for 60 days. Another selling point is the mobile banking app that comes standard with a Marcus account. It's easy to use and lets you do cool things like monitor your savings progress and set up automatic contributions.

Financial Savings Account at Ally Bank

With an Ally checking or savings account, you may get over 43,000 free Allpoint® ATMs, earn a competitive 2.75% APY, and never pay monthly maintenance fees. A debit card is not available for use with an online savings account. Ally will reimburse you up to $10 monthly for ATM costs incurred while using an out-of-network ATM.

Several internet banks don't offer checking accounts. To access your savings, if you keep them in a bank that doesn't provide a checking account, you'll have to make a bank transfer, which could take a few days.

Top-Rate Savings Accounts at Synchrony Bank

Customers with savings accounts at Synchrony Bank can receive an ATM card. You can get your funds by an automated teller machine, a wire transfer, or an electronic transfer to or from another bank account.

Even though Synchrony Bank limits you to six free withdrawals or transfers per statement cycle, you can make as many withdrawals and transfers as you like from any ATM. The ATM provider may impose a fee, but the bank will not.

Synchrony Bank will reimburse you for up to $5 in ATM fees incurred in the United States per billing cycle. Even with the $5 rebate, ATM fees can mount quickly, so you should limit your withdrawals.

How Does a High-Interest Savings Account Work?

High-yield savings accounts, as the name implies, offer significantly higher interest rates than regular savings accounts. Online savings accounts are available from both traditional and online banks. The premise is that customers should put their money wherever it may earn the highest return, regardless of whether or not that bank also handles their checking account.

Is It Safe to Keep Money in an Electronic Savings Account?

If a bank fails, depositors can get back up to $250,000 of their money from the Federal Deposit Insurance Corporation (FDIC), which insures deposits at the great majority of banks.

Similarly, the federal government guarantees deposits at credit unions up to $250,000 through NCUA insurance, which most financial institutions in the United States carry out. This means that the security of your deposits is the same whether you bank at a physical location or online only.

What's The Difference Between A High-Yield And A Money Market Account?

Bank savings accounts and money market accounts are related. Both give you the freedom to deposit and withdraw funds at your leisure, but their primary use is to give you a way to put money away for the future and collect interest.

Both accounts are subject to federal law prohibiting more than six withdrawals from a savings account in a single calendar month. One of the most noticeable features of a money market account is the ability to withdraw cash from checks, which is not available with a savings account.

When it comes to savings accounts, you'll normally only be able to access your money through electronic transfers, ATM cards, or visits to the branch itself.