The 10 best savings accounts in 2024: Over 5% APY (2024)

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Savings account rates have been high for the past couple of years, so now is a good time to take advantage. The average savings account interest rate is 0.59% as of March 2024. But you can do much better with a high-yield savings account, which offers higher rates to help your money grow faster.

The best high-yield accounts right now are offering APYs above 5%. Here are some of the top rates on the market right now.

Rates are up to date as of March 10, 2024.

BrioDirect High-Yield Savings Account: 5.35% APY

This online division of Webster Bank offers a market-leading 5.35% APY on your balance with no minimums. Perks include mobile banking, ATM access, and no monthly maintenance fees.

While this bank doesn’t offer a checking account, you can open a high-yield savings account or CD to help your savings grow.

Jenius Savings: 5.25% APY

If you’re looking to grow your savings as fast as possible, it helps to choose a savings account that compounds your interest daily instead of monthly or yearly.

With Jenius Bank, your earnings compound daily, giving them the best chance to grow your savings. This online bank offers a top rate of 5.25% APY with no fees or balance minimums.

EverBank Performance Savings: 5.15% APY

EverBank offers a high-yield savings account with 5.15% APY, no fees, and a $0 minimum. Interest is compounded daily. EverBank currently doesn’t offer checking account options, and there are no physical branch locations.

LendingClub High-Yield Savings: 5.00% APY

The online lending platform offers a savings account with 5.00% APY, no monthly fees, and a low minimum deposit. There’s no balance requirement to earn the interest rate, and you can easily open an account online. Read our full review.

Laurel Road High-Yield Savings Account: 5.00% APY

This online bank, owned by KeyBank, offers a solid 5% APY with no minimum balance or monthly fees. If you prefer integration with Laurel Road checking and cash reserves accounts, you may want to consider this account.

CIT Bank Savings Connect: 4.65% APY

Many high-yield savings accounts come from newer players in the online banking scene. If you’re looking for a more experienced provider, consider CIT Bank, a division of First Citizens Bank that brings over a century of experience.

CIT Bank is also a good option to manage your money in one place, offering checking accounts, CDs, and loan products.

SoFi Checking and Savings Account: 4.60% APY

SoFi offers a combined checking and savings account. The checking account earns 0.50% APY, and the savings account earns 4.65%.

You don’t need to make a specific deposit to earn interest, but you do need to set up direct deposit to qualify for the highest rate. This account comes with helpful savings tools and features like receiving your paycheck up to two days early.

Marcus Online Savings Account: 4.50% APY

Marcus by Goldman Sachs is an online bank backed by a more traditional industry player. This high-yield account has features like the ability to make large same-day transfers and 24/7 customer service.

Barclays Online Savings: 4.35% APY

Barclays offers competitive interest rates, no monthly fees, and no minimum balance requirements. Its high-yield savings account comes with savings tools and the ability to set automatic deposits in your savings account.

American Express Online Savings Account: 4.35% APY

American Express is another solid option if you’re looking for an account that compounds interest daily. You’ll also gain access to 24/7 customer support, your choice of digital or paper statements, and the ability to easily transfer funds.

What to look for in a savings account

“Always search for a good interest rate. The APY from top online savings accounts has gone up in the last year or so,” says Eric Croak, certified financial planner at Croak Capital. “Whether saving for a car, a trip, or starting an emergency fund, a good savings plan can help you reach your goals. So, the higher the interest rate, the better for you.”

When searching for a new savings account, you’re probably comparing interest rates. But there are a few other factors you will want to keep top of mind:

• Minimum balance: If you can’t meet an account’s balance requirements, you may face expensive fees that eat into your earnings.
• Account fees: Some banks charge monthly maintenance and other pesky fees. Compare the fees of any bank or credit union you’re considering to see where you will spend the least on fees. There are also free savings accounts with competitive interest rates.
• Accessibility of funds: Some consumers may find that an online bank works great for their needs, while others may prefer visiting a physical branch. Make sure you choose a bank that offers the right amount of flexibility for you.
• Security: “Definitely check for FDIC insurance,” says Croak, “With so many online banks and fintech companies offering banking services, it can be hard to know if your money is protected. Some high-interest savings accounts come from online versions of regular banks, so you should find the name of the main bank behind them.”

Bottom line

Before opening a savings account, consider your financial situation — not just the account with the highest rate. “Savings accounts have variable interest rates, unlike fixed-rate products like CDs,” says Croak. “So, choose a bank you'll still like even if the interest rate drops later.”

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.