High-Yield Savings Accounts
Earn interest on your money
Quick Answer
High-yield savings accounts offer interest rates 10-20x higher than traditional banks. Your money earns passive income while remaining safe and accessible.
Product Comparison
| Feature | Product | Potential Savings | Setup Time | Difficulty | Rating |
|---|---|---|---|---|---|
| Marcus by Goldman Sachs | Marcus by Goldman Sachs | $500-$1,500/year | 10 min | Easy | 4.5/5 |
| Ally Bank | Ally Bank | $450-$1,400/year | 10 min | Easy | 4.4/5 |
| Capital One 360 | Capital One 360 | $350-$1,200/year | 12 min | Easy | 4.3/5 |
| SoFi Savings Account | SoFi Savings Account | $400-$1,300/year | 15 min | Easy | 4.2/5 |
| Discover Bank | Discover Bank | $300-$1,100/year | 10 min | Easy | 4.4/5 |
Marcus by Goldman Sachs
Potential Savings
$500-$1,500/year
Setup Time
10 min
Difficulty
EasyMarcus offers industry-leading APY on savings accounts with no minimum balance, no monthly fees, and easy online access.
Pros
- ⢠Highest APY rates consistently
- ⢠No minimum balance requirement
- ⢠FDIC insured up to $250k
Cons
- ⢠Online-only bank
- ⢠Limited product offerings
Ally Bank
Potential Savings
$450-$1,400/year
Setup Time
10 min
Difficulty
EasyAlly provides high-yield savings and checking with competitive rates, no fees, and excellent customer service.
Pros
- ⢠Great APY with no minimum
- ⢠No monthly fees
- ⢠Strong customer service
Cons
- ⢠Online-only
- ⢠Limited branch access
Capital One 360
Potential Savings
$350-$1,200/year
Setup Time
12 min
Difficulty
EasyCapital One 360 (formerly ING) offers online savings with competitive rates, no fees, and easy setup.
Pros
- ⢠User-friendly platform
- ⢠No minimum balance
- ⢠Mobile app is excellent
Cons
- ⢠Slightly lower rates than competitors
- ⢠Fewer features
SoFi Savings Account
Potential Savings
$400-$1,300/year
Setup Time
15 min
Difficulty
EasySoFi offers high-yield savings integrated with their broader financial platform. No fees, no minimum balance.
Pros
- ⢠Integrated with other SoFi products
- ⢠Competitive rates
- ⢠Strong mobile app
Cons
- ⢠Larger account ecosystem to navigate
- ⢠Somewhat newer platform
Discover Bank
Potential Savings
$300-$1,100/year
Setup Time
10 min
Difficulty
EasyDiscover offers competitive savings rates, no fees, no minimum balance, and excellent customer service.
Pros
- ⢠Strong rates and no fees
- ⢠Excellent customer support
- ⢠Trusted brand
Cons
- ⢠Online-only
- ⢠Limited checking account features
How to Maximize Savings
- 1
Move emergency funds from traditional banks to high-yield savings; earn 10x more interest
- 2
Compare rates monthly and move money to the highest-yielding account; rates change frequently
- 3
Set up automatic transfers from checking to savings to automate your savings strategy
- 4
Keep $10,000-$30,000 in high-yield savings for emergencies and peace of mind
Earn Cash Back While You Save
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