Best high-yield savings accounts of November 2024

Written by
Matthew Goldberg
Edited by
Marc Wojno
Reviewed by
Greg McBride, CFA
Edited by
Marc Wojno
Reviewed by
Greg McBride, CFA

Updated Nov. 11, 2024

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A high-yield savings account can be a safe place to earn interest on your money while keeping it easily accessible for emergencies or other expenses. Annual percentage yields (APYs) on top high-yield savings accounts are 5 percent and above, which is around nine times the current national average rate of 0.57 percent.

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4.59% APY
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0.57% APY

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Best high-yield savings accounts for November 2024

Note: Annual percentage yields (APYs) shown were updated between Nov. 11 and Nov. 17. All other information is current as of Nov. 11. 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.

LendingClub Bank_logo

LendingClub Bank

5.0 Bankrate savings score

  • Annual percentage yield

    5.00%

  • Min. balance for APY

    $0

  • Min. deposit to open

    $0

Why LendingClub Bank?

LendingClub was originally known for its lending products, but with its acquisition of Radius Bank in 2021, LendingClub now offers many attractive deposit products. The bank's LevelUp savings accounts offers a special higher yield when you deposit at least $250 monthly into the account, though savers will still earn a competitive yield if you don't meet this requirement in a given statement period.

BrioDirect_logo

BrioDirect

4.6 Bankrate savings score

  • Annual percentage yield

    5.00%

  • Min. deposit to open

    $5,000

Why BrioDirect?

BrioDirect offers a High-Yield Savings account that offers a competitive yield that requires $5,000 to open.

EverBank_logo

EverBank

5.0 Bankrate savings score

  • Annual percentage yield

    4.75%

  • Min. balance for APY

    $0

  • Min. deposit to open

    $0

Why EverBank?

The EverBank Performance℠ Savings account earns more than the national average APY. There’s no minimum deposit required to open the account.

Bread Savings_logo

Bread Savings

4.9 Bankrate savings score

  • Annual percentage yield

    4.75%

  • Min. balance for APY

    $0

  • Min. deposit to open

    $100

Why Bread Savings?

Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs. Bread Savings requires at least $100 to open this account.

CIT Bank_logo

CIT Bank

4.6 Bankrate savings score

  • Annual percentage yield

    4.55% – 4.70%

  • Min. balance for APY

    $5,000

  • Min. deposit to open

    $100

Why CIT Bank?

CIT Bank is known for offering multiple savings accounts. CIT Bank’s Platinum Savings account earns the highest yield on balances of $5,000 or more, while the Savings Connect account can be opened with just $100. These accounts don't charge a monthly maintenance fee. CIT Bank also has most of the other bank accounts a person could need, including a checking account, a money market account and CDs.

Bask Bank_logo

Bask Bank

4.7 Bankrate savings score

  • Annual percentage yield

    4.65%

  • Min. balance for APY

    $0

  • Min. deposit to open

    $0

Why Bask Bank?

Bask Bank is known for its high-yielding Bask Interest Savings account. It’s also known for a unique account, the Bask Mileage Savings account, where you can earn American Airlines miles.  Bask Bank, a division of Texas Capital Bank, made its debut in early 2020 with its Mileage Savings Account. In February 2022, Bask introduced its Interest Savings Account, which offers a very competitive yield and doesn’t require a minimum opening deposit.

Popular Direct_logo

Popular Direct

4.8 Bankrate savings score

  • Annual percentage yield

    4.65%

  • Min. deposit to open

    $100

Why Popular Direct?

Popular Direct is known for offering competitive yields. But those competitive yields have $100 minimum opening deposit requirements with the Popular Direct High-Rise Savings account. (The minimum opening requirement is much higher for its CDs.) The account also has a $25 fee for closing it within your first 180 days, so definitely make sure you’re going to keep this account for at least that amount of time. Popular Direct has been around since 2016. It offers a savings account and eight terms of CDs. The CDs have terms ranging from three months to five years.

CIBC Bank USA_logo

CIBC Bank USA

4.9 Bankrate savings score

  • Annual percentage yield

    4.61%

  • Min. balance for APY

    $0

  • Min. deposit to open

    $1,000

Why CIBC Bank USA?

CIBC Bank USA is currently known for offering a competitive yield on its CIBC Agility Online Savings Account, which charges no monthly service fee. The bank also is known for offering CDs that have a slightly higher yield.

TAB Bank_logo

TAB Bank

4.9 Bankrate savings score

  • Annual percentage yield

    4.52%

  • Min. deposit to open

    $0

Why TAB Bank?

TAB Bank is known for offering competitive yields. It’s also known for its unique checking account for truck drivers. TAB Bank’s High Yield Savings Account doesn’t require a minimum opening deposit and doesn’t have a monthly maintenance fee. TAB Bank pays the same yield on any balance. (But of course, you’ll want to make sure that you’re within FDIC insurance limits and guidelines.)

UFB Direct_logo

UFB Direct

5.0 Bankrate savings score

  • Annual percentage yield

    4.31%

  • Min. deposit to open

    $0

Why UFB Direct?

UFB Direct is known for its high-yield savings account and money market account. Both the UFB Portfolio Savings account and UFB Portfolio Money Market account earn very competitive yields. One of their differences is the UFB Portfolio Savings account, which has ATM access, doesn’t charge a monthly service fee. The UFB Portfolio Money Market account charges a $10 monthly maintenance fee if you don’t keep at least $5,000 in the account.

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Recent news on high-yield savings account rates

The Federal Reserve decided to lower rates by another 25 basis points, or a quarter of a percentage point, to a range of 4.50-4.75 percent during its Nov. 7 announcement. This came after the federal funds rate was cut by 50 basis points after being unchanged for more than a year. Previously, the Federal Reserve hiked rates 11 times in 2022 and 2023, and competitive banks followed suit by increasing their annual percentage yields (APYs) to the highest levels in more than a decade. Right now, savings accounts still offer rates that outpace the rate of inflation, which is currently 2.4 percent.

Since September’s rate cut, there has been lower savings yields, and with the Fed poised to continue cutting rates — albeit likely in small increments — we may continue seeing savings yields drop.

Savings yields, unlike certificates of deposit (CDs), are generally variable. That noted, you can still currently find savings accounts offering more than 5 percent APY, which would earn you around $500 a year in interest with a $10,000 deposit – assuming the yield didn’t change during that 12-month period. The current national average for savings accounts, which has generally trended downwards over the last couple of weeks, is 0.57 percent APY.

Although two-thirds of savers earn APYs that aren’t competitive, it’s not hard to find a high-yielding account at an online-only bank. These banks also typically don’t require a set minimum balance or charge monthly service fees.

What our industry experts are saying

Alvin Carlos

CFA, CFP, and managing partner of District Capital Management

Savings account interest rates will likely decline by 0.50 percent to 0.75 percent by the end of 2024. The Federal Reserve is expected to cut rates by 25 basis points during their September, November and December meetings. Savings account interest rates will immediately follow suit. You will no longer see any 5% high-yield savings account rates by the end of 2024.

Derilyn Freeman

CFP with Prudential Advisors

We are likely to see savings account interest rates come down in the near future driven by an anticipated decision from the Federal Reserve to lower rates. The good news for savers is that interest rates are still at historic highs and provide a way to earn money without the risk of any loss. There are also ways to lock in these higher interest rates now with one example being certificates of deposit. CDs promise a return for a certain period of time like six months, one year or three years. For many people, even when interest rates start to come down, it will still make sense for them to keep some of their money in their high yield savings.

Andrew Herzog

CFP at The Watchman Group

High-yield savings account interest rates are headed downward toward the end of the year, and one of the first drops in interest rates will be immediately after the Federal Reserve lowers rates. Banks will take that as an opportunity to cut their rates. It may be a small cut, but their rates will go down. If you have excess cash, you can put it into a high-yield savings account, where it’s liquid. If you suddenly need it, you can take it out without penalties, unlike CDs, which are products that are locked in at a set rate.

How to choose an online high-yield savings account

The top three factors to look for when choosing a high-yield savings account are:

What to know about high-yield savings accounts

High-yield savings accounts typically pay a much greater 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 often earn APYs that are hundreds of times more these days.

Most high-yield savings accounts have a variable APY, which means the yield is subject to change at the bank's discretion. 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. Essentially, 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 a good choice for anyone who wants to earn a competitive yield on their savings account 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.

High-yield savings accounts can be a good choice for nearly anyone because they don’t require any minimum opening deposit, don’t require any ongoing minimum balance, and don’t charge monthly service fees. Anyone can benefit from a high-yield savings account, regardless of their stage of life and their money-related goals. Here are a few examples:

Mortgage Icon
Future homebuyers

A high-yield savings account is a great way to ensure your down payment money will grow until you need it to buy a house, condo or apartment. And unlike most CDs, you can add to your balance at any time.

Retirement Icon
Jetsetters and road-trippers

A good strategy when saving for your next vacation is to determine how much you’ll need for the trip and then open a dedicated savings account for it. Consider automating your savings to keep your savings goals on track. This consists of setting up recurring transfers from your checking to your savings account.

Congrats Icon
Soon-to-be married couples

A high-yield savings account allows you to earn a competitive yield on your balance as you save for your wedding. You can keep adding to this account all the way up until you say “I do.” Having a separate account devoted to wedding savings can help you monitor your progress more easily, which helps you meet your savings goals for the big day.

How to open a savings account

Before you dump your money into an account at your local bank, there are several steps you should take.

Learn more

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.

Pros

  • Checkmark Icon

    Online high-yield savings accounts typically pay a much higher APY than traditional savings accounts.

  • Checkmark Icon

    Many high-yield savings accounts come with digital tools that allow you to manage your savings easily through your computer, smartphone or tablet.

  • Checkmark Icon

    High-yield savings accounts at most banks and credit unions are insured by the federal government, meaning your money is safe.

  • Checkmark Icon

    Unlike with a CD, funds in a high-yield savings account are easily accessible.

Cons

  • Rates for high-yield savings accounts are variable and could fall.

  • Some banks restrict withdrawals/transfers to only six a month.

  • Checks generally can’t be written using savings accounts.

  • Your money could get higher returns if you invest it.

  • Not all online banks offer branch or ATM access.

Alternatives to high-yield savings accounts

Traditional savings accounts

These accounts typically earn a very low yield, especially at major national banks – often less than the national average APY.

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CDs

These generally earn a fixed APY for a certain period of time.

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Money market accounts

A savings deposit account that typically offers check-writing privileges.

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Checking accounts

Accounts for your daily transactions.

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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.

Learn more

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