Currently, the best high-yield savings accounts yield at least 5% annually, as indicated by the annual percentage yield (APY). These rates are significantly higher than the nationwide average of 0.38% APY. Online banks often lead because their lower costs let them pass savings to customers.
Top Accounts
1. AlumniFi Credit Union – Up to 4.75% APY
Part of Michigan State University FCU (NCUA-insured, up to $250,000). Alumni or residents of Michigan qualify, or you can join the Desk Drawer Foundation.
| Tier | APY | Balance |
|---|---|---|
| 1 | 4.25% | No minimum |
| 2 | 4.50% | $25,000 |
| 3 | 4.75% | $100,000 |
2. Axos ONE – 4.66% APY
Bundle of ONE Savings and ONE Checking. No overdraft, maintenance, or minimum balance fees. Requires $1,500 in monthly direct deposits and $1,500 daily checking balance to unlock the boosted APY. Otherwise, savings earn 1.00% APY.
3. FVCbank – 4.35% APY
Virginia-based FDIC-insured bank with $500 minimum deposit. No monthly fees. Advantage Direct Savings account offers 4.35% APY.
4. Openbank by Santander – 4.30% APY
Online division of Santander N.A. ($500 minimum deposit, FDIC-insured). No maintenance fees. Easy online access with 4.30% APY.
5. mph.bank – 4.26% APY
Brand of Liberty Savings Bank, offered through Raisin. $1 minimum deposit, FDIC-insured. New customers can earn up to $500 bonus with promo code BOOST.
6. Western Alliance Bank – 4.25% APY
FDIC-insured, $500 minimum deposit. High-yield savings with 4.25% APY and no monthly fees.
7. Believe Savings – 4.20% APY
Part of Regent Bank. $100 minimum deposit. FDIC-insured. Donates an extra 0.40% APY to a charity of your choice (without affecting your interest earnings).
8. Barclays Bank – Up to 4.10% APY
| Balance | APY |
|---|---|
| $0 – $250,000 | 3.90% |
| $250,000+ | 4.10% |
No monthly fees. Online-only, well-established bank.
9. Upgrade Premier Savings – 4.02% APY
Offered via Cross River Bank (FDIC member). Requires $1,000 minimum daily balance to earn 4.02% APY. $0 balance requirement to open. FDIC/NCUA insurance up to $1M.
Things to Consider When Comparing Accounts
- Interest rate (APY): Higher is better, but check minimum balance requirements.
- Rate changes: Most track the Fed Funds Rate; avoid banks that drop rates quickly after promotions.
- Stability: Prefer banks with consistently competitive rates.
- Minimum balances: Some require as much as $100,000 for top rates.
- Account features: Check ease of deposits, ATM access, mobile apps, and customer support.
What Does “High-Yield” Mean?
National average savings rate: 0.38% APY. With $10,000, you’d earn just $38 per year. A top account at 4.00% APY would earn $400 annually—a $362 improvement for moving your money.
