Best High-Yield Online Savings Accounts of September 2024

With U.S. interest rates still stuck in a downtrend, the search for yield has become even more difficult. And while capital market participants have to endure volatility to earn a higher return, we have a list of savings options that can help grow your money without taking any risk.

Why Should You Trust ElitePersonalFinance?

With accuracy and accountability in mind, we pride ourselves on presenting the latest information from the most trusted sources. And our goal is to help you find the best products available in the marketplace. Moreover, we hope that our study will make it easier to determine where you should invest your hard-earned savings.

To do so, we analyzed hundreds of savings accounts and organized our findings by those that offer the highest annual percentage yields (APYs). However, what’s the point of a high-interest rate if you can’t depend on your institution? That’s why we ensured that all of the institutions on our list reported being insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).

As a result, all our recommended high-yield savings accounts are insured by the U.S. federal government up to $250,000 per person, per account.

Best High-Yield Savings Accounts of September 2024

While all institutions on our list offer savings account interest rates of less than 1%, their APYs are still much higher than traditional banks. For example, the latest release from the Federal Deposit Insurance Corporation (FDIC) shows that the U.S. national average savings rate is 0.06%.

As a result, the high-yield savings accounts below are reliable alternatives for your short-term savings.

GO2bank Vault Savings

APY:	1.00%
Min. Balance Required:	$0
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

As a digital institution specializing in mobile banking, GO2bank offers one of the industry’s highest savings account interest rates. For context, the 1% APY applies to clients that open a “vault” savings account. And to be eligible, you need to have a day-to-day mobile banking account with GO2bank. However, the Fintech company charges no monthly fees if you enroll in eligible direct deposits. Otherwise, you incur a $5 monthly fee.

In addition, the 1% APY applies to savings balances of $5,000 or less, and the interest accrued is paid quarterly. However, if you have moderate savings and want to earn one of the highest interest rates with zero account fees, GO2bank checks off all boxes. To that point, your deposits at GO2bank are FDIC-insured up to $250,000 per person, per account.

As another benefit, bank account holders can receive up to 7% cash-back on e-gift card purchases. All you have to do is log into your account and canvass merchants’ offers. Once you find one that’s attractive, you can purchase it for yourself or send the gift card to another GO2bank account holder. Either way, the cash-back reward is yours.

GO2bank also makes it easy to conduct your day-to-day banking. For example, the Fintech firm has 90,000 retail deposit locations in the U.S. Whether it’s Walmart, CVS Pharmacy, or Dollar General, you can deposit money instantly by following these three simple steps:

1. Travel to one of the 90,000 locations and bring your cash and your GO2bank debit card.
2. Swipe your card and pass the money to the clerk.
3. Check your GO2bank account to make sure the deposit is approved.

Likewise, you can also deposit money without a debit card. To do so, you obtain a barcode through GO2bank’s mobile app to facilitate the transaction. Then, you get the cashier at the retail location to scan the barcode and confirm the deposit. For context, the funds should be in your account within 10-15 minutes, though it’s prudent to keep your receipt in case of any hiccups.

However, please note that retail service fees can apply. And while GO2bank doesn’t specify the exact amount, its fee disclosures show that check deposits incur a service fee of 1% of the balance for pre-printed payroll and government checks. Moreover, all other cashed checks incur a service fee of 5% of the balance, and the minimum expense is $5.00 per transaction. Conversely, there are no fees for bill payments. However, bill payments are limited to a minimum of $1.00 and a maximum of $7,500.

Pros:

• GO2bank allows you to move money seamlessly from your checking account to your savings account.
• Your excess deposits earn interest while you determine the best use for the money.

Cons:

• The maximum deposit is $5,000.
• The firm doesn’t have any branches or physical locations.

Who is the account best suited for?

• If you’re comfortable with mobile-only banking and have a small savings account, GO2bank is the perfect fit.
• The firm has served 33 million clients, and customer support is available 24/7.
• You can reach a representative through phone, live chat, or physical mail.

The impact of COVID-19:

Americans’ knowledge of Fintech companies increased during the pandemic. With stay-at-home orders forcing us to spend more time online, digital banking was a significant beneficiary. And by offering an FDIC-inured high-yield savings account with a higher APY than the competition, GO2bank hopes to maintain the momentum.

Affirm High-Yield Savings

APY:	0.65%
Min. Balance Required:	$0
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

As another Fintech company attempting to win new customers, Affirm’s High-Yield Savings Account offers the second-highest APY on our list. And like many of the other options, there are no balance minimums or account fees. Aiming to streamline the savings process, Affirm makes investing your money as easy as possible. For example, you can link your external bank account to transfer money back and forth, and interest compounds daily and pays you monthly. In addition, your money is held at Cross River Bank — Affirm’s partner financial institution. As a result, your deposits are FDIC-insured up to $250,000 per person, per account.

On top of that, Affirm’s business model is structured around buy-now-pay-later services. For context, the transaction is similar to an installment loan, as the proceeds incur interest and you make equal monthly payments. The company disclosures note that your APR can vary from 0% to 30%, depending on your creditworthiness. However, you can avoid interest if you follow Affirm’s “Pay in 4” guidelines and make four interest-free payments on a bi-weekly basis. This method has no interest or fees, and it won’t impact your credit score.

If you think Affirm is suitable for you, making a purchase is relatively straightforward:

1. Add items to your checkout and select pay later with Affirm (you can also download the mobile app or use affirm.com).
2. If you don’t already have an account, you must sign up.
3. Await Affirm’s approval of the transaction.
4. Choose between the Pay in 4 or the monthly installment methods.
5. Set up automatic repayment or manage the payback schedule through Affirms app or at affirm.com.

Pros:

• Affirm offers a solid high-yield savings account and access to credit solutions without using your credit card.
• You can invest your money without having to enter into any credit agreements.

Cons:

• The firm doesn’t have any branches or physical locations.

Who is the account best suited for?

• Affirm is different from a mobile bank, offering installment loans and buy-now-pay-later options.
• However, applying for a personal loan is usually a better option.

The impact of COVID-19:

With savings account interest rates closely linked to the overnight lending rate set by the Fed, Affirm’s disclosures noted a reduced APY during the pandemic. However, with the Fed poised to raise interest rates in 2022, all companies on our list should promote higher APYs later in the year.

Axos High-Yield Savings

APY:	0.61%
Min. Balance Required:	$250
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

If you can meet the opening minimum of $250, an Axos High-Yield Savings Account is a reliable option. In addition, there are no minimum monthly balance requirements once your application is approved. As a result, the $250 threshold is essentially a placeholder for setting up your account. And after that, you’re free to maintain the balance of your choosing.

For example, an Axos High-Yield Savings Account has a 0.61% APY on balances from $0 to $24,999.99. After that, balances from $25,000 to $99,999.99 earn 0.25% interest, and balances that exceed $100,000 earn 0.15% interest. However, with Axos Bank offering one of the highest annual interest rates among the institutions in our study, investing your short-term savings up to the $24,999.99 limit is a prudent option. Furthermore, Axos High-Yield Savings Accounts are FDIC-insured up to $250,000 per person, per account. In addition, the account doesn’t incur monthly maintenance fees, and you can start saving in as little as 15 minutes. All you need is valid identification and your Social Security Number.

Also noteworthy, Axos Bank is a full-service financial firm that offers checking and savings accounts and CDs. Moreover, you can also apply for mortgages, personal and auto loans, and its managed portfolios and self-directed brokerage services help you purchase stocks, bonds, and other financial market assets.

On top of that, Axos Bank is serious about security. For example, two-step identification keeps your account safe by asking you a personal question or sending a verification code to your device. In addition, SSL encryption keeps your data secure, while antivirus and malware protection keeps your account from suffering unwanted attacks.

Finally, Axos Bank’s blog is rich with content to help you make smarter money decisions. For example, you’ll find advice on how to streamline your spending habits, as well as how to navigate the mortgage and auto loan markets.

Pros:

• Axos Bank offers a competitive APY.
• The group’s security suite keeps your account protected from hackers.
• You can obtain a free ATM card by contacting a representative.

Cons:

• Balances of $25,000 or more earn much lower APYs.
• The firm doesn’t have any branches or physical locations.

Who is the account best suited for?

• Axos Bank is a reliable firm that offers several financial products.
• If your savings balance is $5,000 or less, GO2bank offers a higher APY (1%).
• If your savings balance is more than $5,000, Varo Bank’s APY (up to 3%) is more attractive.

The impact of COVID-19:

As another digital nomad, Axos Bank helped consumers navigate their way through the pandemic. However, with the bank enhancing the digital revolution since 2000, the firm has been around longer than many of its competitors.

LendingClub Bank High Yield-Savings

APY:	0.60%
Min. Balance Required:	$2,500
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

At LendingClub Bank, a high-end APY of 0.60% is yours for the taking. However, the only downside is that your need a minimum of $2,500 to qualify. And for balances of less than $2,500, you only earn a 0.05% APY. Conversely, there are no monthly maintenance fees, and you’re free to deposit any amount you wish. However, please note that you need to deposit $100 when opening the account. Moreover, your deposits are FDIC-insured up to $250,000 per person, per account. As mentioned, though, you need a relatively high balance if you want a worthwhile interest rate.

However, mirroring Axos Bank, Synchrony, Alliant Credit Union, and First Foundation Bank, a LendingClub Bank High-Yield Savings Account can process ATM withdrawals. As such, a free ATM card is available upon request. Likewise, you can also link an external bank account to streamline transfers to and from other institutions. However, please note that LendingClub Bank only lists two branches as of March 2021. Thus, the primarily online institution won’t provide you with the same in-person service as traditional banks. As a result, it’s prudent to consider the deposit requirements and your comfort level with online banking before making your final decision.

Pros:

• LendingClub Bank offers one of the best APYs in the industry and there are no account fees.
• You can obtain a free ATM card by contacting a representative.

Cons:

• You need at least $2,500 to earn the 0.60% APY.

Who is the account best suited for?

• If you have a high savings balance, LendingClub Bank is a solid choice.
• If you live in Utah or Massachusetts, you should be able to obtain in-person service.

The impact of COVID-19:

With pandemic-induced stimulus flooding the system with cash, LendingClub Bank’s deposit division should have basked in the glory. Moreover, product fees should have been robust with its institutional division providing cash management services and assisting governments and municipalities.

Alliant Credit Union High-Rate Savings

APY:	0.55%
Min. Balance Required:	$100
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

Alliant Credit Union’s High-Rate Savings Account has a 0.55% APY, and the minimum balance to maintain your account is $5. However, please note that you must maintain a $100 minimum daily average to qualify for interest payments. As a result, we referenced the $100 minimum in our table since it’s more relevant to potential savers. On the flip side, there are no maximum balance limits, and account fees are waived if you opt for e-statements. For context, paper statements cost $1. However, you can sleep safely knowing that your deposits are FDIC-insured up to $250,000 per person, per account.

Also noteworthy, Alliant Credit Union’s High-Rate Savings Account is one of the few out there that have ATM withdrawal capabilities. For example, if you don’t have an Alliant checking account, the credit union will issue an EMV chip card (which helps protect you from fraud) to make ATM withdrawals. However, please consider that the savings ATM card can only process deposits, withdrawals, and transfers, and you can’t use it to purchase items in-store or online. Despite that, there is no fee to obtain a savings ATM card, and Alliant Credit Union’s fee disclosures show that replacing a lost card is also free. However, the credit union may charge you $10 if you misplace your card several times.

Also beneficial, Alliant Credit Union has more than 80,000 fee-free ATMs located across the U.S. As a result, there are plenty of options to choose from, and withdrawing money from your savings account won’t cost you a dime. However, Alliant Credit Union does note that withdrawals from third-party ATMs may incur a surcharge, though it doesn’t list the exact cost. In any event, comparable out-of-network ATM fees are roughly $2.50 to $3.50 per transaction.

Finally, with Alliant Credit Union and Suze Orman’s The Ultimate Opportunity Savings Account promotion offering a $100 bonus for new clients, it’s one of the best deals out there. For example, the $100 is yours if you deposit $100 in your savings account each month for the next 12 months. In total, this works out to a $100 bonus on a $1,200 deposit. And with a bonus yield of 8.33%, the reward is much higher than the interest rate offered by online and traditional banks.

Pros:

• Alliant Credit Union has a competitive APY, and there are no account fees if you opt for online statements.
• You can obtain a free ATM card and make free withdrawals at more than 80,000 locations.

Cons:

• The firm doesn’t have any branches or physical locations.

Who is the account best suited for?

• Alliant Credit Union is a solid option if you value the ability to make ATM withdrawals from your savings account.
• Its mobile app allows you to monitor your savings account and execute transactions 24/7.

The impact of COVID-19:

As a digital-only institution, Alliant Credit Union was a pandemic beneficiary. With in-person banking substituted mainly for the online experience, Alliant Credit Union’s digital infrastructure was up to the task. As a result, clients were able to manage their accounts without disruption.

Comenity Direct High-Yield Savings

APY:	0.55%
Min. Balance Required:	$100
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

As another solid choice, a Comenity Direct High-Yield Savings Account offers the fourth-highest APY on our list and requires a minimum balance of $100. Moreover, deposits are FDIC-insured up to $250,000 per person, per account. In addition, you avoid monthly maintenance fees, and ACH transfers, incoming wire transfers, and online statements are also free. Likewise, you have unlimited access to free mobile check deposits. However, there is a $25 fee for outgoing wire transfers and a $5 fee if you opt for paper account statements.

In addition, you can manage your Comenity Direct High-Yield Savings Account by downloading its Apple and Andriod apps. You can also make deposits, withdrawals and contact a customer care representative there. And currently, there are no fees to use mobile banking.

However, Comenity Direct offers high-yield savings accounts and CDs, unlike other online banks. For context, the minimum balance for a CD is $1,500, and Comenity Direct’s APYs range from 0,65% (1-year CD) to 1.10% (5-year CD). However, please note that early withdrawal penalties apply: for CDs with maturities that range from one year to three years, the early withdrawal penalty is 180 days worth of simple interest. Similarly, for CDs with maturities of four and five years, the early withdrawal penalty is 365 days worth of simple interest. However, there are no monthly maintenance fees.

Also, if you’re considering a CD, remember that your investment automatically rolls over after it matures. For context, this means that Comenity Direct (and nearly all CD providers) will reinvest your funds once again for the identical duration. However, the APY may not be exact. For example, if the Fed lowers interest rates, the CD’s APY may follow suit. Thus, it’s essential to monitor your maturity date.

Despite that, Comenity Direct notifies you “days in advance” before your CD matures. And after the maturity date has arrived, you have ten calendar days to withdraw your money without incurring a penalty.

Pros:

• Comenity Direct offers a competitive APY and has been in business since 1986.
• More than 50 million customers trust the firm’s credit card services.

Cons:

• The firm doesn’t have any branches or physical locations.

Who is the account best suited for?

• Comenity Direct offers the security and reliability similar to traditional banks.
• The firm’s best-in-class customer service may be worth settling for a lower APY.

The impact of COVID-19:

Like the other savings accounts on our list, the Fed’s reduction of interest rates in early 2020 placed downward pressure on Comenity Direct’s APY.

Pentagon Federal Premium Online Savings

APY:	0.55%
Min. Balance Required:	$5
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

As another solid option, a Pentagon Federal Premium Online Savings Account also has the fourth-highest APY on our list. However, since Pentagon Federal is a credit union, deposits are insured by the National Credit Union Administration (NCUA). Since the NCUA is also a branch of the U.S. federal government, its services are nearly identical to the FDIC. Moreover, deposits are insured up to $250,000 per person, per account. For context, Pentagon Federal’s dividends are paid monthly, and there are no monthly maintenance fees, and online transfers are also free of charge.

In addition, Pentagon Federal’s Money Market Certificates should be on your radar. For context, they’re nearly identical to CDs: they require you to lock in your funds for a specified period, and early withdrawal penalties apply. However, Pentagon Federal’s 1-year MMC has a 0.85% APY, and its 15-month MMC has a 1.00% APY. As a result, the interest rates are attractive if you’re comfortable locking in your funds for these durations. As for early withdrawal fees, the penalties are steep. For example, withdrawing your money within the first year results in the forfeiture of 365 days of dividends. And after one year, the penalty is 30% of potential gross dividends had the MMC reached maturity.

Also, given that the Fed is poised to raise interest rates in 2022 (officials’ latest median projection is for three rate hikes), it’s likely unwise to make any long-term commitments. Instead, a more prudent strategy is to stick with savings accounts with variable APYs (which should increase if the Fed raises interest rates) and consider a CD or MMC in 2023.

Pros:

• Pentagon Federal offers a competitive APY, and the credit union has roughly 50 branches in 13 states.

Cons:

• You can’t withdraw funds from your Pentagon Federal Premium Online Savings Account at an ATM.

Who is the account best suited for?

• Pentagon Federal allows you to bank in person and speak face-to-face with a representative.
• If onsite communication is valuable to you, Pentagon Federal is there to answer all of your financial questions.

The impact of COVID-19:

While the coronavirus pandemic impacted some Pentagon Federal branches, its mobile app helped clients navigate the uncertainty. In addition, the credit union offered forbearance options that helped ease the burden. However, like the other accounts on our list, Pentagon Federal’s APY was also impacted by the Fed’s monetary policy.

Quontic Bank High Yield Savings

APY:	0.55%
Min. Balance Required:	$100
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

A Quontic Bank High Yield Savings Account is the perfect no-hassle way to invest your short-term savings. For example, the 0.55% APY is near the high-end of the range, and the no-fee savings account integrates with Apple Pay, Google Pay, and other digital wallets. However, there is a $100 minimum deposit requirement, and dormant accounts are charged $5 per month for inactivity. Despite that, all of your deposits at Quontic Bank are FDIC-insured up to $250,000 per person, per account.

In addition, Quontic Bank is a solid digital solution for your day-to-day banking needs. For example, the group’s fee disclosures show that bank checks and money orders are free of charge, and there are no overdraft fees. However, there is a stop payment fee of $20. Despite that, Chase Bank charges $8.00 for bank checks, $5.00 for money orders, $34.00 for overdraft charges, and $30.00 for stop payments. Likewise, Citizens Bank charges $10.00 for bank checks, $5.00 for money orders, $37.00 for overdraft charges, and $35.00 for stop payments. As a result, Quontic Bank can save you money on banking fees if you’re comfortable doing all of your transactions online.

In addition, if you’re a Bitcoin enthusiast, Quontic Bank has a Rewards Checking Account that offers 1.5% cash-back in Bitcoin on qualifying debit purchases. However, ATM transactions, transfers, loan payments, and peer-to-peer payments don’t qualify for rewards. In addition, purchases made through third-party payment services — like PayPal and Venmo — don’t qualify for cash-back. For context, Quontic Bank’s Bitcoin Rewards Checking Account is available in more than 40 states. However, you should double-check to determine if the account is accessible in your region.

Also noteworthy, you can apply for FHA loans, VA loans, mortgages, and reverse mortgages at Quontic Bank. Likewise, the institution’s blog has a wealth of information to make the home-buying process a lot easier.

Pros:

• Quontic Bank’s APY compounds daily, and you can open an account in as little as three minutes.

Cons:

• The firm doesn’t have any branches or physical locations.

Who is the account best suited for?

• Quontic Bank provides loans to low-income families, immigrants, and other marginalized individuals.
• If you’re passionate about the cause, a Quontic Bank High Yield Savings Account may be right for you.

The impact of COVID-19:

As another digital bank aiming to make its mark in the U.S., COVID-19 helped Quontic Bank reach a larger audience. Moreover, as a company with a predominantly remote workforce, the pandemic did little to disrupt its operations. However, like the other accounts on our list, Quontic Bank’s APY was impacted by the Fed’s monetary policy.

CIBC Agility Online Savings

APY:	0.52%
Min. Balance Required:	$1,000
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

While CIBC Bank offers a solid 0.52% APY, the deposit minimum is $1,000. As a result, the option is less attractive for individuals with low savings balances. Conversely, there are no monthly maintenance fees, and CIBC’s mobile banking app can handle all of your day-to-day transactions. Furthermore, your deposits are FDIC-insured up to $250,000 per person, per account.

Also, CIBC Bank’s fee disclosures show that a $25 charge will apply if you close the account within the first 90 days. Likewise, dormant accounts are charged $5 per month and up to $60 per year, while withdrawals can take three days or less to process. In addition, CIBC Bank offers in-person service in 4 states — Illinois, Michigan, Missouri, and Wisconsin. Thus, if you live in these regions and value the ability to speak face-to-face with a representative, a CIBC Agility Online Savings Account is a solid choice.

All in all, the account’s validity depends on your ability to meet the minimum deposit requirement. On the other hand, if the cash is available and you want the security and reliability inherent with traditional institutions, CIBC Bank should fulfill all of your needs. Also, the group’s mobile app provides the convenience of managing your accounts according to your lifestyle. As a result, CIBC Bank is an excellent hybrid between the old school and the new school of banking.

Pros:

• CIBC Bank’s Agility Online Savings Account has a competitive APY, and there are no monthly account fees.

Cons:

• You need at least $1,000 to open an account.

Who is the account best suited for?

• If you’re in Illinois, Michigan, Missouri, or Wisconsin, the ability to bank in-person may be attractive.
• CIBC Bank offers the security and peace of mind that you expect with traditional banks.

The impact of COVID-19:

While CIBC is a significant player in the Canadian market, its footprint in the U.S. is much smaller. As a result, its Agility Online Savings Account aims to lure customers away from the most prominent competitors. And with plenty of pandemic stimulus still out there, CIBC must feel that now is the right time to proposition new prospects.

Vio Bank High Yield Online Savings

APY:	0.51%
Min. Balance Required:	$100
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes
Learn More

Offering a competitive APY of 0.51% and a reasonable minimum balance requirement of $100, you can’t go wrong with a Vio Bank High Yield Online Savings Account. In addition, monthly account fees are non-existent. However, if you opt for paper account statements, a $5 fee will apply. Also, if you exceed the U.S. federal limit of six transfers/withdrawals per month, a $10 fee will apply. Despite that, your Vio Bank High Yield Online Savings Account is FDIC-insured up to $250,000 per person, per account.

In addition, as the online division of MidFirst Bank, Vio Bank combines the security of a traditional bank with the higher interest rates of an online bank. However, please note that the firm doesn’t offer a checking account. And since you can’t withdraw your money from an ATM, it’s prudent to allocate capital that you won’t need at a moment’s notice. In addition, Vio Bank doesn’t allow cash deposits, and check deposits max out at $100,000 per day and $250,000 monthly.

As for CDs, Vio Bank offers APYs of 0.15%, 0.30%, and 0.50% for 1-year, 3-year, and 5-year durations. In addition, the deposit minimum is relatively low, at $500. However, your investment automatically rolls over after it matures, and if you don’t want to renew, you need to contact Vio Bank within ten days from when the CD matures. Moreover, as mentioned above, with the Fed poised to raise interest rates in the coming month, investing in products with fixed APYs is less attractive. In contrast, high-yield savings accounts have variable APYs. As a result, the higher the Fed’s overnight lending rate, the higher savings account interest rates will likely head.

Pros:

• Vio Bank’s APY is near the high-end in the marketplace, and the firm is the online division of MidFirst Bank.

Cons:

• It costs money to obtain paper account statements.

Who is the account best suited for?

• Vio Bank is a solid option, though it doesn’t stand out from the crowd.
• If you’re in Oklahoma City, Tulsa, western Oklahoma, Denver, Phoenix, or Dallas, you can find in-person help.

The impact of COVID-19:

Similar to the interest rate gyrations that other institutions on our list endured, Vio Bank’s APY usually fluctuates with the Fed’s monetary policy.

Varo Bank Online Savings

APY:	0.50%
Min. Balance Required:	$0
Monthly Service Fee:	$0
FDIC/NCUA Insured:	Yes