6 Best Savings Account Rates of May 2024 (Up to 5.35%)
The best savings rates available today, chosen from a large pool of providers.
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
The best savings account interest rates today hover around 4.5% and 5%. The highest savings rate on this list is currently 5.35%. To compare, the highest interest rates are significantly better than the national average of 0.46%.
Finding one of the best interest rates today for a savings account can mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. For example, with an annual percentage yield, or APY, of 5%, a balance of $10,000 would earn about $500 after one year. An APY of 0.40% would earn about $40.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
APY research methodology: Each weekday, we review account rates on this page to make sure we have the most up-to-date APYs. The APYs shown are current as of the publication date of this page.
APYs shown are current as of May 17, 2024. All other information is current as of May 1, 2024.
Best savings rates of 5% or more
Here are the institutions on this list with APYs of 5% or more.
BrioDirect, 5.35% APY
Ivy Bank, 5.30% APY
TAB Bank, 5.27% APY
Jenius Bank, 5.25% APY
UFB Direct, 5.25% APY
Upgrade, 5.21% APY
Bread Savings, 5.15% APY
EverBank, 5.15% APY
Popular Direct, 5.15% APY
CIBC U.S., 5.01% APY
Salem Five Direct, 5.01% APY
CIT Bank, 5.00% APY
Laurel Road, 5.15% APY
LendingClub, 5.00% APY
One, 5.00% APY
Zynlo, 5.00% APY
ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
The best savings account interest rates today hover around 4.5% and 5%. The highest savings rate on this list is currently 5.35%. To compare, the highest interest rates are significantly better than the national average of 0.46%.
Finding one of the best interest rates today for a savings account can mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. For example, with an annual percentage yield, or APY, of 5%, a balance of $10,000 would earn about $500 after one year. An APY of 0.40% would earn about $40.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
APY research methodology: Each weekday, we review account rates on this page to make sure we have the most up-to-date APYs. The APYs shown are current as of the publication date of this page.
APYs shown are current as of May 17, 2024. All other information is current as of May 1, 2024.
Best savings rates of 5% or more
Here are the institutions on this list with APYs of 5% or more.
BrioDirect, 5.35% APY
Ivy Bank, 5.30% APY
TAB Bank, 5.27% APY
Jenius Bank, 5.25% APY
UFB Direct, 5.25% APY
Upgrade, 5.21% APY
Bread Savings, 5.15% APY
EverBank, 5.15% APY
Popular Direct, 5.15% APY
CIBC U.S., 5.01% APY
Salem Five Direct, 5.01% APY
CIT Bank, 5.00% APY
Laurel Road, 5.15% APY
LendingClub, 5.00% APY
One, 5.00% APY
Zynlo, 5.00% APY
Today’s high rates may not last forever. Take advantage of them while you can with a federally insured high-yield savings account
Best Savings Account Rates of May 2024 (Up to 5.35%)
ELIGIBLE FOR REWARD
Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
---|---|---|---|---|
SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for Savings Rates | 4.60% With $0 min. balance for APY | $300 Earn up to $300 with direct deposit. Terms apply. | Learn more at SoFi Bank, N.A., Member FDIC |
Barclays Online Savings Account Learn more at Barclays, Member FDIC | Best for Savings Rates | 4.35% With $0 min. balance for APY | N/A | Learn more at Barclays, Member FDIC |
Bask Interest Savings Account Learn more at Bask Bank, Member FDIC | Best for Savings Rates | 5.10% With $0 min. balance for APY | N/A | Learn more at Bask Bank, Member FDIC |
UFB Secure Savings Learn more at UFB Direct, Member FDIC | Best for Savings Rates | 5.25% With $0 min. balance for APY | N/A | Learn more at UFB Direct, Member FDIC |
Synchrony Bank High Yield Savings | Best for Savings Rates | 4.75% With $0 min. balance for APY | N/A | Read review |
EverBank Performance℠ Savings Learn more at EverBank, Member FDIC | 5.15% With $0 min. balance for APY | N/A | Learn more at EverBank, Member FDIC |
Our pick for
Savings Rates
4.60%
With $0 min. balance for APY
$300
Earn up to $300 with direct deposit. Terms apply.
Why We Like It
Rate: For customers with direct deposit or a deposit of at least $5,000 every 30 days into the account, the balance in the savings portion of the account earns an APY of 4.60% (variable and subject to change). For customers without direct deposit or the other monthly deposit option, that goes down to 1.20% APY.
Money held in the checking portion of the account earns 0.50% APY with or without direct deposit.
Requirements: There is no minimum deposit. You can earn interest on any balance.
Fees: No monthly fee.
Additional note: You can earn a bonus for setting up direct deposit into this account.
4.35%
With $0 min. balance for APY
N/A
Why We Like It
Rate: 4.35% APY.
Requirements: None.
Fees: No monthly fee.
Additional note: Barclays also offers online CDs.
5.10%
With $0 min. balance for APY
N/A
Why We Like It
Rate: 5.10% APY.
Requirements: There is no minimum balance.
Fee: There are no monthly fees.
Additional note: Bask Bank also offers another savings account that earns airline miles.
5.25%
With $0 min. balance for APY
N/A
Why We Like It
Rate: UFB’s savings account earns a 5.25% APY on all balances.
Requirements: There’s no minimum deposit requirement.
Fee: No monthly fee.
Additional note: UFB Direct also offers a money market account with a competitive rate and the ability to write checks, though it also comes with a monthly fee.
Editor’s note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the the full review for details.
4.75%
With $0 min. balance for APY
N/A
Why We Like It
Rate: 4.75% APY.
Requirements: None. You can fund with any amount and the rate will apply.
Fees: No monthly fee.
Additional note: Synchrony Bank will reimburse domestic out-of-network ATM fees.
5.15%
With $0 min. balance for APY
N/A
How to choose the best savings accounts
Look for savings accounts that offer strong yields. You want one that is well above the national average rate, which is currently only 0.46%. To compare, some of the best savings accounts interest rates today are above 5%.
Find a savings account that will not charge you a monthly fee. Many top savings accounts, particularly those available online, have no monthly maintenance fees or minimum deposit requirements.
Check to make sure the account is federally insured. This way, your money is protected if the financial institution fails.
What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts?
When we describe a savings account that is offered by a bank, we note “Member FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the account is federally insured. If a financial technology company — not a bank — offers a savings account, it typically partners with a bank that is an FDIC member to hold the funds so deposits can be insured. In those cases, we note “funds insured by the FDIC.” Savings accounts at credit unions are federally insured by the National Credit Union Administration, so we note “funds insured by the NCUA.”
What to know about savings accounts
A savings account is an account at a bank, credit union or nonbank provider that typically earns interest. The money in a savings account is federally insured. It is typically not used for everyday spending, but is a place where your savings can grow over time.
What to know about the best savings rates
The best savings rates can help your bank balance grow faster over time compared to average-rate savings accounts. NerdWallet regularly evaluates online and brick-and-mortar financial institutions to determine the best bank rates from the best savings accounts.
Benefits of the best savings rates
Money in a high interest rate savings account grows quicker. A deposit of $10,000 would earn about $45 after a year in an account with a 0.45% APY, which is close to the national average rate of 0.46%. But that same deposit would earn about $500 in an account with a 5% APY.
How to choose the highest interest rates
Look for accounts that have the highest APY you can earn. Some accounts require deposit minimums to get the best yields while others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges as fees cancel out the benefits of high interest rates.
» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.
Where can I earn the most interest on my money?
Online banks and nonbank providers (often apps that partner with a bank for FDIC coverage) tend to offer higher interest rates than traditional brick-and-mortar banks. Rates can go up or down at any time, however, and some institutions have been lowering their APYs to reflect market conditions. Keep a close eye on NerdWallet's list of the best online savings account interest rates to monitor these changes.
Why you earn interest on savings accounts
You earn interest from a savings account because the institution is paying you to lend it money. Your funds are used in its loans to other customers. Credit unions have a similar process, but they call interest “dividends.”
Full list of editorial picks: best savings rates
Here are all of NerdWallet's picks for the best savings account interest rates. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.
Affirm, 4.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.
Barclays, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Bask Bank, 5.10% APY, (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
BMO Alto, 5.10% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
Bread Savings, 5.15% APY (read full review), Member FDIC.* NerdWallet overall institution rating: 4.5 stars.
BrioDirect, 5.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 3.5 stars.
CIBC U.S., 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
CIT Bank, 5.00% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Citibank, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Citizens, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
ConnectOne Bank, 4.60% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
EverBank (formerly TIAA Bank), 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
First Foundation Bank, 4.90% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
Go2bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Ivy Bank, 5.30% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Jenius Bank, 5.25% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
Laurel Road, 5.15% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
LendingClub, 5.00% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Live Oak Bank, 4.40% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Marcus, 4.40% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
One, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 5.0 stars.
Popular Direct, 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Quontic Bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Salem Five Direct, 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Sallie Mae, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
SoFi, 4.60% APY (variable and subject to change, read full review), Member FDIC. NerdWallet overall institution rating: 5.0 stars.
Synchrony, 4.75% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
TAB Bank, 5.27% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
UFB Direct, 5.25% APY, Member FDIC. NerdWallet overall institution rating: 4.5 stars. Editor's note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the full review for more details.
Upgrade, 5.21% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
Zynlo, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.
Last updated on May 17, 2024
Methodology
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Savings Account Rates of May 2024 (Up to 5.35%)
- SoFi Checking and Savings: Best for Savings Rates, 4.60% APY
- Barclays Online Savings Account: Best for Savings Rates, 4.35% APY
- Bask Interest Savings Account: Best for Savings Rates, 5.10% APY
- UFB Secure Savings: Best for Savings Rates, 5.25% APY
- Synchrony Bank High Yield Savings: Best for Savings Rates, 4.75% APY
- Affirm Money: 4.35% APY
- Marcus by Goldman Sachs Online Savings Account: Best for Savings Rates, 4.40% APY
- BMO Alto Online Savings Account: 5.10% APY
- Bread Savings™️ High-Yield Savings Account: 5.15% APY
- BrioDirect High-Yield Savings: 5.35% APY
- CIBC Agility™ Savings: 5.01% APY
- CIT Bank Platinum Savings: 5.00% APY
- Citi® Accelerate Savings: 4.35% APY
- Citizens Access Savings: 4.50% APY
- ConnectOne Bank Connection Plus Savings: 4.60% APY
- EverBank Performance℠ Savings: 5.15% APY
- First Foundation Bank Online Savings Account: 4.90% APY
- GO2bank™ Savings Account: 4.50% APY
- Ivy Bank High-Yield Savings Account: 5.30% APY
- Jenius Savings: 5.25% APY
- Laurel Road High Yield Savings: 5.15% APY
- LendingClub High-Yield Savings: 5.00% APY
- Live Oak Bank High-Yield Online Savings: 4.40% APY
- One Savings: 5.00% APY
- Popular Direct Savings: 5.15% APY
- Quontic High Yield Savings: 4.50% APY
- Salem Five Direct eOne Savings: 5.01% APY
- Sallie Mae Bank High-Yield Savings Account: 4.50% APY
- TAB Bank High-Yield Savings Account: 5.27% APY
- Upgrade Premier Savings: 5.21% APY
- Zynlo Tomorrow Savings Account: 5.00% APY
Frequently asked questions
No, rates are variable. That means that they can change over time. The accounts featured in this article have the highest savings rates in our survey this month.
Institutions usually don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see rates at some providers remain unchanged for months.
It’s important to note, however, that rates are variable and theoretically can be changed at any time. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates. Many will change their rates based on what their competitors are doing. This happened in March 2020, when many online providers lowered their savings rates in reaction to the Federal Reserve's rate cuts.
To get the best yield for your money, it’s a good idea to check out the best rates on a regular basis. See this month's best rates.
You can generally access your funds by initiating an electronic transfer from the provider’s secure website or mobile app, day or night. You could transfer the money to your checking account or to another financial institution. This is often the easiest way to access money at an online provider. Other options include withdrawing cash from ATMs and setting up a transfer by phone.
Providers typically limit the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenient withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six withdrawals in a statement cycle, the institution may charge an excess withdrawal fee each time. Getting cash from an ATM does not count toward this limit.
On April 24, 2020, the Federal Reserve gave providers the option to eliminate this cap. To find out if yours has eased restrictions, call its customer service line. To learn more, read our primer on Regulation D.
If you want the ability to withdraw your money on short notice, use the flexibility of a savings account. You can earn interest and have fast access to your funds. If you won't need to take out money for a set time period, generally a few months or years, then you could earn higher rates by putting your money in a CD. To compare yields, take a look at NerdWallet's best CD rates this month.