Chime is not affiliated with any of the other financial institutions referenced in this article. Third-party trademarks are referenced for informational purposes only; no endorsements implied.
Key takeaways
- High-yield savings accounts offer a higher annual percentage yield (APY) than traditional savings accounts.
- The best high-yield savings accounts have no fees, low or no minimum balance requirements, and user-friendly apps to manage your money.
- Some of the best high-yield savings accounts include Chime®, EverBank®, CIT Bank®, LendingClub®, Forbright®, and Capital One®.
Savings accounts allow you to set aside money for emergencies or to save for specific expenses, like a vacation or a down payment on a house.
But if your money isn’t in a high-yield savings account, you could miss out on hundreds of dollars (or more) in interest payments.
The best high-yield savings accounts have high APYs, zero fees, and low balance requirements. We’ve gathered information on the top options so you can decide which one best fits your needs.
How do high-yield savings accounts work?
Here are three key details to know about high-yield savings accounts:
- A high-yield savings account (HYSA) is a type of savings account that offers a higher annual percentage yield (APY) than a traditional savings account.
- HYSAs are typically offered by online banks or financial technology (fintech) companies that do not have brick-and-mortar locations. These companies can often provide higher rates due to cost savings from not maintaining physical locations.
- The interest you earn is compounded, meaning you earn a return on the principal balance and your interest earnings. Depending on the account, your interest may be compounded daily or monthly. Either way, you get a return on your savings, but the more often your interest compounds, the higher the return you’ll see.
Want to know more about how to make your money work for you? Discover the key differences between saving and investing to maximize your returns on your hard-earned cash.
Top features of high-yield savings accounts
What makes HYSAs different from traditional savings accounts? Below are the top features that distinguish high-yield savings accounts from traditional ones.
1. Relatively high APYs
The biggest benefit of an HYSA is a higher APY. While traditional savings accounts may have APYs of less than 0.05%, HYSAs typically offer much higher APYs. That makes them the ideal place to stash your emergency fund.
The APY on your HYSA is subject to change based on market rates. If you open an account with a 4.00% APY and the Federal Reserve decreases rates soon after, your APY will likely decrease.
2. Low fees and minimum balance requirements
HYSAs typically have low or no monthly maintenance fees, and those that do charge a monthly fee might waive it under certain conditions. These accounts also tend to have low minimum balance requirements, which means you can earn interest on your money whether your balance is $1 or $10,000.
3. Automated savings features
Many modern banks and fintechs offer automated features to make it easier for you to save money. The available automated savings features depend on which bank or fintech you choose.
For example, you can enable automatic savings to transfer a certain amount or percentage of every paycheck to savings. Or, if offered, you can opt into a program that rounds up your everyday purchases and deposits the change into your HYSA.
4. Anytime live support
If you have questions about your account, you need to be able to contact your bank or fintech and receive a prompt response. Many banks and fintechs that offer HYSAs provide multiple options for contacting customer service, including phone, email, online chat, and even text messaging.
5. User-friendly app
Online banks and financial technology companies typically have user-friendly, simple apps that allow you to manage your money from anywhere. From the app, you can transfer money into or out of your HYSA when you need it without worrying that it will get lost.
6. FDIC insurance
The Federal Deposit Insurance Fund (FDIC) provides deposit insurance to help protect consumers in the event their bank fails. Every deposit in an FDIC-insured bank is insured to at least $250,000. Many HYSA providers offer FDIC insurance.¹
6 best high-yield savings accounts in 2025
Ready to make your money work harder? Here are six of the best high-yield savings accounts for 2025.
1. Chime® High-Yield Savings Account
Chime’s High Yield Savings Account has no monthly service fees and doesn’t require a minimum balance to open an account, and you only need one cent to start earning interest. A Chime® Checking Account is required to open a savings account.
Chime makes it easy to manage your finances, offering 24/7 banking through its intuitive, highly-rated mobile app and access to over 50,000 fee-free ATMs² where you can withdraw cash.
With a Chime Savings Account and Chime+,‡ you can earn up to 3.75% APY.³ To unlock Chime+ and earn the maximum APY, set up a qualifying direct deposit to your Chime® Checking Account.‡ As long as you continue to direct deposit, you’ll receive exclusive Chime+ benefits like a higher APY on your savings. The APY without Chime+ is 1.25%.³
Chime also makes saving easier. Opt into Round Ups⁴ to round up your everyday transactions to the nearest dollar and deposit the change in your Chime Savings Account⁴. Save When I Get Paid will automatically deposit a percentage of your paycheck into savings,³ allowing you to grow your money with minimal effort.
| Pros | Cons |
|---|---|
| Up to 3.75% APY³ with Chime+ | 1.25% APY³ without Chime+ |
| No monthly fees or minimum balance requirements⁵ | No brick-and-mortar locations |
| Save the change on every debit card purchase with Round Ups⁴ | |
| Automatically save a percentage of each paycheck with Save When I Get Paid⁴ | |
| Interest compounded daily |
Who should consider this account?
The Chime Savings Account is easy to sign up for and charges no fees.⁵ You can earn up to 3.75% APY³ with Chime+,‡ and the Chime app makes managing your savings easy. This account is ideal if you want to save as much money as possible while being hands-off, especially paired with a Chime® Checking Account.
2. EverBank PerformanceTM Savings
The EverBank Performance Savings account has no monthly fees. It offers a 4.30% APY with no minimum balance requirement to earn the maximum interest rate on this account.⁶ You can access your money easily and fee-free with access to 80,000 ATMs in the Allpoint® and MoneyPass® networks.⁷
EverBank has limited brick-and-mortar locations, mainly within Florida. There are also two physical locations in California.⁸ If you live outside those states, you won’t have access to a local branch. You can still access the account’s features in the app. Note that EverBank’s app has ratings of 2.3 out of 5 on the App Store and 2.9 out of 5 on Google Play.⁶,⁸,⁹
| Pros | Cons |
|---|---|
| 4.30% APY⁶ | No physical locations outside Florida and California¹⁰ |
| No monthly fees or minimum balance requirements⁶ | Lower-than-3 average ratings for app |
| 80,000 fee-free ATMs nationwide⁷ | |
| Interest compounded daily |
Who should consider this account?
Anyone who wants a high APY with no minimum balance requirements can consider opening an EverBank Performance Savings account.
3. CIT Bank® Platinum Savings
With the CIT Bank Platinum Savings account, you can earn a maximum of 4.10% APY if you can meet the $5,000 minimum balance requirement.¹¹ If your balance is under $5,000, you’ll earn 0.25% APY instead.¹¹ Interest is compounded daily, which increases your earning potential.
CIT Bank doesn’t charge any monthly fees, though it does require you to deposit at least $100 to open an account.¹¹
| Pros¹¹ | Cons¹¹ |
|---|---|
| Up to 4.10% APY | $100 minimum opening deposit |
| No monthly fees | $5,000 balance required to earn max APY |
| Interest compounded daily | No brick-and-mortar locations |
Who should consider this account?
People with at least $5,000 and a $100 minimum deposit can earn a 4.10% APY,¹¹ making this a decent choice if you already have that amount up front.
4. LendingClub® LevelUp Savings
LendingClub has an impressive APY of up to 4.4%¹². To earn that percentage, you must deposit at least $250 per month into the account.12 If your deposits are less than this amount, you’ll earn 3.40% APY instead.¹²
There are no monthly fees or minimum balance requirements, and your interest is compounded daily.¹²
| Pros | Cons |
|---|---|
| Up to 4.40% APY¹² | $250 of deposits per month required to earn the max APY¹² |
| No monthly fees or minimum balance requirements¹² | |
| Interest compounded daily¹³ |
Who should consider this account?
Consider looking into the LendingClub LevelUp Savings account if you plan to make monthly deposits of $250 or more into your savings account.
5. Forbright Bank Growth Savings
Forbright Bank offers an APY of 4.25% with no minimum balance requirements.¹⁴ Interest is compounded daily and there are no monthly fees.¹⁴
Forbright is also a partner of the National Park Foundation, which means the bank helps fund the foundation’s mission to expand protection of America’s park lands.¹⁴ Through this partnership, Forbright invests in solar installations, green building upgrades, and accessible healthcare.¹⁴
Note that the Growth Savings account is a digital-only product, and Forbright doesn’t offer a digital checking account.¹⁴ However, if you live in the Washington, D.C. area, you can open a checking and money market account at a bank branch.¹⁴
| Pros | Cons |
|---|---|
| 4.25% APY¹⁴ | No brick-and-mortar locations outside Washington, D.C. area¹⁴ |
| No monthly fees or minimum balance requirements¹⁴ | No digital checking account |
| Conservation cause |
Who should consider this account?
Forbright is a good option if you live in the DMV area or want to support a bank that invests in the future of America’s public lands through a partnership with the National Park Foundation.
6. Capital One® 360 Performance® Savings
With the Capital One 360 Performance Savings account, you’ll earn 3.60% APY and pay no monthly maintenance fees.¹⁵ There’s also no minimum balance requirement,¹⁵ allowing you to earn interest no matter your balance. However, interest is compounded monthly¹⁶ rather than daily, which could limit your earnings.
| Pros | Cons |
|---|---|
| 3.60% APY¹⁵ | No ATM card for savings accounts |
| No monthly fees or minimum balance requirements¹⁵ | Interest compounded monthly¹⁶ |
Who should consider this account?
Consider this account if you want access to free credit monitoring alongside your high-yield savings account.
Best high-yield savings accounts compared
All of the accounts mentioned in this guide have a $0 monthly maintenance fee. Here’s how they measure up against each other.
| Account name | Institution type | APY | Minimum balance requirement |
|---|---|---|---|
| Chime Savings Account | Financial Technology Company | 3.75%³ | $0⁵ |
| EverBank Performance Savings | Traditional Bank | 4.30%⁶ | $0⁶ |
| CIT Bank Platinum Savings | Online Bank | 4.10%¹¹ | $100¹¹ |
| LendingClub LevelUp Savings | Financial Technology Company | 4.40%¹² | $250 per month¹² |
| Forbright Bank Growth Savings | Online Bank | 4.25%¹⁴ | $0¹⁴ |
| Capital One 360 Performance Savings | Traditional Bank | 3.60%¹⁵ | $0¹⁵ |
Reach your savings goals faster with a HYSA
A high-yield savings account enables you to earn the maximum return on your money without risking it on the stock market. Ready to take the next step in growing your savings? Compare offers from the top HYSAs to determine which one best suits your needs.
Consider opening a Chime high-yield savings account to take advantage of a high APY, save money automatically, and reach your savings goals faster.
Frequently asked questions
Can I link my HYSA to accounts at other banks?
You can usually link your HYSA to an account at another financial institution. Ask your financial institution about the exact method for connecting your accounts.
How often is interest compounded in an HYSA?
Depending on your financial institution, interest could be compounded daily or monthly. The more frequently interest compounds, the larger your return.
What should I do if I am denied an HYSA?
Although many financial institutions don’t require you to have good credit to open a savings account, it’s still possible to get denied. If this happens, ask the financial institution why your application was rejected. Then, look over your ChexSystems® report to ensure there aren’t any errors that might make future account applications be denied.
What happens if the interest rate drops after I open a HYSA?
The APY offered when you open a HYSA is not guaranteed to remain at that rate indefinitely. HYSA interest rates can fluctuate in response to changes in the federal interest rate. Even if your APY drops after you open an account, you’ll still earn more than with a traditional savings account.