Online banks pay several times the rate of a typical branch savings account.
Top picks
Raisin
CIT Platinum SavingsCIT Savings ConnectRates verified on each bank’s site at this update. Rates are variable. Terms apply.
CIT Bank: APYs (Annual Percentage Yields) 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. Member FDIC. For complete list of account details and fees, see our Personal Account disclosures.
The best high-yield savings accounts
1. Raisin
Best rateWhy we picked it It lists the highest rate on this page and takes $1 to open.
- No platform fees or withdrawal penalties
- Up to $1,000 bonus on $10,000 or more
- Rate depends on the partner bank you choose
- Raisin is not a bank itself
Rates vary by product and can change. The 4.25% APY is a 60-day rate lock for new Raisin users, then it shifts to a standard variable APY. The highest rate listed without that label is 4.12% APY. Bonus: new customers, code STACK, first deposit must be started by October 31, 2026, $10,000 or more held 90 days. Raisin is not a bank. Deposits are held at FDIC-insured banks and NCUA-insured credit unions.
2. CIT Platinum Savings
Best for $5,000 or moreWhy we picked it It pays the highest single-bank rate on this page once the balance reaches $5,000.
- 3.75% APY on $5,000 or more
- No monthly service fee
- 0.25% APY below $5,000
- $100 minimum to open
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs (Annual Percentage Yields) are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. CIT Bank is a division of First Citizens Bank. Member FDIC. For complete list of account details and fees, see our Personal Account disclosures.
3. CIT Savings Connect
Best for smaller balancesWhy we picked it It pays more than Platinum Savings on balances under $5,000.
- No monthly service fee
- CIT lists one rate, with no balance tiers
- Lower rate than Platinum Savings at $5,000 or more
- $100 minimum to open
Savings Connect: APY (Annual Percentage Yield) is accurate as of July 1, 2026. Interest rates for the Savings Connect account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account. CIT Bank is a division of First Citizens Bank. Member FDIC. For complete list of account details and fees, see our Personal Account disclosures.
4. SoFi Checking and Savings
Best with checking attachedWhy we picked it It is the only pick that pairs savings with a checking account, and it charges no account fees.
- No account, service or maintenance fees
- No minimum balance requirement
- Listed rate needs direct deposit or qualifying deposits
- Savings opens together with checking
3.30% APY on savings applies with eligible direct deposit or $5,000 in qualifying deposits. APY is variable and subject to change at any time. There is no minimum balance requirement. Fees may reduce earnings. See SoFi for current rates and full terms. SoFi Bank, N.A. Member FDIC.
5. Quontic High Yield Savings
Best simple online accountWhy we picked it It is a single savings account from an online bank, with no deposit condition attached to the rate.
- No monthly service fee
- Apply online in 3 minutes or less
- Lowest listed rate on this page
- $100 minimum to open
APY as listed by Quontic at this update. Rates may change without notice. Fees could reduce earnings. Quontic Bank, Member FDIC.
Compare high-yield savings accounts
| Account | APY | Minimum to open | Monthly fee | Good to know | |
|---|---|---|---|---|---|
| Raisin | Up to 4.25% | $1 | $0 | Up to $1,000 bonus with code STACK | See rates |
| CIT Platinum Savings | 3.75% | $100 | $0 | 0.25% APY under $5,000 | Open Platinum Savings |
| CIT Savings Connect | 3.65% | $100 | $0 | Mobile check deposit | Open Savings Connect |
| SoFi Checking and Savings | 3.30% | None | $0 | With direct deposit or qualifying deposits | See offer |
| Quontic High Yield Savings | 3.20% | $100 | $0 | Apply in 3 minutes or less | Open account |
Rates verified on each bank’s site at this update. Rates are variable. Terms apply.
MoreBest 5% interest savings accounts
Before you move your savings
Four things savers ask before opening an online account.
CIT Bank, Quontic Bank and SoFi Bank are FDIC members, covered up to $250,000 per depositor, per bank. Raisin is not a bank; it places deposits at partner institutions, where pass-through FDIC or NCUA insurance applies up to $250,000 per institution, subject to conditions.
A savings APY can change at any time without notice. Confirm the rate on the bank’s site before funding. To lock in a fixed rate instead, compare the best CD rates.
Online savings accounts move money by electronic transfer to a linked bank. Raisin lists 1 to 2 business days for a standard withdrawal. Check each bank’s transfer times and limits. Some money market accounts add checks or a debit card: compare the best money market accounts.
Savings interest is ordinary income. Banks report it on Form 1099-INT when it reaches $10 in a year.
How we chose these
APY, the balance needed to earn it, the minimum to open and the monthly fee.
Every rate was checked on the bank’s own page at this update.
Rates are variable and can change at any time, so confirm with the bank before you fund an account.
High-yield savings account FAQs
As of this update, Raisin lists the highest rate on this page at up to 4.25% APY, and you only need $1 to open. CIT Platinum Savings pays 3.75% APY once your balance is $5,000 or more, and CIT Savings Connect pays 3.65% APY. CIT Bank APYs are accurate as of July 1, 2026. Rates are variable, so confirm the rate with the bank the day you fund.
Yes, when the 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 is not a bank. It places deposits at partner banks and credit unions, where FDIC or NCUA insurance applies up to $250,000 per institution, subject to conditions.
The rate is variable and can drop without notice. Some accounts pay a much lower rate below a balance tier, for example CIT Platinum Savings pays 0.25% APY under $5,000 and 3.75% APY at $5,000 or more, as of July 1, 2026. Some banks also cap how many withdrawals you can make each month. None of the accounts here charge a monthly service fee, so the catch is the tier or the withdrawal limit, not a monthly fee.
Three to six months of living expenses is the standard emergency fund. Keep that in savings where you can reach it in a day or two. Money you will not touch for a year or more can earn a fixed rate in a CD instead, and money you will not need for five years or more usually belongs in investments, not savings.
Yes, there is no limit. A common setup is Raisin for the top rate and the bonus, plus a second account at another bank for a separate goal. Multiple banks also keep you under the $250,000 FDIC limit at each one.
