10 Best High Yield Savings Accounts Of 2018 (Rates Updated Daily)


If you’re looking to get a better interest rate on your savings, you need to find the best high yield savings account out there. High yield savings accounts are popular because they typically pay more than a traditional account.

You usually find the best high yield savings accounts at online banks, since their overhead is lower. They then pass that savings on to you in the form of higher interest on your money!

We break down our favorite high yield savings accounts, as well as provide a list of the best savings accounts everyday in our table that updates daily. Given that interest rates change daily, make sure you check the table to get the best rates.

Our top pick: CIT Bank. Why? You can get up to 2.15% APY on your account! They currently offer one of the best interest rates available in a high yield savings account. Open an account at CIT Bank here.

10 Best High Yield Savings Accounts of 2018

Our Top High Yield Savings Accounts Of 2018

We evaluate savings accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, and the terms and conditions of having the account. Based on that, here are our recommendations of the best high yield savings accounts.

1. CIT Bank

The CIT Bank Savings Builder Account is one of our top high yield savings accounts because they consistently have one of the highest interest rates offered to consumers. Also, their platform in incredibly easy to use, with the ability to sign up and get started in minutes.

The cool thing with the Savings Builder Account is that you don’t need a high balance to get the best rates.

There are no gimmicks with CIT Bank – you earn interest on your entire balance, and you have a low minimum to get started. Read our full CIT Bank review here.

CIT Bank

2. TIAA Bank

TIAA Bank is another online bank that has been around for a long time. They originally made a name for themselves because they allow you to keep your deposits in different currencies if you wanted to.

One of their pledges is that they will keep your yield (interest rate) in the top 5% of all online accounts – which is a cool pledge.

They do have a minimum to open, but no monthly fees.

TIAA Bank Logo

3. Marcus by Goldman Sachs

Marcus by Goldman Sachs is a great choice for people looking for a top notch high yield savings account. With consistently high interest rates, no fees, and no minimums, we love Marcus by Goldman Sachs.

They do have generous transfer limits to get money in and out of the account, but they don’t offer mobile check deposit, which could make it difficult if you have an “old fashioned” check to deposit.

Otherwise, check out Marcus to earn top rates. Read out full Marcus by Goldman Sachs review here.

Marcus Logo

4. American Express Savings

American Express Savings is another perpetual top pick when it comes to online high yield savings accounts. They consistently offer top interest rates and a great product when it comes to an online savings account.

They also make it really easy to make deposits and transfers from your online savings account. American Express Online Savings also has the interesting option to convert your savings account to a Certificate of Deposit (CD) and earn even higher interest.

Check out our full American Express Savings review here.

American Express Savings

5. Ally Bank

Ally Bank is a well known online bank that is known for great customer service and easy access (even though it’s online). Their online savings account doesn’t offer the highest yields, but if you want to keep all your banking under one roof, it can be a great alternative to a regular savings account. 

Ally also doesn’t nickel and dime it’s customers – there are no minimum deposit requirements and no monthly fees associated with the account.

Ally Invest

6. Synchrony Bank

Synchrony is one of the most advertised banks online, but one of the most unknown in general. Formerly GE Capital, Synchrony is the world leader in private label credit cards (think Walmart, etc.). Synchrony Bank offers a online high yield savings account that’s highly competitive. 

It typically has rates near the top of the charts, and it does have a $0 minimum account, which can be great for low balances. 


7. Barclays Bank

Barclays Bank has a fairly standard online savings account that’s highly comparable to other high yield online savings accounts on this list. 

Unlike others on this list, there is no minimum balance required to open an account with Barclays. They are about as traditional a bank as you get. Plus, they also don’t charge any monthly fees as well.

Barclays Logo

8. Discover Bank

Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards.  While Discover does have many of the same products as the others, they do have one of the highest minimums of the others. 

They do often pay a higher interest rate on balances over $100,000 as well – so depending on how much you want to deposit into your savings account, it might not be the best option.

Discover Logo

9. Capital One 360

Capital One 360 Savings Account is another online bank that has been around for a long time. This one is more recognizable for being a bank, but they are still very well known for their credit cards.

They have a good yield on their account, and they also are offering bonuses for opening a new account. With no monthly fees, this is a solid choice.

However, their rates aren’t the best for their savings product. You might be better off looking at their money market account.

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10. Bank Of Internet USA

Just like it sounds, Bank of Internet USA is an online bank that offers decent rates on online savings accounts. For being an online bank, we’re slightly disappointed by the lower rates this bank offers compared to others on this list.

However, there are no minimums and no monthly fees, so it’s essentially free. Check them out here.

Bank of Internet

Best High Yield Savings Accounts Daily Updated List

The Difference Between A High Yield Savings Account And A Money Market Account

It’s important to note that there is very little difference between a savings account and a money market account. Both accounts are FDIC insured, both have limits on how many checks and transfers you can do, and both are offered by banks, credit unions, and investment firms.

The big difference is that a money market account typically pays a little bit higher interest, but it also typically requires a slightly higher minimum balance. That’s not always the case, thought.

Check out our list of the best money market accounts here.

For example, our favorite pick of CIT Bank does only have a $100 minimum, which isn’t much.

A Savings Account vs. A CD

High Yield Savings Accounts also have the advantage over certificates of deposit because they are liquid – you can get a higher interest rate on your money but you don’t have to worry about tying your money up for a long period of time.

While there are some CDs that earn higher rates than you’ll find in a savings account, those CDs typically have 5-10 year time frames. And if you sell before your expiration date, you typically face large penalties. 

You can get a glimpse of the best CD rates here, but if you need liquid savings, you’re better off going with a savings account or money market account.

Final Thoughts

A high yield savings account can be a great way to save your money. You typically earn higher interest rates, but there are some restrictions above and beyond what you usually find for normal savings accounts. 

Just like any account, make sure you’re opening the best savings account for your needs so you can reap the rewards.

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