If your savings are sitting in a traditional bank account earning 0.01% interest, you’re literally losing money to inflation. High-yield savings accounts (HYSAs) offer rates 10-20 times higher than the national average, helping your emergency fund or short-term goals grow faster.
After testing and comparing dozens of options, we’ve identified the 5 best high-yield savings accounts available right now.
Quick Comparison Table:
| Bank | APY (2024) | Minimum Deposit | Best For |
|---|---|---|---|
| Ally Bank | 4.25% | $0 | Overall Experience |
| Discover Bank | 4.20% | $0 | Customer Service |
| Marcus by Goldman Sachs | 4.30% | $0 | High APY |
| Capital One 360 | 4.25% | $0 | Mobile Banking |
| SoFi Banking | 4.60%* | $0 | All-in-One Banking |
*Rate requires direct deposit
Detailed Reviews
1. Ally Bank – Best Overall Experience
Current APY: 4.25%
Ally consistently ranks as a customer favorite for good reason. They offer:
- No monthly fees or minimum balance requirements
- 24/7 customer support with real humans
- User-friendly mobile app with bucket features for saving goals
- Free ATM access nationwide
The Verdict: Ally provides the perfect balance of competitive rates, excellent customer service, and useful features.
➡ Open Your Ally Savings Account Here
2. Discover Bank – Best Customer Service
Current APY: 4.20%
Discover isn’t just for credit cards—their savings account is top-tier:
- Award-winning customer service (24/7 US-based support)
- No fees whatsoever
- Cashback debit account available
- Trusted brand with FDIC insurance
The Verdict: If you value exceptional customer support above all else, Discover can’t be beaten.
➡ Open Your Discover Savings Account Here
3. Marcus by Goldman Sachs – Highest Pure APY
Current APY: 4.30%
Marcus focuses on doing one thing well: giving you the highest possible rate.
- Consistently top-tier APY with no gimmicks
- No fees of any kind
- User-friendly interface and mobile app
- Goldman Sachs backing for security
The Verdict: If your sole goal is maximizing interest earnings, Marcus is your best bet.
➡ Open Your Marcus Savings Account Here
How We Chose These Accounts
Our rating criteria focused on what matters most to savers:
- Annual Percentage Yield (APY): The actual return you’ll earn
- Fees: Monthly maintenance, minimum balance, and other hidden charges
- User Experience: Mobile app quality and website functionality
- Customer Support: Availability and quality of help when needed
- Additional Features: Tools like savings buckets, automatic transfers, etc.
Getting Started is Easy
Opening a HYSA typically takes under 10 minutes and requires:
- Personal information (name, address, SSN)
- Government-issued ID
- An existing bank account to fund your new account
Most accounts can be funded with as little as $1, though some may have higher minimums for the initial deposit.
Final Recommendation
While all five banks here are excellent choices, here’s our quick guide:
- For most people: Choose Ally Bank for the best balance of rate and features
- For maximum interest: Pick Marcus by Goldman Sachs
- For peace of mind: Go with Discover Bank for unmatched customer service
Ready to start earning real interest on your savings? Any of these accounts will put you miles ahead of traditional banking.