Boost Your Savings With These 4 High-Interest Accounts

Thanks to high interest rates, you can earn some serious passive income with your savings right now. Unfortunately, most Americans are missing out.

Top high-yield savings accounts currently offer annual percentage yields (APYs) of 4.00% to 5.00% and more. But only about one-third (34%) of Americans use one of these accounts, according to a survey by The Motley Fool Motley Fool Money. If you haven't made a change yet because you're not sure which bank to pick, here are four high-paying options to explore.

1. Western Alliance Bank High-Yield Savings Premier: 4.40%

You'll be earning plenty of interest on your savings with Western Alliance Bank High-Yield Savings Premier. It offers an incredible 4.40% APY, the best rate I could find. With that rate and a $10,000 balance, you'd be earning $531 per year in interest.

There are no monthly maintenance fees with this account, either. The only requirement to know about is a minimum opening deposit of at least $500. You can go below that balance later, as there's no ongoing balance requirement.

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 January 10, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 10, 2025. 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. Member FDIC.	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 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, 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. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, 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.

2. CIT Platinum Savings: 4.35% APY for balances of $5,000 or more

CIT Platinum Savings works a little differently than your typical online savings account. It earns a 4.35% APY for balances of $5,000 or more. Otherwise, it earns a paltry 0.25%. The minimum opening deposit is $100, and there are no monthly fees for this account.

The fact that you need to keep at least $5,000 deposited to earn the max rate could be a blessing or a curse. It's frustrating if you often dip into your savings. In that case, CIT Platinum Savings isn't for you. But if you're looking for motivation to maintain and grow your savings, the balance requirement could help you stick to that plan.

34. SoFi Checking and Savings: up to 4.00%²

As the name suggests, SoFi Checking and Savings is a combination account. It serves as a checking account and a savings account. To earn its maximum APY (up to 4.00%² for savings balances and 0.50% for checking balances), you need to meet one of the following requirements:

• Having direct deposit (no minimum amount required)
• Making $5,000 or more in qualifying deposits every 30 days

SoFi® gets rave reviews for how user-friendly it is, and it's ideal if you want to do all your banking in one convenient place. It also offers investment accounts. New customers can even earn a $300 cash bonus with qualifying direct deposits of $5,000 or more within 25 days. Terms apply.

4. E*TRADE Premium Savings: 4.00%

E*TRADE is best-known as a brokerage, but it also has an excellent high-yield savings account. With an E*TRADE Premium Savings account, you'll earn 4.00% on your savings. This account has no monthly fees and no minimum opening deposit or balance. Note that you do need to add money within the first 30 days to keep the account open.

While anyone could use this account, it makes the most sense for current E*TRADE clients. If you already have an E*TRADE brokerage account, you could open a savings account and one of its checking accounts. Then, you can handle all your banking and investing needs on one platform.

Don't settle for less

Saving money is hard work. By taking advantage of today's high rates, you can grow your savings more quickly.

High-yield savings accounts like the ones listed above are a safe place to put your money. They work just as well for protecting and managing your money as savings accounts from traditional brick-and-mortar banks. There's one key difference, though: They'll pay you a whole lot more interest.