5 High-Interest Savings Accounts to Check Out in 2024

The average savings account earns a measly 0.46%, as of Feb. 20, 2024. That means if you stashed away $1,000, you'd earn just $4.60 after a year.

Fortunately, you don't have to settle for average. There are plenty of banks that pay nearly 10 times the national average savings account annual percentage yield (APY). Online banks tend to be a good place to look because they have lower overhead costs than their brick-and-mortar counterparts, so they can afford to pay higher rates. Here are five picks for high-interest savings accounts to consider if you want to maximize the power of compounding in 2024.

1. SoFi Checking and Savings

APY: up to 4.60%

As the name suggests, the SoFi Checking and Savings gives you both a checking and savings account. (SoFi doesn't currently let you open a standalone checking or savings account.) Both accounts pay way more than the national average APYs, though.

You won't have branch access, but there are some sweet perks beyond the high APYs: You can earn a bank welcome bonus of up to $300 through June 30, plus there are no account fees.

Read our full SoFi Checking and Savings review.

2. LendingClub High-Yield Savings

APY: 5.00%

The LendingClub High-Yield Savings account has one of the most competitive APYs out there -- more than 10x the national average. You'll need to pay a $100 minimum deposit to open a savings account at this online-only bank. But after that, there are no balance requirements or monthly fees. The account also comes with an ATM card, which many banks don't offer for savings accounts.

Read our full LendingClub High-Yield Savings review.

3. Discover® Online Savings

APY: 4.25%

Discover® Online Savings is another savings account that offers a generous APY, on top of a welcome bonus. The requirements to earn the bonus are fairly high: Within the first 30 days, you need to deposit $15,000 to earn $150, or $25,000 to earn $250 -- but it's pretty rare to earn welcome bonuses when you open a savings account, so it's worth checking out. There's no monthly fee or minimum deposit.

Read our full Discover® Online Savings review.

4. Ally Savings

APY: 4.25%

Ally Savings is another bank that offers a high APY to online savers. As is common in the world of digital banking, the high-interest savings account doesn't have monthly maintenance fees or minimum balances.

One neat feature of the account: It lets you organize your savings into buckets, so that it's easier to keep track of your progress on multiple savings goals without maintaining several accounts. For example, you could separate your emergency savings, your vacation fund, and money you're setting aside for gifts into different buckets.

Read our full Ally Savings review.

5. Synchrony Bank High Yield Savings

APY: 4.75%

The Synchrony Bank High Yield Savings account's high APY stands out even among our picks for the top high-yield savings accounts. Plus, the account has no minimum balance, no minimum initial deposit, and no monthly fees. You also get an ATM card, which is a nice-to-have feature on a savings account.

Read our full Synchrony Bank High Yield Savings review.

Should you pick the savings account with the highest APY?

Not necessarily. APY is certainly one of the more important factors to weigh when you're choosing a savings account, but it's not the only thing that matters. Also consider:

• Will you pay a monthly fee? Some savings accounts charge monthly fees, which can eat up a significant part of the interest you earn, particularly if you maintain a small balance.
• Is there a minimum balance to earn APY? You'll see some banks advertise a high APY, but in the fine print, it states that you'll need to deposit a significant chunk of change to earn that APY.
• Are you OK doing your banking online? If you frequently visit your local bank branch and prefer face-to-face interaction, it may be worth accepting a lower APY.
• Are customers generally satisfied? If a bank has an excessive number of negative customer reviews, look elsewhere -- even if it has a highly competitive APY.

Shop around for a bank with a competitive APY so that your money can start earning money. But make sure the account is one where you'll be happy storing your savings for the long haul.