CNBC's best high-yield savings accounts of 2024

Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Thanks to interest rate hikes by the Federal Reserve, banks have been offering especially high annual percentage yields (APYs) on their high-yield savings accounts in recent months, with some banks offering APYs of over 5%.

Unlike certificates of deposit (CDs), the interest rate of a high-yield savings account can go up or down while your money is in the account. Still, you can generally expect an APY that’s over 10 times greater than the average traditional savings account.

To determine which high-yield savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. We considered factors like the account’s APY, its ease of use, account accessibility, monthly fees and minimum balance requirements. The top savings accounts offer an above-average APY to all customers (no matter their balance), are FDIC-insured, have zero monthly maintenance fees and low (or no) minimum balance requirements. (See our methodology for more information on how we choose the best high-yield savings accounts.)

The LendingClub High-Yield Savings account stands out for offering one of the highest returns on your money, charging no monthly maintenance fee and not having a minimum balance requirement. You just need an initial $100 deposit to open the account.

Unlike many savings accounts, LendingClub provides customers with a free ATM card and never charges any ATM fees. This makes it easy to access your savings account and withdraw money whenever you want. You can also use your funds to pay bills, send money to friends and family and make internal and external transfers.

UFB Secure Savings is ideal for anyone who wants to earn a high return, while also maintaining easy access to their cash.

The account charges no monthly fees, allows unlimited transfers and has no minimum deposits. Whether you deposit $1 or $1,000, you’ll earn the same, high return.

As with the other banks on this list, UFB Direct is an online-only bank, and it is a division of Axos Bank. Although there are no physical branches and you can’t add a checking account, customers do get a free ATM card.

The Western Alliance Bank Savings Account account is for anyone who’s focused on maximizing their returns. With a 5.32% APY, it offers one of the highest interest rates currently available.

Western Alliance requires just a $1 minimum deposit to open an account and charges no monthly fees. Plus, there is no cap for offering this high APY.

Marcus by Goldman Sachs High Yield Online Savings offers no fees whatsoever, no minimum deposits and easy mobile access. It’s the most straightforward savings account to use when all you want to do is grow your money with zero conditions attached.

The Marcus account also stands out thanks to its mobile banking app, which is simple to use and allows you to set up recurring deposits, track your savings goals and see how much interest you’ve earned this year. The bank’s U.S.-based contact center is open 24/7 for live customer support over the phone or through online chat.

Account holders can withdraw money from their Marcus savings account online and by phone through ACH or by free wire transfer to a linked account at another bank. You can also request a withdrawal by check mailed to you. Marcus doesn’t charge a fee if you link other bank accounts for incoming and outgoing transfers, but keep in mind that your other bank might.

Ally is a good choice for anyone looking to do all their banking in one place. While the Ally Savings Account is a good high-yield account on its own, account holders can enjoy even more benefits if they also have an Ally Bank Spending Account (Ally’s checking product).

In addition to a solid APY, no minimum account balance and no monthly maintenance fees, an Ally checking and savings account also gives you access to over 43,000 free Allpoint^® ATMs, making it easy to withdraw cash when you need to. If you only have an online savings account, you won’t have access to a debit card.

If you use an out-of-network ATM, Ally doesn’t charge a fee and if the ATM provider does, Ally will reimburse those fees up to $10 per month.

Not all online banks also offer a checking account option. Saving your money with a bank that doesn’t offer a checking account means you would have to transfer your money between banks, which could take a couple of days. By law, account holders with Ally can withdraw or transfer money online up to six times per month with no penalty. After, Ally charges $10 per transfer. You can also call the bank to request a mailed check, which doesn’t count as one of your six transactions.

Account holders can organize their saving goals by creating up to 10 different “buckets” within the same savings account. For example, you can create a designated fund for a “Future Vacation” and another for “Emergency Savings.”

Ally is also a consumer favorite because of its easy-to-use mobile app and 24/7 live customer service that is available over the phone, through online chat or on the Ally mobile app. 

Withdrawing money is quick and easy with the Synchrony Bank High Yield Savings account. There is no minimum balance requirement, no monthly fees and a strong APY. But what makes this account stand out is its convenient withdrawal options.

Synchrony Bank offers an optional ATM card to its savings account holders. You can access your money by ATM, wire transfer (up to three free per statement cycle) or through an electronic transfer to or from accounts you have at other banks.

Though you are limited to six free withdrawals or transfers per statement cycle, Synchrony Bank allows you to conduct unlimited transactions at an ATM. The bank won’t charge an ATM fee, but the ATM provider may. For these charges, Synchrony Bank refunds ATM fees in the U.S. up to $5 per statement cycle.

Still, you should be wary of how much you withdraw from an ATM because the fees, even with a $5 refund, can add up. According to Bankrate, ATM operators charge customers an average fee of $3.15. Just going to the ATM twice in one month would already put you over the refundable amount.

Synchrony Bank’s customer service line is available seven days a week by phone or online chat, as well as 24/7 through its app so you can manage your account on the go. Additional customer perks include complimentary identity theft assistance, travel discounts and free webinars.

If you’re a frequent traveler, you can opt for the Bask Bank Mileage Savings Account to earn American Airlines AAdvantage^® miles instead of cash. You can use these miles for flights on American Airlines or any of its 20+ partner airlines. So, you can effectively fund your next vacation without any spending.

The account has no monthly fees and no minimum deposits. Just note that the bank may close your account if it remains unfunded for 60 days. Bask Bank is a division of Texas Capital Bank, but operates completely online.

If you want to maximize your interest-earning potential in cash, the Bask Bank Interest Savings Account is a great choice too. It offers a very respectable cash APY to all savings account holders.

The SoFi Checkings and Savings account stands out for offering a valuable welcome bonus after you set up and receive direct deposit payments. You can earn up to $300 with direct deposit.

The account also gives you a solid return. The only caveat is that you must opt-in to direct deposit in order to get the maximum interest.

In addition, the account comes with a debit card that has fee-free ATM access through the Allpoint® Network, which has over 55,000 locations across the country. And while paying with a debit card can sometimes lack rewards, you can get up to 15% cash back when you use your card at specific merchants.

And if you’re looking to fully immerse yourself in the fintech/online bank space, SoFi offers a variety of financial products, including student loans, personal loans, mortgage refinancing, auto loans and more.

Varo is an all-mobile national bank, so for those looking to save and don’t mind banking entirely over the phone or online, the Varo Savings Account makes a good option.

Varo offers a solid APY to all savings account holders, as well as a checking account option. Neither accounts require minimum balances to open and neither charges monthly maintenance fees. 

Varo stands out because of its uniquely tiered APY program that encourages you to save more.

For those who want extra help saving, the online bank offers two programs that automatically transfer money from your Varo bank account to your savings account: Save Your Pay, which transfers a percentage of your paycheck into your savings, and Save Your Change, which rounds up your checking account transactions to the nearest dollar and transfers the difference to your savings.

Varo also offers an ATM network with no fees (as well as no penalty for overdrafts up to $50). For any cash deposits, note that Varo only makes these available through third-party services, which may charge a fee.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every high-yield savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best savings accounts.

To determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an above-average APY, no monthly maintenance fees and low (or no) minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users’ deposit options and each account’s compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can’t transfer the money you already had in an account at that bank.

Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication.

* SoFi members with direct deposit can earn up to 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.50% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/2/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.