Best high-yield savings accounts for June 2024
Updated June 10, 2024
High-yield savings accounts can be a great place to put money that you’re saving and want to earn a competitive APY on, but you aren’t sure on the time horizon for the money. Bankrate’s top high-yield savings offers pay much higher APYs than the national average yield of 0.58 percent.
Bankrate provides you with timely news and rate information on the top savings yields from some of the most popular and largest FDIC banks and NCUA credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Best high-yield savings accounts for June 2024
Note: Annual percentage yields (APYs) shown were updated between June 4 and June 10. All other information is current as of June 10. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
TAB Bank
Overview
UFB Direct
Overview
Bread Savings
Overview
Popular Direct
Overview
Bask Bank
Overview
EverBank (formerly TIAA Bank)
Overview
Salem Five Direct
Overview
CIBC Bank USA
Overview
LendingClub Bank
Overview
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Recent news on high-yield savings account rates
Even though the Federal Reserve didn’t change rates in May, you can currently find savings accounts with yields greater than the rate of inflation.
It’s likely that the Fed might cut rates three times this year. Those rate cuts might reduce top savings yields, but it’s important to remember that the Fed raised rates 11 times in the current cycle, and some of those were large increases.
Returns on savings accounts will likely remain at attractive levels for some time, with little change expected until the prospect of Fed rate cuts becomes clearer.— Greg McBride, CFA, Bankrate chief financial analyst
While it’s easy to find a top-yielding account these days that beats inflation, there are plenty of other savings accounts that earn uncompetitive rates. For instance, the national average savings account rate as of June 11, 2024 is just 0.58 percent APY, according to Bankrate’s most recent survey of banks. That average factors in competitive rates commonly offered by online banks, as well as rock-bottom rates often found at large brick-and-mortar banks.