Saving & Budgeting
Top High-Yield Savings Accounts to Boost Your Savings
The best high-yield savings account for you is FDIC- or NCUA-insured, pays a competitive APY without hard-to-meet conditions, charges no monthly fees, and lets you move money easily. Rates change often, so this guide explains how to compare accounts rather than listing rates that may be out of date.
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Advertiser disclosure: SmartPath Finance may earn a commission from some links on this page. This never affects our explanations or criteria. We are not a lender. See our editorial policy.
What is a high-yield savings account?
It's a savings account that pays a higher interest rate than a typical bank savings account. They're most common at online banks and some credit unions, which often have lower overhead costs. Rates are usually variable, meaning they can rise or fall with broader interest rates.
Understanding APY
Annual percentage yield (APY) shows how much you'd earn in a year, including compounding. For example, $10,000 at a 4.00% APY would earn about $400 in a year if the rate stayed the same. Always compare APY to APY.
What to compare
| Feature | What to look for |
|---|---|
| Insurance | FDIC (banks) or NCUA (credit unions) coverage, generally up to $250,000 per depositor, per institution, per ownership category |
| APY | Competitive with other high-yield accounts; check whether it's promotional |
| Minimums | Low or no minimum deposit or balance to earn the advertised rate |
| Fees | No monthly maintenance fees |
| Access | Easy transfers to your checking account; check withdrawal limits |
| Tools | Automatic transfers, sub-accounts or "buckets" for goals |
| Support | Accessible customer service when you need it |
Questions to ask before opening
- Is the advertised rate an introductory offer? What happens after it ends?
- Are there conditions, such as a minimum direct deposit, to get the top rate?
- How long do transfers take to and from my checking account?
- Is the account held at an insured bank, or through a fintech partner bank? If the latter, confirm how deposit insurance applies.
Alternatives to consider
- Money market accounts — similar rates, sometimes with check-writing.
- Certificates of deposit (CDs) — lock in a rate for a fixed term; early withdrawal penalties apply.
- U.S. Treasury bills — short-term government securities; may suit money you won't need for a few months.
Our approach to account listings
SmartPath Finance may feature specific accounts in future, which may include affiliate partners. Any listing will show the date rates were checked, disclose commercial relationships, and explain our selection criteria. Always confirm current rates and terms directly with the institution.
To decide how much to keep in savings, read Emergency Fund: Why You Need One.