Best High-Yield Savings Accounts in the U.S. of 2019

Most people don’t pay much attention to what the interest rates on their savings deposit accounts are. With low rates and limitations on transactions on most accounts, it is no wonder why. However, there are a lot of great options out there with rates a lot higher than you might expect that are perfect for saving for a rainy day, for a vacation, or for building an emergency fund. Whatever your financial goals are, having a high-yield savings account can help you get there. With that said, here are the top high-yield savings accounts in the U.S. in 2019.

Financial Institution Interest Rate Minimum Balance to Open Transfers Per Month
Wealthfront Cash Account 2.51% $1 Unlimited
Citizen’s Access Online Savings Account 2.35% $5,000 6
HSBC Online Direct Savings Account 2.30% $1 6
Goldman Sachs Bank USA Online Savings 2.25% $0 6
FNBO Direct Online Savings Account 2.20% $1 6
American Express National Bank High Yield Savings Account 2.10% $1 6
Discover Online Savings 2.10% $0 6

*As of June 12, 2019. Subject to change.

What is a high-yield savings account?

A high-yield savings account is a savings account that pays above average rates than standard savings accounts. They are designed to hold cash for longer periods of time compared to a checking account.

Factors to Consider

Look for accounts that offer everyday high-interest rates (watch out for one-time promo rates) and low transaction fees. Also, consider the convenience factor of if you can withdraw cash at an ATM or if the account is online only (though in my opinion these shouldn’t be deal breakers).

Top Pick: Wealthfront Cash Account

Wealthfront was launched in 2011 and is the original robo-advisor in the industry. With over $11 billion under management as of June 2019, they are no slouch and offer the highest savings rate of any account on the market today. Not only that, but their savings account offers unlimited free transfers (most banks limit it up to six), no fees, and a $1 minimum deposit to open. Given that the current S&P 500 dividend yield is close to 1.8%, holding your cash in Wealthfront’s Cash Account is a no brainer.

Features

  • 2.51%
  • $1 minimum deposit to open
  • No monthly fees
  • Unlimited transfers
  • FDIC insured

Citizen’s Access Online Savings Account

Citizen’s Access, the digital online only bank of Citizen’s Bank, offers some of the highest interest rates on savings accounts and certificates of deposit with no fees. There are some inconveniences to consider, however including no checking accounts, no mobile app functionality, and you need to have a minimum of $5,000 deposited to open the account to get their 2.35% rate (otherwise you’ll get a measly 0.25%).

Features

  • Up to a 2.35% interest rate. Balances under $5,000 get 0.25%.
  • $5,000 minimum to get the advertised rate
  • No monthly fees
  • Six transfers per month
  • FDIC insured

HSBC Online Direct Savings Account

The HSBC’s direct online savings account offers some of the highest interest rates on the market today with a low required balance of $1. There is no monthly fee to use it. For your initial deposit, it must be new money, however but that shouldn’t be much of an issue since it’s only a dollar. If you sign up to their Premier checking account, you can also get up to a $750 welcome bonus.

Features

  • 2.30% interest rate
  • $1 minimum deposit to open
  • No monthly fees
  • Six transfers per month
  • Combine it with a Premier checking account, and get up to a $750 welcome bonus!
  • FDIC insured

Goldman Sachs Bank USA Online Savings

Goldman Sachs online savings account is offered by their digital personal banking division Marcus. Launched in 2016, Marcus has grown substantially, growing by $1 billion in deposits per month and recently partnering with Apple for their credit card. Their savings account is no slouch either, offering 2.25% rates with no minimum deposit to open the account and no transaction fees. Keep in mind however, there are no checking accounts nor an ATM network to withdrawal your funds but this shouldn’t deter you.

Features

  • 2.25%
  • No minimum deposit to open
  • No monthly fees
  • Six transfers per month
  • FDIC insured

FNBO Direct Online Savings Account

FNBO is the online bank division of First National Bank of Omaha and offers a great 2.20% interest rate on their online savings account. There are no monthly fees and you only need $1 to open an account. As another added bonus, they offer a mobile app.

Features

  • 2.20%
  • $1 minimum deposit to open
  • No monthly fees
  • Large ATM network
  • Six transfers per month
  • FDIC insured

American Express National Bank High Yield Savings Account

American Express’s high yield savings account offers competitive rates and no fees, however, there is no checking account option or ATM card. Another thing to consider is that their mobile app is only for their credit cards, so savings customers are out of luck.

Features

  • 2.10%
  • No minimum opening deposit
  • No monthly fees
  • Six transfers per month
  • FDIC insured

Discover Online Savings

Discover’s online savings account earns one of the best rates around. There are no monthly fees, and first-time savings customers are eligible for a bonus of $150 or $200 depending on how much you first deposit ($15,000 or $25,000 respectively).

Features

  • 2.10%
  • No minimum opening deposit
  • No monthly fees
  • $150 to $200 bonus depending on if you want to deposit up to $25,000
  • Six transfers per month
  • FDIC insured

Summary

The big American banks tend to offer lacklustre high-interest savings account rates so look at alternative offerings. The accounts mentioned in this article are FDIC insured so you can feel safe leaving your money with them. My recommendation is to aim for an account that has at least a 2% interest rate, and then after that look to see if there are any fees and if there’s any inconvenience of withdrawing funds. Personally, I would open an account with Wealthfront given their high-interest rates, low minimum balance to open, convenience to use, and unlimited account transfers.

Having the right account can help you achieve your financial goals faster and have peace of mind.

Legal Disclaimer: The views expressed by Mr. Dumont on Money Sensei are solely his and not intended as investment advice nor a guarantee of any financial return. Mr. Dumont is not an investment or tax professional, so the information contained on the blog is not a substitute for professional advice. The contents of this blog are accurate to the best of his knowledge at the time of posting, but rules and laws are ever-changing. Please do your research to confirm that you have the current information.

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