4 High-Interest Savings Accounts to Check Out in 2024

The average savings account earns a measly 0.46%, as of Feb. 20, 2024. That means if you stashed away $1,000, you'd earn just $4.60 after a year.

Fortunately, you don't have to settle for average. There are plenty of banks that pay nearly 10 times the national average savings account annual percentage yield (APY). Online banks tend to be a good place to look because they have lower overhead costs than their brick-and-mortar counterparts, so they can afford to pay higher rates. Here are five picks for high-interest savings accounts to consider if you want to maximize the power of compounding in 2024.

1. SoFi Checking and Savings

Annual percentage yield: up to 4.60%²

As the name suggests, the SoFi Checking and Savings gives you both a checking and savings account. (SoFi® doesn't currently let you open a standalone checking or savings account.) Both accounts pay way more than the national average APYs, though.

Our Picks for the Best High-Yield Savings Accounts of 2024

Capital One 360 Performance Savings APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0
American Express® High Yield Savings APY 4.25% Rate info 4.25% annual percentage yield as of August 24, 2024 Min. to earn $1 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	APY 4.25% Rate info 4.25% annual percentage yield as of August 24, 2024	Min. to earn $1
UFB Portfolio Savings Account APY 5.15% Rate info To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts. Min. to earn $0 Open Account for UFB Portfolio Savings Account On UFB's Secure Website. Member FDIC.	APY 5.15% Rate info To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.	Min. to earn $0

You won't have branch access, but there are some sweet perks beyond the high APYs: You can earn a bank welcome bonus of up to $300 through Dec. 31, 2024, plus there are no account fees.³

Read our full SoFi Checking and Savings review.

2. Discover® Online Savings

APY: 4.25%

Discover® Online Savings is another savings account that offers a generous APY, on top of a welcome bonus. The requirements to earn the bonus are fairly high: Within the first 30 days, you need to deposit $15,000 to earn $150, or $25,000 to earn $250 -- but it's pretty rare to earn welcome bonuses when you open a savings account, so it's worth checking out. There's no monthly fee or minimum deposit.

Read our full Discover® Online Savings review.

3. Ally Savings

APY: 4.25%

Ally Savings is another bank that offers a high APY to online savers. As is common in the world of digital banking, the high-interest savings account doesn't have monthly maintenance fees or minimum balances.

One neat feature of the account: It lets you organize your savings into buckets, so that it's easier to keep track of your progress on multiple savings goals without maintaining several accounts. For example, you could separate your emergency savings, your vacation fund, and money you're setting aside for gifts into different buckets.

Read our full Ally Savings review.

4. Synchrony Bank High Yield Savings

APY: 4.75%

The Synchrony Bank High Yield Savings account's high APY stands out even among our picks for the top high-yield savings accounts. Plus, the account has no minimum balance, no minimum initial deposit, and no monthly fees. You also get an ATM card, which is a nice-to-have feature on a savings account.

Read our full Synchrony Bank High Yield Savings review.

Should you pick the savings account with the highest APY?

Not necessarily. APY is certainly one of the more important factors to weigh when you're choosing a savings account, but it's not the only thing that matters. Also consider:

• Will you pay a monthly fee? Some savings accounts charge monthly fees, which can eat up a significant part of the interest you earn, particularly if you maintain a small balance.
• Is there a minimum balance to earn APY? You'll see some banks advertise a high APY, but in the fine print, it states that you'll need to deposit a significant chunk of change to earn that APY.
• Are you OK doing your banking online? If you frequently visit your local bank branch and prefer face-to-face interaction, it may be worth accepting a lower APY.
• Are customers generally satisfied? If a bank has an excessive number of negative customer reviews, look elsewhere -- even if it has a highly competitive APY.

Shop around for a bank with a competitive APY so that your money can start earning money. But make sure the account is one where you'll be happy storing your savings for the long haul.