The Best High Yield Savings Accounts for 2024

SoFi is an online-only bank with some of the highest APYs in the industry. SoFi's savings account is currently offering 4.60% APY and no account fees. SoFi has no minimum deposit required to open an account and is also FDIC-insured. SoFi is also offering a welcome bonus of up to $300 when you set up direct deposit and even though SoFi has no physical locations, customers can access more than 55,000 fee-free ATMs across the US. Although SoFi has some great benefits it also has some downsides, like not being able to have a stand-alone savings or checking account and needing a combo account of checking and savings only, and the only way to get the highest APY requires direct deposit.

Discover is another great online-only bank with a great APY on its savings account. Discover is a great option if you only need a stand-alone savings account with a competitive APY. Discover offers no monthly fees, a $0 minimum opening deposit, and a 4.25% APY. Discover is also FDIC-insured all the way up to $250,000. Discover is a well-known brand with excellent 24/7 customer support and a top-notch mobile app so you can comfortably trust them with your money. If you want a savings account that offers a competitive rate and want the peace of mind of banking with a well-known brand, then Discover is a great choice.

Capital One 360 performance savings is a great mostly online savings account that still has a few physical branch locations, making it ideal for customers that want a mostly online experience while still having access to a physical branch if needed. Capital One's savings account offers 4.25% APY, no account fees, and 24/7 customer support. Capital One 360 performance savings is also FDIC insured and has a $0 minimum opening deposit. The Capital One savings account can also be paired with their checking account so you can have all your accounts in one bank. With great APY, no fees, no account minimum, and FDIC-insured Capital One is another great choice.

Marcus is an online-only savings account by Goldman Sachs. If you are only looking for a savings account from a well-known bank with a higher-than-average APY then Marcus is a great choice. Marcus offers 4.40% APY, no fees, and no minimum deposit. Marcus also has great 24/7 customer support and is FDIC-insured. Marcus has a top-notch mobile app and is great for customers who only need a stand-alone savings account. Marcus has no physical locations or checking accounts, but if the only thing you're looking for is a savings account from a well-known company with great rates then Marcus is a great choice.

American Express high yield savings is another great online-only savings account with a competitive APY. American Express high yield savings offers 4.25% APY, no account fees, and excellent 24/7 customer support. American Express's savings account can also be paired with their checking account to keep your banking to one company. American Express high yield savings has an average APY but still has tons of benefits like being FDIC insured and having the peace of mind of banking with a well-known brand. If you want a savings and checking account that offers a competitive rate and want the peace of mind of banking with a well-known brand, then American Express is a great choice.