Best High-Yield Savings Accounts For April 2024 - Up to 5.35% | Bankrate (2024)

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Updated April 8, 2024

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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.

Best high-yield savings accounts for April 2024

Note: Annual percentage yields (APYs) shown were updated between April 7, 2024 and April 13, 2024. All other information is current as of April 8, 2024. 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.

Even though the Federal Reserve didn’t change rates in March, 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

High-yield savings accounts typically pay a much higher APY than traditional savings accounts, providing savers the ability to earn more on their money while still enjoying the security of a federally insured account. Traditional savings accounts are commonly offered at brick-and-mortar banks and larger banks. These accounts may yield close to nothing, often around 0.01 percent APY. High-yield savings accounts can earn hundreds of times more these days.

Most high-yield savings accounts have a variable APY, which means the yield is subject to change. Consumers looking for a guaranteed yield should consider a certificate of deposit (CD), and a no-penalty CD might be a good option for those who prefer both a fixed APY and access to their money without incurring a penalty.

Savings accounts usually earn compound interest, which simply means you’ll earn interest on interest. As such, you’ll earn interest on your principal as well as the interest that accumulates over time.

Below are a few important features to consider when searching for a high-yield savings account. When choosing which account is right for you, also take a look at Bankrate’s expert reviews of popular banks, many of which offer high-interest savings accounts.

Annual percentage yield (APY)

APY incorporates the effect of compounding. Simply stated, compound interest is the interest you earn on interest. You’ll earn interest on your initial deposit as well as on the interest that accumulates over time.

Minimum opening deposit required

The amount you’ll need to open your account.

Minimum balance required

The balance you’ll need to keep in your account to avoid a monthly service fee.

Monthly maintenance fees

The fee you’ll incur if your balance falls below the minimum balance requirement in your account.

Learn more:What is a high-yield savings account?

Who should get an online high-yield savings account?

A high-yield savings account is ideal for someone who’s currently earning low interest on their savings account – or no interest at all – and is eager to boost their savings potential.

A good time to get a savings account is when:

• You’re not earning any interest – or you’re earning a low APY – in your current bank account
• You don’t have an emergency fund, or you have your emergency fund commingled with your checking account at a brick-and-mortar bank.

High-yield savings accounts with no minimum opening deposit requirement, no minimum balance requirement and no monthly service fees can be a good choice for nearly anyone. People can have different money-related goals and be at different stages in their financial life and benefit from these accounts. Here are a few examples:

Pros and cons of high-yield savings accounts

Savings accounts are a good place to set aside funds for many financial goals. Here are the pros and cons of online high-yield savings accounts, so you can make sure one is right for you.

High-yield savings FAQs

Research methodology

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields (APYs), low minimum balances, banks that have highly-rated apps and banks that are popular and broadly available. We also include some of the largest banks, to help readers compare those to online-only banks.