The 8 Best High-Yield Savings Accounts of 2019

A quicker way to reach your savings goals

If you're growing tired of the slow growth and low interest rates of your traditional savings account, you might consider moving your funds into a high-yield savings account. Whether you're boosting your emergency fund, stashing away cash for a home improvement project, or setting money aside for a much-needed tropical getaway, this kind of account can help you more quickly reach your savings goals. 

A high-yield savings account is a financial instrument that provides a higher interest rate than your typical savings account. Annual percentage yields for these types of accounts can fall between 1 and 2 percent or higher. Consumers can open a high-yield savings account through either an online or brick-and-mortar bank. 

Take a look at our picks for the best high-yield savings accounts to determine which product works best for your financial situation. Each is insured either by the FDIC or National Credit Union Administration. 

Best for No Monthly Fees: PurePoint Financial

PurePoint Financial, a division of Mitsubishi UFJ Financial Group, offers an online savings account that boasts an annual percentage yield of 1.80 percent. The rate drops to 0.25 percent for deposits equal to $9,999.99 or less. 

There are no monthly maintenance fees and funds can be deposited into your account via online transfer, wire transfer, mobile deposit or mailed check. The minimum opening deposit is $10,000. 

PurePoint has physical branches in multiple locations throughout the states of Florida, Illinois, New York , and Texas. 

Best Minimum Opening Deposit: Marcus by Goldman Sachs

Goldman Sachs' online consumer lending platform, Marcus, has a 1.90 percent annual percentage yield for its high-yield savings account. In order to earn this yield, account owners are required to contribute a minimum deposit of $1. 

There are no service or transaction fees for transfers made to and from Marcus-branded savings accounts. Additionally, account owners can expect to earn interest beginning on the same business day their deposit is made. Accounts can be funded via external bank transfers, domestic wire transfers or mailed checks. 

Want more information? Check out our full review of Marcus by Goldman Sachs.

Best Introductory APY: Citadel

Exton, Pennsylvania-based credit union Citadel offers a 2.00 percent APY. The minimum opening deposit amount is $10,000 and account owners are required to maintain a $10,000 average daily balance in order to waive the $10 monthly account fee. 

If necessary, funds can be withdrawn for free once every quarter. A $25 fee applies to subsequent withdrawals made in the same quarter. There is also a $5 inactivity fee on accounts that haven't had any consumer-initiated transactions for one year. 

Citadel has several locations throughout Pennsylvania and belongs to a network including more than 28,000 surcharge-free ATMs across the globe.

Best APY: PNC Bank

PNC Bank's high-yield savings account offers an annual percentage yield of 2.15 percent and no minimum balance requirements, though you'll need to deposit at least $1 to start earning interest. 

There are no monthly fees and account holders are able to deposit funds into their account by transferring money from an external account or a PNC checking account. Alternatively, the account can be funded by depositing checks from a mobile device. 

One caveat: PNC's high-yield account is only available in certain states. Refer to the website for more information.

Best Online-Only Account: Synchrony Bank

Online financial institution Synchrony Bank has a high-yield savings account that comes with a 1.90 percent APY for deposit amounts in the following three tiers: 

  • Up to $4,999 
  • $5,000 to $24,999 
  • $25,000+

There is no minimum balance required or fees for transfers or withdrawals that exceed the typical six-per-statement-cycle limit. Still, Synchrony can close a misused account. 

Besides mobile deposits and transfers from external banks, account owners can deposit funds into their Synchrony high-yield savings account by using an ATM in the Accel or Plus network that is labeled as a deposit-accepting ATM.

Interested in learning more? Read through our full review of Synchrony Bank.

Best for Setting Savings Goals: Barclays Bank

Competing with its counterparts Marcus and Synchrony, the U.S. division of London-based Barclays Bank features an online savings account that offers an APY of 1.90 percent, which is more than 20 times the FDIC's national average. 

There is no minimum balance required to open an account, nor are there any monthly maintenance fees. Account owners are able to make online transfers to and from external banks and take advantage of direct deposit services. Account owners also have 24/7 access to manage their funds.

You can also read through our full review of Barclays Bank.

Best for Online Account Management: Ally Bank

Ally's online savings account provides account owners with an annual percentage yield of 1.80 percent for all balance tiers for deposits. There are no monthly maintenance fees and it's free to transfer money to and from external accounts. Additionally, managing your account might seem much easier when you're able to speak with a human customer service rep 24 hours a day, 7 days a week. 

If you exceed the six allowable transfers/withdrawals in a given statement cycle, you will be charged an excess activity fee of $10 per transaction. 

It's also possible to open an Ally online savings account for the purposes of establishing a trust for a designated beneficiary to access in the future. 

Best Minimum Daily Balance Requirement: CIBC Bank

The "Agility" online savings account from the U.S. arm of Toronto-based CIBC Bank markets itself as a financial instrument free of maintenance fees and offers an annual percentage yield of 2.05 percent. 

Account owners can add funds by setting up a direct deposit or an ACH debit, sending a check to CIBC via snail mail, or making an internal transfer from another CIBC-branded account. The minimum opening deposit is $1,000. The minimum daily balance to earn interest is just a penny: $0.01. 

CIBC has personal banking branches in Illinois, Michigan, Missouri and Wisconsin.