Need a High-Yield Savings Account? Here's My No. 1 Choice

Moving your savings into a high-yield savings account is a simple way to improve your finances. The average savings account only earns 0.42%, according to the FDIC. If you're using a big bank, it's probably even less. Many of them pay as little as 0.01%.

The best high-yield savings accounts, on the other hand, pay over 4%. Finding one can be a bit tricky, because there are a lot of good options available. Personally, if I was looking for a savings account right now, I know exactly which one I'd choose.

Why I'd pick the Western Alliance Bank High-Yield Savings Premier account

The Western Alliance Bank High-Yield Savings Premier account is an online account. Western Alliance Bank doesn't have any branches, so it's able to pay a much higher rate than your typical brick-and-mortar bank. Here are the reasons I'd recommend this high-yield savings account, in particular.

One of the highest APYs

This Western Alliance Bank savings account has a 4.46% APY. A savings account's APY isn't everything, but it's important. The whole point of going with a high-yield account is to earn more interest, after all. Western Alliance Bank has consistently offered one of the highest savings rates, so you can be confident you're getting a competitive return on your money.

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 29, 2024. 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 December 29, 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. 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 4.46% 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. Member FDIC.	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.

Ready to make the most of your savings with a Western Alliance Bank High-Yield Savings Premier account? Click here to learn more and open an account today.

No monthly maintenance fees

A high APY is less impressive if your bank is charging you service fees every month. Fortunately, there are no monthly fees for this account. Once again, the fact that Western Alliance Bank is an online bank is good for clients. It doesn't need to charge the types of fees that brick-and-mortar banks do.

No hoops to jump through

Some savings accounts come with strings attached. There's no monthly fee -- if you meet a minimum balance requirement. Your account earns a spectacular APY -- if you receive enough in direct deposits every month.

I'm not a big fan of bank accounts that make my finances more complicated. Thankfully, the Western Alliance Bank High-Yield Savings Premier account doesn't have special requirements on its APY. You also don't need to meet any conditions to avoid a monthly fee.

The only notable requirement is a $500 minimum deposit to open this account. But you can go under $500 after that, as there's no ongoing minimum balance requirement. You'll also be earning interest with as little as $0.01 in your account.

FDIC insurance

Some people worry that online bank accounts aren't as safe. That couldn't be further from the truth. Reputable online banks, including Western Alliance Bank, are members of the Federal Deposit Insurance Corporation (FDIC).

As such, this savings account is covered by FDIC insurance. In the unlikely event of a bank failure, FDIC insurance covers up to $250,000 per depositor, per account ownership category.

A top choice to maximize your savings

The Western Alliance Bank High-Yield Savings Premier account checks all the boxes for a savings account. You won't find many accounts that beat its APY. And even if you do, it won't be a large difference. Just as importantly, you won't need to pay a monthly fee or maintain a minimum balance (after you make that opening deposit of $500 or more).

The only notable drawback is the withdrawal process. You can only make withdrawals through ACH transfer to one linked account. You also won't have ATM access to your money. But checking accounts are more suitable for that, anyway.

If you want to get more information about this Western Alliance Bank account, check out our in-depth review. You can decide if it's right for you, and if so, it doesn't take long to open an account.