7 Best High Yield Savings Accounts

CIT Bank’s Platinum Savings Account

CIT Bank’s Platinum savings account offers a 4.35% APY. There are no gimmicks, no tricks. They’ve proven reliable and consistent over the past two years, maintaining rates near the highest. However, there’s a minimum balance requirement of $5,000 to earn the 4.35% APY; otherwise, you’ll earn 0.25%. Their Savings Connect account offers 4% APY with no minimum balance requirement.

Both accounts are FDIC insured and have no opening or monthly maintenance fees (minimum $100 opening deposit).

Our personal experience has been that the website and app are both user-friendly.

Basque Bank’s Basque Interest Savings Account

Offering a 4.5% APY, Basque Bank is another consistent performer. No minimum deposit is required to open the account, but it must be funded within 15 business days. FDIC insured up to $250,000.

Basque Bank has been one of the few financial institutions that has continued to offer competitive rates and doing so without fees.

Bread Savings by Bread Financial

Bread Savings offers a 4.4% APY. A $100 minimum deposit is required. A minimum deposit requirement is a sign that the customer base is a good one that will help the financial institution maintain a solid balance sheet. The account is FDIC insured and has no monthly maintenance fees (except for paper statements, official check requests, or outgoing wire fees).

Bread Financial may close the account if it’s not funded within 60 days or if a positive balance isn’t maintained for 60 days.

BrioDirect High Yield Savings Account

BrioDirect offers a competitive 4.55% APY, but with a $5,000 minimum opening deposit and a requirement to maintain $25 or more to earn the high APY. No monthly maintenance fees. FDIC insured through Webster Bank (BrioDirect is a sub-brand).

Be aware of online complaints about BrioDirect/Webster Bank taking a long time to verify and approve new customers.

Open Bank by Santander Bank

Open Bank offers a 4.75% APY (availability may change). A $500 minimum deposit is required. No fees. Availability may vary by region; check for updates. Important restrictions apply: you can’t already have a Santander deposit account or be a Santander lending customer.

Keep an eye on new high-yield savings accounts, as they are often only competitive for a short time.

Honorable Mentions

Popular Direct (4.5% APY, $100 minimum deposit) and Lending Club (4.5% APY, but requires a $250 monthly deposit).

Other Popular Banks

While Capital One, American Express, and Ally Bank are popular, they generally offer rates around 3.8% – below 4% APY. Consider the top five options for potentially higher returns.