What is a savings account? It is an account that earns interest, in other words, money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
To start off, there are those ordinary high-interest savings accounts that do not come with any limitations or restraints and there are those high-interest Savings accounts with super high yield options that are more high maintenance and take time and patience to deal with. Both options are discussed in this post.
Keep in mind that all of the better substitutes have velocity limits, whether it’s $5k or $10k or $20k. All in a nutshell, the most you’ll ever get is no more than $1,000 in annual interest from any of these accounts, but typically it’s much less than $1000.
If you’re patient and willing to keep up with the high maintenance of these velocity-limited accounts, by all means. If you’re not patient and unable to keep up with multiple accounts, the ordinary high-interest savings account option is the route for you!
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Recommended High-Interest Savings
If you leave your money in a typical bank account, usually the interest rate is slim to none (close to 0%). You can find accounts that offer competitive rates if you just do a little research. Listed below are all of the most popular savings accounts and are FDIC insured up to $250,000.
Super High-Interest Savings Options
Below is list of all of the super high-interest options NATIONWIDE:
| Bank | Account Type | APY | Minimum/Maximum | Review |
|---|---|---|---|---|
| Newtek Bank | High Yield Savings | 4.90% | No min/No max | Review |
| AlumniFi Credit Union | Savings | 4.75% | No min/No max | Review |
| Modern Bank | High Yield Money Market | 4.75% | $100K min/No max | Review |
| State Bank of Texas | Jumbo Money Market Account | 4.65% | $100K min/No max | Review |
| Pibank | Savings (app only) | 4.60% | No min/No max | Review |
| Advantage Direct Savings by FVCbank | Savings | 4.55% | $500 min/No max | Review |
| BrioDirect | Savings | 4.55% | $25 min/No max | Review |
| Fitness Bank | Savings Account | 4.55% | $100 min/$250K max | Review |
| TotalDirectBank | Direct Money Market | 4.51% | $2.5K min/$500K max | Review |
| Brilliant Bank | Money Market Account | 4.50% | $1K min/$500K max | Review |
| First Foundation Bank | Online Savings | 4.50% | No min/No max | Review |
| First Foundation Bank | Online Money Market | 4.50% | No min/No max | Review |
| GO2bank | High-Yield Savings | 4.50% | No min/No max | Review |
| Jenius Bank | Savings | 4.50% | No min/No max | Review |
| Poppy Bank | Premier Online Savings | 4.50% | $1K min/No max | Review |
| Climate First Bank | Choice Money Market | 4.46% | $50k min/No max | Review |
| Vio Bank | Money Market Account | 4.46% | No min/No Max | Review |
| MyBankingDirect | High Yield Savings | 4.45% | $1 min/No max | Review |
| Rising Bank | High Yield Savings | 4.40% | $1K min/$1M max | Review |
| All America Bank | Mega Money Market | 4.40% | No min/$100K max | Review |
| Barclays | Tiered Savings | 4.40% | No min/No max | Review |
| Bread Financial | High Yield Savings | 4.40% | No min/$1M max | Review |
| Redneck Bank | Mega Money Market | 4.40% | No min/$100K max | Review |
| Zynlo Bank | Money Market | 4.40% | No min/$250K max | Review |
| b1BANK | High Yield Savings | 4.35% | No min/No max | Review |
| Bask Bank | Interest Savings | 4.35% | No min/No max | Review |
| EagleBank | High Yield Savings | 4.35% | No min/$500K max | Review |
| Peak Bank | Envision Savings | 4.35% | No min/No max | Review |
| Primis Bank | Savings | 4.35% | $1 min/No max | Review |
| CFG Bank | Market Market Account | 4.32% | $1K min/No max | Review |
| EverBank | Savings | 4.30% | $25 min/No max | Review |
| Popular Direct | High-Rise Savings | 4.30% | $5K min/No max | Review |
| Republic Bank | Digital Money Market | 4.30% | $2500 min/No max | Review |
| CIBC | Savings | 4.28% | $1 min/$1M max | Review |
| Mission Valley Bank | High Yield Savings | 4.27% | $1 min/No max | Review |
| SFGI Direct | Online Savings | 4.26% | $1 min/No max | Review |
| TAB Bank | High Yield Savings | 4.26% | $1 min/No max | Review |
| Harborstone Credit Union | Market Market Account | 4.25% | $1K min/No max | Review |
| Western Alliance Bank | High-Yield Savings | 4.25% | $0.01 min/No max | Review |
| Forbright Bank | Savings | 4.25% | No min/No max | Review |
| Colorado Federal Savings Bank | Premier Savings | 4.25% | $50K min/No max | Review |
| Evergreen Bank Group | High Yield Savings | 4.25% | $100 min/No Max | Review |
| Fierce Finance | Cash Account | 4.25% | No min/No max | Review |
| Ivy Bank | High-Yield Savings | 4.25% | $2.5K min/$1M max | Review |
| Merchants Bank of Indiana | Money Market Savings Account | 4.25% | No min/No max | Review |
| Northern Bank Direct | Money Market Premier | 4.25% | No min/$250K max | Review |
| Styl | Savings | 4.25% | No min/No Max | Review |
| VirtualBank | eMoney Market | 4.25% | No min/No max | Review |
| Paprika Capital Bank | High Yield Savings | 4.22% | $1 min/No max | Review |
| Grand Bank | Money Market | 4.20% | $1 min/No max | Review |
| Live Oak Bank | Savings | 4.20% | No min/No max | Review |
| Colorado Federal Savings Bank | High Yield Savings | 4.20% | $1 min/No max | Review |
| Primis Bank | Premium Checking | 4.20% | $1 min/No max | Review |
| Prime Alliance Bank | Personal Savings | 4.15% | No min/No max | Review |
| Prime Alliance Bank | Personal Money Market | 4.15% | No min/No max | Review |
| RBMAX | Max Interest Savings | 4.15% | No min/$250K max | Review |
| CIT Bank | Platinum Savings | 4.10% | No min/No Max | Review |
| MySavingsDirect | MySavings | 4.10% | No min/No max | Review |
| NASB | Savings | 4.10% | No min/$1.5M max | Review |
| Elevault *iOS only* | Mobile Banking | 4.08% | No min/$50K max | Review |
| Lafayette Federal Credit Union | Premier Savings | 4.07% | $50K min/No max | Review |
| MututalOne Bank | Mo Premium Savings | 4.07% | $20K min/No max | Review |
| mph.bank | Money Market | 4.06% | $1 min/No max | Review |
| Upgrade | Premier Savings | 4.02% | $1K min/No max | Review |
| Liberty Savings Bank Savings | High-Yield Savings | 4.01% | $1 min/No max | Review |
| CNB Bank Direct | High Yield Savings | 4.01% | $1 min/No max | Review |
| Customers Bank | High Yield Savings | 4.01% | $1 min/No max | Review |
| Salem Five Direct | eOne Savings | 4.01% | No min/$1M max | Review |
| Robinhood | Cash Sweep | 4.00% | No min/No max | Review |
| Laurel Road ($200 bonus) | High Yield Savings | 4.00% | No min/$2M max | Review |
| CIT Bank | Savings Connect | 4.00% | No min/No max | Review |
| Blue Federal Credit Union | Money Market Deposit | 4.00% | No min/No max | Review |
| Betterment | Cash Reserve | 4.00% | No Min/No max | Review |
| BankPurely | PurelyMoneyMarket | 4.00% | $25K min/No max | Review |
| ConnectOne Bank | Online Savings | 4.00% | $2.5K min/No max | Review |
| Dollar Savings Direct | Savings Account | 4.00% | No min/No Max | Review |
| E*Trade | Premium Savings | 4.00% | No min/No max | Review |
| EverBank | Money Market | 4.00% | $500/No max | Review |
| iGObanking | Online Money Market | 4.00% | $25K min/No max | Review |
| Langley Federal Credit Union | Money Market Account | 4.00% | $1M min/No max | Review |
| Morgan Stanley | Preferred Savings | 4.00% | $1K min/No max | Review |
| Paypal | Savings | 4.00% | No min/No max | Review |
| Synchrony Bank | High Yield Savings | 4.00% | No min/No max | Review |
| Wealthfront | Cash | 4.00% | No min/No max | Review |
| Western State Bank | High Yield Money Market | 4.00% | No min/No max | Review |
| PNC Bank | High Yield Savings | 3.95% | No min/No max | Review |
| GreenState Credit Union | High Yield Savings | 3.90% | $1 min/No max | Review |
| Barclays | Online Savings Account | 3.90% | No min/No max | Review |
| CFBank | Money Market Account | 3.90% | $25K min/No max | Review |
| iGObanking | iGOindexmoneymarket | 3.90% | $25K min/No max | Review |
| Marcus by Goldman Sachs | Online Savings | 3.90% | No min/$3M max | Review |
| My eBanc | SuperSaver Money Market | 3.90% | $100K min/No max | Review |
| My eBAnC | eRelationship Savings | 3.90% | $100K min/No max | Review |
| Sallie Mae Bank | High Yield Savings | 3.90% | No min/No max | Review |
| Sallie Mae Bank | Money Market | 3.90% | No min/No max | Review |
| Smarty Pig | High Yield Savings | 3.90% | No min/No max | Review |
| Quontic Bank | High Yield Savings | 3.85% | No min/No max | Review |
| Affirm | Online Savings | 3.85% | No min/No max | Review |
| SoFi ($325 bonus) | Savings Account | 3.80% | No min/No max | Review |
| Citi | Citi® Accelerate Savings | 3.80% | No min/No max | Review |
| CNB Bank Direct | Premium Money Market | 3.80% | $25K min/$2M max | Review |
| Valley Direct | Online Savings | 3.75% | No min/No max | Review |
| Jovia Financial Credit Union | Online Savings | 3.75% | $4.95 min/No max | Review |
| Empower | Cash Account | 3.75% | No min/No max | Review |
| Quorum Federal Credit Union | HighQ Savings | 3.75% | No min/No max | Review |
| USALLIANCE | High Dividend Savings | 3.75% | No min/No max | Review |
| Ally Bank | Online Savings | 3.70% | No min/No max | Review |
| Ally Bank | Money Market | 3.70% | No min/No max | Review |
| American Express® | High Yield Savings account | 3.70% | No min/$5M max | Review |
| BMO Bank | Online Savings | 3.70% | No min/No max | Review |
| Citizens Access | Online Savings | 3.70% | No min/No max | Review |
| Merrill | Preferred Deposit | 3.67% | $100K min/No max | Review |
| RBMAX | High Yield Savings | 3.66% | $1 min/No max | Review |
| Discover Bank | Online Savings | 3.60% | No min/No max | Review |
| Capital One 360 | Performance Savings | 3.60% | No min/No Max | Review |
| FNBO Direct | Online Savings | 3.60% | $1 min /$1M max | Review |
| Discover Bank | Money Market | Up to 3.55% | $100K min/No max | Review |
| Affinity Plus Federal Credit Union | Superior MMA | 3.50% | No min/$25K max | Review |
| EmigrantDirect | Savings Account | 3.50% | No min/No Max | Review |
| LendingClub | High-Yield Savings | 3.50% | No min/No max | Review |
| State Exchange Bank | High Yield Savings | 3.10% | $1 min/No max | Review |
| Credit Karma | High Yield Savings account | 3.10% | No min/No max | Review |
| Third Federal | Online Savings Plus | 3.00% | $5K min/No max | Review |
| Chime ($100 bonus) | Savings Account | 2.00% | No min/No max | Review |
Super High-Interest Savings Options
Below is list of all of the super high-interest options REGIONAL:
| Bank | State(s) | Account Type | APY | Minimum/Maximum | Review |
|---|---|---|---|---|---|
| Workers Credit Union | MA | SaveUp Savings | 3.56% | $5.00 min/No max | Review |
| SharePoint Credit Union | MN | eSavings Account | 3.00% | No min/$10K max | Review |
| Central Minnesota CU | MN | My Goal Savings | 1.90% | $0+ minimum to earn high rate | Review |
| Keesler Federal Credit Union | AL, LA, MS | High Interest Money Market Plus | 1.40% | $100K Min/No Max | Review |
| Apco Employees Credit Union | AL | IRA Share Account | 1.26% | $25 minimum to earn high rate | Review |
| Amboy Direct | NJ | eSavings Account | 1.01% | $1.00 min/$250,000 max | Review |
| Hanmi Bank | CA, IL, NJ, NY, TX, VA | Simple Savings | 1.00% | No min/no max | Review |
| Luana Savings Bank | IA | Money Market Account | 0.85% | $2,500 min/No max | Review |
| Advancial Premium | TX | Money Market | 0.81% | $1.00 min/$100,000 max | Review |
| Sharon Bank | DE, NJ, PA | Kasasa Saver | 0.75% | $50K min/No max | Review |
| Home Loan Investment Bank | RI, MA | Premier Savings | 0.50% | $50k minimum to earn high rate | Review |
| Home State Bank | MN | Kasasa Saver | 0.50% | No min/$50K max | Review |
| WauBank | AZ, CT, FL, MA, RI, TN, VA | Online High Yield Savings | 0.40% | $5K minimum to earn high rate | Review |
| Bogota Savings Bank | NJ | Anniversary Money Market | 0.35% | $75K min/No max | Review |
Account Opening: Which One First?
There is no direct answer to which account you should open first. Each of these accounts have their own pros and cons. These are nationwide options, so be sure to see if there are regional options that are a better route as well! Below are rewards checking accounts where you can earn a higher than normal rate compared to a savings account when meeting certain requirements.
Some typical requirements can include enrolling in eStatements, set up monthly direct deposit or ACH transfers, then make a minimum number of debit card transactions, etc. While the rate may be high, there is a cap (usually between $10K to $20K) on the high interest rate.
| Bank or Credit Union | Account Type | APY | Maximum | Review |
|---|---|---|---|---|
| Consumers Credit Union | Free Rewards Checking | 5.00% | $10,000 | Review |
| Gesa Credit Union | SmartPlus Checking | 5.00% | $5,000 | Review |
| Orion Federal Credit Union | Premium Checking | 5.00% | $10,000 | Review |
| Elements Financial | High Interest Checking | 4.00% | $20,000 | Review |
| First United Credit Union | Rewards Checking | 4.00% | $10,000 | Review |
| Ideal Credit Union | High Yield Checking | 4.00% | $20,000 | Review |
| Signature Federal Credit Union | High Yield Checking | 3.50% | $20,000 | Review |
| Evansville Teachers FCU | Vertical Dividend Checking | 3.30% | $20,000 | Review |
| Bank of Missouri | Kasasa Cash Checking | 3.05% | $15,000 | Review |
| Tensas State Bank | Kasasa Cash Checking | 3.05% | $10,000 | Review |
| Market USA FCU | Platinum Tier Rewards Checking | 3.01% | $15,000 | Review |
| Security Bank of Crawford | Rewards Checking | 3.00% | $15,000 | Review |
| ECCU | Kasasa Cash | 3.00% | $10,000 | Review |
| INOVA Federal Credit Union | Shield Checking | 3.00% | $15,000 | Review |
| Lake Michigan Credit Union | Max Checking | 3.00% | $15,000 | Review |
| Municipal Employees Credit Union | RewardChecking | 3.00% | $10,000 | Review |
| Porte Bank | High-Yield Savings | 3.00% | $15,000 | Review |
| R Bank | R Best Checking | 3.00% | $10,000 | Review |
| Security Bank of Crawford | Kasasa Cash Checking | 3.00% | $15,000 | Review |
| Sullivan Bank | Kasasa Cash Checking | 3.00% | $10,000 | Review |
Bottom Line
All in all, it’s a good idea to leave your money in some sort of interest bearing account – majority of checking accounts yield no return while your funds sit there.
Not every single one of these accounts are phenomenal deals because of the limits and requirements, so some people will seek that one account is easier than another based on how simple it is for them to execute the debit card purchases, direct deposits, and so on. Interested in more savings account options & rates?
We recommend checking out the Discover Online Savings Account, CIT Bank Savings Builder, American Express Personal Savings, and more from our list of the Best Bank Rates!
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