Get the most bang for your buck on cash.
Updated as of April 1, 2024.
Your savings account is a safe haven for when you may need cash, but you still want it to be as productive as possible for you.
A higher interest rate will help your cash grow faster, but, even after the Fed has aggressively raised interest rates, the national average APY on traditional savings accounts is just 0.46% - not exactly anything to get excited about.
If you really want to put your cash to work, consider using a high-yield savings account to earn a meaningful interest rate. These accounts provide an accessible way to put your money to work while saving for short-term goals.
Building emergency savings? Put it here.
Saving for a down payment on a home? Park it here - don't invest it!
Why are high-yield savings accounts' interest rates so much higher than traditional savings accounts?
Online platforms have much lower operating expenses because they don't have to build and staff a physical national banking network. In exchange for those savings, they offer significantly higher interest rates to their customers.
How do we determine who makes our list?
In our research, we prioritized accessibility and security. Each provider offers an online platform that is available nationwide and is FDIC-insured.
Next, we're all about maximizing your keep, so every provider must offer a great interest rate while charging no monthly fees or transaction fees (up to 6 withdrawals/transfers per statement cycle for most providers).
Last, but not least, we want ease of use. Each provider offers a mobile app, and a few of the providers allow for ATM access when you need to access your money quickly.
This list is not meant to be all-inclusive, and you may be able to find a comparable APY elsewhere. The providers are listed at random and not in order of preference or recommendation.
It is also important to note that FMI Financial ("FMI") is a completely independent Registered Investment Advisor ("RIA"), and FMI is not paid by, sponsored or endorsed by, or affiliated with any of the following providers.
**NEW**
Not available to the public. Offered to FMI clients.
APY: 5.10%
Min. Balance for APY: $0
Monthly Fees: $0
Transaction Fees: $0 (no excessive transaction fees)
Bonus: FDIC coverage up to $2 million
Mobile App: Apple & Android
ATM Access: No
***FMI does not charge any fees on savings accounts and does not get paid for clients to use this savings account.**
APY: 4.50% (No change from March)
Min. Balance for APY: $0
Monthly Fees: $0
Transaction Fees: $0 (no excessive transaction fees)
Bonus: No current promotions
Mobile App: Apple & Android
ATM Access: No
APY: 4.35% (No change from March)
Min. Balance for APY: $0
Monthly Fees: $0
Transaction Fees: $0*
Bonus: No current promotions
Mobile App: Apple & Android
ATM Access: Yes**
APY: 4.25% (-0.05% from March, again)
Min. Balance for APY: $0
Monthly Fees: $0
Transaction Fees: $0*
Bonus: No current promotions
Mobile App: Apple & Android
ATM Access: No
APY: 4.35% (No change from March)
Min. Balance for APY: $0
Monthly Fees: $0
Transaction Fees: $0*
Bonus: No current promotions
Mobile App: Apple & Android
ATM Access: No
APY: 4.75% (No change from March)
Min. Balance for APY: $0
Monthly Fees: $0
Transaction Fees: $0*
Bonus: No current promotions
Mobile App: Apple & Android
ATM Access: Yes
APY: 4.25% (-0.10% from March)
Min. Balance for APY: $0
Monthly Fees: $0
Transaction Fees: $0*
Bonus: No current promotions
Mobile App: Apple & Android ATM Access: Yes**
APY: 5.05% (No change from March)
Min. Balance for APY: $5,000
Monthly Fees: $0
Transaction Fees: $0*
Bonus: No current promotions
Mobile App: Apple & Android***
ATM Access: Yes**
*Up to 6 withdrawals/transfers per statement cycle.
**With an online checking account. ATM fees may apply.
All trademarks are the property of their respective owner.
***Can deposit checks digitally to your account.
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