Compare Great Savings Account Rates from our Partners

These great online savings accounts offer high interest rates with FDIC insurance coverage. Check out our shortlist of standout offers, from our partners, and start earning interest today.

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Terms explained

Certificate of Deposit (CD)

A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.


The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.


A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.

Money Market Account (MMA)

Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.

Annual Percentage Yield (APY)

A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.

Estimated earnings

An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.

Experts believe interest rates are the highest they’re likely to be for a while and may begin falling later this year. So, consider switching to or opening a high-yield savings account now while rates last, especially if your savings account earns interest that’s 3% or less.

What is a high-yield savings account?

A high-yield savings account, or HYSA, is a type of savings account that offers interest rates at least 10 times higher than the national average. Most HYSAs are found at online-only banks. Since online banks don’t have the overhead costs of maintaining physical branches, they pass some of these savings down to customers in the form of lower fees and better APYs on savings, certificates of deposit and money market accounts.

With the highest rates continuing to hover above 5% APY, transferring some or all of your savings to a high-yield savings account could definitely pay off.

While many high-yield savings accounts offer high APYs on your full balance, some banks cap the amount of money you can earn at this rate. For instance, Digital Federal Credit Union offers an impressive 6.17% APY on its high-yield savings account — but only on balances up to $1,000. Any balances over that receive a paltry 0.15% APY.

And, in some cases, banks might require a higher minimum deposit to be eligible for the higher APY.

How to open a high-yield savings account 

You can typically open a high-yield savings account online in a matter of minutes. While the steps may vary by bank, here’s what the process generally looks like.

Alternatives to high-yield savings accounts

In general, there are three savings account options if you’re looking for an alternative to high-yield savings accounts.

Traditional savings account: A traditional savings account is typically offered by a brick-and-mortar bank or local credit union. You won’t earn much interest compared with high-yield savings accounts, but you will have ATM access to make cash deposits and withdrawals. Some of these accounts are limited to six monthly withdrawals, although ATM withdrawals may be excluded from that restriction.

Money market account: money market account combines features of a checking and savings account. This account usually requires a higher balance to earn interest and keep your account in good standing. And you may only be able to make a limited number of withdrawals per month. However, many money market accounts come with checking account features, such as a debit card, ATM access and check writing privileges.

Certificates of deposit: A certificate of deposit, or CD, offers a fixed interest rate for a set period, known as the term. If you withdraw your money before the term ends, you’ll pay an early withdrawal penalty, which is usually a few weeks or months of interest, depending on the bank. And CDs only allow a one-time deposit. Most CDs have terms from three months to five years.

Reasons to open a high-yield savings account today

Whether you want to open a savings account for a short-term financial goal or to build an emergency fund, a high-yield savings account can help you reach your goals sooner. Even after rates fall this year, high-yield savings accounts will continue to offer significantly better APYs than traditional ones. So don’t let anticipated rate drops stop you from making the switch. This week’s Consumer Price Index release has also paused some talk of rates going down relatively soon. The price of goods rose 3.1% in January, as the US struggles to shake off inflation for good.

Here’s what makes HYSAs stand out:

If you’re earning less than 1% with your current savings account — some big banks offer as little as 0.01% APY — you don’t have to close your existing account to enjoy higher rates. You can open a new account from an online bank in minutes and set up recurring transfers or direct deposits to start funding it.

Factors to consider when comparing savings accounts 

High-yield savings accounts usually have higher APYs than traditional savings accounts. But you should consider more than just the APY before opening a HYSA. Keep these factors in mind when comparing savings accounts: 

What a high-yield savings account is best for

A high-yield savings account is a great place to park money dedicated to short-term savings goals. Here are a few ways you might use a HYSA: