Best High Yield Savings Accounts of 2024: Maximize Your Savings

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High-yield savings accounts are a good place to keep emergency money or savings for things you want to accomplish in a short timeframe.

The Federal Reserve recently cut interest rates in December, which could influence national savings rate declines. That said, high-yield savings accounts are still worth opening regardless of market conditions because they pay more than traditional savings accounts.

We report on the highest-yielding savings account rates currently available. We’ve listed the highest interest rates for savings accounts, as well as two high-yield accounts from popular national brands (Barclays and Valley National Bank). All of the banks and credit unions listed offer at least 4.65% APY (Annual Percentage Yield), significantly higher than the national average.

Best Online High-Yield Savings Accounts

The best high-interest savings accounts will have a strong interest rate, good perks, and national accessibility. The top options also offer no monthly maintenance fees and low minimum opening deposits.

Many of the best banks and credit unions for high-yield savings accounts are online. Our top picks for savings accounts are federally insured by the FDIC or NCUA. Federal insurance protects up to $250,000 per depositor in the event of a bank failure.

Best Savings Account Rates

Here are the best high-yield savings accounts as picked by Business Insider editors in 2024.

Top Savings Account Reviews

DCU Primary Savings Account

The DCU Primary Savings Account is one of two savings accounts that pays 6% interest. The other account is Boeing Employees Credit Union Member Advantage Savings, which pays 6.17% APY on the first $500 when you meet certain requirements. 

You can earn 6.17% APY on balances up to $1,000 with DCU Primary Savings Account. If you have an account balance above $1,000, the interest rate drops to 0.15% APY. This account doesn’t charge monthly service fees.

To open the Digital Federal Credit Union Primary Savings Account, you’ll have to meet certain membership eligibility requirements. You must live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. 

Digital Federal Credit Union currently has an A+ rating from the BBB. The credit union hasn’t been involved in any recent public controversies. 

Pibank Savings

Pibank Savings offers one of the highest-yield savings account rate nationally. This account pays 5.00% APY, has a $0 minimum opening deposit, and no monthly service fees. 

If you haven’t heard of Pibank before, it’s an online brand of Intercredit Bank, a financial institution in Miami. 

While this account offer a competitive interest rate and has relatively flexible opening requirements, there a couple of downsides to take note of. Pibank Savings doesn’t support payments through Bill Pay or Zelle. You also may be charged fees by your external financial institution for outgoing and incoming wire transfers.

The BBB gave Intercredit Bank an A+ rating. Pibank hasn’t received an individual rating from the BBB yet.

Jenius Savings Account

 The Jenius Savings Account is a good choice if you’re interested in an individual or joint savings account. Jenius Bank doesn’t require a minimum opening deposit, has no monthly service fee, and compounds interest daily — all of these, along with its high interest rate, make Jenius a good pick.

Jenius Bank isn’t available for everyone, however. Residents of Hawaii and New Mexico won’t be able to use Jenius.

Jenius Bank doesn’t have a BBB page itself. However, Jenius Bank is a division of SMBC MANUBANK, which currently has an A+ rating from the BBB.

Neither Jenius Bank nor SMBC MANUBANK have any recent controversies.

Jenius Bank Review

BrioDirect High-Yield Savings Account

The BrioDirect High-Yield Savings Account offers a competitive rate of 4.75% APY and doesn’t charge monthly maintenance fees.

You might consider another bank if you’d like to open a high-yield savings account with a low minimum opening deposit. The BrioDirect High-Yield Savings Account requires $5,000 to open an account.

The BBB also gave BrioDirect’s parent company, Webster Bank, a B- rating because it received numerous customer complaints and hasn’t resolved one of the complaints.

Webster Bank has also been involved in a recent controversy. In January 2024, Webster paid $1.4 million in a settlement over a class action lawsuit. The lawsuit was over a ransomware attack on Webster Bank that resulted in some customers of the bank having their personal information stolen.

BrioDirect Review

Openbank High-Yield Savings Account

The Openbank High Yield Savings has a high savings account interest rate of 4.75% (vary depending on location) APY. It doesn’t charge any monthly service fees, either.

The Openbank High Yield Savings comes with some downsides that might not make it a good choice for you. You’ll only be able to bank using Openbank’s mobile banking app, and you’ll need a phone that has either fingerprint or face recognition technology. If you don’t have a phone with those features or don’t want to use those features, you’ll want to go with a different bank. You might also struggle to get money in and out of the account; you won’t have access to ATMs or mobile check deposit with this account, and Openbank doesn’t have a checking account you can transfer your money into easily.

Openbank does not have a rating from the BBB. Its parent bank, Santander Bank, has an NR rating from the BBB due to it being in the process of responding to previously closed complaints filed against the bank. Neither Openbank nor Santander Bank have recent controversies.

Openbank Savings Account Review

LendingClub LevelUp Savings Account

The LendingClub LevelUp Savings Account could be a good option for people planning on using it as their primary savings account.

The LendingClub LevelUp Savings Account comes with a minimum opening deposit of $0 and no monthly service fee, making it a good choice for people looking for a free savings account. It also comes with a free ATM card, which is useful for people who don’t mind using an online bank but who want to be able to withdraw cash.

You’ll need to meet some requirements to get the highest interest rate, though. In order to get the full 4.75% APY, you’ll need to deposit at least $250 each month. If you don’t, you’ll earn 3.75% APY — still a good rate, but not as high as some of the other accounts on this list.

LendingClub has an A+ rating from the BBB. It doesn’t have any recent controversies.

LendingClub Bank Review

Primis Savings Account

The Primis Savings Account offers a competitive savings account rate and has a low initial deposit. There’s also no monthly service fee, incoming wire fees, or limits on the number of monthly transactions (many banks charge a per-transaction fee if you go over six transactions).

The downside of this account is that the rate is only offered to new customers. If you opened an account before September 24, 2024 will have different rates for your savings account. Primis also occasionally has waitlists to open checking and savings accounts so that’s another inconvenience.

Primis received an A+ rating from the BBB and hasn’t been involved in any public controversies.

Primis Bank Review

Newtek Bank High-Yield Savings

The Newtek Bank Personal High Yield Savings Account is one of the highest interest savings accounts you can find nationally. It also has a $0 minimum opening deposit. Newtek Bank also has one of the best 6-month CD rates.

Newtek Bank received an A+ rating from the BBB.

Newtek Bank doesn’t have a personal checking account, and you can’t get a debit card or ATM card with a high-yield savings account. If you need to withdraw money, you’ll have to transfer it to an external bank account.

Newtek Bank Savings Review

My Banking Direct High-Yield Savings Account

The My Banking Direct High Yield Savings Account may be a solid option if you have at least $500 to open a savings account. The My Banking Direct High-Yield Savings Account pays 4.65% APY on balances of $1 or more. It also doesn’t charge any monthly service fees.

Keep in mind that a $500 minimum opening deposit is pretty steep compared to other financial institutions. You might consider one of our other top picks if you don’t have that much money to deposit upfront. 

My Banking Direct is an online bank and part of Flagstar Bank. Flagstar Bank has received an A+ ranking from the BBB. It hasn’t been involved in any recent public settlements.

Barclays Tiered Savings Account

The Barclays Tiered Savings account pays a great interest rate if you can meet the requirements, and there’s a $0 minimum deposit and no monthly maintenance fee. You can also get a bonus of $200 if you open a new account and meet the requirements, which include depositing and keeping a balance of $25,000 in the account for a certain amount of time.

To earn the highest interest rate, you’ll need to have at least $250,000 in your account. You’ll still earn a good interest rate if you can’t meet that requirement, but the lower rate isn’t as good as what our other top picks offer. Additionally, FDIC insurance doesn’t cover amounts over $250,000 for single depositors, so you’ll have to be OK with some of your money being uninsured — or try to keep the money in your account at exactly $250,000 — if you want to earn the highest rate.

The bank has been involved in one recent public controversy. In 2022, the Securities and Exchange Commission required Barclays to pay $361 million in a settlement that accused the bank of having unregistered sales of securities.

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The Better Business Bureau gives Barclays an A+ rating.

Barclays Savings Review

Valley Direct Savings Promo

Valley Direct Savings Promo pays 4.55% (for new customers only) APY. Valley Direct defines “new customers” as customers who haven’t had a personal checking account, savings account, or certificate of deposit in the year before the account is opened. Customers who don’t meet that criteria will only earn 3.75% APY.

You only need to deposit $1 if you want to open this account for the promo rate. There is no monthly service fee for the promo account or the regular account, and your interest is compounded daily. Just keep in mind that Valley Direct can change your interest rate at any time since savings accounts have variable interest.

Valley Bank has an A+ rating from the BBB, but it’s been involved in one recent controversy.

In 2024, Valley National Bank paid over $200,000 to resolve its civil liability in a case concerning impermissible Payroll Protection Program loans. A press release from the United States Attorney’s Office says that the bank gave out two PPP loans to a customer who used part of the first loan to repay a loan to a third party, which isn’t a permissible use of a PPP loan. The press release says Valley National Bank cooperated fully with the United States government in this matter, and that there has been no determination or admission of liability by Valley National Bank.

Valley Direct is an online-only division of Valley National Bank. Anyone may open Valley Direct accounts from any U.S. state. However, Valley Direct accounts must be opened online. You won’t be able to open these accounts directly at a Valley Bank location. Once the account is opened, you can go to a Valley National Bank branch for customer support if you have one near you.

Valley National Bank Review

Understanding High-Yield Savings Accounts

What Is a High-Yield Savings Account?

High-yield savings accounts are a type of bank account. You can distinguish them from traditional savings accounts because they pay a higher yield. That’s because they’re generally offered by online banks and credit unions, so these financial institutions don’t generally have to pay for all of the expenses that brick-and-mortar banks and credit unions do.

Besides its ability to earn more interest, a high-yield savings account is structurally similar to a traditional savings account. It still has FDIC or NCUA insurance, and you need to pay attention to minimum opening requirements, minimum balance requirements for earning interest, and common bank fees.

Benefits of a High-Yield Savings Account

Higher Interest Rates Than Traditional Savings Accounts

A traditional savings account from a brick-and-mortar financial institution typically pays a low interest rate. For example, big banks like Chase and Bank of America pay less than 0.05% APY on their standard savings account.

You’ll earn significantly more with a high-yield savings account. The highest savings rates land between 4% to 5% APY.

Safe and Secure

Like other bank accounts, almost all high-yield savings accounts are either FDIC-insured or NCUA-insured, depending on whether you’re banking with a bank or a credit union, respectively. This means your money will be ensured up to $250,000 for an individual bank account or up to $500,000 for a joint bank account.

Ideal for Growing Your Money

High-yield savings accounts can be great for when you want to earn some money on your savings without risk and while still having easy access to it. This makes it ideal for emergency funds; you don’t want to risk your emergency funds on investing, and you want to be able to access your emergency funds if something major happens. With high-yield savings accounts, you’ll still be able to make money off your money without sacrificing safety and access.

How Savings Accounts Work

A savings account rate is variable, which means it can fluctuate after it is opened. Your bank will usually email you to tell you the rate will go up or down soon.

Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you’ll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.

The Board of Governors of the Federal Reserve has recently amended Regulation D, so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.

What to Look for  in a High-Yield Savings Account

The Different Types of Savings Accounts

There are six types of savings accounts: traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you depends on your banking preferences, goals, and when you’ll need to access your money.

A high-yield savings account, for example, is a strong choice if you’re comfortable with banking digitally and want to obtain a high interest rate.

High-Yield Savings Account Fees

Depending on where you bank, some savings accounts may charge monthly bank maintenance fees. A monthly service fee is an amount you’ll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements while others cannot be waived. Bear in mind that some savings accounts do not charge certain fees at all.

Minimum Balance Requirements for Earning Interest

Some banks will require you to keep some money in your savings account to get the highest savings account interest rate. Savings account promotions are also more common in a competitive interest rate environment. You might see some companies pay a bonus rate for a new account for the first couple of months. These specials are to attract new customers. To make sure you’re getting a top rate, find out what the interest rate will be once the promotion is over so you know there isn’t a significant decline in APY.

Accessibility and Customer Service of the Bank

You should also factor in the overall customer experience at the bank.

High-yield savings accounts are more commonly found at online banks. You might find some brick-and-mortar financial institutions with these accounts, or a few institutions that offer a hybrid experience, but for the most part, be prepared for a primarily digital banking experience.

Some banks offer 24/7 customer support by phone or through live chat, so you may look into these options if traditional banking hours don’t work well with your schedule.

You can also check a bank holiday schedule to see if it has a flexible branch calendar. Some banks are open on holidays when other banks aren’t, or they’ll stay open for longer while other banks may close early before a holiday weekend.

If you value strong mobile banking, you might prefer a bank with one of the best mobile banking apps. It should also be noted that some smaller local institutions and new online banking divisions don’t have mobile apps for their high-yield savings accounts. That could be a disadvantage because that’s one less way to manage your account.

Accessibility for cash deposits and withdrawals also varies widely between online banks.

A handful of high-yield savings accounts have debit cards or ATM cards, but for the most part, this isn’t a common feature. Typically, you’ll need to own a checking account with the same bank or make an external bank account transfer to take out cash. 

Depositing cash through a high-yield savings account can also involve extra steps, depending on the bank. Some banks do not let you make cash deposits on online high-yield savings accounts, so you have to deposit cash to the bank’s checking account or to an external bank account from a different bank and then transfer money.

A couple of online banks may have more ways for making cash deposits. For example, a few let you make cash deposits at ATMs in their network. You also might be able cash deposits at stores — usually there’s a fee of around $5 per transaction, though.

How to Choose the Best Savings Account for You

The interest rate isn’t the only thing that matters in a high-yield savings account. When choosing an account, make sure you can afford the minimum deposit. You should also check whether there is a monthly service fee — and if so, find out if you qualify to waive it — or any requirements to earn the highest interest rate.

It may also be helpful to look at what the requirements are for opening a savings account at a particular financial institution. Some banks allow immigrants and non-U.S. citizens to open an account with a Matricula Consular or foreign passport instead of a U.S. ID. You can also open a second chance bank account, which doesn’t use ChexSystems to review your banking history. These may be options to consider if you’re struggling to open a bank account at a financial institution.

Some institutions also limit the number of monthly withdrawals/transfers you can make from your high-yield savings account before charging you a fee. You want an account that will result in a high interest rate and few to no fees so you can earn as much as possible. You’ll also want to consider accounts tailored to your specific circumstances; for example, if you’re in the military, you might want a savings account from one of the best military banks.

High Interest Savings Account Interest Rate Facts

Generally, you’ll find the best nationwide savings interest rates at online banks. That said, a local credit union currently offers the highest interest rate on a savings account overall. You may get 6.17% APY on up to $1,000 in your savings if you join Digital Federal Credit Union. Membership, however, is limited to people who live in select areas of Massachusetts, live in a New Hampshire participating condominium community, work for a Select Employer Group, or belong to a local participating organization. 

What is a Good Interest Rate on a Savings Account?

The average savings account in the United States offers 0.42% APY.

If you’re more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate because online banks and credit unions usually offer higher rates.

Applying for a High-Yield Savings Account

Once you’re ready, you can apply for a high-yield savings account online. Typically, the bank will specify whether you can apply for individual and joint bank account, and if there are any age requirements to open a high-yield savings account. Some banks will only let you open a high-interest savings account if you’re at least 18 years old. 

The application for opening a savings account requires basic information and proof of identity like your full name, home address, and job information. Online forms also generally require your Social Security number and driver’s license information, although some banks let you use an Individual Taxpayer Identification Number instead of a Social Security number. You might also need to share copies of these documents if a bank asks for it. Some permit an alternative ID if you don’t have a U.S. ID, like a foreign passport or Matricula Consular.

Once you’re approved to open an account, you’ll be able to deposit money to a high-yield savings account. Some banks don’t require an initial deposit, but if yours does, you can link an external bank account and make an ACH transfer as a funding method. If you choose an in-person bank, you might be able to deposit money at a branch as a funding method.

If you’d like to have help opening a savings account, you can generally open a savings account at an in-person bank branch if your bank has it, or you can open an account over the phone.

Maximizing Your Earnings with High-Yield Savings Accounts

To maximize your earnings with a high-yield savings account, shop around to find one that pays a high rate and doesn’t charge monthly service or excess withdrawal fees for taking money out regularly. You may find it helpful to set up automatic transfers from your checking account to your high-yield savings account. If you receive your paycheck as a direct deposit, you can also ask your employer to send a percentage of your paycheck to your high-yield savings account each pay period. As your balance grows with automatic savings and direct deposits, you’ll earn more interest.

Strategies for Consistent Savings

If you’re looking for ways on how to save money and be more consistent with your habits, consider the following tips: 

• Set savings goal. Creating a financial goal can be a helpful way to make saving money more tangible. To make a good saving goal, you should be precise instead of vague. Have a clear purpose for your goal, attach a dollar amount, and set a timeframe for when you want to achieve your goal.
• Automate your savings. Some financial planners recommend setting up automatic transfers from your checking account so that after every paycheck, you have some money moved to your savings account. This is often called the pay yourself first strategy since you’re prioritizing saving money over spending. 
• Adapt a budgeting strategy. You could also use a budgeting method like the 50/30/20 rule if you want more structure to your money management. The 50/30/20 rule splits your after-tax income so 50% goes to needs, 30% goes to wants, and 20% goes to savings and debt. There are other rules that split your after-tax income into different percentages and criteria, or you can also do your own spin on a rule so it matches your lifestyle and circumstances.

Avoiding Common Pitfalls on Savings Accounts

A savings account’s purpose is to give you a safe place to save money over time. If you’re racking up bank fees or having a tough time managing your account, then your savings account isn’t serving you. Write down the pros and cons of your current savings account, and explore other options to see if you can find a better fit.

Another thing to keep in mind is that savings accounts aren’t necessarily the best place to keep money for long-term financial goals. If you have a long-term goal and are comfortable taking on some risk, you can earn higher returns if you invest in stocks.

Once you have a savings account, don’t forget that you’ll need to report your interest as taxable income to the Internal Revenue Service when you’re filing your tax return. You’ll have to file a Form 1099-INT, which will ask you to report your interest earnings during the year.

HYSA Rates and the Federal Reserve

How The Federal Reserve Affects Savings Rates

The Federal Reserve is the central banking system of the U.S. It sets its own interest rates based on current economic conditions, taking into account things like inflation and employment. It meets several times a year, and when it meets, it announces whether it’s decided to raise interest rates, lower interest rates, or keep interest rates the same.

Whatever the Fed does, banks and credit unions usually follow suit. If the Fed lowers rates, you’re likely to see lower savings account rates, but if it raises its rates, then you’re likely to see higher savings rates too.

How HYSA Rates Have Changed

Savings rates hit a historic high in 2023 following years of the Fed raising rates, topping out around 5.5% APY. In comparison, between 2014 and 2021, the highest the Fed ever set its rates was 2.5%. Historical savings rates follow similar patterns to historical Fed rates.

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In late 2024, the Federal Reserve lowered rates for the first time after closing in on rate of inflation and unemployment targets. Since then, the Fed has lowered rates three times in 2024. While rates are still high — Fed rates are currently targeted at 4.25% to 4.50% — we’re likely to continue seeing interest rate decline in the coming years.

What to Do When Your High-Yield Savings Account Rate Drops

Interest rates on high-interest savings accounts closely follow the federal funds rate. This means rates are variable and can change several times per year at the whim of the Federal Reserve. Keeping track of when the next Fed meeting will happen and whether rates can change can help you better understand fluctuations in high-yield savings account rates.

If the interest rate on your savings account drops significantly, you may decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. Typically, online banks and credit unions offer the highest interest rates for savings accounts. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account’s rate drops afterward.

You also might consider other types of savings account options. For example, buying savings bonds or comparing CDs vs high-yield savings accounts may be worth doing if you’ve already established your emergency fund. 

Alternatives to High-Yield Savings Accounts

High-Yield Savings Accounts vs. CDs

The best CD rates are comparable to the best high-yield savings account rates. You might prefer a CD if you want to lock in a high rate for a set period of time, since CDs offer fixed rates. You won’t risk your rate decreasing as you would with a savings account. But CDs offer less flexibility.

You can’t put more money into a CD after the initial opening deposit, and you’ll pay a penalty if you take out money before the term ends. So, if you open a 3-year CD, you won’t be able to take your money out of the CD until three years have passed without paying early withdrawal penalties.

That being said, something like a CD ladder, which is where you buy multiple CDs with different term lengths, could give you more liquidity while still letting you lock in good rates.

If you’re trying to decide between CDs versus high-yield savings accounts, your choice could come down to when you need to deposit and/or withdraw money. (We also have a full explanation of how no-penalty CDs compare to savings accounts.)

High-Yield Savings Accounts vs. Money Market Accounts

Money market accounts are similar to high-yield savings accounts, but they typically make it easier to access your savings. The best money market accounts come with features checking accounts might have, such as an ATM card, debit card, or paper checks.

High-Yield Savings Accounts vs. High-Yield Checking Accounts

The best high-yield checking accounts are great tools for earning even more interest on your money. But checking account balances are often lower than savings account balances because you use them to spend money. If you’re serious about using interest to grow your balance, a high-yield savings account is usually the better bet.

High-Yield Savings Account FAQs

Why You Should Trust Us: Experts’ Advice on Choosing the Best High-Yield Savings Account

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.

• Tania Brown, CFP® professional, vice president of coaching strategy at OfColor
• Roger Ma, CFP® professional and author of “Work Your Money, Not Your Life”
• Sophia Acevedo, banking editor, Business Insider
• Mykail James, MBA, certified financial education instructor, BoujieBudgets.com

Here’s what our expert panel had to say about high-interest savings accounts. (Some text may be lightly edited for clarity.)

Generally, what makes a high-yield savings account good or not good?

Roger Ma, CFP® professional with and author of“Work Your Money, Not Your Life”:

“It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don’t want to have so much friction where it’s such a pain to get the money out when you need it.”

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?”

Sophia Acevedo, banking editor, Business Insider:

“I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, CFP® professional, vice president of coaching strategy at OfColor:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Sophia Acevedo, Business Insider:

“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account, I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”

Our Methodology: How We Chose the Best Savings Accounts

There are many high-yield savings accounts available across financial institutions. Through our research, we’ve found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you’re more comfortable banking with a national brick-and-mortar bank, you’ll likely have to consider a premium savings account to earn a more competitive interest rate.

Business Insider’s personal finance team is editorially independent, meaning that the business team doesn’t tell the team’s writers and editors what to write. You can learn more about how we review products through our editorial standards page. 

We review savings accounts at nearly three dozen institutions weekly to identify the strongest options. While interest rates (specifically, APY) are an important aspect of any savings account, we also consider minimum deposits, monthly service fees, customer support availability, mobile app ratings, ethics, security, and miscellaneous features.

We rate bank products on a scale from one to five stars, with one star being the lowest rating, three stars being an in-between rating, and five stars being the highest rating possible. See our bank account methodology to learn more about how we rate savings accounts.