The 6 BEST High Yield Savings Accounts of 2024-2025

In this article we’re looking at the 6 best high yield savings accounts of 2024! These high yield savings accounts are paying some of the best rates of up to 5% APY as of filming this, but the bank accounts in this article also come with some other really great features that make them stand out. If you have some cash savings and you need a place to save money, then definitely consider opening one of these top high yield savings accounts because you can earn a lot of interest.

so a lot of people ask me what is the best bank account to have for your savings because there's pretty much thousands of options out there however not all bank accounts are created equal so in this video I narrowed it down to what I think are the seven best high yield savings accounts of 2024 where you can just safely set aside your money and earn some really good interest at the same time these accounts are going to pay you anywhere from 4.25 to 5.

0% apy just by holding your money with them and they have some other cool features as well that can sort of help you to level up your finances now really quickly before we get into it I've got four notes about the savings accounts here in this video so number one the rates that I'm going to talk about here are active as I'm filming this however things can change over time as the FED adjusts interest rates but historically each one of these bank accounts have always kept the rates competitive no matter what's

going on in the market second each of these accounts are going to be FDIC insured so you can feel safe knowing your deposits are protected so no weird crypto things or any stuff like that here that sounds too good to be true third along with being FDIC insured each one of these high yield accounts need to have a good long-term reputation along with with positive customer reviews so there's not going to be any new fintech companies that have only been around for a couple of years and then the fourth thing that I made sure of with each one

of these accounts is that there's no fees or minimum balances or any of that junk because I never want to have to micromanage my bank accounts just to make sure I'm following a bunch of rules so with all that said the first high yield savings account that I want to go over here in this video is one that's been around forever and is sort of led the way with features they've introduced and that is going to be Ali bank's savings account which is currently offering a very nice 4.25% apy that we

can see is the very first thing advertised on their website now if we just scroll down a little bit here on this page we can confirm that Ally has everything a good savings account should have with no minimum balances and no maintenance fees as well along with FDIC insurance that covers up to $250,000 of deposits and then they tell us more about how the rate of 4.

25% is going to allow you to earn more than five times the national average of 0.46% API now that is just the average but then if we scroll down a little bit further here we can actually see the Ally calls out some of the larger National Banks out there like Bank of America Chase and Wells Fargo to compare the terrible rates they have for their savings accounts which are as low as 0.

01% and I wanted to mention that here at the beginning of this video because too many people out there just have savings accounts with one of those larger National Banks where they're earning close to nothing but sometimes they just don't realize what they're actually missing out on so just for an example on how allly savings and some of the other high yield accounts here in this video compared to something like a Chase savings account right now if we put $10,000 in our Alli account at 4.

25 % apy versus the same amount in a Chase account at 0.01% then after just one year we would earn around $425 of Interest with Ally compared to just one single dollar of Interest with Chase so that's probably why on Chase's website under the benefits of Chase savings section they actually don't give us an apy number because it's so low so we have to go ahead and click on that link for them to reveal their 0.

01% reate but anyway for the Ally savings account you're also going to get some additional features here that they've become known for like their savings bucket feature which essentially just just lets you split up your savings into different sub accounts where you can allocate different amounts for different savings goals you might have so maybe you could have a travel Fund in one bucket and then save up for a down payment for house in another bucket but really this is a great feature for organizing your savings and just giving more purpose

behind why you're actually saving money in the first place allly also has three optional boosters features which they describe as being automated tools that help you to save more money with less effort so the first booster here is recurring transfers where you can just automatically move money over into your savings account with a schedule that you set the second booster is called surprise savings where Ally will basically analyze your income and your spending patterns from primary checking account then what they're going to do is

they're going to identify small amounts of money that could be earning you more from your savings account and then just move that money over for you and then the third booster here is called roundups where if you have an ally spending account as well then what they'll do is they'll track any spending you do with the debit card for that account and then just round up to the nearest Dollar whenever you're making purchases and then those extra savings will also automatically be moved over to your savings account so again lots of

great features here and a nice 4.25% rate with Ally savings and then you can also combine this with an ally spending account which is basically their checking product where you can get stuff like ATM access and up to 2-day early direct deposit with your paychecks but for this next checking and savings combination here I think this is one of the best online banking options right now that I've personally been using as my main bank accounts over the past few years and that would be Sofi checking and savings now the way Sofi has it set

up is that if you sign up you're going to be getting both a checking and a savings account here because they basically design these accounts to work really well together so over on the website what you're going to see is they're offering up to 4.60% apy on your savings balance which is one of the highest rates in this video plus you'll earn 0.

5% apy on checking balances and then of course there's no account fees or minimums you can get your paycheck up to 2 days early and there's FDIC insurance which is actually for up to $2 million of deposits thanks to the way they kind of partner and work with other participating Banks Sofi also has a vault feature within their savings account where you can go ahead and set up different vaults for savings goals which is pretty similar to that buckets feature over from allly and then with your checking account you're going to be getting a debit card as well that gives

you access to over 55,000 fee free ATMs within the Allpoint Network and overall I just really love the look and feel of the Sofi app because I can also go ahead and Link other accounts that I have to track my spending and my net worth over time now there's a big advantage that Sofi has over all the other bank accounts here in this video but there's also one small detail that you got to be aware of as well so that big Advantage is the fact that right now they're offering a bonus of up to $300 which

makes us the only account in this video that actually has a sign up bonus which is pretty cool but the thing here is that in order to get this bonus as well as full access to some of those other features you do have to set up direct deposit from your paycheck government payments or something else like that now setting up direct deposit is actually pretty easy and both me and my fiance have done it in the past so all you got to do is just provide your employer with your account number and your routing number and then you should be good to go

and once you set up direct deposit then you're going to have full access to some of those things like up to 2-day early paychecks and that higher 4.60% AP apy under savings balance but without direct deposit you actually only get 1.20% apy which isn't as competitive direct deposit is also needed with Sofi in order to get that bonus of up to $300 so you got to set that up and then you got to receive a certain amount of direct deposits within a 25-day window if you read the terms at the bottom of their

website and this is a tiered bonus meaning that if you receive between $1,000 and $4,999 99 then you're going to get a $50 bonus and if you receive direct deposits totaling $5,000 or more within that 25-day window then you're going to get the full $300 bonus but no matter what bonus you qualify for it's still better than nothing and you're still getting that 4.

60% rate so I'll make sure to go ahead and leave some links down below if you do want to check out Sofi or any of the other accounts that I mentioned here in this video now I think that both Sofi and Ally have the most features which is why I wanted to mention them first at the beginning of this video so these next few accounts here are going to be pretty simple but honestly sometimes simple is better if you're just looking for a good high yield account so next let's move on to the Marcus online savings account from Goldman Sachs which

is currently paying 4.50% apy at the time of filming this video Marcus also comes with no fees or minimums same day transfers of $100,000 or less which is pretty nice and they even make sure to tell you that you're going to be backed by the financial expertise of Goldman Sachs and I mean look at how expertly their last Financial partnership worked out with apple and the Apple card now all joking aside there the Apple card and Goldman Sachs partnership had a number of its own challenges that we're not going to get into here but for this

Marcus savings account which is all run by Goldman it's been around for a while now as one of the top operated online savings accounts because again it's just pretty simple and you do also get FDIC Insurance here for deposits of up to $250,000 so if you're just looking to earn good interest in your savings at a solid 4.

50% rate then I think this could be a great option now another big name in the finance world that also offers a great bank account is American Express with their high yield savings account which is currently paying out a rate of 4.35% apy so slightly less than Sofi and Marcus but slightly more than allly with this AMX account you're going to get FDI Insurance on up to $250,000 of deposits with no minimums and no monthly fees and outside of their high yield savings account you could also pair that with an AMX rewards checking account which

currently pays up to 1.0% apy which makes it one of the highest rates for a checking account here in this video which is nice and you can even earn AMX membership rewards points for any spending that you do on your debit card with that checking account now you're only going to be earning one point for every $2 spent by doing that so for most people you're just better off using a credit card instead and you do have to be a us consumer AMX card holder in order to be eligible for that checking account but for the AMX high yield

savings account that I'm including here in this video again I think it's another really good simple account that's paying a solid rate then for this next savings account here we're going to be jumping over to another name that you're probably very familiar with from all their commercials for their Banking and credit card products so that is going to be Capital 1 and we're talking about the 360 performance savings account which is currently paying out a rate of 4.

35% apy as well right now again there's no fees and no minimums here and you're also going to have FDI insurance for deposits of up to $250,000 then Capital 1 keeps it pretty simple in terms of other features as well with not too much else going on here other than the ability to just set up automatic transfers over into your savings account and instead of being able to have buckets or a vaults type of feature you can just go ahead and create multiple 360 savings accounts and then just rename them for different savings

goals so they could get a little bit harder to keep track of if you got to create multiple savings accounts but it does basically accomplish the same thing I also really like the 360 checking account that you could pair with the savings account which also has no fees plus you get access to over 70,000 fee free ATMs and up to 2-day early direct deposit and you can even add cash deposits in store at places like CVS and Walgreens by just going through your app and Capital One also has branches and Capital One Cafe locations which give

you some additional in-person banking options so overall I would say that with Capital One you're sort of getting the best of both worlds in terms of having those newer online banking features with that high yield savings account but you're also getting the ability to make easy cash deposits along with having access to some of those other tradition inperson banking services that some people do like now to stay with the theme of checking and savings account combinations next we've got discover who

is also currently offering a rate of 4.35% apy with their savings account but they've also got a really interesting checking product too we've got the same things going on here with no fees or minimum balance requirements and then FDIC insurance for up to $250,000 of deposits so nothing out of the ordinary here compared to other high yield accounts in this video but the unique features really start to show if you decide to open up a checking account as well because they're going to call this the Discover cashback debit account and

like the name says here you're going to be able to actually earn cash back with no fees as well now you're only going to be able to earn 1% cash back on up to $3,000 of debit card purchases each month so it's really not that much here and it's definitely nothing compared to what you can earn from credit cards but if you're against using credit cards or you just don't have good enough credit right now then this is going to be a decent option here to at least earn something back from your typical

spending because 1% of $3,000 can get you up to $30 in cash back each month which isn't that bad at all you also get that same of to 2-day early direct deposit feature that a lot of other checking accounts offer in this video plus you're going to have access to over 60,000 Fe free ATMs but it doesn't look like they're paying out any interest on any money you hold inside of this checking account just that 1% cash back on any spending from your debit card so just make sure that if you're going with

discover that you're keeping any savings inside of that high yield account pays 4.35% or if you really want one of the highest rates out there on the market a 5.0% API as I'm filming this then you might also want to check out this next high yield account that's technically not a bank account and I'm going to explain what that means but it still meets all my requirements to make the list here in this video and that is going to be the wealthfront cash account which you can see over here on their

website is that they're currently advertising that super high rate now this account here from wealthfront is what's called a cash account because wealthfront is technically not a bank itself they just work with partner Banks where your money is actually held but wealth front is also not just some new fintech company because they've been around since 2008 and honestly in my opinion they're pretty great company in the personal Finance world with all their saving and investing products they offer now like I said they do meet my

requirements here to be one of the best high yield accounts in this video because wealth front cash also has no fees or minimum balances and they offer up to $8 million of FDIC Insurance again because of the way they work with several different partner Banks who all provide that coverage another cool feature that I like here is that many people out there are going to be eligible for same day withdrawals as long as the account that they're moving money out to is one of 400 plus institutions that you can learn more

about over on wealth front's website but that's a pretty useful feature if you got money set aside in a cash account here that you need quick access to for some reason you're also going to get a debit card with the weal front cash account in case you ever need to do any spending with it or you have to go ahead and take out some cash in a smaller network of over 19,000 fee free ATMs then you can also get your paychecks up to 2 days early here as well if you set up direct deposit and you can also set

up categories for different savings goals under your one cash account so overall that is going to be a ton of features packed into the wealth FR cash account now obviously saving money in a high yield account is going to be a no-brainer because you're going to start earn earning interest at some pretty high rates without really doing anything so what many people are doing is they're trying to increase their savings rate each and every month but that's easier said than done which is why I went ahead

and made this video over here that walks through exactly how I budget to save money which has actually helped me to now save 80% of my income and I've got a free download to my own budgeting template and a bunch of other good stuff over in this video so go ahead and check that out next but as always thank you so much for watching

1. SoFi: 
2. Ally:
3. American Express: 
4. Capital One:
5. Marcus: 
6. Discover: