Compare Best High Yield Savings and CDs

Unleash the Power of High-Yield Accounts

Credit and Cents may earn a commission from affiliate partners (at no additional cost to you) on many offers and links. This commission may impact how and where certain products appear on this site (including, for example, the order in which they appear). 

Welcome to Credit and Cents, your source in building financial awareness on your journey to achieving your financial goals.

Many individuals miss out on earning higher interest rates on their savings by sticking to traditional brick-and-mortar bank accounts. According to the FDIC, the national average savings interest rate is a mere 0.45% APY (Annual Percentage Yield).

Industry Rate Update: Credit and Cents research shows that both CD rates and High-Yield Savings APYs are currently trending lower after the Fed cut interest rates. Regarding High Yield Savings, rates in the 4.75% – 5% range are getting harder to find. Valley Direct Bank however, introduced a new savings promotion for new customers with a 4.80% APY on their High Yield Savings account. Many high-yield savings accounts will likely have rates below 4% in 2025. We recommend acting now on the current high APYs as rates are forecasted to drop further.

Streamline Payments, Save Big: The Melio Advantage for Businesses. Amplify Cash Flow with Melio!

Best High Yield Savings Accounts – Credit and Cents’ Top 8 Rates

Whether you are looking to grow your savings (or your tax refund), or looking to avoid market volatility, you can now earn some of the highest rates since 2009. The standard FDIC insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

Based on high APY, no monthly fees, third party reviews of the online accounts, and our recent review of comparison websites, the below is our recommended online high yield savings accounts compared to other leading high yield savings accounts.

Take advantage of these high rates today.

Bank Name/Account	Rate (APY)	Minimum Balance to Open	Commentary
Valley Direct (a division of Valley Bank) Save Now or Learn More	4.80%	$1	Top rate from a strong US financial institution
CIT Bank Platinum Savings (highest APY for $5,000 or more in deposit) Save Now or Learn More	4.55%	$100	Good rate from a leading online bank
CIT Bank Savings Connect Save Now or Learn More	4.20%	$100	Good rate for a no tier savings account
Synchrony Bank	4.30%	$0	Above average interest rate
Marcus Online Savings	4.10%	$0	Good rate but higher rates are available
Citibank High Yield Savings	4.00%	$0	Good rate but higher rates are available
American Express High-Yield Savings	4.00%	$1	Higher rates are available from online banks

Upgrade Premier Savings –  Earn Top of the Market APY

Rates are as of November 25, 2024, compiled directly from the respective bank websites.  High Yield Savings on Credit and Cents’ Top 8 list average APY: 4.30%.

By choosing high-yield savings accounts and high-yield CDs from top-rated online banks like CIT Bank (a division of First Citizens Bank, a top 20 US Bank with more than $100 billion in assets), Upgrade Bank (a leading US fintech), and Valley Direct Bank (an online subsidiary of Valley Bank, a top-performing US bank with $57 billion in assets) you can enjoy interest rates that are up to 11 times higher than those offered by traditional banks.

CIT Bank, Upgrade Bank, and Valley Direct Bank are not only recognized for their stellar performance but also for their commitment to customer satisfaction and 24/7 easy access to funds.

NEW! It takes less than 10 minutes to start saving with this high rate. Open today with as little as $1. FDIC Insured.

TOP RATE FROM LEADING ONLINE BANK: For deposit of a minimum of $5,000, save faster with the Platinum Savings account. This flexible account is paying a market leading APY. Click here to open or to learn more.

Open Savings Connect with $100. All balances get the highest rate! 

CIT Bank was ranked #1 in customer experience by the American Banker magazine. 

All offers listed here from Axos Bank, CIT Bank, and Valley Bank are market leading FDIC insured high interest rates bank accounts! US residency required. 

High-yield savings accounts outshine traditional options with their significantly higher interest rates, currently averaging around 5% APY on Credit and Cents’ website. These accounts are flexible and can be used to:

• Grow savings quickly

• Build emergency funds

• Serve as a short-term alternative to stock market investments

High-Yield Savings vs High-Yield CDs

High-yield savings accounts offer flexibility, allowing multiple deposits and withdrawals per month. On the other hand, high-yield CDs have fixed term lengths and interest rates. While both options are FDIC insured, CDs offer more rate stability, making them a great choice for individuals seeking longer-term investment opportunities.

Exploring No-Penalty CDs

For those desiring added flexibility, no-penalty CDs are an attractive option. You can withdraw funds penalty-free after just one week, unlike standard CDs that impose penalties for early withdrawals. These CDs often have slightly lower rates compared to standard CDs, but their flexibility makes them ideal for uncertain financial situations.

For a 12 month CD, Banks usually charge anywhere between 60 days and up to 180 days worth of interest as penalty for early withdrawal. 

Bookmark our site so that you can remain informed about high CD and Savings account rates as we are currently in a rate changing environment for high yield accounts.

Click here for the 11 month peace of mind, no-penalty CD 

Most CDs charge you a fee if you need to withdraw money from your account before it matures. But if you get a no-penalty CD, you won’t have to pay an early withdrawal penalty. Lock in the high rate today and if rates go up in the future, withdraw your funds and just move to the higher rate account without any penalties or hassle. No-penalty CDs are specially ideal for those who aren’t sure when they’ll need access to their money, but still desire to earn a possible higher APY. Be a savvy saver. Start earning today. 

 

Check out our Quarterly Newsletter here which contains useful market information and strategies to take advantage of the recent trends. 

High Yield Certificate of Deposit Rates – 18 month Term

Bank	High Yield CD Term	Rate (APY)	Minimum Deposit
CIT Bank Save Now	18 mo	3.00%	$1,000
Sallie Mae	18 mo	3.80%	$2,500
Ally Bank	18 mo	3.80%	$0
Synchrony Bank	18 mo	3.90%	$0
Discover Bank	18 mo	3.80%	$2,500

Rates are as of November 25, 2024

CD rates are trending down.  Act now to take advantage of the current high rates.

 When choosing the best FDIC insured CD for your money, keep in mind the following 4 factors:

• CD Term Length – how long can you comfortably commit to locking up your money

• Interest Rate (APY) – use our comparison table to help you find the highest interest rates offered by the online banks

• Minimum Deposit Requirement – Most CDs require a minimum deposit to open an account. Deposit amounts vary by bank.

• Early Withdrawal Penalty Fee – if you withdraw your funds before the term ends you will get hit with an early withdrawal penalty, usually several months of interest (not applicable for no-penalty CDs).

Create a balanced portfolio, guided by AI. Try Magnifi Personal, free for 7 days

Seize the Opportunity for Higher Earnings

Savings Accounts APY Comparison of Major US Banks (online vs major brick and mortar banks):

Valley Direct	Citi Accelerate Savings	Bank of America	Chase	Wells Fargo
4.80%	4.00%	0.01%	0.01%	0.05%

Rates are as of November 25, 2024

As you can see above, don’t settle for low rates from the traditional brick and mortar banks. Take control of your financial growth by opening an online high-yield savings account or a high-yield CD.

Top 7 reasons to open a high-yield savings account or a high-yield CD

1. Maximizing Returns: High-yield savings accounts and CDs offer significantly higher interest rates compared to traditional savings accounts. By opening one of these accounts, individuals can earn more on their savings, maximizing their returns over time.

2. Safety and Security: High-yield savings accounts and CDs are typically offered by reputable financial institutions and are FDIC or NCUA insured, providing peace of mind that deposited funds are protected up to the maximum allowed by law.

3. Goal-Based Saving: Whether saving for a down payment on a house, a dream vacation, or an emergency fund, high-yield savings accounts and CDs provide a dedicated space to save towards specific financial goals. The higher interest rates help accelerate progress toward achieving those goals.

4. Capital Preservation: CDs, in particular, offer a fixed interest rate and a predetermined maturity date, making them an attractive option for individuals looking to preserve their capital while earning a higher return than traditional savings accounts.

5. Passive Income Generation: High yield savings accounts and CDs can serve as a source of passive income, allowing individuals to grow their wealth over time without actively managing investments. This can be especially beneficial for retirees or those looking to supplement their income.

6. Low Risk: Compared to other investment options, high-yield savings accounts and CDs are relatively low-risk, making them suitable for conservative investors or those with a shorter investment horizon.

7. Liquidity: While CDs have a fixed term, high-yield savings accounts offer liquidity, allowing account holders to access their funds whenever needed without penalties or restrictions, providing flexibility for unforeseen expenses or emergencies.

How do your savings compare?

A Simple Path to Higher Earnings

High Interest (APY) + Convenient Access to Funds + No Monthly Fees = Peace of Mind

Unlocking the potential of high-interest accounts is a straightforward process:

1. Compare and Choose: Explore the options and select the account that aligns with your needs.

2. Provide Information: Share your contact details, social security number, and identification to open the account.

3. Fund Your Account: Deposit funds through electronic transfers, mailed checks, or wire transfers.

4. Confirmation: Receive email confirmation from your chosen online bank.

5. Watch Your Savings Grow: Sit back and watch your savings flourish, benefiting from daily compounding interest.

The sooner you start, and set up a recurring deposit, the more your savings grow (because of the daily compounding of interest). 

Start Your Journey to Financial Growth

Don’t let your savings stagnate in traditional bank accounts. Embrace the power of high-yield accounts and CDs to accelerate your earnings. Choose the option that suits your financial goals and open an account today. Be a savvy saver and embark on a journey of financial success.

Our Featured High Yield Savings Accounts

Received a Tax Refund, Stimulus Payment, or looking to start a savings account to meet a savings goal within a short period?  Check out below our featured high yield savings accounts from CIT Bank, Upgrade Bank, and Valley Direct Bank.

Independent product ratings are included with each product description (where available).

Upgrade Premier Savings

• No monthly maintenance or transfer fees mean worry-free management of your money.

• Upgrade Mobile Banking app ensures easy access with a 4.8-star rating.

• With a 4.5-star Trustpilot rating and A+ BBB grade, Upgrade is trusted and reliable.

• For savvy savers, the Upgrade Premier Savings is the best choice for secure, high-yield savings.

Online High Yield Savings Account from Valley Direct – A great option for you to earn high interest rates

It takes less than 10 minutes to start saving. Open a Valley Direct account now.

• 95+ years of helping people save

• 24/7 online and mobile access

• FDIC insured

• No monthly maintenance fees

Start Earning Now

CIT Bank Platinum Savings

If you’re looking to grow your savings while avoiding stock market volatility, the CIT Bank High Yield Platinum Savings Account is an ideal choice. This account has been a favorite among Credit and Cents website users and provides market-leading interest rates. The higher your balance, the more you will earn. Earn the high rate below with balance of $5,000 or more and enjoy the benefits:
 

• Interest is compounded daily

• No monthly maintenance fees

• Deposit checks remotely and make transfers easily with the CIT Bank mobile app

• Open in just minutes with only $100

Start Earning Now

CIT Bank Savings Connect – Ideal for those looking to save for any purpose
 

• Open with only $100

• No monthly fees

• Deposit checks remotely and make transfers easily with the CIT Bank mobile app

• This product received a high rating of 4.5/5 (Nerdwallet.com)

Start Earning Now

Are you saving enough? Read our blog on average savings by age and income. 

Savings Calculator

Use our savings calculator below to help you with your savings goals:

Certificate of Deposits (CDs)

For Savers who are looking to lock in their APY for a set period of time while earning a Market Leading APY with flexibility.

Interested in a longer term CD? Click here for the 12 Mo CD from Valley Bank 

CIT Bank No-penalty CD – Peace of Mind: No Penalty. No Problem.
 

If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. 

• No monthly maintenance fees

• No Penalty for early withdraw

• Minimum of $1,000 deposit 

• One of the highest CD rates in the nation today

• CD for those who desire high rate and flexibility

Start Earning Now

Cash Back battle is heating up. Which credit cards are the best for cash back? Click here to find out.

Frequently asked questions

What does annual percentage yield (APY) mean?

Deposit accounts (Savings, Checking, Money Market, CD) rates are quoted in terms of APY, which is the effective annual interest return after taking into account the effect of compounding interest (assuming that the deposit balance does not change). 

Is my money safe in an online savings account?

Yes, online accounts are safe. Most online financial institutions are federally insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor.

What is the difference between a savings account and a money market account?

Although savings and money market accounts offer similar APYs, money market accounts usually require higher balances to avoid monthly fees, if any. Due to these deposit requirements, the money market accounts tend to offer a higher APY than savings accounts.

How often do high savings rates change?

Since the rates (APYs) are variable, the rates can change at any time. Typically, financial institutions adjust their APYs based on their competitors’ actions or when the Federal Reserve hikes or cuts the interest rates. However, in times of low inflation, saving accounts’ APYs usually remain unchanged. Your online bank will usually notify you whenever the high yield savings rate (APY) changes.

How often can I take money out of a high-yield savings account?

Typically, financial institutions limit the number of certain kinds of withdrawals from any type of savings account to a maximum of six per month. Exceeding the six transactions per statement cycle can result in being charged an excess withdrawal fee each time the limit is exceeded. However, on April 24, 2020, the Federal Reserve allowed providers to eliminate this cap. Contact your financial institution’s customer service line to find out if it has eased restrictions.

What are the differences between Brokered CDs and Bank CDs?

Bank CDs are usually purchased directly from a bank, while brokered CDs are typically purchased through a brokerage firm (such as Morgan Stanley, Merrill Lynch, Schwab, Edward Jones etc.). Brokered CDs and traditional CDs are both issued by a bank (i.e. they’re both protected by FDIC insurance), earn fixed interest and come with specific maturity dates.

With a brokered CD, you can take advantage of longer terms:

• A typical bank CD’s term length is between three months to five years. A brokered CD can offer much more flexibility with terms ranging between one month and 20 years.

A bank CD’s interest is usually compounded and paid at the maturity date. Brokered CDs, don’t compound interest and interest can be paid in regular periods, such as monthly or twice a year, or at maturity.

If you withdraw money early from a bank CD, you’ll usually incur a penalty worth months of interest (unless you opened a no-penalty CD). With a brokered CD, you sell the CD instead and your brokerage firm may charge you a fee to process the transaction.

If you have a brokerage account and access to a Financial Advisor, a brokered CD may be worth exploring if you want to take advantage of longer term lengths, and the greater liquidity compared to traditional CDs.

However, for most consumers a traditional CD would be simpler to open and manage. For those looking for the most liquidity (i.e., easiest access to cash) — such as if you’re saving for a particular goal or to build an emergency fund — a high-yield savings account would be the way to go.

Stay Vigilant Against Scammers

Online scammers are persistent, so it’s crucial to remain cautious. Protect yourself by recognizing and avoiding common scams:

• Be skeptical of urgency tactics demanding immediate credit card or personal information.

• Be cautious of unexpected calls, texts, or emails about unauthorized purchases, and avoid sharing sensitive data.

• Be aware of fake tech support websites that aim to extract your personal information.

Credit and Cents is an affiliate partner for CIT Bank (a division of First Citizens Bank), and Valley Direct Bank (a digital only subsidiary of Valley Bank). 

We provide competitive research and product information so that you can apply for the high-yield account that makes the best sense for you.  All accounts are opened on the Bank sites only (no customer information is collected on the Credit and Cents site).

Still have questions about whether a High-Yield Savings account is right for you?  Read our blog on what to look for when opening a High-Yield Savings Account.

Did you find the information that you were looking for? Email us if you have any general product questions at ccmarketing@creditandcents.com.

About Valley Bank

Founded in 1927, Valley Bank is a regional bank with $64 billion in assets. It is among the most reputable financial institutions in the industry and one of the largest banks in the US. 

Valley Bank has more than 200 branch and commercial banking locations across Alabama, Florida, New Jersey, New York and California. 

 

Is Valley Direct legit? 

Yes, Valley Direct is a trustworthy provider of savings products. It operates as the online division of Valley Bank, a well-established financial institution that is a member of the Federal Deposit Insurance Corporation (FDIC). This means that accounts opened with Valley Direct are insured by the FDIC for up to $250,000, ensuring your deposits are protected. Valley Bank, which has been in operation since 1927, manages over $61 billion in assets (as of October 2024), demonstrating its stability and long-standing presence in the banking industry.

About CIT Bank

CIT Bank, a division of First Citizens Bank, stands as a trustworthy institution with a rich legacy of strength and stability. It’s the largest family-controlled bank in the US, boasting over $100 billion in assets. Recognized for exceptional customer experience and a high rating by Nerdwallet.com and Bankrate.com, CIT Bank is committed to your financial well-being.

CIT Bank was ranked #1 by the American Banker magazine for customer experience. 

Overall, CIT Bank receives 4.0/5 (by Nerdwallet.com), and a high 4.3/5 (by Bankrate.com).

“If you’re looking for bank accounts with higher earning potential, CIT Bank may be a great option. The combination of competitive rates and low minimum opening deposits makes CIT an attractive option for online banking.

Its money market account earned CIT a spot on Forbes Advisor’s The Best Money Market Accounts 2021.” – Forbes Advisor (January 26, 2021)

CIT Bank’s awards include:

About Upgrade Bank

Upgrade is a reputable financial technology (fintech) company headquartered in San Francisco, boasting over 250 employees and serving more than 2 million customers.

While Upgrade isn’t a traditional bank, it offers robust personal banking services through a partnership with Cross River Bank. This collaboration ensures that your deposits, up to $250,000, are federally insured by the Federal Deposit Insurance Corporation (FDIC), providing peace of mind and security for your funds. So, rest assured knowing that your finances are in good hands with Upgrade, where cutting-edge technology meets trusted banking services.

With a stellar online reputation, Upgrade has earned a 4.5-star rating on Trustpilot and an A+ grade from the Better Business Bureau.

Additionally, the Upgrade mobile app garners high praise, boasting a 4.8-star rating on the Apple App Store and a 4.7-star rating on Google Play. This user-friendly app makes managing your finances a breeze, whether you’re checking balances, making transfers, or tracking expenses.

Sign Up for our free newsletter here to receive top saving offers:

 To see a copy of our newsletter, please click here.