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Last updated February 2024

Best Savings Accounts for February 2024

Choose from the top high-yield savings account offers from the most trusted institutions

Capital One 360 Performance Savings
Learn More Member FDIC

Capital One 360 Performance Savings Account

Savings
3.00% APY
$0 Min. balance for APY
Account Details
  • Got about 5 minutes? That’s all the time it takes to open an account.
  • There are no monthly fees to get between you and your money. Zero never sounded so good.
  • Earn a top rate on any balance. There are no account minimums.
  • With one of the nation’s top savings rates, the more you save, the more you earn.
  • With 24/7 access to your account, you can bank on your own schedule.
American Express High Yield Savings Account
Learn More Member FDIC

American Express® High Yield Savings Account

Savings
3.00% APY
$0 Min. balance for APY
Account Details
  • Got about 5 minutes? That’s all the time it takes to open an account.
  • There are no monthly fees to get between you and your money. Zero never sounded so good.
  • Earn a top rate on any balance. There are no account minimums.
  • With one of the nation’s top savings rates, the more you save, the more you earn.
  • With 24/7 access to your account, you can bank on your own schedule.
Discover Bank Online Savings Account
Learn More Member FDIC

Discover Bank® Online Account

Savings
3.00% APY
$0 Min. balance for APY
Account Details
  • Got about 5 minutes? That’s all the time it takes to open an account.
  • There are no monthly fees to get between you and your money. Zero never sounded so good.
  • Earn a top rate on any balance. There are no account minimums.
  • With one of the nation’s top savings rates, the more you save, the more you earn.
  • With 24/7 access to your account, you can bank on your own schedule.

CompareOffers.com's guide to high-yield savings accounts

What is a high-yield savings account?

A high-yield savings account is a type of savings account that offers interest rates higher than the national average. These federally insured savings accounts can earn around 2.00% APY, whereas the national average is 0.24% APY.

Are high-yield savings accounts safe?

High-yield savings accounts are a safe and convenient option for storing emergency funds, saving for large expenses, or reaching short-term savings goals. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per FDIC-insured bank, per ownership category. This guarantees that your money is safe in the event of a bank failure, as long as it falls within the limits and guidelines set by the FDIC. You can confirm that your bank is FDIC-insured using the FDIC's BankFind Suite. If you bank with a credit union, make sure that it is backed by National Credit Union Administration (NCUA) insurance.

How to open a high-interest savings account

Opening a high-interest savings account can help you reach your savings goals, whether it's building an emergency fund or saving for a vacation or other large expense. Here's how to open a high-yield savings account:

Make sure you deposit enough money to meet the account's minimum deposit requirement, otherwise you may be charged a maintenance fee or earn a lower interest rate until the minimum is met.

What to do if you can't open a high-interest savings account

If you are unable to open a new account, ask the bank why this may have happened. Depending on the answer, you may want to visit ChexSystems' website and request a report to see if your banking history is the reason for the rejection. ChexSystems is a national consumer reporting agency that tracks some of your banking history, including check cashing history, suspected fraud activity, and closed accounts. These may appear on your ChexSystems report.

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