Earn amazing savings rates with the best high-yield savings accounts that pay up to 4.00% APY. It's been a rough year for some investors in the stock market. Rising bond yields, weak economic data, and the Federal Reserve raising interest rates add to anxiety during these times of market volatility and high inflation.
A high-yield savings account can help grow your wealth in a safe environment while keeping your money readily accessible.
Here's a look at our picks for the best online banks that offer amazing savings rates that grows your money faster thanks to compound interest — which lets you earn interest on interest.
Amazing Savings Rates
 |
|
Annual Percentage Yield |
4.55% APY |
Minimum Opening Deposit |
$50 |
Maximum Account Balance |
None |
Monthly Maintenance Fee |
$0 |
FDIC-Insured |
Yes |
 |
|
Annual Percentage Yield |
4.13% APY |
Minimum Opening Deposit |
$1,000 |
Maximum Account Balance |
None |
Monthly Maintenance Fee |
$0 |
FDIC-Insured |
Yes |
 |
|
Annual Percentage Yield |
4.05% APY |
Minimum Opening Deposit |
$100 |
Maximum Account Balance |
None |
Monthly Maintenance Fee |
$0 |
FDIC-Insured |
Yes |
 |
|
Annual Percentage Yield |
3.70% APY |
Minimum Opening Deposit |
$100 |
Maximum Account Balance |
None |
Monthly Maintenance Fee |
$0 |
FDIC-Insured |
Yes |
|
11-Month CD |
Annual Percentage Yield |
4.10% APY |
Minimum Opening Deposit |
$1000 |
Maximum Account Balance |
None |
Monthly Maintenance Fee |
$0 |
FDIC-Insured |
Yes |
» Find out how much your money will grow over time with our APY Calculator
These Amazing Savings Accounts are FDIC-Insured
As long as you don't exceed the FDIC insurance limit of $250,000 per depositor, you can rest easy knowing that with a Savings Account or CD Account, the principal amount you put in is protected. Plus, a savings account isn't invested, so you can get your money any time without long-term commitment.
Why online banks offer the best savings accounts
Large banks have the added costs of branch networks, paying for employees, building leases, and maintenance. Online banks and nonbank providers are able to offer more favorable returns than brick-and-mortar banks because overhead costs are much less expensive.
How much more can you earn with a high-yield savings account?
The national savings rate is currently 0.35% APY at most traditional brick-and-mortar banks.
- If you have a $5,000 savings balance, an account that pays 0.35% will earn you about $17.50 in a year.
- An online savings account that pays 4.55% APY will earn about $227.50 in a year.
Plus, the difference increases the more you deposit and the longer you keep it in the account. It's always helpful to have money set aside for emergencies, and it'll earn you much more in an account that pays one of the best savings account rates than in a checking account.
5 painless ways to stash your money
There are many demands on your money between the high cost of gas and groceries, there's no wonder it can feel easier to spend money than save it.
Take the pain out of saving money with these five tips:
1. Save smaller amounts more frequently.
Win the savings game by stashing away smaller, more frequent contributions. Having an online savings account makes it simple to make deposits daily, weekly, monthly or quarterly. For example:
- If you want to quickly save $500, put away $125 each week.
- Want to hit an annual savings goal of $1,500, put away $125 per month.
2. Sell your clutter for extra cash.
Take an inventory of everything you have in your home and gather all the things you no longer need. Online marketplaces and social media platforms make it easy to sell a variety of items you no longer need or never used.
Decluttr is a platform that focuses on electronics such as computers, CDs etc.
Poshmark is one of the most popular social media marketplaces to buy, sell, and list clothing and other lifestyle accessories.
Swappa lets you turn your tech into cash where you can sell iPhones, Samsung Galaxy and Google pixel phones, laptops, cameras, and more.
Ruby Lane is a newer online marketplace for vintage, collectibles, and antiques like art, dolls, and jewelry.
Letgo is a marketplace where you can buy and sell items in your area just by posting a picture and a price. Those items could be furniture, appliances…you name it. It's like an online second-hand store.
OfferUp has multiple categories of items you can list, I just saw a 2018 Jeep for sale. OfferUp is a marketplace where communities can sell to people and households nearby.
3. Use Amazon Secret Coupons.
Amazon is responsible for $469 billion in annual revenue for 2021, a 21.7% increase from 2020 according to Macrotrends. Each month more than 197 million people around the world use Amazon.
But did you know Amazon.com has a secret coupons page? Get discounts on things like tools, pet supplies, electronics, and fashion. You can “clip” (aka “click”) the coupons of your choice, and the items are added to your cart for purchase — the discount is applied when you checkout.
Amazon's secret coupon page is filled with major deals in almost every category, every day.
4. Take the no-spend challenge for an easy way to save money
Creating a budget and sticking to it is often easier said than done. While a budget forces you to intentional about saving and spending, simply choosing not to spend money may be easier.
A no-spend challenge means eliminating discretionary spending altogether and may help you gain an appreciation for saving and balancing your needs with your wants.
Start small by skipping any nonessential expenses for a day to include as many – or as few – categories as you want. You can cut all non-discretionary or non-essential purchases or just specific categories like clothes or take-out.
The no-spend challenge can last a week, month, or full year. You can still spend money on essential expenses like rent and groceries but the challenge can help you decipher whether you're buying due to an emotional need or want. It might seem difficult at first, but once you start making changes, you'll see how much easier it becomes.
5. Find free stuff online.
Before opening your wallet consider there are plenty of free options out there. Sites like Freecycle and Craigslist allow people to post free items they no longer want or need. Free stuff has got to be the easiest way to save money.
Automatically save on every purchase.
If you have money left in your checking account each month you should transfer it to a high-rate savings account. But when you bank with Chime, you can save just by using your debit card for everyday transactions.
When Chime customers use their debit card for any purchase, they can choose to have the change rounded up and transferred to a Chime Savings Account that earns 2.00% APY.
Here is how it works:
- Each time you use your Chime Visa Debit Card to make a purchase, the transaction amount is rounded up to the nearest dollar and transferred from your checking account to your savings account typically by the next day.
- The more that you use your Chime Visa Debit Card, the more that you save automatically. For example, if you use your Chime Visa Debit Card twice a day on average, you'll save over $300 a year.
- 2 transactions per day = 60 transactions per month
- 60 x $0.50 (50 cents is an average Round Up) = $30/month in Round Ups
- $30 saved/month x 12 months = $360 a year in total savings from Round Ups
Chime's automatic savings program is designed to make it easier by helping you save money without thinking about it.
