High-Yield Savings Account
A federally insured deposit account paying substantially more than the national savings average, typically offered by online-only banks and fintechs that carry lower overhead than branch-based institutions.
Rate Summary — as of
Typical APY range
4.50–5.10%
Typical minimum balance
None
What Is a High-Yield Savings Account?
A federally insured deposit account paying substantially more than the national savings average, typically offered by online-only banks and fintechs that carry lower overhead than branch-based institutions.
Key Features
- No term commitment
- Liquid withdrawals
- FDIC insured up to $250,000
- No monthly fees at most online banks
What to Watch Out For
- Teaser-rate introductory periods that reset after 3–6 months
- Withdrawal limits (Reg D historically capped at 6; some banks still apply this)
- Minimum balance requirements that trigger fee tiers
Who This Product Fits
Emergency Fund Builder
Accumulating 3–6 months of expenses in an accessible, liquid account. Prioritises FDIC safety, no withdrawal limits, and zero monthly fees.
High-Net-Worth Depositor
Managing cash positions exceeding $250,000. Requires strategies for FDIC coverage beyond the single-institution limit: CD ladders across banks, CDARS networks, and brokered CDs.
Recent Immigrant
Opening a first U.S. bank account without SSN or credit history. Needs ITIN-friendly institutions, low or no minimum balance, and English-language alternatives.
Compare by Bank Type
The same HYSA product type varies significantly by institution. Select a bank category to see how rates, fees, and features differ:
Big-Four Banks
Chase, Bank of America, Wells Fargo, and Citibank. Unmatched branch network; rates typically 0.01–1.…
Regional Banks
Mid-size institutions (Regions, Huntington, Fifth Third, KeyBank). Often competitive CDs; savings ra…
Online-Only Banks
Ally, Marcus, Discover Bank, American Express Bank. Consistently lead rate tables by 1–3 percentage …
Credit Unions
Member-owned cooperatives insured by NCUA. Share rates often match or beat online banks; membership …
Fintech Neobanks
SoFi, Wealthfront Cash, Betterment Cash Reserve. Pass-through deposit models; rates competitive but …
Brokerage Banks
Fidelity, Charles Schwab, Vanguard banking arms. Sweep rates are often low on default; money market …
We match you to the specific institution and product that fits your profile. No obligation.
Affiliate link — we may earn a commission. See disclosure.