Are high-yield savings accounts safe?

High-yield savings accounts are safe if they’re offered at an FDIC-insured bank or a National Credit Union Administration (NCUA) credit union and within federal insurance limits and guidelines.

How much interest can I earn on $10,000 after a year in a high-yield savings account?

You can earn $500 of interest if the $10,000 you stash in a savings account earns 4.85 percent APY in a year. Savings APYs are generally variable, so you’d only earn $485 if the APY remains at 4.85 percent APY for the whole year, and you keep your money in your account.

What should I do if I am unable to open a high-yield savings account?

If you’re unsuccessful in opening a new account, you can ask the bank why this happened. Depending on the answer, you might want to go to ChexSystems’ website and request a report to see whether your banking history is the reason you were denied the account. ChexSystems is a national specialty consumer reporting agency that keeps track of some of your banking history. Things that can appear on a ChexSystems report include your check-cashing history, any suspected fraudulent activity and a list of closed accounts.

How often do savings rates change?

Competitive banks and credit unions have a tendency to adjust their interest rates based on the Federal Reserve’s rate moves. Unlike CD rates, which are locked for a set term, savings account yields tend to be variable, which means they could change at any time. A bank may decide to lower or raise savings account APYs for various reasons. It may increase its rate as part of a promotion to attract more deposits, or it may adjust rates in response to broader economic factors, such as changes to monetary policy by the Federal Reserve.

How often can I take money out of a high-yield savings account?

Most banks limit the number of times you can withdraw money from a savings account. Check with your bank to see its policy so that you’re not charged an excessive transfer fee. A bank could even close your account for excessive transactions. Checking accounts are meant to have frequent withdrawals for spending money and paying bills. But savings accounts are generally meant for accumulating money, those accounts are generally liquid.

Do I pay taxes on interest earned in a high-yield savings account?

The IRS specifically says that interest earned on bank accounts is taxable interest. Interest is usually taxed as ordinary income. All interest income is taxable, even if it’s not reported on a Form 1099-INT. That form is usually generated toward the beginning of the calendar year, after you’ve earned more than $10 in interest during the previous tax year.

Why are most high-yield savings accounts online?

The best high-interest savings accounts are usually found online. The best online banks tend to offer the most competitive yields on their accounts. One reason why these banks can pay more is that they have fewer expenses since they don’t operate branches. But these online banks also need a way to get your attention. Often, a high yield is the way to do that. Many online banks also don’t charge a monthly service fee for their accounts, and some of them don’t have minimum balance or minimum opening deposit requirements either.

Best High-Yield Savings Accounts For June 2024 - Up to 5.35%

BrioDirect

4.7

Overview

BrioDirect offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open.

Read Bankrate's Expert BrioDirect Review

5.30% APY

$5,000 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

BrioDirect

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- BrioDirect offers a competitive yield on its High-Yield Savings account.
- You need to keep at least $25 in the account to earn the APY.
- You need at least $5,000 to open this account.
- Your account may be closed if it doesn’t have money in it for 21 or more days.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	BrioDirect APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	5.30%	0.58%
05/07/2024	5.35%	0.59%
04/02/2024	5.35%	0.58%
03/05/2024	5.35%	0.57%
01/02/2024	5.35%	0.58%
12/05/2023	5.35%	0.57%
11/07/2023	5.35%	0.60%
10/03/2023	5.35%	0.58%

TAB Bank

4.9

Overview

TAB Bank is known for offering competitive yields. It’s also known for its unique checking account for truck drivers. TAB Bank’s High Yield Savings Account doesn’t require a minimum opening deposit and doesn’t have a monthly maintenance fee. TAB Bank pays the same yield on any balance. (But of course, you’ll want to make sure that you’re within FDIC insurance limits and guidelines.)

Read Bankrate's Expert TAB Bank Review

5.27% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

TAB Bank

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- TAB Bank pays a very competitive yield on its savings account.
- TAB’s savings account doesn’t require an opening deposit
- The account also doesn’t have a monthly service fee.
- Paper statements cost $5 for TAB Bank’s High Yield Savings Account. Outgoing wire transfers cost $30.
- There’s a $30 fee if you deposit an item that ends up being returned.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	TAB Bank APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	5.27%	0.58%
05/07/2024	5.27%	0.59%
04/02/2024	5.27%	0.58%
03/05/2024	5.27%	0.57%
01/02/2024	5.27%	0.58%
12/05/2023	5.27%	0.57%
11/07/2023	5.27%	0.60%
10/24/2023	5.27%	0.58%
10/03/2023	5.02%	0.58%
09/05/2023	5.02%	0.57%
07/25/2023	5.02%	0.54%
07/04/2023	4.76%	0.54%
06/13/2023	4.76%	0.49%

UFB Direct

4.5

Overview

UFB Direct is known for its high-yield savings account and money market account. Both the UFB Secure Savings account and UFB Secure Money Market account have very competitive yields. One of the differences is that the UFB Secure Savings account, which has ATM access, doesn’t have a monthly service fee. The UFB Secure Money Market account has a $10 monthly maintenance fee if you don’t keep at least $5,000 in the account.

Read Bankrate's Expert UFB Direct Review

5.25% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

UFB Direct

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- UFB Direct’s Secure Savings account offers a top-tier yield.
- It also offers ATM access, which isn’t offered by every online bank.
- You can use mobile deposit to deposit checks at UFB Direct.
- Unlike the UFB Secure Money Market Account, the UFB Secure Savings account doesn’t have a monthly service fee or minimum balance requirement.
- The UFB Secure Savings account doesn’t require a minimum opening deposit.
- Time will tell if UFB Direct’s yield stays among the highest APYs over time, since savings APYs are variable.
- UFB Direct has five balance tiers. All of them yielded the same APY during Bankrate’s review, but this could change in the future.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	UFB Direct APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	5.25%	0.58%
05/07/2024	5.25%	0.59%
04/02/2024	5.25%	0.58%
03/05/2024	5.25%	0.57%
01/02/2024	5.25%	0.58%
12/05/2023	5.25%	0.57%
11/07/2023	5.25%	0.60%
10/03/2023	5.25%	0.58%
09/05/2023	5.25%	0.57%
08/15/2023	5.25%	0.54%
07/25/2023	5.06%	0.54%
07/04/2023	4.81%	0.54%
06/13/2023	4.81%	0.49%

Bread Savings

4.8

Overview

Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs. Bread Savings requires at least $100 to open this account.

Read Bankrate's Expert Bread Savings Review

5.15% APY

$100 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bread Savings

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- Bread Savings pays very competitive yields on its savings account.
- With just $100 needed to open an account and no monthly maintenance fees, savers of all types may find it to be an appealing option.
- A paper statement will cost you $5 per request at Bread Savings.
- The bank also charges $25 to send a wire transfer.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bread Savings APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/18/2024	5.15%	0.58%
09/27/2023	5.15%	0.57%
08/02/2023	5.00%	0.54%
07/10/2023	4.90%	0.54%

Popular Direct

4.8

Overview

Popular Direct is known for offering competitive yields. But those competitive yields have $100 minimum opening deposit requirements with the Popular Direct High-Rise Savings account. (The minimum opening requirement is twice that for its CDs.) The account also has a $25 fee for closing it within your first 180 days, so definitely make sure you’re going to keep this account for at least that amount of time. Popular Direct has been around since 2016. It offers a savings account and eight terms of CDs. The CDs have terms ranging from three months to five years.

Read Bankrate's Expert Popular Direct Review

5.15% APY

$100 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Popular Direct

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- The Popular Direct Select Savings account earns a competitive yield.
- The account has no monthly maintenance fee.
- A $25 fee applies if the account is closed within the first 180 days.
- The bank charges a $5 fee for each withdrawal or transfer over the six-withdrawal limit per statement cycle, according to its product guide.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Popular Direct APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	5.15%	0.58%
05/07/2024	5.15%	0.59%
04/02/2024	5.15%	0.58%
03/12/2024	5.15%	0.57%
03/05/2024	5.20%	0.57%
01/09/2024	5.20%	0.58%
01/02/2024	5.25%	0.58%
12/12/2023	5.35%	0.57%
12/05/2023	5.40%	0.57%
11/07/2023	5.40%	0.60%
10/17/2023	5.40%	0.58%
10/03/2023	5.25%	0.58%
09/26/2023	5.25%	0.57%
09/05/2023	5.20%	0.57%
08/22/2023	5.20%	0.54%
08/08/2023	5.15%	0.54%
07/04/2023	5.05%	0.54%
06/27/2023	5.05%	0.49%
06/13/2023	5.00%	0.49%

Bask Bank

4.7

Overview

Bask Bank is known for its high-yielding Bask Interest Savings account. It’s also known for a unique account, the Bask Mileage Savings account, where you can earn American Airlines miles. Bask Bank, a division of Texas Capital Bank, made its debut in early 2020 with its Mileage Savings Account. In February 2022, Bask introduced its Interest Savings Account, which offers a very competitive yield and doesn’t require a minimum opening deposit.

Read Bankrate's Expert Bask Bank Review

5.10% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bask Bank

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- Bask Bank has consistently offered a top-tier APY on its Interest Savings Account since it first debuted in early 2022.
- Bask Bank doesn’t have a minimum balance requirement.
- The Bask Bank Interest Savings Account doesn’t have a monthly service fee.
- The bank has a unique savings account, the Bask Mileage Savings account, where you can earn American Airlines miles.
- You’ll need to fund your Bask Bank Interest Savings Account within 15 days of opening it; otherwise, the account could be closed.
- The bank charges $35 for outgoing wire transfers.
- Though Bask Bank has a top-tier yield, some banks do offer higher APYs.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bask Bank APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	5.10%	0.58%
05/07/2024	5.10%	0.59%
04/02/2024	5.10%	0.58%
03/05/2024	5.10%	0.57%
01/02/2024	5.10%	0.58%
12/05/2023	5.10%	0.57%
11/03/2023	5.10%	0.60%
10/18/2023	5.10%	0.58%
10/03/2023	5.00%	0.58%
09/05/2023	5.00%	0.57%
07/31/2023	5.00%	0.54%
07/04/2023	4.85%	0.54%
06/13/2023	4.85%	0.49%

EverBank (formerly TIAA Bank)

5.0

Overview

The EverBank Performance℠ Savings account earns more than the national average APY. There’s no minimum deposit required to open the account.

Read Bankrate's Expert EverBank (formerly TIAA Bank) Review

5.05% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

EverBank (formerly TIAA Bank)

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- There’s no monthly maintenance fee.
- EverBank doesn’t have a minimum opening balance requirement for its Performance℠ Savings account.
- Some savings accounts from other banks offer slightly higher yields.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	EverBank (formerly TIAA Bank) APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/31/2024	5.05%	0.59%
01/03/2024	5.15%	0.58%
12/04/2023	5.15%	0.57%
10/02/2023	5.15%	0.58%
09/01/2023	5.00%	0.57%
08/01/2023	4.75%	0.54%
07/10/2023	4.50%	0.54%

Salem Five Direct

4.9

Overview

Salem Five Direct is known for being the online division of Salem Five, a bank founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995. It’s also known for offering a high-yield savings account, checking account and CDs. Its eOne Savings account only requires a $10 opening deposit, and it doesn’t have a monthly service fee or minimum balance requirements.

Read Bankrate's Expert Salem Five Direct Review

5.01% APY

$10 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Salem Five Direct

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- An eOne Savings account can be opened with $10.
- A competitive APY is paid on balances up to $1 million.
- You can mobile deposit checks at this bank.
- The eOne Savings account is available only to customers who don’t have an existing checking or savings account with Salem Five Bank.
- There might be a fee for exceeding the bank’s six transfers in a calendar month.
- Balances over $1 million could be transferred into a 0.01 percent APY savings account. (Always remember to follow FDIC limits and guidelines.)

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Salem Five Direct APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	5.01%	0.58%
05/07/2024	5.01%	0.59%
04/02/2024	5.01%	0.58%
03/05/2024	5.01%	0.57%
01/02/2024	5.01%	0.58%
12/05/2023	5.01%	0.57%
11/07/2023	5.01%	0.60%
10/03/2023	5.01%	0.58%
09/05/2023	5.01%	0.57%
07/04/2023	5.01%	0.54%
06/20/2023	5.01%	0.49%

CIBC Bank USA

4.9

Overview

CIBC Bank USA is currently known for offering a competitive yield on its CIBC Agility Online Savings Account, which charges no monthly service fee. The bank also is known for offering CDs that have a slightly higher yield with a deposit of at least $25,000. But its savings account has a much lower minimum opening deposit amount of $1,000.

Read Bankrate's Expert CIBC Bank USA Review

5.01% APY

$1,000 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

CIBC Bank USA

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- The CIBC Bank USA Agility Online Savings Account offers a top-tier yield.
- It’s a good option for some savers who have at least $1,000 to initially deposit. The Agility Online Savings Account doesn’t have a monthly service fee.
- CIBC’s Agility Online Savings Account requires at least $1,000 as an opening deposit. This is a much higher requirement than some other online banks.
- You also won’t be able to make external transfers via CIBC NetBanking during the first 30 days that you have the account.
- The Agility Online Savings Account doesn’t have ATM access.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	CIBC Bank USA APY APY last updated between 6/4 and 6/10. APY last updated between 6/4 and 6/10	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
06/04/2024	5.01%	0.58%
05/07/2024	5.01%	0.59%
04/02/2024	5.01%	0.58%
03/05/2024	5.01%	0.57%
01/02/2024	5.01%	0.58%
12/05/2023	5.01%	0.57%
11/07/2023	5.01%	0.60%
10/13/2023	5.01%	0.58%
10/03/2023	4.76%	0.58%
09/05/2023	4.76%	0.57%
08/04/2023	4.76%	0.54%
07/10/2023	4.67%	0.54%
07/04/2023	4.52%	0.54%
06/13/2023	4.52%	0.49%

LendingClub Bank

4.9

Overview

LendingClub was known for its lending products. But with its acquisition of Radius Bank, which closed in early 2021, LendingClub is also known for its deposit products. LendingClub Bank’s High-Yield Savings account doesn’t have a monthly service fee and comes with an ATM card. You can open the account with $100.

Read Bankrate's Expert LendingClub Bank Review

5.00% APY

$0 min. deposit to open

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

LendingClub Bank

APY

APY last updated between 6/4 and 6/10.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

- LendingClub Bank offers a top-tier savings APY, meaning it’s one of the top yields currently offered.
- That combined with the low minimum opening deposit requirement and no monthly service fee makes it an appealing option for savers to consider.
- There is no minimum balance required to earn interest.
- You’ll need at least $100 to open a LendingClub Bank High-Yield Savings Account. Some banks don’t have a minimum opening deposit requirement. At the time of this review, all balance tiers paid the same APY. But that might not always be the case in the future.
- LendingClub may close your account if it doesn’t have money in it for more than six months.

Best high-yield savings accounts for June 2024