High‑Yield Savings Accounts in the US – Rates and Requirements
High‑yield savings accounts can earn more interest than standard options, yet each bank sets its own rates, fees, and minimum balance requirements. Select any keyword below to review current offers and choose the terms that best match your savings goals.
What is a high-yield savings account?
A high-yield savings account is a deposit account that typically offers interest rates several times higher than the national average for traditional savings accounts. These accounts are FDIC-insured up to $250,000 and usually provided by online banks, which can offer better rates due to lower overhead costs. They function similarly to regular savings accounts but focus on maximizing your interest earnings.
How do high-yield savings account rates compare?
While traditional savings accounts often offer interest rates around 0.01% to 0.1% APY, high-yield accounts frequently provide rates between 3% and 5% APY. However, these rates are variable and can change based on Federal Reserve policies and market conditions. Online banks generally maintain more competitive rates than brick-and-mortar institutions due to their lower operational costs.
What minimum deposits are typically required?
Minimum deposit requirements vary significantly among providers. Some online banks offer high-yield accounts with no minimum deposit or balance requirements, while others may require initial deposits ranging from $100 to $1,000. Premium accounts with higher rates might require larger minimum balances, often $10,000 or more.
Are there fees for high-yield savings accounts?
Many high-yield savings accounts feature minimal fees, with some offering completely fee-free banking. Common charges to watch for include:
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Monthly maintenance fees ($0-15)
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Excessive withdrawal fees ($10-35 per transaction)
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Account closure fees ($0-25)
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Wire transfer fees ($15-35)
What key features should you look for?
Essential features to consider when choosing a high-yield savings account include:
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Competitive APY rates
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Mobile banking capabilities
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Easy funds transfer options
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ATM access
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Customer service availability
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Account linking options
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Auto-save features
Current High-Yield Savings Account Offerings
| Bank | APY Rate | Minimum Deposit | Monthly Fee |
|---|---|---|---|
| Ally Bank | 4.25% | $0 | $0 |
| Marcus by Goldman Sachs | 4.15% | $0 | $0 |
| Capital One 360 | 4.10% | $0 | $0 |
| Discover Bank | 4.30% | $0 | $0 |
| American Express | 4.15% | $0 | $0 |
Prices, rates, or cost estimates mentioned in this article are based on the latest available information but may change over time. Independent research is advised before making financial decisions.
High-yield savings accounts offer a secure way to grow your savings while maintaining liquidity. When choosing an account, consider factors beyond just the interest rate, such as minimum balance requirements, fee structures, and digital banking features. Compare multiple providers to find an account that aligns with your financial goals and banking preferences.
