What is a savings account? It is an account that earns interest, in other words, money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
To start off, there are those ordinary high-interest savings accounts that do not come with any limitations or restraints and there are those high-interest Savings accounts with super high yield options that are more high maintenance and take time and patience to deal with. Both options are discussed in this post.
Keep in mind that all of the better substitutes have velocity limits, whether it’s $5k or $10k or $20k. All in a nutshell, the most you’ll ever get is no more than $1,000 in annual interest from any of these accounts, but typically it’s much less than $1000.
If you’re patient and willing to keep up with the high maintenance of these velocity-limited accounts, by all means. If you’re not patient and unable to keep up with multiple accounts, the ordinary high-interest savings account option is the route for you!
Recommended High-Interest Savings
If you leave your money in a typical bank account, usually the interest rate is slim to none (close to 0%). You can find accounts that offer competitive rates if you just do a little research. Listed below are all of the most popular savings accounts and are FDIC insured up to $250,000.
 With the CIT Bank Savings Builders account: • Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster. • Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate. • FDIC Insured |
Super High-Interest Savings Options
Below is list of all of the super high-interest options NATIONWIDE:
| Bank | Account Type | APY | Minimum/Maximum | Review |
|---|---|---|---|---|
| Brilliant Bank | Money Market Account | 5.25% | $1K min/$500K max | Review |
| CFG Bank | Market Market Account | 5.07% | $1K min/No max | Review |
| TotalDirectBank | Direct Money Market | 5.07% | $2.5K min/$500K max | Review |
| CloudBank 24/7 | High Yield Savings | 5.05% | $1 min/No max | Review |
| Ponce Bank | Money Market | 5.05% | $1 min/No max | Review |
| Western Alliance Bank | High Yield Savings | 5.05% | $1 min/No max | Review |
| All America Bank | Mega Money Market | 5.05% | No min/$100K max | Review |
| Redneck Bank | Mega Money Market | 5.05% | No min/$100K max | Review |
| Lemmata Savings Bank | Money Market | 5.03% | $1 min/No max | Review |
| OceanFirst Bank | High Yield Savings | 5.03% | $1 min/No max | Review |
| Patriot Bank | Money Market | 5.02% | $1 min/No max | Review |
| Mission Valley Bank | High Yield Savings | 5.01% | $1 min/No max | Review |
| The Atlantic Federal Credit Union | Money Market Deposit | 5.01% | No min/No Max | Review |
| GreenState Credit Union | High Yield Savings | 5.01% | $1 min/No max | Review |
| Salem Five Direct | eOne Savings | 5.01% | No min/$1M max | Review |
| FVCbank | Money Market | 5.00% | $1 min/No max | Review |
| Great Lakes Credit Union | Money Market Deposit | 5.00% | No min/No Max | Review |
| M1 | High Yield Savings | 5.00% | No min/No max | Review |
| MyBankingDirect | High Yield Savings | 5.00% | $1 min/No max | Review |
| Newtek Bank | High Yield Savings | 5.00% | No min/No max | Review |
| Popular Direct | High-Rise Savings | 5.00% | $5K min/No max | Review |
| Primis Bank | Savings | 4.92% | $1 min/No max | Review |
| Primis Bank | Premium Checking | 4.92% | $1 min/No max | Review |
| Blue Federal Credit Union | Money Market Deposit | 4.90% | No min/No max | Review |
| Vio Bank | Money Market Account | 4.88% | No min/No Max | Review |
| CIT Bank | Platinum Savings | 4.85% | No min/No Max | Review |
| First Foundation Bank | Online Savings | 4.85% | No min/No max | Review |
| Hanover Bank | Money Market | 4.85% | $1 min/No max | Review |
| iGObanking | Online Money Market | 4.85% | $25K min/No max | Review |
| State Exchange Bank | High Yield Savings | 4.85% | $1 min/No max | Review |
| Valley Direct | Online Savings | 4.85% | No min/No max | Review |
| UFB Direct | Preferred Money Market | 4.81% | No min/No max | Review |
| Upgrade | Premier Savings | 4.81% | $1K min/No max | Review |
| First Mid Bank & Trust | High Yield Savings | 4.80% | $1 min/No max | Review |
| Ivy Bank | High-Yield Savings | 4.80% | $2.5K min/$1M max | Review |
| Laurel Road | High Yield Savings | 4.80% | No min/$2M max | Review |
| VirtualBank | eMoney Market | 4.80% | No min/No max | Review |
| Connexus Credit Union | MMA | 4.76% | $1M min/No max | Review |
| Merrill | Preferred Deposit | 4.76% | $100K min/No max | Review |
| TAB Bank | High Yield Savings | 4.76% | $1 min/No max | Review |
| Connexus Credit Union | High Yield Savings | 4.75% | $1 min/No max | Review |
| Quontic Bank Money Market | Money Market | 4.75% | No min/No max | Review |
| BankPurely | PurelyMoneyMarket | 4.75% | $25K min/No max | Review |
| Bask Bank | Interest Savings | 4.75% | No min/No max | Review |
| Merchants Bank of Indiana | Money Market Savings Account | 4.75% | No min/No max | Review |
| Northern Bank Direct | Money Market Premier | 4.75% | No min/$250K max | Review |
| Republic Bank | Digital Money Market | 4.75% | $2500 min/No max | Review |
| mph.bank | Money Market | 4.70% | $1 min/No max | Review |
| Bread Financial | High Yield Savings | 4.65% | No min/$1M max | Review |
| Robinhood | Cash Sweep | 4.65% | No min/No max | Review |
| Styl | Savings | 4.63% | No min/No Max | Review |
| CIT Bank | Savings Connect | 4.60% | No min/No max | Review |
| Liberty Savings Bank Savings | High-Yield Savings | 4.60% | $1 min/No max | Review |
| Morgan Stanley | Preferred Savings | 4.60% | $1K min/No max | Review |
| iGObanking | iGOindexmoneymarket | 4.56% | $25K min/No max | Review |
| Wealthfront | Cash | 4.55% | No min/No max | Review |
| Western State Bank | High Yield Money Market | 4.55% | No min/No max | Review |
| CIBC | Savings | 4.52% | $1 min/$1M max | Review |
| Betterment | Cash Reserve | 4.50% | No Min/No max | Review |
| Citizens Access | Online Savings | 4.50% | No min/No max | Review |
| Fitness Bank | Savings Account | 4.50% | $100 min/$250K max | Review |
| Prime Alliance Bank | Personal Savings | 4.50% | No min/No max | Review |
| Prime Alliance Bank | Personal Money Market | 4.50% | No min/No max | Review |
| TIAA Bank | Savings | 4.50% | $25 min/No max | Review |
| TIAA Bank | Money Market | 4.50% | $500/No max | Review |
| Idabel National Bank | Money Market | 4.45% | $1 min/No max | Review |
| Empower | Cash Account | 4.45% | No min/No max | Review |
| Continental Bank | High Yield Savings | 4.41% | No min/No max | Review |
| CNB Bank Direct | Premium Money Market | 4.39% | $25K min/$2M max | Review |
| b1BANK | High Yield Savings | 4.35% | No min/No max | Review |
| MySavingsDirect | MySavings | 4.35% | No min/No max | Review |
| State Bank of Texas | Jumbo Money Market Account | 4.33% | $100K min/No max | Review |
| CFBank | Money Market Account | 4.30% | $25K min/No max | Review |
| Third Federal | Online Savings Plus | 4.30% | $5K min/No max | Review |
| My eBAnC | eRelationship Savings | 4.29% | $100K min/No max | Review |
| My eBanc | SuperSaver Money Market | 4.29% | $100K min/No max | Review |
| CNB Bank Direct | High Yield Savings | 4.28% | $1 min/No max | Review |
| Quontic Bank | High Yield Savings | 4.25% | No min/No max | Review |
| ConnectOne Bank | Online Savings | 4.25% | $2.5K min/No max | Review |
| LendingClub | High-Yield Savings | 4.25% | No min/No max | Review |
| Modern Bank | High Yield Money Market | 4.25% | $100K min/No max | Review |
| Quorum Federal Credit Union | High-Yield Savings | 4.25% | $10K min/No max | Review |
| USALLIANCE | High Dividend Savings | 4.25% | No min/No max | Review |
| SoFi ($275 bonus) | Savings Account | 4.20% | No min/No max | Review |
| First Foundation Bank | Online Money Market | 4.20% | No min/No max | Review |
| Ivy Bank | Indexed Savings | 4.17% | $2.5K min/$1M max | Review |
| Affirm | Online Savings | 4.15% | No min/No max | Review |
| Ally Bank | Money Market | 4.15% | No min/No max | Review |
| Marcus by Goldman Sachs | Online Savings | 4.15% | No min/$3M max | Review |
| Paypal | Savings | 4.15% | No min/No max | Review |
| Sallie Mae Bank | Money Market | 4.15% | No min/No max | Review |
| Synchrony Bank | High Yield Savings | 4.14% | No min/No max | Review |
| Credit Karma | High Yield Savings account | 4.10% | No min/No max | Review |
| Modern Bank | Premier Money Market | 4.10% | $1K min/No max | Review |
| MututalOne Bank | Mo Premium Savings | 4.07% | $20K min/No max | Review |
| Colorado Federal Savings Bank | Premier Savings | 4.05% | $50K min/No max | Review |
| Sallie Mae Bank | High Yield Savings | 4.05% | No min/No max | Review |
| SFGI Direct | Online Savings | 4.01% | $1 min/No max | Review |
| American Express® | High Yield Savings account | 4.00% APY as of 5/31/23 | No min/$5M max | Review |
| Discover Bank ($200 Bonus) | Online Savings | 4.00% | No min/No max | Review |
| Capital One 360 | Performance Savings | 4.00% | No min/No Max | Review |
| Live Oak Bank | Savings | 4.00% | No min/No max | Review |
| Juno | Juno Account | 4.00% | No min/$250K max | Review |
| Barclays | Online Savings Account | 4.00% | $1 min/No max | Review |
| Colorado Federal Savings Bank | High Yield Savings | 4.00% | $1 min/No max | Review |
| Dollar Savings Direct | Savings Account | 4.00% | No min/No Max | Review |
| Quorum Federal Credit Union | HighQ Savings | 4.00% | No min/No max | Review |
| Discover Bank | Money Market | Up to 3.95% | $100K min/No max | Review |
| Ally Bank | Online Savings | 3.85% | No min/No max | Review |
| E*Trade | Premium Savings | 3.85% | No min/No max | Review |
| Lafayette Federal Credit Union | Premier Savings | 3.80% | $50K min/No max | Review |
| SkyOne Federal Credit Union | Money Market | 3.75% | $1 min/No max | Review |
| FNBO Direct | Online Savings | 3.75% | $1 min /$1M max | Review |
| Langley Federal Credit Union | Money Market Account | 3.75% | $1M min/No max | Review |
| Smarty Pig | High Yield Savings | 3.75% | No min/No max | Review |
| First Internet Bank | Money Market | 3.66% | $4K min/$1M max | Review |
| American Heritage Credit Union | High Yield Savings | 3.55% | $10K min/No max | Review |
| Affinity Plus Federal Credit Union | Superior MMA | 3.50% | No min/$25K max | Review |
| Chevron Federal Credit Union | MarketEdge Savings | 3.50% | $2.5K min/No max | Review |
| EmigrantDirect | Savings Account | 3.50% | No min/No Max | Review |
| Spectrum Credit Union | MarketEdge Money Market Savings | 3.50% | $2.5K min/No max | Review |
| Luana Savings Bank | Money Market Account | 3.25% | $750K min/No max | Review |
| Northpointe | Money Market | 3.25% | $25K min/$3M max | Review |
| Northpointe | Ultimate Savings | 3.25% | $25K min/$2M max | Review |
| Alliant Credit Union ($100 Bonus) | High Yield Savings | 3.10% | No min/No max | Review |
| Paramount Bank | High-Interest Checking | 3.00% | No min/$100K max | Review |
| PenFed | Online Savings | 3.00% | No min/No max | Review |
| Varo | Online Savings Account | 3.00% | No min/No max | Review |
| T-Mobile Money | Checking Account | 2.50% | No min/No max | Review |
| The Federal Savings Bank | Virtual Money Market | 2.50% | $2K min/$1M max | Review |
| Synchrony Bank | Money Market | 2.24% | No min/No max | Review |
| Chime ($100 bonus) | Savings Account | 2.00% | No min/No max | Review |
| Bethpage Federal Credit Union | Money Market | 2.00% | $500 min/No max | Review |
Super High-Interest Savings Options
Below is list of all of the super high-interest options REGIONAL:
| Bank | State(s) | Account Type | APY | Minimum/Maximum | Review |
|---|---|---|---|---|---|
| Workers Credit Union | MA | SaveUp Savings | 3.56% | $5.00 min/No max | Review |
| SharePoint Credit Union | MN | eSavings Account | 3.00% | No min/$10K max | Review |
| Central Minnesota CU | MN | My Goal Savings | 1.90% | $0+ minimum to earn high rate | Review |
| Keesler Federal Credit Union | AL, LA, MS | High Interest Money Market Plus | 1.40% | $100K Min/No Max | Review |
| Apco Employees Credit Union | AL | IRA Share Account | 1.26% | $25 minimum to earn high rate | Review |
| Amboy Direct | NJ | eSavings Account | 1.01% | $1.00 min/$250,000 max | Review |
| Hanmi Bank | CA, IL, NJ, NY, TX, VA | Simple Savings | 1.00% | No min/no max | Review |
| Luana Savings Bank | IA | Money Market Account | 0.85% | $2,500 min/No max | Review |
| Advancial Premium | TX | Money Market | 0.81% | $1.00 min/$100,000 max | Review |
| Sharon Bank | DE, NJ, PA | Kasasa Saver | 0.75% | $50K min/No max | Review |
| Home Loan Investment Bank | RI, MA | Premier Savings | 0.50% | $50k minimum to earn high rate | Review |
| Home State Bank | MN | Kasasa Saver | 0.50% | No min/$50K max | Review |
| WauBank | AZ, CT, FL, MA, RI, TN, VA | Online High Yield Savings | 0.40% | $5K minimum to earn high rate | Review |
| Bogota Savings Bank | NJ | Anniversary Money Market | 0.35% | $75K min/No max | Review |
Account Opening: Which One First?
There is no direct answer to which account you should open first. Each of these accounts have their own pros and cons. These are nationwide options, so be sure to see if there are regional options that are a better route as well! Below are rewards checking accounts where you can earn a higher than normal rate compared to a savings account when meeting certain requirements.
Some typical requirements can include enrolling in eStatements, set up monthly direct deposit or ACH transfers, then make a minimum number of debit card transactions, etc. While the rate may be high, there is a cap (usually between $10K to $20K) on the high interest rate.
| Bank or Credit Union | Account Type | APY | Maximum | Review |
|---|---|---|---|---|
| Consumers Credit Union | Free Rewards Checking | 5.00% | $10,000 | Review |
| Gesa Credit Union | SmartPlus Checking | 5.00% | $5,000 | Review |
| Orion Federal Credit Union | Premium Checking | 5.00% | $10,000 | Review |
| Elements Financial | High Interest Checking | 4.00% | $20,000 | Review |
| First United Credit Union | Rewards Checking | 4.00% | $10,000 | Review |
| Ideal Credit Union | High Yield Checking | 4.00% | $20,000 | Review |
| Signature Federal Credit Union | High Yield Checking | 3.50% | $20,000 | Review |
| Evansville Teachers FCU | Vertical Dividend Checking | 3.30% | $20,000 | Review |
| Bank of Missouri | Kasasa Cash Checking | 3.05% | $15,000 | Review |
| Tensas State Bank | Kasasa Cash Checking | 3.05% | $10,000 | Review |
| Market USA FCU | Platinum Tier Rewards Checking | 3.01% | $15,000 | Review |
| Security Bank of Crawford | Rewards Checking | 3.00% | $15,000 | Review |
| ECCU | Kasasa Cash | 3.00% | $10,000 | Review |
| INOVA Federal Credit Union | Shield Checking | 3.00% | $15,000 | Review |
| Lake Michigan Credit Union | Max Checking | 3.00% | $15,000 | Review |
| Municipal Employees Credit Union | RewardChecking | 3.00% | $10,000 | Review |
| Porte Bank | High-Yield Savings | 3.00% | $15,000 | Review |
| R Bank | R Best Checking | 3.00% | $10,000 | Review |
| Security Bank of Crawford | Kasasa Cash Checking | 3.00% | $15,000 | Review |
| Sullivan Bank | Kasasa Cash Checking | 3.00% | $10,000 | Review |
Bottom Line
All in all, it’s a good idea to leave your money in some sort of interest bearing account – majority of checking accounts yield no return while your funds sit there.
Not every single one of these accounts are phenomenal deals because of the limits and requirements, so some people will seek that one account is easier than another based on how simple it is for them to execute the debit card purchases, direct deposits, and so on. Interested in more savings account options & rates?
We recommend checking out the Discover Online Savings Account, CIT Bank Savings Builder, American Express Personal Savings, and more from our list of the Best Bank Rates!
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