High-Yield Savings Accounts Are Finally Earning Consumers Money. Here Are Graham Stephan's Top 5 Account Picks

These accounts will earn you north of 1%.

Gone are the days when a high-yield savings account would net you under a penny on the dollar. Today, high-yield accounts offer significantly higher interest rates, making them a viable way to earn money on your saved cash. Which accounts are experts like Graham Stephan recommending? Read on to find out.

What is a high-yield savings account?

High-yield savings accounts are an alternative to the savings accounts of old. While traditional savings accounts can earn only a fraction of a percent, high-yield accounts have higher interest rates. The best part? High-yield accounts have many of the same benefits as traditional savings accounts.

High-yield savings accounts are a secure way to earn extra interest on your hard-earned savings. The FDIC insures high-yield savings accounts just like traditional savings accounts, up to $250,000 per account holder per bank. You don't need a high balance to save in a high-yield savings account, with some accounts requiring a minimum deposit of only $100. Additionally, most high-yield accounts provide the same excellent customer service offered to traditional bank account holders. And with online banking, it is easy to open and fund an account.

Downsides of a high-yield account

High-yield savings account owners should be aware of a few downsides. Many high-yield accounts limit the number of withdrawals you can make in a month. This isn’t unique to high-yield savings accounts, as most savings accounts charge a penalty for making more than six withdrawals in a month. Frequent money movers beware.

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 1, 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 1, 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.

Cash held in a high-yield account may be less liquid than cash held in a traditional savings account. The process can take between 24 and 48 hours from request to withdrawal. Few high-yield accounts offer checks, and even fewer provide users with an ATM card. Savings held in high-yield accounts are considered liquid, but may not move as quickly as account holders are used to.

Graham Stephan's picks

High-yield savings accounts can be a great way to earn extra interest on your savings. But don't just take our word for it! Real estate agent and financial personality Graham Stephan says that high-yield savings accounts are now paying a healthy amount. Here are his top picks:

• Ally Bank
• Marcus by Goldman Sachs
• SoFi
• CIT Bank
• Citizens Bank

Each of Graham's picks will earn you over 1% interest, but that's only part of the story. Graham also values customer service when choosing which accounts to recommend. These options are backed by top-notch customer service departments to give savers a great experience. In fact, a top reason for our five star review of Ally Bank is its high customer satisfaction ratings.

When it comes to choosing the best high-yield savings account for you, consider more than just the interest rate being offered. By saving with a bank boasting high customer service ratings, you can be sure to get the most well-rounded experience out of your high-yield savings account.