Best high-yield savings accounts by big banks of 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.

The best high-yield savings accounts with the highest APYs are usually found online, but there are some competitive offerings from brick-and-mortar financial institutions.

In this roundup, we found high-yield savings accounts from big-name banks with above-average rates, FDIC insurance, zero monthly maintenance fees and no minimum balance requirements.

To rank the best high-yield savings accounts from big banks, CNBC Select compared offerings from the largest banks and credit unions by asset size. We considered each account's APY, ease of use, account accessibility and fees. (See our methodology for more information on how we compiled this list.)

Best high-yield savings accounts from big banks

Compare offers to find the best savings account

Best for customer service

American Express® High Yield Savings Account

American Express National Bank is a Member FDIC.

  • Annual Percentage Yield (APY)

    4.25% APY as of 4/25/2024

  • Minimum balance

    Min balance to open = $0

  • Monthly fee

    None

  • Maximum transactions

    No limits

  • Excessive transactions fee

    None

  • Overdraft fee

    None

  • Offer checking account?

    No

  • Offer ATM card?

    No

  • Terms apply.

  • American Express National Bank is a Member FDIC.

Read our American Express® High Yield Savings Account review.

Pros

  • Strong APY
  • No minimum balance or deposit
  • No monthly fees
  • 24/7 customer support
  • Helpful "Tips & Tools" section on website

Cons

  • Higher APYs offered elsewhere
  • No option to add a checking account
  • No ATM access
  • You can't deposit a check via the mobile app

Who's this for? The American Express High Yield Savings Account is easy to use and stands out if you value 24/7 customer service with good reviews.

Standout benefits: This account offers a competitive APY with no deposit minimums or monthly fees. You can make unlimited withdrawals or transfers per monthly statement cycle.

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Best for checking/savings combo

Discover® Online Savings

Discover® Bank is a Member FDIC.

  • Annual Percentage Yield (APY)

    4.25% APY

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    None

  • Overdraft fee

    None

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Discover checking account

  • Terms apply.

Read our Discover® Online Savings review.

Pros

  • Strong APY
  • No minimum balance or deposit
  • No monthly fees
  • Option to add a checking account with ATM access
  • 24/7 customer support
  • Offers mobile check deposits
  • Helpful advice through Modern Money Blog

Cons

  • Higher APYs offered elsewhere

Who's this for? If you're looking to do all your banking in one place, Discover has a stellar savings and checking account where you can earn a solid savings return, plus get cash back on your debit card purchases.

Standout benefits: The Discover Online Savings Account offers a strong APY, access to accounts on the go and well-reviewed 24/7 customer service. There are no monthly fees and no minimum deposit required to open an account. The checking account's Discover®Cashback DebitCard, in addition to offering cashback on spending, comes with zero monthly fees and gives cardholders access to over 60,000 ATMs nationwide. Discover's website also offers helpful advice and "how to" articles through its Modern Money blog.

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Best for mobile access

Sallie Mae High-Yield Savings Account

Sallie Mae Bank is a Member FDIC.

  • Annual Percentage Yield (APY)

    4.50% APY

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    None

  • Overdraft fee

    None

  • Offer checking account?

    No

  • Offer ATM card?

    No

  • Terms apply.

Read our Sallie Mae High-Yield Savings Account review.

Pros

  • Strong APY
  • No minimum balance or deposit
  • No monthly fees
  • Offers e-deposit for depositing checks on the go
  • Offers mobile text banking and mobile text alerts

Cons

  • Higher APYs offered elsewhere
  • No option to add a checking account
  • No ATM access

Who's this for? The Sallie Mae High-Yield SavingsAccount is great if you enjoy banking from your phone. It offers mobile text banking, which allows you to request account information and transfer funds via text message. You can also set up various mobile text alerts and use e-deposit to deposit checks remotely through your mobile phone.

Standout benefits: Sallie Mae's high-yield savings option has a high APY, along with zero monthly maintenance fees and no minimum balance requirements. Although account holders are limited to six monthly withdrawals or transfers, there's no limit to the number of transfers they may make from their high-yield savings to repay Sallie Mae loans.

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Best for physical branch access

Capital One 360 Performance Savings™

Capital One Bank is a Member FDIC.

  • Annual Percentage Yield (APY)

    4.25% APY

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    None

  • Overdraft fee

    None

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Capital One checking account

  • Terms apply.

Read our Capital One 360 Performance Savings™ review.

Pros

  • Strong APY
  • No minimum balance or deposit
  • No monthly fees
  • Option to add a checking account with ATM access
  • Has physical branch locations, plus Capital One® Cafés
  • Has a top-rated mobile app
  • Offers mobile check deposit
  • Users can take advantage of free credit monitoring service

Cons

  • Higher APYs offered elsewhere

Who's this for? With hundreds of physical branches nationwide, Capital One 360 Performance Savings is ideal if you enjoy banking in person. In addition to its bank branches and online access, there are also Capital One Cafés where you can open an account, ask questions and get financial advice.

Standout benefits: The Capital One 360 Performance Savings offers a solid 4.25% APY with no minimum balance requirements and zero monthly fees. A big perk of Capital One is its free credit monitoring service, CreditWise® from Capital One, because you can track your credit score and receive alerts when it changes.

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Best for help saving

Barclays Online Savings

Barclays Bank Delaware is a Member FDIC.

  • Annual Percentage Yield (APY)

    4.35%

  • Minimum balance

    No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01.

  • Monthly fee

    $0

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    You may incur a fee and your account may close if you violate the limit more than three times in a year

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    No

Terms apply.

Pros

  • Strong APY
  • No minimum balance required
  • No monthly fees
  • Barclays savings assistant tool
  • Offers Deposit Checks feature for depositing checks via mobile
  • Up to 6 free withdrawals or transfers per statement cycle*

Cons

  • Excessive transactions may incur a fee or your account may close
  • No option to add a checking account
  • No ATM access

Who's this for? Barclays Online Savings offers an easy-to-use calculator to help you visualize what it will take to meet certain savings goals through its personalized Barclays Savings Assistant. To set your goal, you need to input how much the goal costs, how much you already have saved and how much you can contribute monthly. Barclays Savings Assistant will then calculate how many months and/or years it will take to reach the specified goal.

Standout benefits: This is a straightforward savings account with a competitive APY, no monthly maintenance fees and no required minimum balances to open an account.

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Find the right savings account for you

More on our top high-yield savings accounts from big banks

American Express High Yield Savings Account

Many people think of credit cards when they hear big-nameAmerican Express, but it also offers a high-yield savings account, CDs, a checking account, personal loans and small business accounts.

APY

4.25% APY as of 4/25/2024

Fees

Zero monthly fee, minimum requirements, excessive transactions fee or overdraft fee

Withdrawal limit

Unlimited withdrawals or transfers per monthly statement cycle

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Discover Online Savings Account

Discoveris best known as acredit card issuerbut also offers online banking, home equity loans, student loans and personal loans.

APY

4.25% APY

Fees

Zero monthly fee, minimum requirements, excessive transactions fee or overdraft fee

Withdrawal limit

6 per statement cycle

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Sallie Mae High-Yield SavingsAccount

Sallie Mae is a major private student loan lender, but the financial institution also offers a variety of savings products, including CDs, a money market account and its high-yield savings account.

APY

4.50% APY

Fees

Zero monthly fee, minimum requirements, excessive transactions fee or overdraft fee

Withdrawal limit

6 per statement cycle

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Capital One 360 Performance Savings

Capital Oneis a brick-and-mortar bank that offers everything from credit cards to bank accounts, auto loans, business and commercial banking. Capital One has about 300 branches and 70,000-plus fee-free ATMs nationwide.

APY

4.25% APY

Fees

Zero monthly fee, minimum requirements, excessive transactions fee or overdraft fee

Withdrawal limit

6 per statement cycle

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Barclays Online Savings

Barclays offers a range of consumer banking products, as well as corporate and investment banking services.

APY

4.35% APY

Fees

Zero monthly fee

Withdrawal limit

Unlimited withdrawals or transfers per monthly statement cycle

[ Return to summary ]

Compare the best high-yield savings accounts by big banks

Savings Account Minimum Deposit Monthly Fee Withdrawal/Transfer Limit ATM Card with Savings Account?
American Express® High Yield Savings AccountNoneNoneUnlimitedNo
Barclays Online Savings$0.01NoneUp to 6/monthNo
Capital One 360 Performance SavingsNoneNoneUp to 6/monthNo
Discover® Online SavingsNoneNoneUp to 6/monthNo
Sallie Mae High-Yield Savings AccountNoneNoneUp to 6/monthNo

Choosing a big bank high-yield savings account

When choosing a high-yield savings account from a big bank, you'll want to pick one offering an APY greater than you would earn in a standard savings account. However, read the fine print to ensure there are no major restrictions to earning that above-average APY. It's equally important to look for any potential added fees or balance minimums to keep the account open. And, finally, consider account accessibility. While this shouldn't be an issue with most big banks, you'll want to make sure your bank offersone or more of the following: ATM access so you can withdraw money whenever you need to, a linkedchecking accountso that you can easily transfer funds and/or a mobile app so you can log in and manage your money on the go.

How to compare big-bank high-yield savings accounts

When comparing high-yield savings accounts from big banks, consider the interest rates they offer, along with any fees and minimum requirements, as well as the access they provide you to your money.

Pros and cons of saving at big banks

You likely opened your first bank account with your local, traditional big bank, such as Bank of America, Wells Fargo, Chase, U.S. Bank or PNC. But besides that nostalgia and familiarity, there are additional pros to still having savings at one of these institutions.

Pros to saving at a big bank

  • One-on-one attention when you can visit a branch in person and ask questions, complete transactions, etc.
  • Broad ATM networks for convenience, with the biggest banks having over 4,000 non-fee ATMs in the U.S
  • Access to other types of banking products in addition to deposit accounts, like auto andpersonal loans, mortgages, CDs, etc.
  • Strong likelihood of having free overdraft protection when you link your checking account to a savings account (in case you spend more than you have in checking)
  • Often have access to more robust online tools and services

Cons to saving solely at a big bank

  • Lower interest rates on savings account balances than if you banked online
  • Typically minimum deposit requirements to open a savings account
  • Standard monthly maintenance fee, with a few options to waive

FAQs

In terms of deposit bank accounts, high-yield savings, CDs and money market accounts generally all offer the most interest, with rates in line with one another. Read more about the difference between these types of savings accounts.

High-yield savings accounts are safe as long as they're issued from banks that are Members FDIC, which indicates that your deposits are reimbursable up to the legal limit of $250,000 if the bank were to fail or go under.

A high-yield savings account is worth it since it offers a return on your money that's significantly higher than the national average return on savings accounts. If your money is sitting in a savings account regardless, it might as well be earning the highest interest possible. Plus, your cash in a high-yield savings account is just as easy to access as it is in traditional savings.

The average return on a high-yield savings account right now ranges from 4% APY to 5% APY, with those rates offered by online-only banks typically on the higher end of this range.

You can get a high-yield bank account at your traditional big-name bank or through an online-only institution. Applying is fairly quick and easy; you'll just need a government-issued ID like a passport or driver's license, Social Security number, address, contact information, date of birth and a checking account routing number to deposit new money. (New money means you can't transfer money you already had in an account at that bank.)

While there's a lot to like about a high-yield savings account, the biggestdownside of any high-yield savingsis that their above-average interest rates can fluctuate at any time. Because the rates, or APYs, offered are variable rates, they aren't guaranteed forever and they often go up or down in accordance with the federal funds rate.

If you have enough cash stockpiled away as savings (experts generally advise that emergency funds have three to six months' worth of your living expenses), you can invest your additional money instead of depositing it into your bank account.

By doing so, over time you'll likely earn a better return on your money and grow it much more than you would've if you just put it into your savings. Naturally, with a potential for much higher reward, investing takes on a lot more risk than saving which is why we only recommend putting money into the market once you have a cash backup and are ready to invest.

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every high-yield savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Seeour methodologyfor more information on how we choose the best savings accounts by big banks.

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Our methodology

To determine which big financial institutions offer high-yield savings accounts with the best return on your money, CNBC Select analyzed and compared the largest banks and/or credit unions by asset size and their high-yield savings accounts. We narrowed down our ranking by only considering those savings accounts that offer an APY of at least 4.00%, zero monthly maintenance fees and no minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates for big banks, 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 money you already had in an account at that bank.

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Interest rate and APY are subject to change at any time without notice before and after an American Express® High Yield Savings Account is opened. *American Express National Bank is a Member FDIC.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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