4 High-Interest Savings Accounts to Check Out in 2024
KEY POINTS
- On top of a generous APY, SoFi Checking and Savings (member FDIC) has a welcome bonus of up to $300¹ -- but only for a limited time.
- None of the savings accounts on our list charge a monthly fee.
The average savings account earns a measly 0.46%, as of Feb. 20, 2024. That means if you stashed away $1,000, you'd earn just $4.60 after a year.
Fortunately, you don't have to settle for average. There are plenty of banks that pay nearly 10 times the national average savings account annual percentage yield (APY). Online banks tend to be a good place to look because they have lower overhead costs than their brick-and-mortar counterparts, so they can afford to pay higher rates. Here are five picks for high-interest savings accounts to consider if you want to maximize the power of compounding in 2024.
1. SoFi Checking and Savings
Annual percentage yield: up to 4.00%²
As the name suggests, the SoFi Checking and Savings gives you both a checking and savings account. (SoFi® doesn't currently let you open a standalone checking or savings account.) Both accounts pay way more than the national average APYs, though.
Our Picks for the Best High-Yield Savings Accounts of 2024
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.80%
Rate info
3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.80%
Rate info
3.80% annual percentage yield as of December 28, 2024. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.46%
Rate info
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.46%
Rate info
The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
You won't have branch access, but there are some sweet perks beyond the high APYs: You can earn a bank welcome bonus of up to $300 through Dec. 31, 2024, plus there are no account fees.³
Read our full SoFi Checking and Savings review.
2. Discover® Online Savings
APY: 3.75%
Discover® Online Savings is another savings account that offers a generous APY, on top of a welcome bonus. The requirements to earn the bonus are fairly high: You must apply for your first Discover Online Savings Account with offer code TMF924, then deposit $15,000 to earn $150 or $25,000 to earn $200. Deposits must post within 45 days. The offer ends March 13, 2025; see Discover’s website for full details. It's pretty rare to earn welcome bonuses when you open a savings account, so it's worth checking out. There's no monthly fee or minimum deposit.
Read our full Discover® Online Savings review.
3. Ally Savings
APY: 3.80%
Ally Savings is another bank that offers a high APY to online savers. As is common in the world of digital banking, the high-interest savings account doesn't have monthly maintenance fees or minimum balances.
One neat feature of the account: It lets you organize your savings into buckets, so that it's easier to keep track of your progress on multiple savings goals without maintaining several accounts. For example, you could separate your emergency savings, your vacation fund, and money you're setting aside for gifts into different buckets.
Read our full Ally Savings review.
4. Synchrony Bank High Yield Savings
APY: 4.75%
The Synchrony Bank High Yield Savings account's high APY stands out even among our picks for the top high-yield savings accounts. Plus, the account has no minimum balance, no minimum initial deposit, and no monthly fees. You also get an ATM card, which is a nice-to-have feature on a savings account.
Read our full Synchrony Bank High Yield Savings review.
Should you pick the savings account with the highest APY?
Not necessarily. APY is certainly one of the more important factors to weigh when you're choosing a savings account, but it's not the only thing that matters. Also consider:
- Will you pay a monthly fee? Some savings accounts charge monthly fees, which can eat up a significant part of the interest you earn, particularly if you maintain a small balance.
- Is there a minimum balance to earn APY? You'll see some banks advertise a high APY, but in the fine print, it states that you'll need to deposit a significant chunk of change to earn that APY.
- Are you OK doing your banking online? If you frequently visit your local bank branch and prefer face-to-face interaction, it may be worth accepting a lower APY.
- Are customers generally satisfied? If a bank has an excessive number of negative customer reviews, look elsewhere -- even if it has a highly competitive APY.
Shop around for a bank with a competitive APY so that your money can start earning money. But make sure the account is one where you'll be happy storing your savings for the long haul.
Our Research Expert
Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including NerdWallet and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column. She is based in St. Petersburg, Florida.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.