How To Choose a High-Yield Savings Account
Annual percentage yield
Western Alliance Bank High-Yield Savings Account
Western Alliance Bank is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
Up to 6 transactions each month
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Excessive transactions fee
The bank may charge fees for non-sufficient funds
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Overdraft fee
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Offer checking account?
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Offer ATM card?
Compound interest
Some HYSAs compound monthly but many compound daily, including the Varo Savings Account, which offers 5.00% APY on balances of up to $5,000 (and 2.50% on everything else). You do need to make at least $1,000 in monthly direct deposits and have a positive balance at the end of the month to qualify.
Varo Savings Account
Bank Account Services are provided by Varo Bank, N.A., Member FDIC.
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Annual Percentage Yield (APY)
Start earning 2.50% APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 by receiving direct deposit(s) totaling $1,000 or more; and end the month with a positive balance in all your Varo accounts.
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Minimum balance
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Monthly fee
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Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
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Excessive transactions fee
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Overdraft fee
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Offer checking account?
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Offer ATM card?
Yes, if have a Varo Bank Account
Fees
You shouldn’t have to pay to keep your money in a high-yield savings account, so read the terms and conditions before you sign on the dotted line. Some HYSAs are fee-free, but some have a monthly charge if you don’t maintain a minimum balance.
If you set up direct deposit into a SoFi Checking and Savings account, you can earn up to 4.00% APY* on savings balances and 0.50% on checking balances—with no account fees or minimum balance requirement.
SoFi Bank doesn’t have any physical branches, but it provides access to 55,000 fee-free ATMs in the Allpoint network. Your account also qualifies you for a 0.125% discount on a new SoFi personal loan or student loan.
SoFi Checking and Savings
SoFi Bank, N.A. is a Member FDIC.
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Annual Percentage Yield (APY)
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.*
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Welcome bonus
$300 Bonus: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking.*
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Fees
No account, service or maintenance fees for SoFi Checking and Savings. No transaction fees to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.*
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No-fee overdraft protection
No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.*
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Offer ATM card?
Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.*
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Offer checking account?
Yes, bundled with savings account.
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Maximum transactions
*Click here for important disclaimers and disclosures.
Access to funds
High-yield savings accounts are a great way to store money for an emergency, so make sure you can access your money easily. Look for an HYSA that offers ATM access or that’s linked to a checking account that you can easily and quickly transfer funds to.
In addition to a healthy 4.30% APY, the Synchrony Bank High Yield Savings account comes with an optional ATM card and unlimited monthly withdrawals at any ATM displaying the Plus or Accel logo, up to $1,000 per day.
Synchrony Bank High Yield Savings
Synchrony Bank is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
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Excessive transactions fee
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Overdraft fee
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Offer checking account?
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Offer ATM card?
Synchrony doesn’t charge an ATM fee and will refund fees charged by ATM owner-operators up to $5 per cycle. (Bank with Synchrony for five years and you can get unlimited ATM fee refunds as a diamond rewards member.)
Opening deposit and balance requirements
Some banks require a minimum deposit to open a high-yield savings account, especially if it has a very high yield. CIBC Bank’s Agility HYSA has a robust 5.01% APY, for example, but it requires a $1,000 opening deposit. You only have to maintain a daily balance of one cent to earn that yield, though, and there are no monthly fees.
CIBC Agility Online Savings Account_Select
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Annual Percentage Yield (APY)
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Minimum deposit
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Minimum balance
No minimum balance requirement after opening
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Monthly fee
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Maximum transactions
Six withdrawals or transfers
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Excessive transactions fee
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Overdraft fee
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Offer checking account?
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Offer ATM card?
The LendingClub LevelUp Savings does not have an opening balance requirement for an HYSA, but does require monthly deposits of at least $250 in order to earn the 4.50% APY. There is a 3.50% Standard APY without the monthly deposit.
LendingClub LevelUp Savings Account
LendingClub Bank, N.A., Member FDIC
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Annual Percentage Yield (APY)
4.50% (with monthly deposits of at least $250), or 3.50%
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Minimum balance
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Monthly fee
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Maximum transactions
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Excessive transactions fee
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Overdraft fees
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Offer checking account?
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Offer ATM card?
If deposit or balance minimums are a deal breaker, however, TAB Bank offers a 5.27% APY and you only need a penny to earn a return.
TAB Bank Savings Account
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Annual Percentage Yield (APY)
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Minimum deposit
No minimum opening balance requirement
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Minimum balance
No minimum balance requirement after opening.
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Monthly fee
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Maximum transactions
Six withdrawals or transfers
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Excessive transactions fee
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Overdraft fee
$30 per paid overdraft or returned item with a daily maximum of $150.
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Offer checking account?
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Offer ATM card?
Other financial products
Ally Bank Savings Account
Ally Bank® is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
Unlimited withdrawals or transfers per statement cycle
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Excessive transactions fee
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Overdraft fee
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Offer checking account?
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Offer ATM card?
Yes, if have an Ally checking account
Keeping your money in the same ecosphere isn’t just convenient—it can save you money: If you’ve been an Ally customer for at least 30 days, you may be eligible for a $500 discount toward your closing costs with an Ally Home mortgage.
FAQs
Are high-yield savings accounts safe?
High-yield savings accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation or the National Credit Union Administration.
Which bank gives 7% interest on savings accounts?
Do you pay taxes on a high-yield savings account?
The interest generated from a high-yield savings account is considered taxable. If you earn more than $10, your bank should send you a Form 1099-INT to use when preparing your return.
Can you take money out of a high-yield savings account?
You can withdraw and transfer funds from an HYSA and some come with an ATM card. However, there may be limits to the number of withdrawals or how much money you can take out each statement cycle.
Are high-yield savings account rates fixed?
HYSA rates can change at any time. While they typically remain constant for several weeks or even months, fluctuations up or down can be triggered after the Federal Reserve adjusts the federal funds rate.
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Information about the Ally Bank online savings account, Synchrony Bank high-yield savings, Varo savings account, TAB bank savings account, LendingClub high-yield savings, CIBC Bank’s Agility high-yield savings account has been collected independently by CNBC and has not been reviewed or provided by the banks before publication.
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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