Best High Yield Savings Accounts Of November 2021

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.

Plus, several of the banks on our list have awesome bonus offers. When you combine the bonus with an already high APY, you win!

Promo: Discover Bank. Right now, you can get a bonus of up to $200 when you apply for your first Discover Online Savings Account, online or by phone using the code TCI21. Open an account here >>

Our Picks Of The Best Savings Accounts

Here\'s a quick breakdown of the best savings accounts for your money right now.

Note: The savings offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all savings companies or all savings offers available in the marketplace.

The Full List Of Top Savings Account Options

We evaluate savings accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, locations available, and the terms and conditions of having the account. We may receive compensation from some or all of the companies listed below. Here are our recommendations of the best high yield savings accounts.

Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards. In fact, Discover is an incredibly robust bank with a great high yield savings account as well!

Right now, you can earn 0.40% APY.

Their account has no minimum balance requirements, and no fees!

Bonus Offer: You can get a bonus of up to $200 when you apply for your first Discover Online Savings Account, online or by phone using the code TCI21. You must apply by December 15, 2021, fund the account within 30 days of opening it, and complete the qualifying activities within 30 days of opening.

To qualify, you must do the following to earn one of the bonus offers:

• $150 Bonus: Deposit into your account a total of at least $15,000
• $200 Bonus: Deposit a total of at least $25,000

Remember, deposit must be posted within 30 days of account open date. Maximum bonus eligibility is $200.

Open an Account here >>

What to Know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice.

Read our full Discover Bank review here.

Open an account here >>

Earn up to a $200 bonus!

2. Quontic Bank

The Quontic High Yield Savings Account is a top pick because of their awesome rate and the fact that they are one of the only FDIC-insured banks with a CDFI designation. 

Right now you can earn up to 0.55% APY with no monthly maintenance fees. You also get a great mobile app and mobile check deposit.

This account requires just $100 to open, and has no minimum balance requirements or monthly maintenance fees.

Read our full Quontic Bank review here.

Open an account here >>

3. CIT Bank

The CIT Bank Savings Connect is one of our top 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.

This account is a combination checking and savings account - when you link them together, and make a qualifying deposit of $200 or more per month, you get to earn the highest interest rate: 0.50% APY. But even if you don\'t make that $200 deposit, you can still get a solid 0.40% APY.

Right now you can earn up to 0.50% APY. 

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.

Open an account here >>

4. Axos

The Axos High Yield Savings Account is currently one of the top picks, with just a $250 minimum to get started. Axos consistently has one of the highest rates available at an online bank!

Right now you can earn up to 0.61% APY. 

There are no monthly account minimums, maintenance fees, and more.

Read our full AXOS Bank review here.

Open an account here >>

PenFed (which stands for Pentagon Federal Credit Union) is a nationwide credit union that originally was focused on military members and their families. However, today you don\'t have to be in the military to join - and there are multiple ways you can do it.

But given they are a credit union, you can get great rates and accounts!

Right now, you can earn 0.50% APY.

Their account has just a $5 minimum to open, and no monthly maintenance fees!

Read our full PenFed Credit Union review here.

Open an account here >>

Capital One is credit card company that has also become known for having top notch banking products. This includes having an extremely competitive online savings account.

Plus, if you already use Capital One 360 for other products, it could be an easy fit.

Right now you can earn 0.40% APY. 

They only have $0 minimum to open, and no monthly account maintenance fees.

Read our full Capital One 360 Bank Review here.

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.

Right now you can earn 0.50% APY.

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

American Express is more than a credit card company. American Express has Amex Personal Savings, which consistently pays a top rate. It may not always be the best on this list, but it consistently is near the top, and that doesn\'t change much.

Plus, if you already use American Express for other products, it could be an easy fit.

Right now you can earn 0.40% APY. 

They only have $1 minimum to open, and no monthly account maintenance fees.

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.

Right now you can earn 0.40% APY. 

Read our full Barclay\'s Bank review here.

OnJuno is a mobile bank that offers an incredibly compelling APY so we wanted to include it here. While OnJuno is technically a checking account, it offers an amazing interest rate that will make savers want to take notice. The only drawback is the limits.

Right now, you can earn up to 1.20% APY on balances up to $50,000. After that, it drops to 0.25% APY on balances up to $100,000.

They offer two different accounts:

• Basic Checking: Up to 1.20% APY on balances up to $5,000
• Metal Checking: Up to 1.20% APY on balances up to $50,000, but there is a fee of $9.99 per month after a 6 month free trial. You can still earn the higher APY for those 6 months.

Their account has just a $0 minimum to open, and no monthly maintenance fees!

Read our full OnJuno review here.

More Accounts To Consider

These accounts are still great choices to consider for your money, and as interest rates, fees, and minimums change, you might see them in our top ten choices!

UFB Direct has recently come out with the current market leader for high yield savings. This is a tiered savings account, but if you have a balance over $10,000, you can get the market-leading APY.

Combine their high yield savings account with the fact that they have $0 monthly maintenance fees, and this is an excellent choice for an online high yield savings account if you can clear that balance requirement. The only drawback is that the account pays 0% APY if you are less than $10,000.

Right now they offer one of the highest rates at 0.20% APY, with a $10,000 or more balance! FDIC Insured. 

Read the full UFB Direct review here.

Synchrony Bank is one of the \"old guard\" on this list - one of the original online high yield savings account offerings. It consistently has a high APY, and a solid account.

This account has no monthly fee or minimum balance requirements. It also offers an ATM card with ATM reimbursements (which is rare for a savings account - much more common on a checking account). 

Right now, you can earn 0.50% APY. 

Read our full Synchrony Bank review here.

HSBC is a bank that has been around for a long time - but only recently making big strides in the United States. They are one of the largest and most robust banks on this list, and they have a great savings account with a competitive high yield.

Combine their high yield savings account with the fact that they have $0 monthly maintenance fees and great online banking, this should be a top choice!

Right now they offer one of the highest rates at 0.15% APY, with no minimum balance requirements! FDIC Insured. 

Read our full HSBC Online Banking Review here.

Plus, combine it with a Premier checking account, and you can get up to a $700 welcome bonus!

Citizens Access is an online savings account offered by Citizens Bank (who you may recognize from their Citizens Bank student loans). 

While this account does offer a high APY, you do need $5,000 to open an account. And if you drop below that minimum, your interest rate drops as well. This account has no monthly fees.

Right now, you can earn 0.40% APY.

Read our full Citizens Access bank review here.

CIBC is a Canadian Bank that has started making in-roads to the United States. It\'s online savings account offering is top-notch, but it does have a higher minimum to open than most.

The account has no monthly maintenance fees, but does require at least $1,000 to open.

Right now, you can earn 0.52% APY.

Check out our full CIBC review here.

Ally Bank has always been a popular online savings option. They were one of the first truly friendly online banks. However, their rate isn\'t always at the top of the pack.

With rates declining, they are finally a bit competitive.

This account has no monthly fee or minimum balance requirements. 

Right now, you can earn 0.50% APY. 

Read our full Ally Bank review here.

Comenity Direct has an online high yield savings account that rivals most well-known banks. Plus, this bank has no hidden fees and they make accessing your money easy!

Right now they offer a great rate at 0.55% APY, with just a $100 minimum balance and no monthly maintenance fees fees! 

You can also earn interest on up to $10,000,000 - which is extremely generous compared to most accounts.

Read our full Comenity Direct review here.

Betterment Everyday™ is the newest player in the high yield savings account space. They are one of the largest robo-advisors, and now they have a great savings account (and checking account coming soon).

Combine their high yield savings account with the fact that they have $0 monthly maintenance fees and great online banking, this should be a top choice! Plus, they advertise faster withdrawals than other banks!

Right now they offer one of the highest rates at 0.10% APY, with no minimum balance requirements and no fees! FDIC Insured up to $1,000,000.

Open An Account Here >>

Varo is an online bank that offers a high yielding savings account. While this bank is online, it offers a lot of the same features you\'d expect from a traditional bank.

Plus, you don’t pay monthly fees and there are no account minimums.

Right now you can earn 0.50% APY. APY Variable and Subject to Change.

Check out our full Varo Money review here.

Open An Account Here >>

What To Consider When Comparing Bank Savings Accounts?

There are a few important considerations when comparing high yield savings account options. You may not be thinking about these, but we look at them all the time when comparing the best options.

Interest Rate (Or Annual Percentage Yield - APY)

The interest rate (or APY) is typically the most common thing you\'re going to look at when shopping for a savings account. You want to find the account that pays the highest amount - right? 

In most cases, yes, a higher APY is always better. The higher the APY, the more interest you\'re going to earn on your deposits. However, if an account requires a high balance to earn the highest rate, and you can\'t meet that deposit level, you may want to consider another account where you can meet the requirements.

How Often Rates Change

Another factor to consider is how often interest rates change. The simple truth is, most of the banks on our list will move pretty consistently with each other. That could be up or down, depending on the Fed Funds Rate.

However, sometimes banks will change their rates because of their own needs, and that\'s what you want to avoid. We select banks on our list that are consistently at the top of the rate tables, so even if the rates are changing, you can typically find these banks among the best. 

How Consistent A Bank\'s Offering Is

Consistency is key when it comes to rates. Rates will change, but you want to find a bank that is consistently near the top.

What you don\'t want is a bank that offers an amazing introductory rate, then quickly drops it after 6 months. You will find that, overall, this will hurt your returns because the total annual APY will be lower than you\'d get with a bank that is consistent.

So, when comparing high yield savings accounts, make sure you\'re looking for banks that offer consistency, not promotional rates.

Minimum Balance Requirements

When comparing savings account options, you\'ll quickly notice that there are banks with no minimum balance requirements, and those with high minimum balance requirements. Sometimes, to earn the highest interest rate on your savings account, you need to meet certain deposit minimums. And sometimes those minimums can be really high - upwards of $100,000! 

If you can\'t meet the minimum balance requirements or minimum opening deposit requirements to get the best APY, then you should consider an account where you can meet it. Yes, you might sacrifice a little bit of interest, but in the long run, you\'ll be better off!

Account Options

Finally, you\'ll want to look at the different account options available to you. What this means is:

• Does the bank offer physical branches or are they online only?
• How can you deposit cash?
• ATM access?
• How easy is it to get your money out of the account? Do they offer ACH or checks?
• How is the customer service? What are the customer service options - phone, chat, email, etc.?
• Do they have an online app?

These features aren\'t necessarily as important as the interest rate and balance requirements, but depending on your needs, they can make a big difference in how happy you are with your online savings 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. You can compare the differences between a savings account and money market here.

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

Methodology

The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best savings account. We do this by providing unbiased reviews of the top banks and savings accounts for our readers, and then we aggregate those choices into this list.

We have picked savings accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best savings accounts in the marketplace for consumers.