![]() ![]() Interest rates vary based on several factors, but it’s not uncommon to find high-yield savings accounts that offer up to 4.00% APY or more. These financial institutions normally don’t carry the overhead costs or profit-margin requirements of a traditional brick-and-mortar bank, allowing them to pass those savings on to customers through higher rates and lower fees. You can generally find high-yield savings accounts at online banks and credit unions. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.Ī high-yield savings account is a type of savings account that typically offers higher interest rates than a traditional savings account. The savings account must be nationally available to appear on this list. Minimum deposit requirements of $10,000 or higher affected scores negatively, as did high minimum balance requirements to avoid fees. We also considered whether there were complex tier structures or requirements to earn the APY or other stipulations to earn the APY. ![]() Here’s the weighting assigned to each category for high-yield savings accounts: All of the accounts on our list are online-based accounts. ![]() We ranked each account on 12 data points within the categories of APY, fees, minimum requirements, customer experience and digital experience. To create a list of the best savings accounts, Forbes Advisor analyzed 73 online savings accounts at 57 financial institutions, including a mix of traditional brick-and-mortar banks, online banks, and credit unions. They also rank well according to our overall criteria for the Best Savings Accounts Of 2024. The accounts on this list have some of the best APYs available. ![]()
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