5 High-Yield Savings Accounts for Growing Your Money

By: Clive Anson Last updated: 12/07/2024

(Image via Adobe Stock / Quality Stock Arts)

Putting your money into a savings account should feel rewarding, but many traditional accounts offer interest rates so low they barely make a difference. High-yield savings accounts change that equation. These accounts give you significantly better returns on your savings while keeping your money safe and easily accessible. Choosing the right account depends on factors like interest rates, ease of use, and added features. To help you get started, we’ve put together a list of five top-notch high-yield savings accounts. You’ll find details about what they offer, how they can help grow your money, and why they stand out from the rest.

1. Marcus by Goldman Sachs

Marcus by Goldman Sachs combines simplicity with high returns, making it an excellent choice for savings-focused individuals. This account consistently offers one of the highest annual percentage yields (APYs) available, without any fees or minimum balance requirements. You can make unlimited withdrawals and deposits so you can enjoy the competitive returns on every dollar saved.

What makes Marcus shine is its user-friendly platform. The website and app are designed for smooth navigation, plus they make tracking your savings progress effortless. Unlike some other options, you won’t find distracting requirements or complex terms here. Everything centers around helping you grow your money quickly and painlessly.

Features and Benefits:

High APY with no hidden fees.
Straightforward setup with no minimum balance.
Easy-to-use app for managing your account.

2. Ally Bank High-Yield Savings

Ally Bank is a favorite for its blend of competitive APYs and exceptional customer service. This savings account doesn’t charge monthly maintenance fees, and there are no minimum deposit requirements to get started. Ally’s user-centered approach even includes features like goal-focused savings buckets, which help you divide your money into categories, such as an emergency fund or vacation savings.

This bank also makes automation a breeze. With Ally’s “Recurring Transfers” option, you can set up regular deposits to grow your money steadily without thinking about it. For tech-savvy users, the Ally mobile app is packed with tools to manage funds on the go.

Features and Benefits:

High APY with no maintenance fees.
Savings buckets for tailored financial goals.
Mobile app with powerful automation tools.

3. Discover Online Savings Account

Discover has a longstanding reputation for reliability, and its high-yield savings account continues to uphold that standard. The APY is competitive, offering a great way to grow savings without unnecessary hurdles. There are no account fees, no minimum deposit requirements, and free access to customer support whenever needed.

The standout feature here is Discover’s robust online accessibility. You get access to a wide range of tools for tracking and managing your savings. Discover’s account is especially appealing to those who value seamless integrations, like linking other accounts and conducting transfers with minimal effort.

Features and Benefits:

Strong APY with zero fees.
Highly accessible tools for easy online management.
Trusted brand with excellent customer support.

4. American Express High-Yield Savings Account

The American Express High-Yield Savings Account brings simplicity and trustworthiness to the forefront. It consistently offers competitive APYs, and you’ll benefit from no monthly service fees. Transactions can be performed quickly online, meaning your money is always within easy reach.

What sets this account apart is its backing by a well-established and trusted institution. You won’t see flashy bonus features, but the high APY and great customer service give you peace of mind. Adding this account to your savings game plan keeps your money working harder for you without any stress.

Features and Benefits:

Competitive APY backed by a reputable bank.
No monthly fees, with a straightforward structure.
Focused on providing a hassle-free savings experience.

5. CIT Bank Savings Connect

CIT Bank offers an attractive hybrid solution with its Savings Connect account. The APY is highly competitive, and the account encourages saving habits through features like automatic transfers. It’s particularly well-suited for individuals looking for higher returns with a little added structure.

One unique aspect of Savings Connect is how it integrates with CIT Bank’s eChecking account. You’ll be able to set and automate transfers between the two accounts, creating a seamless way to grow savings while managing daily expenses.

This dual-account system is ideal for those who want a little more control over how their financial picture develops. Combined with a user-friendly app, these benefits make CIT a favorite for strategic savers.