A high yield savings account pays you a lot more than the savings account at a branch, and it’s just as safe when the bank is FDIC insured. The catch is that every account has a small trap, such as a balance tier or a direct deposit rule. Here are five picks and the catch with each one, so you can match the account to your money.
Our top pick for the highest rate
4.30% APY with a 90-day rate lock for new users
Raisin is not a bank. It’s a free platform that places your money with FDIC-insured partner banks and NCUA-insured partner credit unions. The rate shown is for a partner bank’s savings product and can change.
Best high yield savings accounts compared
Here are all five side by side. The APY is as each bank publishes it, and every one of these rates is variable, so confirm it on the bank’s page before you fund.
| Account | APY | Minimum to open | Bonus | Best for | |
|---|---|---|---|---|---|
| 1. Raisin | 4.30% (90-day rate lock for new users) | $1 | Up to $1,000 with code STACK | The highest rate, and a bonus if you have $10,000 or more | See Raisin rates |
| 2. CIT Platinum Savings | 3.75% on $5,000 or more (0.25% under $5,000) | $100 | Code BOOST60 adds 0.60% APY for six months | Balances of $5,000 or more at one bank | Open Platinum Savings |
| 3. CIT Savings Connect | 3.65% | $100 | None | Smaller balances at one bank | Open Savings Connect |
| 4. SoFi Checking and Savings | 3.30% with direct deposit or qualifying deposits | None | None listed here | Checking and savings in one app | See SoFi’s offer |
| 5. Quontic High Yield Savings | 3.20% | $100 | None | A simple online account with no deposit rules | Open Quontic savings |
APYs are variable and can change at any time. Fees can reduce earnings. Rates, minimums and bonus terms are from each provider’s published pages.
How to pick a high yield savings account
Ignore the biggest number for a minute and ask four questions.
Does the rate need a condition? CIT Platinum Savings pays 3.75% only once your balance hits $5,000, and 0.25% below that. SoFi’s 3.30% needs direct deposit or qualifying deposits. Raisin’s top rate is a 90-day lock for new users. Know what has to be true to earn the number on the box.
How much do you have to open it? Raisin starts at $1 and SoFi has no minimum. CIT and Quontic want $100.
Is there a bonus, and what’s the fine print? Raisin’s bonus starts at $10,000 held for 90 days. If you don’t have that, ignore the bonus and pick on rate and ease.
Is it FDIC insured? CIT Bank, Quontic Bank and SoFi Bank are all FDIC members, so deposits are insured up to $250,000 per depositor, per bank. Raisin isn’t a bank, but it places your money at partner institutions where the same limit applies at each one.
Ben’s take
Don’t chase a quarter point if it means a hassle. A rate that’s 0.1% lower in an account you actually use beats a higher rate in one you forget about.
The five picks, one by one
#1 Highest rate
Raisin
- APY4.30%, 90-day rate lock for new users
- Minimum$1
- Monthly fee$0
- BonusUp to $1,000 with code STACK
Who it fits: you want the highest published rate and don’t mind managing the account through a platform, with several banks behind one login.
Good to know: you can add more banks over time without opening new logins, and it’s free to use.
The catch: the bonus needs $10,000 or more held for 90 days. The base bonus starts at $40 for $10,000 to $24,999, and the top tier is for $200,000 or more. The rate depends on the partner bank you choose, and the 90-day lock is for new users.
#2 Best for $5,000 or more
CIT Platinum Savings
- APY3.75% on $5,000 or more
- Minimum$100
- Monthly fee$0
- Under $5,0000.25% APY
Who it fits: you’ll keep $5,000 or more in one account at a single bank. The page this link opens also lists code BOOST60 for a 0.60% APY bonus for six months.
Good to know: there’s no monthly service fee, and CIT lets you open and fund with as little as $100.
The catch: below $5,000 the APY drops to 0.25%. If your balance dips under the line, you stop earning the top rate.
#3 Best for smaller balances
CIT Savings Connect
- APY3.65%
- Minimum$100
- Monthly fee$0
- Balance tiersNone listed
Who it fits: your balance is under $5,000, since it pays more than Platinum Savings below that line, with no tiers to track.
Good to know: there’s no monthly service fee, and the app takes mobile check deposits.
The catch: the rate is lower than Platinum Savings once you’re at $5,000 or more, and you need $100 to open.
#4 Best with checking attached
SoFi Checking and Savings
- APY3.30% with direct deposit or qualifying deposits
- MinimumNone
- Monthly fee$0
- Opens withA checking account
Who it fits: you want checking and savings in one app and you have a paycheck to point at it. SoFi charges no account, service or maintenance fees.
Good to know: SoFi sometimes runs a limited-time APY boost for new members. Check its page for what’s available.
The catch: the 3.30% needs eligible direct deposit or $5,000 in qualifying deposits, and savings opens together with checking.
#5 Best simple online account
Quontic High Yield Savings
- APY3.20%
- Minimum$100
- Monthly fee$0
- CompoundingDaily
Who it fits: you want one plain online savings account with no deposit conditions on the rate.
Good to know: You can apply in 3 minutes or less, and interest compounds daily.
The catch: it’s the lowest rate of the five, and you need $100 to open.
How much interest will you actually earn?
Here’s the math so the percentages mean something. At 3.75% APY, $5,000 earns about $187.50 over a year ($5,000 times 3.75%). At 3.20%, the same $5,000 earns $160. The gap between the best and the lowest pick on this page is about $27.50 a year on $5,000, so rate matters, but the right account matters more.
On $20,000, the same gap is $110 a year. If you’re sitting on a bigger balance, a higher rate and the Raisin bonus tiers start to pay for a little more work.
Interest on savings counts as taxable income. Banks report it on Form 1099-INT when it reaches $10 in a year.
How to open one and move your money
- Pick the account that matches your balance. Under $5,000, look at the simpler accounts. At $5,000 or more, the tiered rates and the Raisin bonus start to matter.
- Apply online. Have your Social Security number, a government ID and your checking account details ready. Most applications take a few minutes.
- Fund it with a transfer. Link your checking account and move the opening deposit. Check the minimum first so the account actually opens.
- Set a recurring transfer. Point a small amount at the new account the day after payday so it grows without you thinking about it.
- Keep checking the rate. Rates are variable. If yours slips well below what other banks pay, moving is usually quick.
When a savings account is the wrong place for the money
A savings account is for money you might need soon. If you won’t touch a chunk of cash for a year or more, a CD can lock in a rate, and if you won’t need it for five years or more, it usually belongs in investments instead. Also, if you carry credit card debt at a high APR, paying that off beats earning 3% or 4% in savings. Keep a small cushion in savings, then send the rest to the debt.
The other mistake is leaving a big balance in an account that pays almost nothing because switching feels like work. It takes about as long as ordering dinner, and the extra interest pays for it quickly.
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High yield savings account questions
Which high yield savings account pays the most?
Raisin has the highest published APY of these five, at 4.30% with a 90-day rate lock for new users, and it takes $1 to open. CIT Platinum Savings pays 3.75% on balances of $5,000 or more, and CIT Savings Connect pays 3.65%. Rates are variable, so confirm the number when you open an account.
Is a high yield savings account safe?
Yes, when your deposits are federally insured. CIT Bank, Quontic Bank and SoFi Bank are FDIC members, which covers deposits up to $250,000 per depositor, per bank. Raisin isn’t a bank, so your money sits at its partner banks and credit unions, where FDIC or NCUA insurance applies up to $250,000 per institution.
What is the catch with a high yield savings account?
The rate is variable, so it can drop at any time. Some accounts pay a lot less below a balance tier, like CIT Platinum Savings under $5,000, or require direct deposit, like SoFi. Some banks also limit how many withdrawals you can make. None of these five charge a monthly fee.
How much should I keep in a high yield savings account?
A good starting point is three to six months of living expenses, in an account you can reach in a day or two. Money you won’t need for a year or more can go in a CD for a fixed rate.
Can I have more than one savings account?
Yes, there’s no limit. A lot of people use one account for their main cushion and a second for a goal like a trip. Multiple banks also help if your balance ever goes over the $250,000 insurance limit at one bank.
How do I move money out of a high yield savings account?
You transfer it electronically to a linked checking account. A standard withdrawal from Raisin takes 1 to 2 business days. Check each bank’s transfer times before you rely on the money for a bill.
Is a high yield savings account better than a CD?
A savings account lets you take the money out any time, but the rate can change. A CD locks your rate for a set term, but you pay a penalty for pulling money out early. Use savings for your cushion and a CD for money you won’t touch.
Keep reading
MoneyAnswers may receive compensation when you open an account through partner links, which does not change how an account is described. CIT Bank: APYs (Annual Percentage Yields) shown are accurate as of July 1, 2026. Platinum Savings pays 3.75% APY on balances of $5,000.00 or more and 0.25% APY on balances of $0.01 to $4,999.99. Rates are variable and may change at any time. Member FDIC. Raisin: not a bank. Deposits are held at FDIC-insured banks and NCUA-insured credit unions. Bonus offers require new customers and have deposit and holding requirements. SoFi Bank, N.A. Member FDIC. Quontic Bank, Member FDIC. Rates and terms come from each provider’s published pages and can change, so confirm details with the provider before you open an account. General information, not personal financial advice.
