Best High Yield Savings Accounts for 2019

Best High Yield Savings Accounts for 2019

Are you earning the most from your savings and money market deposit accounts? Savings and MM accounts are the foundation of a strong financial plan, providing you with financial stability as you work to achieve your goals. Many banks and credit unions offer a variety of savings and money market accounts, and this article aims to help you find the highest interest rate for this type of deposit account.

Of course, a high-interest rate is not the only factor to consider when selecting an account. This article will help you choose the best deposit account for your specific needs.

How to Find the Best Money Market and Savings Interest Rates

Finding the best savings account rate is a simple matter at first glance: Just look in the right place for what you want. Looking at individual bank site or visiting physical branches is time-consuming, so skip the individual search and look online for sites that aggregate the best deposit account rates.

  1. Bankrate – Bankrate is a major player in this space. For your convenience, we’ve partnered with Bankrate to provide you with their live data feed. You can see their rate table below.
  2. Top Lists – You can check out various “top lists” by searching online. Top lists typically include online banks that provide higher interest rates than their brick and mortar counterparts.
  3. Alternative Options – Last but not least, there are alternatives to traditional savings and money market accounts that could provide competitive interest rates. Just remember that these options are not your typical savings accounts; you have to understand how they work before you decide to commit your money.

Remember that the best interest rate is not the only factor to consider; you should also consider the fees and make sure that you maximize your earnings and convenience with your savings.

In case, it is not obvious, this page does not include all available savings account offers from all banks.

Top High Yield Savings Accounts

The following table lists banks and credit unions that offer the highest yield savings account and money market rates as of today. To get more information, you can follow the link to the bank website.

Top 10 Best High Yield Savings Accounts for 2019

As of right now, these are some of the best offers online with no monthly fee (updated 6/15/2019).

Bank Rate Minimum
Wealthfront Cash Account 2.51% $1
BMO Harris Bank Platinum Money Market Account 2.45% $5,000
BBVA Money Market Account 2.40% $10,000
CIBC Agility™ Online Savings Account 2.39% $0.01
Citizens Access Online Savings Account 2.35% $5,000
Personal Capital Cash™ High-Yield Account 2.30% 0
Live Oak Bank 2.30% 0
HSBC Direct Savings 2.30% 0
Marcus by Goldman Sachs 2.25% 0
Synchrony Bank High Yield Savings 2.25% 0

Alternative Options to Savings and Money Market Accounts

In addition to high yield savings accounts and money market accounts, here are some alternatives that may work for you:

Option Description
certificate of deposit Certificates of Deposit: Another option to high-interest savings is certificate of deposits. There are CDs with a term as short as 3 months and as long as 10 years. Generally, longer term CDs pay more than savings, but require a long-term commitment.
checking accounts High Yield Checking Accounts: Generally, there are more restrictions around high yield checking to be eligible for the best rate. However, it may be worthwhile if you can meet the requirements.
Lending Club Lending Club is an SEC-registered social lending site where you can invest in 3-year and 5-year loans with as little as $25 per loan. The interest rate you earn depends on the quality of the loan (based on borrower’s credit rating, loan amount, loan length, etc.) Currently, Lending Club claims 93% of lenders earn between 6 to 18% APY.

IMPORTANT: Please note that there are special risks associated with social lending.
discount brokers Discount Brokers: Many discount brokers offer a money market account that acts as the default account for fund deposited into your brokerage account. It usually pays some interest (not as high as an online savings account), but a brokerage account also gives you access to other investment opportunities, e.g., income investing in dividend paying stocks.

If you know a bank that offers a higher rate than the ones above, we’d love your insight in the comments.

Frequently Asked Questions and Answers

What is the best way to choose a savings account?

When selecting a savings account, determine the features that are most important to you. For example, you may order the features as follows: high-interest rates, good customer service, low fees, and good reputation.

Are online savings accounts better than a traditional one?

Online savings accounts are more popular each day. Typically, you have to complete most of your transactions online or using the ATM, since there may not be brick and mortar locations in the “real” world. In exchange, you enjoy a higher interest rate than normal and pay lower fees.

How does FDIC insurance protect savings accounts?

When selecting a bank, make sure that it is FDIC insured. The federal government offers this insurance to participating banks and it protects your money (up to $250,000 per depositor at each banking institution) against loss in the event that the bank goes out of business.

What does FDIC deposit insurance cover?

FDIC insurance covers all deposit accounts, including savings accounts, money market accounts, certificates of deposit (CDs), and checking accounts.

Please review information associated with each offer before you sign up. Rates and conditions change constantly and I have reported what I believe to be the most accurate information at the time the article was updated.

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39 thoughts on “Best High Yield Savings Accounts for 2019”

  1. Man this was a really good compilation of guides towards interest rates. The only time I chase rates is when helping people fund CDs since online account rates change so much. This one is going to delicious.

  2. Wow…this is really great, up to date list of the best online savings information. I will surely bookmark all these sites. Again thank you for this well thorough researched work.

  3. Great roundup.

    Not sure if I’m the only one, but I’m willing to go with a bank that doesn’t have the highest rate if it’s easy to use, trustworthy, and has the features I need.

    • @Jason – You’re not the only one. Those are good attributes to consider. Unfortunately, I don’t have information on them and the best you can do is start from the highest paying banks and move your money if you’re not satisfied.

  4. Pinyo, You have amazing details on savings, cd and credit information. I also love your tables. Simply great! That is why I keep coming and learning so much from you, always.

  5. This was great to know the details about online Banking. They give details about interest rate about various banks. So that it is easy to know the highest interest rate. Beyond that if they give about extra information about the bank. It was helpful everyone.
    Thank you,

  6. I’m just wondering what bank offers this “12% & 18% annual compound interest rate for savings” that Dave Ramsey glorifies? Highest I’ve found is 4.51apy, big difference from 12 or 18 percent? What’s he talking about, what bank???

    • @Shay – Dave Ramsay has no idea what he is talking about. Not when it comes to debt (his snowjob method is point PROVEN — he’s a better lobbyist for the credit card companies than they are themselves!) and not when it comes to ROI. Just a snake oil salesman who sells overpriced, overmarketed “programs” to people who are already drowning in debt.

  7. Just as an FYI- The credit union I belong to has a special checking account that offers 3% interest up to $25,000. There are a few requirements, direct deposit, debit card use and online bill pay, all of which I had already been using. At the moment, I keep more money in my checking than my savings just to rack up the interest.

  8. I am a little confused with how much ill have in a savings account at ally after one year with depositing 3k. From the calculator on the site it says ill have 3,038? What about the the daily compounding why dont they calculate that?

    • @eric, $3,038 is correct. 1.29% APY takes into account compounding, so you simply multiply $3,000 to 1.29% to get $38.70 interest. Add that back to your $3,000 deposit and you get $3,038.

  9. awesome site.im finding a lot of useful info.im 29 and taking the plunge into the investment world.im mainly considering the brokerage houses (scottrade,tradeking,etc.) but things in this article such as peer2peer, and particularly everbank, really caught my attention

  10. Pinyo, just wanted to say what a great site you have! I’m SO glad I came across it. You have lots of info that other comparison sites don’t have. BTW, we opened an AMEX savings account and are very pleased. We were with ING for years, but the continual drop in interest rates prompted us (well, me, since I do the finances 🙂 to change. Also, this is the first place I’ve heard about Sallie Mae. Don’t want to chase rates, but their Upromise deal is interesting. Maybe open a second account? Sorry to babble, just wanted to say good work!

  11. Great list of savings accounts! For those starting to save with very little money, SallieMae is a great choice. They have no minimum initial deposit and no minimum deposit thereafter. That’s nice for those who want to save, but don’t have an initial $1500 and can’t put $25 or more in on a monthly basis.

  12. Pinyo, I would like your opinion. I’ve got quite a bit of money from selling my house. Currently, like Ann McD, my credit union offers only .10% for my savings account but a high 4.51% interest on my checking account. Is it safe to move over $10,000 into my checking account just to receive the good interest? Are there any downsides to doing this? I would sincerely appreciate your advice. Thank you.

    • @Lorri – It’s hard for me to say without knowing more about your CU and the checking account offer. $10,000 is certainly covered by NCUA (the equivalent of FDIC) insurance, so you’re covered there. But you have to read the fine print to understand how much money in your checking will actually earn the 4.51% — some banks cap the amount that could earn high interest.

      Also, if you have a lot of money and is not planning to do anything with it for a while, you may want to consider investing what you could in TIPS. It pays a little bit of interest on top of the guarantee that you will beat inflation (so that means a lot more than what your savings/checking could offer you), and it’s backed by the U.S. government (fairly safe).

  13. Capital One is potentially #1 on your list (or at least #2 with an asterisk). In addition to the 1.35% base rate, they pay a quarterly bonus of 10% of interest earned on accounts with a minimum balance of $15,000. This raises the effective rate on such accounts to 1.485%. (I’ve just switched over from HSBC, after confirming with them that they have no current plans to meet this very strong competition.)

  14. Tried American Express which as a very competitive rate and a good customer service. Plan to try Smarty Pig. Is there somebody who have tried their service? It offers the highest rate in the market so far this month.

  15. How much does $30,000 make a difference in terms of choosing a savings account versus a money market account? This is really just my emergency fund in case anything happens?

    • @Gloria – The interest rate won’t be that big of a difference. You’ll be protect by FDIC insurance, so you should pick a bank that you’re most comfortable with and that doesn’t charge you any fee for keeping your money there.

  16. I want to make the best financial decisions for my family. I began using the Upromise card about a year ago and have now accumulated some savings (not much) … is it a good idea to open a savings or Certificate of Deposit with SallieMae, or is there a better option.

  17. Pinyo,

    It is great that you also expose your readers to some of the Alternatives such as Lending Club and Prosper. These are fantastic assets but certainly not an equivalent to a bank savings account. It is a very active strategy that can pay far higher rates of return quite safely IF:

    1) You put in the research (there is a lot of data to crunch- DO NOT RELY on someone’s analysis of risk especially the guys selling you the loans (Good advice when you are buying ANYTHING but especially investments). LC and Prosper are great companies but their credit models are not infallible)
    2) have enough money to diversify broadly (at least $20-$50K)
    3) Do not need liquidity (These are 3 Yr or 5 yr loans )
    4) Are comfortable with income volatility and a “laddering” approach where you are continually rolling money delivers smoothest returns.

    Consumer credit is a great asset (hell its what banks do with your deposits to pay you the little bit of interest on the account!) but it is an investment not a bank account and should be approached as such.

  18. My current APY at my bank is .50% and it hasn’t gotten me much of anywhere in these past few years. Thanks for sharing this information. I actually chose my savings account because I already have a checking account with this bank (TCF Bank). I will definitely be looking into Ally & Discover.

  19. Some online banks restrict the amount you can withdraw during a time period. For example, Discover limits to $100,000 per 30 day rolling period. The Bank may change these limits at any time with notice if required by law. You may want to keep your deposits below these limits.

  20. I visited Bank of America, Chase, TD, Capital One, and Astoria Federal for checking or savings accounts with good i retest rates. I also have an amount larger than $25,000. The best rate I found just to earn interest was Capital One with 1% with their High Yield Free Checking account. I’m suprised that there werent any better offers. Did I miss any good opportunities Pinyo?

    • @Bobby, that sounds about right that you get the best rate from Capital One (thanks mainly due to their acquisition of ING Direct). If you’re looking at national banks 1% for savings is about where it tops off right now. Local banks and credit unions may offer slighly higher rate, but you have to look around for them.

  21. Pinyo, in your comments earlier you mentioned that someone consider investing in TIPS to beat inflation, and that it is government-backed. What is TIPS?

    Also – I keep seeing mentions that there are credit unions that are giving a 4.5% return on savings. Any idea what CU’s they are?

    Thanks, what a great site!

  22. These “returns” are a big joke…on us, of course. 1%?? Oh, yeah. Cost of living 4% Golly bob howdy, I just lost 3% of my savings in a year! And yet, these very same banks have plenty of money, billions, to build or buy new rip-off banks. The greed in this country boggles the mind.

  23. Thanks for sharing your list. We should learn as much as we can about the various financial industries before deciding which one to choose. It will help us a lot for our financial security and future.

  24. Thank you for really helpful and valuable article, unfortunately many of average consumers really know little of the alternative financial options offered by various services and banks.I will definitely look deeper into the lending club options.

  25. Good Morning,

    You need to update your information on non-CD accounts.

    Cit Bank offers .99% Interest and 1.00APY. You need to stress that the APY is a rounding factor and that people should look at the interest rate primarily to make a decision. The APY is an enticement in advertising but the interest rate is more important. People forget this fact.

    Please date your information as it would be most helpful. Example. The APY is 1.00% as of October 24, 2014.

    Thank you.


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