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!
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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 0.55% 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 | Inquiry | Review |
|---|---|---|---|---|---|
| Affinity Plus Federal Credit Union | Superior MMA | 2.02% | $500 min/$25K max | ? | Review |
| Neighbors Bank | High-Yield Online Savings | 1.45% | $25K min/No max | ? | Review |
| Connexus Credit Union | MMA | 1.15% | $100K min/No max | ? | Review |
| Affirm | Online Savings | 1.00% | No min/No max | Soft | Review |
| Aspiration ($100 bonus) | Spend & Save | 1.00% | $10K min/No max | Soft | Review |
| Chime ($50 bonus) | Checking Account | 1.00% | No min/No max | Soft | Review |
| First Foundation Bank | Online Savings | 1.00% | $1K min/No max | ? | Review |
| T-Mobile Money | Checking Account | 1.00% | No min/No max | Soft | Review |
| Fitness Bank | Savings Account | 0.95% | $100 min/No max | ? | Review |
| Smarty Pig | High Yield Savings | 0.95% | $2.5 min/$10k max | ? | Review |
| CFBank | MMA | 0.90% | $25K min/No max | ? | Review |
| CommunityWide Fed Credit Union | High Rate Quarterly Fund Account | 0.90% | $500 min/No max | ? | Review |
| ConnectOne Bank | Online Savings | 0.90% | $2.5K min/$250K max | ? | Review |
| TAB Bank | High Yield Savings | 0.90% | $1 min/No max | ? | Review |
| CFG Bank | High Yield Money Market | 0.86% | $25K min/No max | ? | Review |
| Varo | Savings Account | 0.81% | No min/No max | ? | Review |
| All America Bank | Mega Money Market® Checking | 0.80% | No min/$50K max | Soft | Review |
| Customers Bank | Market Savings Account | 0.80% | $25K min/No Max | Soft | Review |
| My e-BAnC | eRelationship Savings | 0.80% | $25K min/No max | Soft | Review |
| PNC Bank (Many States) | High-Yield Savings | 0.80% | $1min/$5M max | Soft | Review |
| Redneck Bank | Mega Money Market | 0.80% | No min/$50K max | Soft | Review |
| Salem Five Direct | High Yield Savings | 0.80% | No min/$1M max | Hard | Review |
| Vio Bank | High Yield Online Savings | 0.76% | No min/No max | Soft | Review |
| Bellco Credit Union | Premier Money Market Account | 0.75% | $50K min/No max | ? | Review |
| Gold Coast Bank | Money Market Account | 0.75% | $50K min/No max | ? | Review |
| Prime Alliance Bank | Personal Savings | 0.75% | $1 min/No max | ? | Review |
| Western State Bank | High Yield Money Market | 0.75% | No min/$3M max | Soft | Review |
| Citibank | Citi® Accelerate Savings | 0.70% | No min/No max | Soft | Review |
| Ally Bank | Online Savings Account | 0.60% | No min/No max | Soft | Review |
| American Express | High-Yield Savings | 0.60% | No min/$5M max | ? | Review |
| CIT Bank | Money Market | 0.60% | $100 min/No max | Soft | Review |
| Discover Bank | Online Savings | 0.60% | No min/No max | Soft | Review |
| Simple | Individual or Shared Protected Goals Account | 0.60% | No min/No max | Soft | Review |
| Credit Karma | High Yield Savings | 0.56% | $0.01/No max | ? | Review |
| CIT Bank | Savings Builders | 0.55% | $25K min/No max | Soft | Review |
| Capital One 360 | Performance Savings | 0.50% | No min | Soft | Review |
| Discover Bank | MMA | 0.50% | $100K min/No max | Soft | Review |
| Betterment | EverydayTMCash Reserve | 0.40% | $10 min/No max | ? | Review |
| UFB Direct | Money Market | 0.40% | $5K min/No max | Soft | Review |
| UFB Direct | High Yield Savings | 0.40% | $10K min/No max | Soft | Review |
| SoFi Money ($50 Bonus) | Checking/Savings | 0.25% | No min/No max | ? | Review |
| BBVA | Money Market | 0.13% | $10K min/No max | Soft | 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 |
|---|---|---|---|---|---|
| SharePoint Credit Union | MN | eSavings Account | 3.00% | No min/$10K max | Review |
| Apco Employees Credit Union | AL | IRA Share Account | 2.02% | $25 minimum to earn high rate | Review |
| Central Minnesota CU | MN | My Goal Savings | 2.00% | $0+ minimum to earn high rate | Review |
| WauBank | AZ, CT, FL, MA, RI, TN, VA | Online High Yield Savings | 1.85% | $5K minimum to earn high rate | Review |
| Keesler Federal Credit Union | AL, LA, MS | High Interest Money Market Plus | 1.50% | $100K Min/No Max | Review |
| Workers Credit Union | MA | SaveUp Savings | 1.35% | $5.00 min/No max | Review |
| Home Loan Investment Bank | RI, MA | Premier Savings | 1.05% | $50k minimum to earn high rate | Review |
| Amboy Direct | NJ | eSavings Account | 1.01% | $1.00 min/$250,000 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 | Inquiry | Review |
|---|---|---|---|---|---|
| Consumers Credit Union | Free Rewards Checking | 4.09% | $10,000 | Hard | Review |
| Blue Federal Credit Union | Extreme Checking | 3.50% | $15,000 | Soft | Review |
| First Financial FCU | Kasasa Cash Checking | 3.50% | $15,000 | ? | Review |
| Devon Bank | Kasasa Cash Checking | 3.50% | $10,000 | ? | Review |
| Evansville Teachers FCU | Vertical Dividend Checking | 3.30% | $20,000 | Soft | Review |
| Western Vista Credit Union | Panorama Checking | 3.25% | $15,000 | ? | Review |
| Market USA FCU | Platinum Tier Rewards Checking | 3.01% | $15,000 | ? | Review |
| ECCU | Kasasa Cash | 3.00% | $10,000 | Soft | Review |
| Garden Savings Federal Credit Union | Platinum Checking | 3.00% | $15,000 | ? | Review |
| INOVA Federal Credit Union | Shield Checking | 3.00% | $15,000 | ? | Review |
| Lake Michigan Credit Union | Max Checking | 3.00% | $15,000 | Hard | Review |
| Porte Bank | High-Yield Savings | 3.00% | $15,000 | ? | Review |
| Quoin Bank | Kasasa Cash Checking | 3.00% | $25,000 | ? | Review |
| Security Bank of Crawford | Kasasa Cash Checking | 3.00% | $15,000 | ? | Review |
| 22nd State Bank | Kasasa Cash | 2.50% | $25,000 | ? | Review |
| Great Lakes Credit Union | Free Checking | 2.50% | $10,000 | ? | Review |
| Industrial Bank | Kasasa Cash | 2.50% | $15,000 | ? | Review |
| The Bank of Denver | Kasasa Cash | 2.50% | $25,000 | Soft | Review |
| USE Federal Credit Union | Kasasa Cash | 2.50% | $10,000 | ? | Review |
| Bellco Credit Union | Boost Interest Checking | 2.25% | $25,000 | ? | Review |
| Presidential Bank | Advantage Checking | 2.25% | $25,000 | ? | Review |
| Hiway Federal Credit Union | Hi Yield Checking | 2.22% | $25,000 | ? | Review |
| FAB&T | Prime Checking | 2.05% | $30,000 | ? | Review |
| TruStone Financial Federal Credit Union | TruRate Checking | 2.02% | $20,000 | ? | Review |
| Bay State Savings Bank | Kasasa Cash | 2.01% | $20,000 | ? | Review |
| Campus Federal | Lagniappe Checking | 2.01% | $10,000 | ? | Review |
| Department Of Commerce Federal Credit Union | Performance Checking | 2.01% | $20,000 | ? | Review |
| First Security Bank & Trust | Kasasa Cash | 2.01% | $50,000 | ? | Review |
| Signature Federal Credit Union | High Yield Checking | 2.00% | $20,000 | Soft | Review |
| Elements Financial | High Interest Checking | 2.00% | $20,000 | Soft | Review |
| GreenState Credit Union | R2 Checking | 2.00% | $20,000 | ? | Review |
| Ideal Credit Union | High Yield Checking | 2.00% | $20,000 | ? | Review |
| Main Street Bank | Kasasa Cash | 2.00% | $15,000 | ? | Review |
| One American Bank | Kasasa Cash | 2.00% | $10,000 | Soft | Review |
| TAB Bank | Kasasa Cash | 2.00% | $50,000 | Soft | Review |
| United Educators Credit Union | High Yield Checking | 2.00% | $10,000 | ? | Review |
| Wings Financial | High Yield Checking | 1.76% | $25,000 | ? | Review |
| Connexus Credit Union | Xtraordinary Rewards Checking | 1.75% | $25,000 | Hard | Review |
| Partner Colorado Credit Union | High Interest Checking | 1.75% | $10,000 | Hard | Review |
| Finex Credit Union | Axcess Rewards Checking | 1.51% | $25,000 | ? | Review |
| Country Bank | Kasasa Cash | 1.50% | $20,000 | Soft | Review |
| Envision Bank | Envision Max | 1.50% | $25,000 | ? | Review |
| KS State Bank | Checking PLUS | 1.50% | $15,000 | ? | Review |
| Heritage Bank | eCentive Account | 1.32% | $25,000 | Soft | Review |
| BankFirst | Kasasa Cash | 1.25% | $10,000 | ? | Review |
| Devon Bank | Kasasa Cash with Saver | 1.25% | $50,000 | ? | Review |
| Quontic Bank | High Interest Checking | 1.25% | $1,000,000 | ? | Review |
| America's Credit Union | Affinity Plus Checking | 1.01% | $25,000 | Soft | Review |
| All America Bank | Ultimate Rewards Checking | 1.00% | $10,000 | Soft | Review |
| Northwest Federal Credit Union | Kasasa Cash | 1.00% | $25,000 | ? | Review |
| Orion Federal Credit Union | Premium Checking | 1.00% | $10,000 | Hard | Review |
| Redneck Bank | Rewards Checking | 1.00% | $10,000 | ? | Review |
| XCEL Federal Credit Union | Kasasa Cash | 1.00% | $25,000 | ? | 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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