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 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 |
|---|---|---|---|---|
| Fitness Bank | Savings Account | 3.50% | $100 min/$250K max | Review |
| Elements Financial | Helium Savings Account | 3.25% | $2.5K min/No max | Review |
| Merchants Bank of Indiana | Money Market Savings Account | 3.05% | No min/No max | Review |
| NASB | Premium Rate Savings | 3.04% | No min/No max | Review |
| Lafayette Federal Credit Union | Premier Savings | 3.03% | $250K min/No max | Review |
| UFB Direct | Elite Savings | 3.01% | No min/No max | Review |
| UFB Direct | Elite Money Market | 3.01% | No min/No max | Review |
| Connexus Credit Union | MMA | 3.01% | $1M min/No max | Review |
| Dollar Savings Direct | Savings Account | 3.01% | No min/No Max | Review |
| Ponce Bank | Money Market | 3.00% | $1 min/No max | Review |
| Quorum Federal Credit Union | High-Yield Savings | 3.00% | $10K min/No max | Review |
| Northpointe | Money Market | 2.95% | $25K min/$3M max | Review |
| Northpointe | Ultimate Savings | 2.95% | $25K min/$2M max | Review |
| Bread Financial | High Yield Savings Account | 2.90% | No min/$1M max | Review |
| CFG Bank | Market Market Account | 2.90% | $1K min/No max | Review |
| Enzo | Checking | 2.87% | No min/No max | Review |
| American First Credit Union | Money Market | 2.85% | No min/No max | Review |
| Liberty Savings Bank Savings | High-Yield Savings | 2.85% | $1 min/No max | Review |
| LendingClub | High-Yield Savings | 2.85% | No min/No max | Review |
| State Bank of Texas | Jumbo Money Market Account | 2.85% | $100K min/No max | Review |
| Valley Direct Online Savings | Online Savings | 2.85% | No min/No max | Review |
| Lemmata Savings Bank | Money Market | 2.80% | $1 min/No max | Review |
| Patriot Bank | Money Market | 2.80% | $1 min/No max | Review |
| Brilliant Bank | Money Market Account | 2.80% | $1K min/$500K max | Review |
| BrioDirect | Savings | 2.80% | $25 min/No max | Review |
| Republic Bank | Digital Money Market | 2.76% | $2500 min/No max | Review |
| Axiom Bank | High-Yield Savings | 2.75% | $1 min/No max | Review |
| mph.bank | Money Market | 2.75% | $1 min/No max | Review |
| SkyOne Federal Credit Union | Money Market | 2.75% | $1 min/No max | Review |
| BankPurely | PurelyMoneyMarket | 2.75% | $25K min/No max | Review |
| Bask Bank | Interest Savings | 2.75% | No min/No max | Review |
| E*Trade | Premium Savings | 2.75% | No min/No max | Review |
| First Foundation Bank | Online Savings | 2.75% | $1K min/No max | Review |
| iGObanking | Online Money Market | 2.75% | $25K min/No max | Review |
| Northern Bank Direct | Money Market Premier | 2.75% | $5K min/$250K max | Review |
| CIT Bank | Savings Connect | 2.70% | No min/No max | Review |
| Ivy Bank | High-Yield Savings | 2.70% | $2.5K min/$1M max | Review |
| Prime Alliance Bank | Personal Savings | 2.70% | $1 min/No max | Review |
| Prime Alliance Bank | Personal Money Market | 2.70% | $1 min/No max | Review |
| TAB Bank | High Yield Savings | 2.66% | $1 min/No max | Review |
| CFBank | Money Market Account | 2.65% | $25K min/No max | Review |
| Personal Capital | Cash Account | 2.60% | No min/No max | Review |
| TotalDirectBank | Direct Money Market | 2.60% | $2.5K min/$500K max | Review |
| American Heritage Credit Union | High Yield Savings | 2.55% | $10K min/No max | Review |
| Wealthfront | Cash | 2.55% | No min/No max | Review |
| SoFi ($325 bonus) | Checking & Savings Account | 2.50% | No min/No max | Review |
| All America Bank | Mega Money Market® Checking | 2.50% | No min/$50K max | Review |
| Quorum Federal Credit Union | HighQ Savings | 2.50% | No min/No max | Review |
| Redneck Bank | Mega Money Market | 2.50% | $1K min/$50K max | Review |
| Rising Bank | Online High Yield Savings | 2.50% | $1K min/$1M max | Review |
| Sallie Mae Bank | Money Market | 2.50% | No min/No max | Review |
| The Federal Savings Bank | Online Money Market | 2.50% | $2K min/$1M max | Review |
| USALLIANCE | High Dividend Savings | 2.50% | No min/No max | Review |
| Vio Bank | Money Market Account | 2.50% | No min/No Max | Review |
| Sallie Mae Bank | High Yield Savings | 2.40% | No min/No max | Review |
| Luana Savings Bank | Money Market Account | 2.38% | $750K min/No max | Review |
| State Exchange Bank | High Yield Savings | 2.35% | $1 min/No max | Review |
| Citizens Access | Online Savings | 2.35% | No min/No max | Review |
| CIBC | Savings | 2.32% | $1 min/$1M max | Review |
| Langley Federal Credit Union | Money Market Account | 2.30% | $1M min/No max | Review |
| Live Oak Bank | Savings | 2.30% | No min/No max | Review |
| TIAA Bank | Basic Savings | 2.30% | $25 min/No max | Review |
| Betterment | Cash Reserve | 2.25% | No Min/No max | Review |
| Ally Bank | Online Savings | 2.25% | No min/No max | Review |
| Ally Bank | Money Market | 2.25% | No min/No max | Review |
| Barclays | Online Savings Account | 2.25% | $1 min/No max | Review |
| Paypal | Savings | 2.25% | No min/No max | Review |
| Popular Direct | High-Rise Savings | 2.25% | $5K min/No max | Review |
| Smarty Pig | High Yield Savings | 2.25% | No min/No max | Review |
| Synchrony Bank | High Yield Savings | 2.25% | No min/No max | Review |
| T-Mobile Money | Checking Account | 2.25% | No min/No max | Review |
| SFGI Direct | Online Savings | 2.21% | $1 min/No max | Review |
| Capital One 360 | Performance Savings | 2.20% | No min/No Max | Review |
| Citi | Savings | 2.20% | $1 min/No max | Review |
| Colorado Federal Savings Bank | Premier Savings | 2.20% | $50K min/No max | Review |
| MyBankingDirect | High Yield Savings | 2.20% | $1 min/No max | Review |
| Discover Bank ($200 Bonus) | Online Savings | 2.15% | No min/No max | Review |
| American Express® | High Yield Savings account | 2.15% APY as of 10/6/22 | No min/$5M max | Review |
| Marcus by Goldman Sachs | Online Savings | 2.15% | No min/$3M max | Review |
| Quontic Bank | High Yield Savings | 2.15% | No min/No max | Review |
| Colorado Federal Savings Bank | High Yield Savings | 2.15% | $1 min/No max | Review |
| Laurel Road | High Yield Savings | 2.15% | No min/$2M max | Review |
| First Internet Bank | Money Market | 2.12% | $4K min/$100K max | Review |
| Discover Bank | Money Market | Up to 2.10% | $100K min/No max | Review |
| TIAA Bank | Money Market | 2.10% | $500/No max | Review |
| My e-BAnC | eRelationship Savings | 2.02% | No min/No max | Review |
| Alliant Credit Union ($100 Bonus) | High Yield Savings | 2.00% | No min/No max | Review |
| Bank7 | Online Savings | 2.00% | No min/$1M max | Review |
| Bank7 | Online Money Market | 2.00% | No min/$1M max | Review |
| Chevron Federal Credit Union | MarketEdge Savings | 2.00% | $2.5K min/No max | Review |
| CommunityWide Fed Credit Union | High Rate Quarterly Fund Account | 2.00% | $1 min/No max | Review |
| EmigrantDirect | Savings Account | 2.00% | No min/No Max | Review |
| Paramount Bank | High-Interest Checking | 2.00% | No min/$100K max | Review |
| Quontic Bank Money Market | Money Market | 2.00% | No min/No max | Review |
| Spectrum Credit Union | MarketEdge Money Market Savings | 2.00% | $2.5K min/No max | Review |
| Sun East Federal Credit Union | MAX-Yield Money Market Savings Account | 2.00% | $5K min/$250K max | Review |
| Varo | Online Savings Account | 2.00% | No min/No max | Review |
| Western State Bank | High Yield Money Market | 2.00% | No min/No max | Review |
| FNBO Direct | Online Savings | 1.90% | $1 min /$1M max | Review |
| Umbrella Bank | Money Market | 1.85% | $25K min/No max | Review |
| CNB Bank Direct | Premium Money Market | 1.81% | $25K min/$2M max | Review |
| Bethpage Federal Credit Union | Money Market | 1.75% | $500 min/No max | Review |
| CNB Bank Direct | High Yield Savings | 1.71% | $1 min/No max | Review |
| My eBanc | SuperSaver Money Market | 1.71% | No min/No max | Review |
| PenFed | Online Savings | 1.70% | No min/No max | Review |
| Salem Five Direct | High Yield Savings | 1.65% | No min/$1M max | Review |
| Synchrony Bank | Money Market | 1.60% | No min/No max | Review |
| CIT Bank (Free Amazon Prime) | Money Market | 1.55% | No min/No max | Review |
| Affirm | Online Savings | 1.50% | No min/No max | Review |
| Chime ($100 bonus) | Checking Account | 1.50% | No min/No max | Review |
| ConnectOne Bank | Online Savings | 1.50% | $2.5K min/No max | Review |
| Customers Bank | Ascent Market Savings Account | 1.50% | $25K min/No max | Review |
| MySavingsDirect | MySavings | 1.50% | No min/No max | Review |
| Banesco | Money Market | 1.35% | $300 min/$1M max | Review |
| Banesco | BanesGrow Savings | 1.35% | $300 min/$1M max | Review |
| Affinity Plus Federal Credit Union | Superior MMA | 1.25% | $500 min/$25K max | Review |
| National Cooperative Bank | Impact Money Market | 1.16% | No min/No max | Review |
| Vibrant Credit Union | Yellow Money Market | 1.15% | $100K min/No max | Review |
| Bank Onward (bo) | Online Savings | 1.00% | $250 min/No max | Review |
| Gateway First Bank Money Market | Money Market | 1.00% | $100k min/No max | Review |
| One Finance | Savings | 1.00% | No min/$25K 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 |
| 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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