Compare interest rates and maximize your savings by putting your money in the best high-yield savings account.
Estimated reading time: 5 minutes
Table of contents
- Best high-yield savings accounts with interest rates
- Varo Bank – 3.00% APY
- Affirm – 0.65% APY
- Axos Bank – 0.61% APY
- Alliant Credit Union – 0.55% APY
- Comenity Direct – 0.55% APY
- Ally Bank – 0.50% APY
- American Express – 0.50% APY
- Synchrony Bank – 0.50% APY
- Vio Bank – 0.50% APY
- Popular Direct – 0.45% APY
- MutualOne Bank – 0.40% APY
- Frequently asked questions

Best high-yield savings accounts with interest rates
The following are the financial institutions that offer the highest-yield savings accounts along with the annual percentage yield (APY) and important information about them.
Varo Bank – 3.00% APY
The high-yield Varo Savings Account starts at 0.50% APY. However, you can earn up to 3% APY if you receive qualifying total direct deposits of $1,000 or more and make at least five qualifying Varo Bank Visa® Debit Card purchases, which requires opening a checking account. The Varo Savings Account has no minimum balance requirements or fees, and it’s FDIC-insured.
Affirm – 0.65% APY
To get a savings account with Affirm, you need to download the app. There aren’t any minimum balance requirements or fees. The Affirm Savings account is also FDIC-insured up to $250,000, and you’ll earn 1.00% APY regardless of your balance.
Axos Bank – 0.61% APY
Axos Banks offers a High Yield Savings that pays 0.61% APY on all balances. There aren’t any monthly minimum balance requirements or maintenance fees. However, a $250 initial deposit is required. Your money is FDIC-insured, and you can request a free ATM card linked to the savings account.
Alliant Credit Union – 0.55% APY
Alliant Credit Union is a member-owned not-for-profit financial cooperative. The High-Rate Savings account earns 0.55% APY if you have an average daily balance of $100 or more. It’s one of the highest rates in the nation and the best among credit unions. A $5 initial deposit is required, and there’s no monthly fee if you choose eStatements.
Comenity Direct – 0.55% APY
The Comenity Direct High-Yield Savings Account offers 0.55% APY on all balances. It’s FDIC-insured and requires a $100 minimum opening balance. If you enroll in online statements, there aren’t any monthly fees. If you choose paper statements, you’ll be charged $5 per month. There’s also a maximum deposit balance limit of $10 million per account holder.
Ally Bank – 0.50% APY
Ally Bank’s Online Savings account pays you 0.50% APY regardless of your balance. Ally Bank is FDIC-insured up to $250,000, which means your funds are safe. There aren’t any monthly maintenance fees or minimum balance requirements.
American Express – 0.50% APY
American Express is well-known for credit cards. However, the High Yield Savings Account is worth some attention because it pays 0.50% APY without monthly fees or minimum balance requirements. It’s also FDIC-insured, so you can rest assured that your money is backed.
Synchrony Bank – 0.50% APY
Synchrony Bank’s High Yield Savings Account earns 0.50% APY on all balances without a minimum balance requirement or monthly fees. Your account is FDIC-insured, and you can get an optional ATM card for accessibility. Synchrony Bank will also reimburse up to $5 of domestic ATM fees per month.
Vio Bank – 0.50% APY
The Vio Bank High Yield Online Savings Account offers 0.57% APY on all balances. Your money is FDIC-insured up to $250,000, and the interest is compounded daily. There are no monthly fees if you enroll in eStatements. However, if you choose paper statements, it’s $5 per month. To open a savings account, there’s a $100 minimum opening deposit requirement.
Popular Direct – 0.45% APY
The Popular Direct Select Savings account earns 0.45% APY, is FDIC-insured, and requires a $5,000 minimum deposit. Popular Direct offers a competitive interest rate, and it requires a higher minimum deposit than most financial institutions.
MutualOne Bank – 0.40% APY
MutualOne Bank offers an Online Savings Account that pays one of the highest interest rates in the country, and it’s FDIC-insured. MutualOne Bank requires an opening deposit of $500 or more, and it has a tiered model based on the balance.
The following are the tiers and APY:
- $0 – $9.99: 0.40%
- $10 – $99.99: 0.40%
- $100 – $999,999.99: 0.40%
- $1,000,000 or greater: 0.37% – 0.40%
Anything over $1 million will earn 0.40% APY. Also, you need to enroll in online banking and eDocuments within 30 days of opening your account.
Frequently asked questions
High-yield savings accounts are the same as a traditional savings account, but they pay a higher interest rate, which means you’ll get better returns.
As long as you choose a financial institution that’s federally insured, online savings accounts are a terrific idea. They’re just as safe and secure as banking with a brick-and-mortar financial institution. Banks are insured by the FDIC, and credit unions are insured by the NCUA.
The interest rate can change at any time because it’s influenced by the Federal Reserve. When the Federal Reserve increases the federal funds rate, loan and deposit account rates go up. The same goes for it going down. Rates typically stay the same for weeks or months.
Yes, high-yield savings accounts are worth it because you’ll earn more than a savings account with a lower interest rate. Although you won’t have the same potential as investing in stocks, it’s much better than a low-yield savings account.
No, it won’t affect your credit score because financial institutions screen your banking history. A lot of financial institutions will use ChexSystems, which gives you a score based on your banking history.
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About David Em
Founder
David Em is the founder of More Money More Choices, which he launched to help you take control of your finances and build your dream life. Before More Money More Choices, David worked in leadership positions in the finance industry.