Best High Yield Savings Accounts of 2024
Maximize Your Savings with High Yield Savings Accounts
High Yield Savings Accounts (HYSA) are online bank accounts that provide much higher interest rates (APY) vs. traditional brick-and-mortar banks. By storing your savings in an HYSA, you can start to really grow your wealth without any risk.
Check out our list of the top 5 options for 2023 – all of which are FDIC-insured and have no monthly fees:
Note: APY rates fluctuate with the economy – in 2023, the average APY on HYSAs is well above 3.00%.
Continue reading below or check out our video format HERE.
1. Marcus
Sign up HERE and receive an extra 1% APY Bonus for 3 months
Goldman Sachs is one of the largest investment banks in the world based on revenue. As such, its HYSA offering, Marcus is held to a high standard — and easily meets that target.
With a highly intuitive mobile app, no minimum deposit, same day transfers up to $100,000 and 24/7 customer support – it’s an excellent option to consider.
2. Wealthfront
Sign up HERE
Wealthfront Cash Account is known for having an APY higher than most of the competition. Additionally, its HYSA provides up to $5M FDIC insurance through partner banks.
One thing to note is that Wealthfront is not a bank. It’s instead an automated investment platform that partners with banks to offer its savings account option.
A noteworthy feature of this savings account, it that it allows you to also open a checking account. Some features of this checking account include early paycheck direct deposit up to 2 days and a free debit card to access 19,000+ ATMs across stores like CVS, Target, and Walgreens.
3. American Express
Sign up HERE
If you are already an American Express Credit Card holder, you may want to consider this HYSA. One reason being that you are able to connect your savings account with AMEX credit cards within the mobile app. This helps keep your finance together to avoid any confusion across multiple apps.
Also, if needed you can transfer money from your savings account to pay off your credit card bills.
4. Discover
Sign up HERE
This HYSA currently offers a sign-up bonus of $150 to $200 depending on the amount of money you deposit into your account within the first 30 days. If you deposit $15,000 – $24,999 you receive $150, if you deposit $25,000 or more, you receive $200.
Similar to the AMEX HYSA, if you already have Discover cards it makes sense to select this choice.
5. SoFi
 Sign up HERE for a special Bonus offer up to $325.
If your direct deposit amounts within 25 days of opening the account are between $1,000 – $4,999 you receive $50. If your direct deposit totals $5,000 or more, you receive $250.
SoFi is also known for having a higher APY than most of the competition. Additionally, this HYSA has a ‘Vaults’ option where you can see a graphical representation of your selected savings targets.
Note: You must sign up for direct deposit to receive SoFi’s advertised APY.
6. Ally
Sign up HERE
Similar to SoFi’s ‘Vaults’, Ally uses ‘Buckets’ where you can organize your savings for a specific goal (ex. car down payment) and visualize your progress.
Although Ally’s APY rates are generally lower than competitors, this is still a favorite among many consumers.
