The Best High Yield Savings Accounts Right Now

If your money is sitting in a regular savings account earning pennies, your cash is working way too hard for way too little. High yield savings accounts let you earn more interest on the same dollars while still keeping your money safe and accessible.

Below are four strong options to consider for your emergency fund and short term savings. Rates can change at any time, so always check the bank website for the most current numbers before you open an account.

1. Wealthfront Cash Account

Wealthfront is a cash account that works like a high yield savings account and sits right next to your investment accounts. It is completely online and built for people who want a clean, modern experience.

• APY: Around 3.50 percent base rate, with the possibility of a temporary promotional boost for new customers.
• Fees: No account fees and no minimum balance requirement.
• Insurance: Cash is spread across partner banks with FDIC insurance up to a very high combined limit for individual accounts.
• Access: Mobile app, debit card, ATM access and fast transfers to linked accounts.
• Investing connection: Your savings sit in the same platform as your investment accounts so you can easily move extra cash into long term investments when you are ready.

Best for: Savers who want a modern experience, easy automation and the ability to move money straight into investments.

2. Capital One 360 Performance Savings

Capital One 360 Performance Savings is a strong option if you like the idea of a well known bank name with a good online rate.

• APY: Around 3.40 percent.
• Fees: No monthly maintenance fees.
• Minimums: No minimum balance required and zero dollars required to open.
• Extras: Easy transfers between Capital One accounts, strong mobile app and access to Capital One support.

Best for: People who want a high yield savings account from a big national bank they already recognize.

3. SoFi Savings

SoFi is a digital first bank that rewards you for doing more of your banking with them, especially if you are willing to set up direct deposit.

• APY: Around 3.60 percent when you meet their qualifying deposit or direct deposit requirements. Promotional boosts can make this higher for a limited time.
• Fees: No monthly account fees for the savings portion.
• Requirements: Highest rates usually require direct deposit or a certain amount of money flowing through the account every month.
• Extras: Modern mobile app, spending and savings in one place and various membership perks.

Best for: Savers who are comfortable with a digital only bank and do not mind meeting activity requirements to unlock higher rates.

4. Marcus by Goldman Sachs Online Savings

Marcus by Goldman Sachs offers a simple online savings account with a competitive rate backed by a well known financial institution.

• APY: Around 3.65 percent.
• Fees: No account fees.
• Minimums: No minimum deposit required to open or to earn the stated rate.
• Access: Easy online transfers, including same day transfers for eligible amounts to and from other banks.

Best for: People who want a straightforward high yield savings account from a big name bank with no extra hoops to jump through.

How to Choose Between Them

All four of these accounts pay far more than the traditional savings accounts at many local banks. The right choice for you comes down to how you like to bank and what you value most.

• Choose Wealthfront if you want saving and investing in the same place with very high FDIC coverage and a modern app.
• Choose Capital One 360 if you want a big bank name with a solid online rate and no monthly fees.
• Choose SoFi if you are happy to set up direct deposit to unlock higher promotional rates and you like extra digital perks.
• Choose Marcus if you want something simple and no nonsense from a well known bank.

Whichever one you pick, the real move is to automate your savings. Set up automatic transfers every payday so money flows into your high yield account without you having to think about it. Let your emergency fund and short term savings grow quietly in the background while you focus on everything else.

This post is for educational purposes only and is not personal financial advice. Always review the current terms, rates and disclosures on each bank website before opening an account.