7 U.S. Banks Offering High-Yielding Savings Accounts
Annual Percentage Yield (APY) represents the rate of return on your saving, including the effects of compounding interest. Compound interest makes APY a more accurate representation of what your savings will earn over the course of a year compared to when only simple interest is applied.
The higher the APY, the more beneficial as it allows your money to grow faster without any extra effort from you. Placing your money in a high yield savings account offers you an easy and low-risk way to accumulate more over time.
Top U.S. Banks Offering High-Yielding Savings Accounts
If you're looking to grow your savings, several U.S. banks offer attractive high-yield savings accounts with competitive APYs.
Citi bank
Citi Bank offers one of the most competitive savings accounts for customers who maintain higher balances. You can earn an impressive 4.50% APY on balances over $5,000, making this a great choice if you have a larger sum to save. For those just starting out, you can open an account with as little as $100, but balances under $5,000 will only earn 0.25% APY. While the higher yield requires a larger balance, this account is ideal for savers who can meet the threshold.
- Key Details:
- APY: 4.50% on balances over $5,000; 0.25% on balances below $5,000
- Minimum Opening Balance: $100
- No Monthly Fees: If requirements are met
Capital One 360 Performance Savings
Capital One’s 360 Performance Savings account is another excellent option, offering a 4.30% APY with no minimum balance required to earn this rate. Unlike Citi Bank’s offering, this account offers the same APY across all balances, making it accessible for both new savers and those with substantial savings.
- Key Details:
- APY: 4.30%
- Minimum Opening Balance: None
- No Monthly Fees: Yes
Ally Bank
Ally Bank, an online-only bank, offers a 4.25% APY on its high-yield savings account. Ally doesn’t require a minimum deposit to open an account, and there are no monthly maintenance fees. The bank also features excellent digital tools, such as savings buckets to help you organise and track financial goals.
- Key Details:
- APY: 4.25%
- Minimum Opening Balance: None
- No Monthly Fees: Yes
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers a competitive 4.40% APY with no minimum deposit required. This account also charges no fees, making it a hassle-free option for anyone looking to earn a high rate on their savings. Marcus has built a solid reputation for providing strong savings products, and its high-yield savings account is among the best in the market.
- Key Details:
- APY: 4.40%
- Minimum Opening Balance: None
No Monthly Fees: Yes
Discover online savings account
Discover’s Online Savings Account offers a 4.30% APY, and like many other top savings accounts, it has no minimum balance requirements and no monthly fees.
- Key Details:
- APY: 4.30%
- Minimum Opening Balance: None
- No Monthly Fees: Yes
Synchrony bank
Synchrony Bank offers a 4.35% APY on its high-yield savings account. Like the other banks listed, there’s no minimum balance to earn interest, and no fees are charged for maintaining the account. Synchrony also provides an optional ATM card for easy access to your funds giving you flexibility with your finance.
- Key Details:
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- APY: 4.35%
- Minimum Opening Balance: None
- No Monthly Fees: Yes
American Express
American Express offers a 4.25% APY on its high-yield savings account. There are no fees or minimum balance requirements, and the bank is known for its excellent customer service. This makes the American Express High-Yield Savings Account a strong option for those who want a simple and high-earning place to store their savings.
- Key Details:
- APY: 4.25%
- Minimum Opening Balance: None
- No Monthly Fees: Yes
