Ways to Find a High Interest Savings Account

A high interest savings account helps your money grow faster than traditional savings accounts. These accounts pay a higher annual percentage yield (APY), making them useful for building an emergency fund or saving toward goals.

Here are some simple and practical ways to find the best high-interest savings accounts available today.

Use Financial Comparison Websites

Start by checking trusted financial comparison websites. Sites like Bankrate, NerdWallet, and Investopedia regularly update lists of savings accounts with the highest interest rates. These platforms let you filter results by APY, fees, minimum balances, and account features, making it easier to compare options.

Explore Online-Only Banks

Online banks often offer higher interest rates than traditional banks. Because they don’t have the same overhead costs, they can pass the savings to customers. Popular online banks that offer high interest savings accounts include Ally, Marcus by Goldman Sachs, and Discover Bank. Many of these accounts have no monthly fees and low or no minimum balance requirements.

Check Your Current Bank or Credit Union

Your existing financial institution may have competitive rates, especially if you maintain a large balance or meet certain requirements. Credit unions, in particular, can offer better rates and more personal service. Check their websites or contact customer service to find out about their best savings options.

Look at Fintech and Mobile-First Platforms

Several fintech companies offer savings products with high yields. These are often bundled with budgeting or investment apps. Companies like Chime, SoFi, and Varo provide savings accounts with competitive APYs and easy access through mobile apps. Make sure the account is FDIC-insured before depositing money.

Watch for Promotional Offers

Some banks launch temporary promotions with higher rates to attract new customers. These offers might include a higher APY for a limited time or cash bonuses for meeting deposit thresholds. Read the fine print to understand how long the rate lasts and what conditions apply.

Compare APY With Inflation Rates

While a high interest rate is good, it helps to compare it with the current inflation rate. This gives a better picture of your savings’ actual growth. Choose accounts where the APY comes close to or beats inflation to help preserve your money’s purchasing power.

Read the Terms Carefully

Not all high interest savings accounts are the same. Some may have tiered rates, which means you earn more interest only on certain balance levels. Others may charge fees if you don’t meet monthly deposit or activity requirements. Be sure to read all the terms before opening an account.

Finding a high interest savings account involves comparing rates, reviewing account features, and exploring various banks and platforms. By using comparison websites, checking online and mobile banks, and being aware of promotions and account conditions, you can choose a savings account that helps your money grow more efficiently.