It is time for the kids to be heading back to school, we have survived the pandemic, shutdowns, market fluctuations, unemployment, stimulus packages, protest, riots and an election. But some things haven’t changed! There is still a need for emergency funds, home project funds, down payments or remodeling funds for your home, and certainly vacation funds are needed as the country is once again open for business. High Yield Savings Accounts are a secure place in-between your investments and your normal checking account to safely park your money.

High Yield Savings Accounts have an advantage over their lower yielding counterparts because the money grows at a much faster rate. Take for instance your big banks, such as Wells Fargo and Bank of America, have done nothing to help you earn money in your savings account paying 0.10% while requiring a minimum balance and charging a $5.00 to $10.00 banking fee. Maybe it is time to shop around for a better rate on your hard earned money.

We have completed the research and come up with a list of the best online savings accounts to yield a higher interest rate on your money. These accounts compliment your financial goals and habits while lacking hefty fees, minimum balance requirements and easy to reach customer service while offering innovative online and mobile banking technology.

Disclaimer: The savings accounts that appear on this site does not include all savings companies or all savings offers available in the marketplace. Annual percentage yields (APY) and account details are accurate as of July 25, 2021. Teresa D Mitchell is not affiliated with any of the companies listed below, this list is for educational and informational purposes only.

American Express (HYSA) High Yield Savings Account

  • 0.40% APY Earn 9X more interest than your average savings account
  • No Fees + No minimum balance – Whatever your balance, you won’t get charged
  • 9 Withdrawals per statement cycle
  • Your interest compounds daily and is deposited in your account monthly
  • Customer Service – 24/7 customer service reps are available around the clock by phone
  • Member FDIC – Each depositor is insured to at least $250.00
  • Transfer funds too and from your existing bank accounts

You can put your finances on solid ground and have a greater peace of mind with an FDIC-Insured Savings Account from American Express.

CIT Bank (HYSA) High Yield Savings Account

  • Up to 0.50% APY Earn one of the nation’s top rates – 10X the national average
  • Continue earning up to 0.45% APY by
  • Maintaining a balance fo $25,000 or more
  • Or
  • Making at least one monthly deposit of $100 or more
  • No Account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • A limit of six transactions per statement cycle
  • Deposit Checks remotely and make transfers with the CIT Bank Mobile App
  • FDIC- Insured up to $250,000 per depositor

Barclay’s Online Savings Account USA

  • 0.40% APY rates are consistently some of the highest in the nation, plus you will get these great features
  • A rate greater than 5% the national average
  • Secure 24/7 online access to your funds
  • Online transfers to and from other banks
  • Direct deposits to make saving simple and easy
  • No monthly maintenance fees
  • No minimum balance to open
  • FDIC – Insured up to $250,000 per depositor

Ally Bank

  • 0.50% APY Earn 10X the national average
  • No monthly maintenance fees or minimum balance requirements
  • 24/7 support via phone, chat or email
  • Earns money with interest compounded daily
  • 6 withdrawals per statement cycle
  • FDIC-insured up to the maximum allowed by law

Organize using buckets with multiple bank accounts or hard math. (Like digital envelopes you can dedicate parts of your savings to whatever you want. You can create up to 10 savings buckets that will peacefully coexist in your online savings account, plus you still earn interest on your total balance.

Discover Bank

  • 0.40% APY Grow you money with a savings account interest rate over 4X the National Savings Average
  • 0.00 Monthly fees
  • 24/7 Customer Service
  • FDIC – Insured
  • Easy transfer from one account to another
  • Mobile Check Deposit

From your dream vacation to your emergency fund, explore what your Online Savings Account can do for you.

Betterment (HYSA) High Yield Savings Account – Cash Reserve

  • Earn 0.30% on your cash-Variable APY tracks the Fed Fund rate and is 7X the national average
  • Eligible for FDIC – Insurance up to 1M
  • Move your money as often as you want
  • Bucket your savings for your years to-do list, to purchase or to-make list
  • No Fees
  • $10.00 dollar minimum to open account

Sallie Mae Bank – Smarty Pig

  • Earn up to 0.70% APY to help you reach your savings goals
  • FDIC Insured
  • Completely free savings account
  • 6 withdrawals per Account Cycle

A high-yield savings account is a relatively safe place to hold your hard-earned savings and enjoy a competitive yield in the meantime. However, it can’t address all of your financial needs. If you’re looking for an account that can handle your day-to-day finances, many online banks administer free checking and savings accounts that pay interest.

Note: Exceeding the legal limit of six withdrawals per statement period can have sizable penalties. Make sure to do your due diligence and ask the questions. Most of the savings account on this list limit on-demand access to your funds.

Learn More about protecting your retirement savings in a Multi-Year Guaranteed Annuity!