The best high-yield savings accounts of May 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.

Stashing cash in a high-yield savings account can help you reach your goals quicker. High-yield savings accounts reward you with higher interest rates than traditional savings accounts and your money grows even faster thanks to compound interest — which lets you earn interest on interest. The higher your annual percentage yield (APY), the faster your money grows and the better return you earn on your money.

The national average APY on savings accounts is just 0.46%. That's over 10 times less than the 5-plus percent APY and around 6% APY that the highest-yield savings accounts offer.

To determine which high-yield savings accounts are best, CNBC Select compared dozens of savings accounts offered by online banks, brick-and-mortar banks and large credit unions. The savings accounts selected offer an above-average APY to all customers (no matter their balance), are NCUA or 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.)

Who's this for? The Western Alliance Bank High-Yield Savings Account account is for anyone focused on maximizing their returns as it offers one of the highest savings rates we found and has just a $1 minimum deposit to open an account.

Standout benefits: There's no cap to earning Western Alliance Bank's high APY and there are no monthly fees.

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Who's this for? Unlike many savings accounts, LendingClub High-Yield Savings offers 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.

Standout benefits: LendingClub offers an attractive APY, along with zero monthly fees and no minimum balance requirement after the $100 deposit to open the account. You can use your funds to pay bills, send money to friends and family and make internal and external transfers, which is less common for a savings account.

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Who's this for? Newtek Bank Personal High Yield Savings account holders earn one of the highest savings returns with no minimum deposit required.

Standout benefits: Newtek savers earn a respectable APY with a minimum balance requirement of just $0.01 to earn interest and no monthly fees. There's no cap on how much interest you can earn with this APY.

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Who's this for? UFB Secure Savings is ideal for anyone who wants to earn one of the highest returns and get ATM access. Although there are no physical branches, customers get a free ATM card.

Standout benefits: Along with an ATM card, UFB Secure savers get a competitive APY on all balance tiers with no cap, no monthly fees and no minimum deposit requirement. Savers can earn even more interest on their savings with a UFB checking account.

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Who's this for? The Synchrony Bank High Yield Savings account stands out for those seeking convenient withdrawal options. You can access your money by ATM via an optional ATM card, wire transfer (up to three free per statement cycle) or through an electronic transfer to or from accounts you have at other banks.

Standout benefits: This account has no monthly fees or minimum deposits. Though you're 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.

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Who's this for? Marcus by Goldman Sachs High-Yield Online Savings Account offers no fees, no minimum deposit requirement and easy mobile access. It's one of the most straightforward savings accounts to use when all you want to do is grow your money with zero conditions attached.

Standout benefits: Marcus offers a strong APY and there's no limit to the number of withdrawals or transfers you can make from your online savings account.

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Who's this for? The Mango Savings feature part of offers the Mango Prepaid Mastercard^® (issued by Metropolitan Commercial Bank) has one of the highest APYs we found, but only on smaller-sized balances.

Standout benefits: Cardholders of the Mango Prepaid Mastercard^® (issued by Metropolitan Commercial Bank) have access to a savings feature where they can earn up to 6.00% APY on balances up to $2,500 by meeting two requirements:

1. Make a minimum deposit of $25 and have that minimum balance at the end of the month
2. Make signature purchases of $1,500 or more on the Mango Prepaid Mastercard each month

For savers that max their balance to $2,500, that's $150 in interest earnings in a year — which is why we ranked this account the best for making a small deposit (up to $2,500). The APY thereafter is a low 0.10% APY over $2,500, or 2.00% APY for accounts with a $25 average daily balance and signature purchases between $750 and $1,499.99. Regardless, though, we'd recommend shifting other savings beyond the $2,500 to a high-yielding bank account that can get you more than even the 2.00% APY.

The Mango Card has a $5 monthly fee that can be waived if you have $800 or more in direct deposits.

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Who's this for? The SoFi Checkings and Savings account stands out for offering a valuable welcome bonus after you set up direct deposit payments: Earn $50 when setting up a direct deposit of $1,000 to $4,999.99 and earn $300 when setting up a direct deposit of $5,000 or more, both within 25 days of your first direct deposit.

Standout benefits: SoFi members who set up direct deposit can earn a higher APY on their savings balances. There are no account or overdraft fees, up to $2 million of additional FDIC insurance and up to two day early paychecks.

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Who's this for? Ally Bank is a good choice for anyone looking to do all their banking in one place. While the Ally Bank Savings Account is a decent high-yield account on its own, users can enjoy even more benefits if they also have an Ally Bank Spending Account (Ally's checking account product). An Ally checking and savings account gives you access to over 43,000 free Allpoint ATMs, making it easy to withdraw cash. If you only have an Ally savings account, you won't have access to a debit card. Ally also reimburses out-of-network ATM fees up to $10 per month.

Standout benefits: Ally's savings account offers savings boosters and buckets, zero monthly fees or minimum balance requirements and 24/7 customer support.

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Who's this for? If you're a frequent traveler, opt for the Bask Mileage Savings Account to earn American Airlines AAdvantage^® miles back instead of interest. With the mileage savings account, you'll earn 2.5 miles for every $1 saved annually. 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.

Standout benefits: If you want to maximize your interest-earning potential, there's also the Bask Interest Savings Account with a respectable 5.10% APY to all savings account holders. Neither the Mileage Savings or Interest Savings accounts have monthly fees.

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Who's this for? With the Varo Online Savings Account, savers get access to two programs that automatically transfer money from their Varo bank account to their savings account: Save Your Pay, which automatically transfers a percentage of their paycheck into their savings, and Save Your Change, which rounds up checking account transactions to the nearest dollar and transfers the difference to savings.

Standout benefits: The Varo Online Savings Account offers zero fees or minimums and up to 5.00% APY on up to a balance of $5,000, and 3.00% APY on everything else. To earn the 5.00% APY, account holders must have at least $1,000 in monthly direct deposits and a positive balance at the end of the month in their Varo bank accounts.

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Who's this for? Capital One 360 Performance Savings can be a good option for those who prefer in-person banking. Unlike many brick-and-mortar savings accounts, it offers a high APY that rivals the returns you can get with online banks. Capital One has about 300 branches, over 70,000 fee-free ATMs nationwide, plus Capital One Cafés you can visit to chat with someone.

Standout benefits: Capital One 360 Performance Savings offers a competitive savings rate, no monthly fees and no minimum requirements.

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Who's this for? Some people may prefer sticking to high-yield savings accounts offered by big-name banks because they're familiar. For this reason, the online American Express High Yield Savings Account stands out.

Standout benefits: With the American Express High Yield Savings Account, users get a good savings rate for no minimum balance and no monthly fees, plus 24/7 customer service.

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The Western Alliance Bank High-Yield Savings Account is powered by Raisin, meaning accounts are opened and managed through the Raisin.com platform. The platform manages customers' deposits and withdrawals, bank statements, as well as customer service.

Minimum balance

$1 minimum deposit

Fees

Zero monthly fee or overdraft fee, the bank may charge fees for non-sufficient funds

Maximum transactions

Up to 6 transactions each month

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LendingClub is known as a peer-to-peer loan lender but outside of personal and business loans, it also offers consumers its high-yield savings account, a rewards checking account and six different CD terms.

Minimum balance

$100 minimum deposit

Fees

Zero monthly fee or excessive transaction fee

Maximum transactions

None

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Newtek Bank was formerly National Bank of New York City (NBNYC); it had been acquired and rebranded as a part of NewtekOne. Its one branch is in Miami, FL. Newtek offers banking for both businesses and individuals. In addition to consumers having access to a high-yield savings account, there are also seven different CD terms available.

Minimum balance

$0.01 to earn interest

Fees

Zero monthly fee, excessive transactions fee or overdraft fee

Maximum transactions

Up to 6 free withdrawals or transfers per statement cycle; transaction amount limits apply; withdrawals from your account can only be transferred to the original external funding source

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UFB Direct is the online division of Axos Bank^®. In addition to offering a high-yield savings account, UFB also offers a checking account that can boost your savings rate, a money market account and home loans through Axos.

If you're an existing UFB savings customer, note that the bank sometimes changes the name of its savings accounts when it raises the APY, and it does not automatically enroll existing customers into the new account. Any time UFB increases the APY on an account, customers should contact the bank to make sure they're enrolled in the account offering the best APY.

Minimum balance

None

Fees

Zero monthly fee, overdraft fee may be charged

Maximum transactions

Six per month

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Synchrony Bank is an online bank offering all sorts of savings products, including its high-yield savings account, a money market account, CDs and specific IRA CDs and IRA money market accounts for retirement.

Minimum balance

None

Fees

Zero monthly fee, excessive transactions fee or overdraft fee

Maximum transactions

Up to six free withdrawals or transfers per statement cycle

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Marcus is the consumer banking arm of Goldman Sachs and offers its high-yield savings account and CDs, including a high-yield CD, a no-penalty CD and a CD allowing rate bumps. Customer support is available 24/7.

Minimum balance

None

Fees

Zero monthly fee, excessive transactions fee or overdraft fee

Maximum transactions

None

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Mango Financial is online-only and stands out for those who are unbanked with its prepaid debit card access. Cardholders also get access to Mango's savings feature with a high APY up to a certain limit.

Minimum balance

$25

Fees

Zero monthly fee, excessive transactions fee or overdraft fee

Maximum transactions

Up to six transfers out each month and transfer amounts to savings apply

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SoFi began as a student loan refinancing company, but its offerings have since expanded to personal loans, mortgages, investing, banking, insurance, credit cards, credit monitoring and more. SoFi members get perks like free personalized advice from a financial planner.

Minimum balance

None

Fees

Zero monthly fee, excessive transactions fee, offers no-fee overdraft protection

Maximum transactions

Up to six free withdrawals or transfers per statement cycle and transaction amount limits apply

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Ally Bank operates online, offering checking and savings accounts, a money market account, CDs, credit cards with FICO® Score access, mortgages, auto and personal loans, plus investment products. Its customer support line is open 24/7.

Minimum balance

None

Fees

Zero monthly fee or overdraft fee, $10 per excessive transactions

Maximum transactions

10 withdrawals per statement cycle

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Bask Bank is a division of Texas Capital Bank, but operates completely online. Along with its high-yield savings account, Bask also offers four different CD terms and a Bask Mileage Savings Account where you can earn 2.5 American Airlines AAdvantage miles for every $1 saved annually.

Minimum balance

None

Fees

Zero monthly fee

Maximum transactions

Up to six free withdrawals or transfers per statement cycle

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Varo Savings is a part of Varo Bank, which is an all-mobile national bank. In addition to its bank account offerings, Varo also has a credit builder card (no credit history required), cash advances and a tax filing service to offer customers.

Minimum balance

$0.01 to earn interest

Fees

Zero monthly fee, excessive transactions fee or overdraft fee

Maximum transactions

Up to six free withdrawals or transfers per statement cycle

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Capital One is a brick-and-mortar bank that offers everything from credit cards to bank accounts, auto loans, business and commercial banking. Capital One has about 300 branches and 70,000-plus fee-free ATMs nationwide.

Minimum balance

None

Fees

Zero monthly fee, excessive transactions fee or overdraft fee

Maximum transactions

Up to six free withdrawals or transfers per statement cycle

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Many people think of credit cards when they hear big-name American Express, but it also offers a high-yield savings account, CDs, a checking account, personal loans and small business accounts.

Minimum balance

None

Fees

Zero monthly fee, excessive transactions fee or overdraft fee

Maximum transactions

None

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A high-yield savings account is like a normal savings account but offers a higher interest rate, or APY, on one's cash. With a higher APY, your money grows faster as it sits in your account. Note, however, that unlike with certificates of deposit (CDs), these interest rates are variable, meaning they can go up or down at any time.

Not only does your money earn a better return in a high-yield savings account than in traditional savings, but you still have access to your cash when you need it as you would in a normal savings account. Your money in a high-yield savings account is federally insured by the FDIC or NCUA, which means that deposits up to $250,000 are protected if the bank were to suddenly collapse.

By nature, when choosing which high-yield savings account to open, you're likely looking for the highest APY offering. While this is an important aspect to consider, make sure you're reading the fine print.

High returns banks advertise may require large minimum deposits to open an account or earn the attractive APY. Ensure any minimum is an amount you're comfortable putting into a savings account. Sometimes, there are also caps that limit the dollar amount that can earn the high APY, thus limiting your interest-earning potential.

Having a high-yield savings account comes with some benefits and drawbacks. Here are the pros and cons.

High-yield savings account pros

• Above-average APYs
• FDIC insurance up to $250,000 per account
• Funds are accessible up to a limit usually
• Some accounts offer ATM cards for savers
• Easy to find an account with zero monthly fees and zero, or low, minimum requirements
• Most accounts are online and easy to manage on the go with mobile banking apps
• Easy to transfer money between other bank accounts
• Good vehicle for emergency savings or a short-term savings goal

High-yield savings account cons

• APYs are variable and can change at any time
• Some banks impose monthly withdrawal or transfer limits
• Not all accounts offer ATM cards
• Since most accounts are online, there are limited to no in-person banking options available
• While you can transfer your funds from one bank to another, it typically takes 24 to 48 hours
• Not a good way to grow your wealth long-term since inflation can outpace the interest you earn over time

• ACH transfer: When you want to make small and frequent payments electronically (direct deposit, automated bill payments, etc.); typically always free but usually takes at least one business day to complete the transfer.
• Annual percentage yield (APY): The amount of interest an account earns in a year.
• ATM networks: ATMs can either be in-service or out-of-network, depending on which bank you have. When you make a transaction at an ATM that is outside your bank's network, then a fee will most likely be applied by both the ATM operator and your bank.
• Mobile deposit: Instead of going to the bank to deposit a check, you can use your mobile banking app to scan a photo of the check and have the funds immediately deposited into your account. It can sometimes take a day or two for the funds to be accessible.
• Wire transfer: When you want to move funds from one bank account to another and have the money available for use on the same business day; banks usually 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 high-yield savings accounts.

To determine which high-yield savings accounts offer the best return on your money, CNBC Select compared dozens of U.S. savings accounts offered by various financial institutions, including brick-and-mortar banks, online banks and large credit unions. Though most online banks don't have physical branches, they often offer higher APYs, lower fees and overall better benefits than national brick-and-mortar banks.

We narrowed down our ranking by only considering those savings accounts that offer an above-average interest rate, 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 accounts included on this list are FDIC- or NCUA-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 per the Federal Reserve 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.

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

*SoFi members with direct deposit can earn up to 4.60% 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 4.60% 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 12/12/23. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.