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Best High-Yield Savings Accounts
of May 2024

BANKING - SAVINGS & MONEY MARKET ACCOUNTS
Last updated May 20, 2024 | By FinanceBuzz Editors

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High-yield savings accounts are simple, straightforward accounts that allow you to earn a higher APY (annual percentage yield) on your savings than a traditional savings account.1

Here’s an example showing the difference the savings account rate can make when you factor in daily compounding interest. We’ll look at a traditional savings account at the current average APY of 0.46% (as of May 16, 2024) versus a high-yield savings account with a 4.00% APY. After 5 years, the high-yield savings account generated $11,069 in interest earnings. That's a difference of $9,880 in practically passive income!

Traditional bank with 0.46% (as of May 16, 2024) APY High-yield savings account with 4.00% APY Difference in savings
Initial balance $50,000 $50,000 $0
One year balance $50,236 $52,040 $1,804
Five year balance $51,189 $61,069 $9,880

Below, you’ll find some of the top high-yield savings accounts available today from our partners. Open a new account in minutes and supercharge your money with the power of compound interest!

Bank/Institution APY Open Account Bonus Offer
CloudBank 24/7 Savings
5.0
5.24
%APY
With $1 min. balance2
Open Account Member FDIC insured through Third Coast Bank SSB
Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.
American Express® High Yield Savings
5.0
4.25
%APY
With $0 min. balance3
Open Account Member FDIC
N/A
Nexbank
4.9
5.26
%APY
With $1 min. balance4
Open Account Member FDIC
Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.
SoFi Checking and Savings
5.0
4.60
%APY
With $0 min. balance5
Open Account Member FDIC
Up to $300 cash bonus when you sign up and set up direct deposit with a minimum initial deposit of $5,000 or more
UFB Direct Secure Savings
4.8
5.25
%APY
With $0 min. balance6
Open Account Member FDIC
N/A
Barclays Online Savings
4.5
4.35
%APY
With $0 min. balance7
Open Account Member FDIC
N/A
CIT Bank Platinum Savings
4.3
5.00
%APY
With $5,000 min. balance8
Open Account Member FDIC
N/A


Review Our Top Savings Accounts

CloudBank 24/7 Savings - 5.24% APY

Why we like it:

  • Incredible 5.24% APY2 to boost your savings
  • Powered by Raisin's intuitive savings marketplace
  • Interest is compounded daily and posted to your account monthly
  • CloudBank 24/7 is a smart digital bank that can help you reach your financial goals without having to wait in lines
  • Enjoy 24/7 online access to your account and funds
  • FDIC insured through Third Coast Bank SSB, no fees, $1 minimum deposit
  • Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.

Click here to open a CloudBank 24/7 online savings account

American Express® Savings - 4.25% APY

Why we like it:

  • Competitive 4.25% annual percentage yield (APY)3 from a trusted brand
  • No minimum deposits or balances required, and no monthly fees9
  • Interest compounds daily and is deposited monthly
  • 24/7 customer service and easy access to funds
  • Choice between online or paper statements
  • Accounts offered by American Express National Bank, Member FDIC, Terms Apply

Learn more about the American Express® Savings account here

NexBank High-Yield Savings - 5.26% APY

Why we like it:

  • Incredible 5.26% APY4to boost your savings
  • Powered by Raisin's intuitive savings marketplace
  • Interest is compounded daily and posted to your account monthly
  • NexBank has been a trusted banking partner for more than 100 years
  • Enjoy 24/7 online access to your account and funds
  • FDIC insured, no fees, $1 minimum deposit
  • Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.

Click here to open a NexBank High-Yield Savings Account

SoFi Checking & Savings - Earn up to a $300 bonus and up to 4.60% APY

Why we like it:

  • Earn up to 4.60% APY and up to a $300 bonus5
  • No overdraft, minimum balance, or monthly fees
  • Get paid up to two days early with direct deposit and access financial planning at no additional cost
  • Additional FDIC Insurance up to $2 million available through a network of participating banks

How to get the bonus:

  1. Sign up and make a direct deposit within the first 25 calendar days of the promotional period
  2. Enjoy up to 4.60% APY and collect up to a $300 cash bonus with a direct deposit or $5,000 or more in qualifying deposits

Open a SoFi account and earn up to a $300 bonus

UFB Secure Savings - 5.25% APY

Why we like it:

  • Earn up to 5.25% APY,6 one of the best rates we’ve seen
  • No minimum deposit requirement
  • No monthly maintenance fees
  • Access your funds 24/7 with easy-to-use digital banking tools
  • Free transfers between direct deposit accounts
  • FDIC Insured

Click here to open a UFB Secure Savings account

Barclays Online Savings - 4.35% APY

Why we like it:

  • Excellent 4.35% APY7
  • Online transfers to and from other banks and direct deposit to make saving simple and easy
  • Secure, 24/7 online access to your funds
  • No monthly maintenance fees and no minimum balances to open
  • FDIC insured

Click here to open a Barclays Online Savings account

CIT Bank Platinum Savings - Up to 5.00% APY

Why we like it:

  • 5.00% APY on balances of $5,000 or more8
  • High-yield savings account, one of the nation’s top rates
  • Daily compounding interest to maximize your earning potential
  • No account opening or maintenance fees
  • Deposit checks remotely and make transfers with the CIT Bank mobile app
  • Member FDIC

Click here to open a CIT Bank Platinum Savings account

Bottom Line

The CloudBank 24/7 high-yield savings account is the savings account you need to know about. At least, if you’re looking for one of the best “bang-for-your-buck” high-yield savings accounts out there. CloudBank 24/7 offers one of the highest APYs2 on the market, plus many other valuable benefits:

Earn a High APY: With CloudBank 24/7, you get one of the highest-yield savings accounts on the market.

Supercharge Your Savings: With CloudBank 24/7, interest is compounded daily and posted to your account monthly. As you put money into this high-yield savings account, you’re able to “supercharge” your savings and let your money grow.

Trusted Banking: CloudBank 24/7 is a trusted, financial institution with experienced bankers who put you first.

24/7/365 Access: You won’t be limited to when or where you can access your funds. Enjoy 24/7 online access to your account whenever and wherever you need it.

FDIC Insured: CloudBank 24/7 is FDIC insured through Third Coast Bank SBB, there are no fees, and the minimum deposit is $1.

Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.

Click here to open your high-yield savings account

CloudBank 24/7 High Yield Savings Account Benefits

  • Incredible 5.24% APY2 to boost your savings
  • Powered by Raisin's intuitive savings marketplace
  • Interest is compounded daily and posted to your account monthly
  • Smart digital bank that can help you reach your goals without having to wait in lines
  • Enjoy 24/7 online access to your account and funds
  • FDIC insured through Third Coast Bank SSB, no fees, $1 minimum deposit
  • Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.

FAQs

Is my money safe in an online savings account?

Money in an online savings account is covered by protections as long as the account provider is FDIC insured, and virtually all major banks are. You'll typically see it stated as "member FDIC."

FDIC stands for Federal Deposit Insurance Corporation. The FDIC insurance covers accounts up to $250,000 accounts up to $250,000, so if your bank goes under financially, you will still get back all your money, up to that amount. The National Credit Union Administration provides similar insurance for credit unions.

What is a good interest rate for an online savings account?

Savings account interest rates vary from bank to bank and over time. The FDIC indicates the national average interest rate for savings accounts is 0.46% (as of May 16, 2024) APY. That means if you see an account with a higher interest rate, it would allow you to beat the average.

What do I need to have to open an online savings account?

Requirements to open an online savings account vary by the financial institution. You generally need to provide your full name, address, contact details, and a Social Security number. Some banks also require you to provide your driver's license information. If you are planning to fund the new account with money from a different bank or credit union, you will also need that account information.

How do I deposit or withdraw money from an online savings account?

The process for depositing and withdrawing money from online savings accounts varies by bank or credit union. Generally, you can fund an online savings account via electronic transfer from another bank account, by direct deposit, or by depositing a check. Withdrawals can generally also be completed by bank-to-bank transfer, or you may be able to request a check or use a debit card if your bank allows it.

Previously, a federal regulation called Regulation D limited you to no more than six withdrawals per month for a savings deposit account, but the Federal Reserve lifted this restriction as of April 2020.

CloudBank 24/7 Savings - 5.24% APY2

High-yield savings account. $1 minimum deposit. FDIC insured. Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.

Open Account
American Express® Savings - 4.25% annual percentage yield (APY)3

High Yield Savings Account. No Minimum Required Deposit or Balance.9 Terms Apply.

Learn More
NexBank High-Yield Savings - 5.26% APY4

NexBank offers a powerful 5.26% APY4to help you grow your money. FDIC insured. Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.

Open Account
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn 4.60% APY10 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.11 FDIC Insured.

Open Account


How we chose these products

FinanceBuzz evaluated a selection of bank accounts offered by our partners, looking at various criteria including interest rates, minimum deposit requirements, and more. We did not review all products in the category and compensation was considered when evaluating and ordering the products.