Earn more than 5% interest on your money: The best high-yield savings accounts of March 2024 (2024)

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

When it comes to building an emergency fund or saving up for a large expense, such as a down payment on a home, putting your money in a high-yield savings account can help you reach your goals quicker.

High-yield savings accounts reward you with higher interest rates than traditional savings accounts and your money grows even faster thanks to compound interest — which lets you earn interest on interest. The higher your annual percentage yield (APY), the faster your money grows and you get a better return than you would with a traditional savings account.

The national average APY on savings accounts is just 0.46%, according to the Federal Deposit Insurance Corporation (FDIC). That's over 12 times less than the 5-plus percent APY and around 6% APY that the highest-yield savings accounts offer. And as the Federal Reserve raises interest rates, banks are responding bypaying out higher annual percentage yields,or APYs,to their customers.

To determine which high-yield savings accounts are the best overall, CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. We found that although most online banks don't have physical branch locations, they typically offer higher APYs, lower fees and overall better benefits than national brick-and-mortar banks.

When rating our top nine, we considered each account's APY, its ease of use, account accessibility, monthly fees and minimum balance requirements. The savings accounts selected offer an above-average APY to all customers (no matter their balance), are FDIC-insured, have zero monthly maintenance fees and low (or no) minimum balance requirements. (See our methodology for more information on how we choose the best high-yield savings accounts.)

Who's this for?The LendingClub High-Yield Savings account stands out for offering one of the highest returns on your money, charging no monthly maintenance fee and not having a minimum balance requirement. You just need an initial $100 deposit to open the account.

Unlike many savings accounts, LendingClub provides customers with a free ATM card and never charges any ATM fees. This makes it easy to access your savings account and withdraw money whenever you want. You can also use your funds to pay bills, send money to friends and family and make internal and external transfers.

To add money to your savings account at LendingClub, you can deposit cash at select ATMs, deposit checks via the mobile app, do a direct deposit, make an electronic transfer from an external bank or make a wire transfer.

Who's this for?The UFB Secure Savings is ideal for anyone who wants to earn a high return, while also maintaining easy access to their cash.

The account charges no monthly fees, allows unlimited transfers and has no minimum deposits. Whether you deposit $1 or $1,000, you'll earn the same, high return.

As with the other banks on this list, UFB Direct is an online-only bank, and it is a division of Axos Bank. Although there are no physical branches, customers do get a free ATM card.

Who's this for?The Western Alliance Bank Savings Account account is for anyone who's focused on maximizing their returns. With a 5.28%APY, it offers one of the highest interest rates currently available.

Western Alliance requires just a $1 minimum deposit to open an account and charges no monthly fees. Plus, there is no cap for offering this high APY.

Who's this for?Marcus by Goldman Sachs High Yield Online Savings offers no fees whatsoever, no minimum deposits, and easy mobile access. It's the most straightforward savings account to use when all you want to do is grow your money with zero conditions attached.

The Marcus account also stands out thanks to its mobile banking app, which is simple to use and allows you to set up recurring deposits, track your savings goals and see how much interest you've earned this year. The bank's U.S.-based contact center is open 24/7 for live customer support over the phone or through online chat.

Account holders can withdraw money from their Marcus savings account online and by phone through ACH or by free wire transfer to a linked account at another bank. You can also request a withdrawal by check mailed to you.

To add money to your account, you can transfer funds, make direct deposit payments, deposit a check or make a wire transfer. Marcus doesn't charge a fee if you link other bank accounts for incoming and outgoing transfers, but keep in mind that your other bank might.

Who's this for? Ally is a good choice for anyone looking to do all their banking in one place. While the Ally Savings Account is a good high-yield account on its own, account holders can enjoy even more benefits if they also have an Ally Bank Spending Account (Ally's checking product).

In addition to a solid APY, no minimum account balance and no monthly maintenance fees, an Ally checking and savings account also gives you access to over 43,000 free Allpoint^®ATMs, making it easy to withdraw cash when you need to. If you only have an online savings account, you won't have access to a debit card.

If you use an out-of-network ATM, Ally doesn't charge a fee and if the ATM provider does, Ally will reimburse those fees up to $10 per month.

Not all online banks also offer a checking account option. Saving your money with a bank that doesn't offer a checking account means you would have to transfer your money between banks, which could take a couple of days. By law, account holders with Ally can withdraw or transfer money online up to six times per month with no penalty. After, Ally charges $10 per transfer. You can also call the bank to request a mailed check, which doesn't count as one of your six transactions.

You can't deposit cash in your Ally savings account, which is standard for many online banks, but you can deposit checks remotely with eCheck Deposit on the mobile app. Account holders can organize their saving goals by creating up to 10 different "buckets" within the same savings account. For example, you can create a designated fund for a "Future Vacation" and another for "Emergency Savings."

Ally is also a consumer favorite because of its easy-to-use mobile app and 24/7 live customer service that is available over the phone, through online chat or on the Ally mobile app.

Who's this for?Withdrawing money is quick and easy when you have aSynchrony Bank High Yield Savingsaccount. There is no minimum balance requirement, no monthly fees and a strongAPY. But what makes this account stand out is its convenient withdrawal options.

Synchrony Bank offers an optional ATM card to its savings account holders. You can access your money by ATM, wire transfer (up to three free per statement cycle) or through an electronic transfer to or from accounts you have at other banks.

Though you are limited to six free withdrawals or transfers per statement cycle, Synchrony Bank allows you to conduct unlimited transactions at an ATM. The bank won't charge an ATM fee, but the ATM provider may. For these charges, Synchrony Bank refunds ATM fees in the U.S. up to $5 per statement cycle.

Still, you should be wary of how much you withdraw from an ATM because the fees, even with a $5 refund, can add up. According to Bankrate, ATM operators charge customers an average fee of $3.15. Just going to the ATM twice in one month would already put you over the refundable amount.

To deposit money into your savings account at Synchrony Bank, you can make an electronic transfer from an external bank account that you've linked, do a direct deposit, make a wire transfer, mail a check or use the bank's mobile app to deposit a check.

Synchrony Bank's customer service line is available seven days a week by phone or online chat, as well as 24/7 through its app so you can manage your account on the go. Additional customer perks include complimentary identity theft assistance, travel discounts and free webinars.

Who's this for? If you want to maximize your interest-earning potential, consider Bask Bank. The Bask Bank Interest Savings Account offers a very respectable 5.10% APY to all savings account holders.

Here's the kicker: If you're a frequent traveler, you can opt for the Bask Bank Mileage Savings Account to earn American Airlines AAdvantage^® miles back instead. With the mileage savings account, you'll earn 2.5 miles for every $1 saved annually. You can use these miles for flights on American Airlines or any of its 20+ partner airlines. So, you can effectively fund your next vacation without any spending.

The accounts offer no monthly fees and no minimum deposits. Just note that the bank may close your account if it remains unfunded for 15 business days. Bask Bank is a division of Texas Capital Bank, but operates completely online.

Who's this for? The SoFi Checkings and Savings account stands out for offering a valuable welcome bonus after you set up and receive direct deposit payments. You can earn up to $300 with direct deposit.

The account also gives you a solid return. The only caveat is that you must opt-in to direct deposit to get the maximum interest, which is 4.60% APY*. Without direct deposit, it lowers to 1.20% APY.

In addition, the account comes with a debit card that has fee-free ATM access through theAllpoint® Network, which has over 55,000 locations across the country. And while paying with a debit card can sometimes lack rewards, you can get up to 15% cash back when you use your card at specific merchants.

And if you're looking to fully immerse yourself in the fintech/online bank space, SoFi offers a variety of financial products, including student loans, personal loans, mortgage refinancing, auto loans and more.

Who's this for?Varo is an all-mobile national bank, so for those looking to save and who don't mind banking entirely over the phone or online, theVaro Savings Account is a good option.

Varo offers a 3.00% APY to all savings account holders, as well as a checking account option. Neither accounts require minimum balances to open and neither charges monthly maintenance fees.

Varo stands out because of its uniquely tiered APY program that encourages you to save more. While you can take advantage of a 3.00% APY regardless of your account balance, you can earn up to 5.00% APY if you meet certain monthly requirements: Account holders must make a minimum of five purchases using their Varo Visa® Debit Card, have direct deposits totaling$1,000 or more each month and keep a savings account balance no higher than $5,000 (there is no minimum balance) all in the same month.

For those who want extra help saving, the online bank offers two programs that automatically transfer money from your Varo bank account to your savings account: Save Your Pay, which transfers a percentage of your paycheck into your savings, and Save Your Change, which rounds up your checking account transactions to the nearest dollar and transfers the difference to your savings.

Varo also offers an ATM network with no fees (as well as no penalty for overdrafts up to $50). For any cash deposits, note that Varo only makes these available through third-party services, which may charge a fee.

A high-yield savings accountis like a normal savings account but offers a higher interest rate, or APY, on one's cash. With a higher APY, your money grows faster as it sits in your account. Note, however, that these offered interest rates are variable, meaning they can go up or down at any time.

Not only does your money earn a better return in a high-yield savings account than in traditional savings, but you still have access to your cash when you need it as you would in a normal savings account. Your money in a high-yield savings account is federally insured by theFDIC, which means that deposits up to $250,000 are protected if the bank were to suddenly collapse.

• Annual Percentage Yield (APY): The amount of interest an account earns in a year.
• ACH transfer: When you want to make small and frequent payments electronically (direct deposit, automated bill payments, etc.); typically always free but usually takes at least one business day to complete the transfer.
• Wire transfer:When you want to move funds from one bank account to another and have the money be available for use in the same business day; banks usually charge a fee.
• Mobile deposit: Instead of going to the bank to deposit a check, you can use your mobile banking app to scan a photo of the check and have the funds immediately deposited into your account. It can sometimes take a day or two for the funds to be accessible.
• ATM networks: ATMs can either be in-service or out-of-network, depending on which bank you have. When you make a transaction at an ATM that is outside your bank's network, then a fee will most likely be applied by both the ATM operator and your bank.

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To determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an above-average APY, no monthly maintenance fees and low (or no) minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.

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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication.

* SoFi members with direct deposit can earn up to 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/12/23. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.