What's the Highest APY I Can Earn on My Savings?
KEY POINTS
- You can earn APYs of up to 4.75% on the best savings accounts.
- Look for a low or no-fee account with an achievable minimum balance.
- Don't leave your savings earning less than 1% -- move them to a high-yield account today.
The last few years have been great for savers. The best savings accounts have given riskier investments a run for their money. Indeed, some credit unions were paying APYs of over 7%, though you had to jump through a lot of hoops to qualify.
Sadly, the days of earning jaw-dropping APYs are past us because the Federal Reserve has started to cut its benchmark interest rate. Even so, that doesn't mean you should leave your money languishing in an account that barely pays cents on the dollar.
There are still some excellent places to park your cash that will pay APYs of 4.4% to 4.75%. For example, these four FDIC-insured accounts are all easy to open and -- importantly -- they pay some of the highest APYs on the market. You'll find them and more on our top high-yield savings account list.
1. EverBank Performance℠ Savings
APY (as of Dec. 5, 2024): 4.75%
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 27, 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 27, 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. |
Requirements: None
What you need to know: This account ticks many of my boxes when it comes to savings accounts. Not only does it pay an extremely competitive APY, but it also won't charge a monthly fee or demand a minimum deposit. It has branches in Florida and California, but otherwise, you'll need to use its app and online banking.
2. Western Alliance Bank High-Yield Savings Premier
APY (as of Dec. 5, 2024): 4.46%
Requirements: $500 minimum deposit
What you need to know: The APY on this savings account is slightly lower than others on this page, but it's also super accessible. You need to deposit $500 to open the account, but you don't have to maintain that balance to earn its high APY. It doesn't charge monthly account fees and it's easy to open your account online.
3. LendingClub LevelUp Savings
APY (as of Dec. 5, 2024): 4.75% APY with $250+ in monthly deposits
Requirements: You need to deposit at least $250 a month to unlock the highest APY. Otherwise you'll earn 3.75%.
What you need to know: LendingClub doesn't have a minimum deposit requirement, but you'll need to make regular deposits to keep earning its best APY. It doesn't charge monthly account fees. Even better? The account comes with an ATM card for easy access to your cash.
Click here to learn more about LendingClub's no-fee commitment.
4. CIT Platinum Savings
APY (as of Dec. 5, 2024): 4.35% APY for balances of $5,000 or more
Requirements: You'll need to maintain a balance of $5,000 to qualify for the highest APY.
What you need to know: This is a great choice for savers with large balances. There's no monthly account fee and no restrictions on the number of transactions you can make in a month. But if you're not able to keep your balance above $5,000, it's probably better to look elsewhere. The account's regular APY is lower than the national average.
Finding the highest savings APY
The first step to maximizing your interest earnings is to shop around to find the best account for you. The average savings account APY is 0.42% right now, according to the FDIC. If you already have a high-yield savings account, that may seem low. But some savers earn as little as 0.01% APY.
Pay attention to things like minimum deposit, monthly fees, and specific terms and conditions. Some accounts offer high rates on the first $500 or $1,000 you deposit. Others might offer a high rate for a limited amount of time. Ensure the institution you choose is FDIC insured, so you're protected against bank failure.
Think about when you might need your money
High-yield savings accounts are a great place to put your emergency fund and other money you might need to access quickly. If you're OK with tying up your cash for longer periods, see if you can lock in a competitive CD rate.
And if we're talking about money you won't need for five to 10 years or more, consider investing it. Investments carry more risk, but on average, over time, the S&P 500 will likely beat even the highest savings APY.
Our Research Expert
Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to Motley Fool Money since 2019.
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