8 Best High-Yield Savings Accounts

Saving money is more challenging than spending it. If you’re looking to increase your savings, here are the best available savings accounts.

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Adam Moelis
Nov 9, 2022
10 min read

There’s an old saying that “the best things in life are free.” While that might be true, everything else will come with a price tag. Housing, food, clothing, and transportation will likely cost you tens of thousands yearly. 

To afford these necessities, you must learn how to properly budget your money and save whenever possible. 

It’s almost impossible to overstate the importance of saving money. Building up your savings account balance can give you peace of mind, better control over your life, and the opportunity to grow your money further. 

Saving money is a skill that can take a long time to learn and a lifetime to master. It’s always a good idea to start saving sooner rather than later.  Setting up a direct deposit account with low monthly service fees, and researching savings account offers, can be a great way to start saving money.

The problem is that saving money can be challenging even in the best of times. What’s worse is that the last few years are very far from being “the best of times.” The coronavirus pandemic wreaked havoc on the global economy and triggered severe inflation. Suddenly, the cost of almost everything dramatically increased, and it could be a while before they came back down.

Saving money is more challenging now than it’s been in a long time. Harder for sure, but not impossible. Creating a budget and participating in money-saving challenges are two effective ways to save money. 

The next step will be to think about what to do with all that money you’re saving. Storing it in a shoe box under your mattress isn’t help grow your money. Instead, you should stash your cash in a savings account.

Plenty of FDIC-insured financial institutions would love for you to open a savings account. Just like credit card issuers, such as Capital One or American Express, want your business, many national banks, from Ally Bank to Goldman Sachs, use low minimum deposit requirements and high-interest savings accounts to try and attract customers.

From online savings accounts on mobile apps with no minimum opening deposit or minimum balance requirements to credit unions or online banks offering high-interest rates and low monthly maintenance fees, savings accounts are much more than a place to keep emergency funds. You’ll need to be selective and choose the option that offers the best rewards

Here is a list of the eight savings accounts that offer the highest yields: 

1. Yotta

Yotta is a unique savings account option that doesn’t fit the same mold as the other options on this list. Most savings account rewards center around paying you interest on your account balance. Generally, these payments only add up to a few cents each year

You usually won’t even notice the money gets added to your account. Yotta offers you interest payments in a way that you’ll see. 

You’ll receive one ticket into the dailyYotta sweepstakes for every $25 in your account. Every night at 9 PM EST 6 numbers are drawn. Depending on how many you match you could win a few cents to $1million!

With Yotta, it’s straightforward: the more money you save, the more tickets you’ll earn, and the better your odds of hitting the jackpot. You won’t find too many better reasons to save than that.

Yotta does not hold any customer funds. Deposits are held with Evolve Bank & Trust, member FDIC. Funds held with Evolve Bank & Trust, member FDIC are eligible for FDIC insurance up to $250,000.

2. Bask Bank 

Bask Bank offers an annual percentage yield (APY) of 3.6% for qualifying savings accounts. A $10,000 balance would earn you $360 in interest each year. This is way above the national average; even among member-FDIC banks, it’s unlikely that you’ll find options with higher interest rates than that. 

Bask Bank can be especially beneficial if you're a frequent flier. You’ll have the option to earn American Airlines AAdvantage miles instead of interest payments. Every $1 that you save during the year will earn 1.5 miles. You can redeem these miles through American Airlines or any 20+ partnering airlines. 

3. Salem Five Direct 

Salem Five Direct pays out the second-highest APY on this list, as it can reach 3.5%. You’ll earn about $350 in interest each year with a $10,000 balance. The only requirement is that you’ll need to make a minimum deposit of at least $10. 

One of the best things about Salem Five Direct is the multiple options. In addition to opening a savings account, you can purchase a certificate of deposit (CD). A CD will provide you with a fixed interest rate typically higher than a savings account. 

The only downside is that you can’t access the funds for a specified time. A CD term can last for a few months or a few years, and you’ll get to choose whenever you buy one. 

4. CIT Bank 

CIT Bank is next on the list with an APY of 3.25%. Having $10,000 in your account would net you about $325 in interest each year. The only problem with a CIT Bank account is that it requires a $100 minimum deposit. 

You’ll also have the option to open up an eChecking account. It’s a good idea to have both a checking and savings account, as the separation can make it easier to save money. As far as high-yield online savings accounts go, the mobile banking services offered by CIT bank are hard to beat. 

Unlike most checking accounts, a CIT Bank account comes with an APY. Granted, it will be a much lower rate than the savings account APY.

5. UFB Direct 

UFB Direct is the online banking division of Axos Bank, and they offer their customers an APY that can reach as high as 3.16%. A $10,000 balance would earn you about $316 in annual interest. It’s not the highest offer on this list, but that’s a very generous APY among the highest. 

Another critical feature available with UFB Direct is the ability to open a money market account (MMA) with the same APY offer. The easiest way to think of an MMA is that it’s a savings account with checking account features

These features include check deposits, check writing, easy access to funds, withdrawals, wire transfers, and debit card use. With low account fees and the ability to transfer funds, UFB Direct can help you reach your savings goals better than traditional savings accounts. It’s very uncommon for any savings accounts to include such features, let alone an online-only account. 

6. LendingClub 

LendingClub features an APY of up to 3.12% for their customers. The annual interest payment is under UFB Direct, as a $10,000 balance will get you about $312 each year. The biggest downside to LendingClub is that you’ll need to make a minimum deposit of $100.

Unlike many of the competition, LendingClub gives their customers an ATM card. You’ll be able to easily access your money via ATM, withdraw funds as needed, pay bills, and make internal/external transfers. A savings account with an ATM card is quite rare, and best of all, there are no ATM fees. 

7. Bread Savings 

Bread Savings is the next option as it boasts up to 3.00% APY. It’s a bit lower than other options on this list, but you’ll still get $300 in interest with a $10,000 balance. The worst thing about Bread Savings is that it requires a minimum initial deposit amount of $100.

The main reason that Bread Savings makes this list is its abundance of unique features. You can also sign up for a cash-back credit card that earns an unlimited 2% return on qualifying purchases. You’ll also have the option to take out a five-year CD with a very impressive 4.25% APY. 

8. Quontic Bank

Quontic Bank is the last option on this list. Like Bread Savings, the Quontic Bank savings account features a competitive APY of 3.00% and requires a $100 minimum deposit. 

The best thing about Quontic Bank is the interest compounds daily and pays out monthly. A few accounts compound monthly, and some even compound annually. The difference is that daily compounded interest will earn you more interest. The more compounding periods for an account, the faster interest accrues. 

Save Today To Prepare for Tomorrow

The best time to buy an umbrella is when it’s sunny. The worst time is when it’s already raining. It’s a good idea to apply this concept to your finances. The coronavirus pandemic was a harsh reminder that life is unpredictable. 

It’s impossible to prevent the rain from coming down. All that you can do is prepare for it. Building up your savings is one of the best ways to stay dry during the next thunderstorm. 

Each of the options listed above is worthy of storing your money. Some others are also great, such as Marcus by Goldman Sachs, Synchrony Bank, and U.S. bank. However, there’s only one option that features prize-linked savings. The more money you save with Yotta, the more tickets you’ll receive each week. 

With some luck, your savings account might suddenly increase by $1 million. You won't lose anything even if you don’t win a big prize. It’s impossible to lose a Yotta drawing. The only question is how much you’ll win. 

Join Yotta today so that you can start building your savings immediately. You have nothing to lose by playing the Yotta sweepstakes and millions to gain. Good luck finding a savings account that gives you a better incentive to save than that. 

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