Create Wealth

13 High Yield Savings Accounts

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Savings Account

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Have you thought about how to make your money work for you but not sure where to start?

I remember sitting with my friend Tracy on the beach after class one day (we met in college) over 10 years ago and she told me about high-yield savings accounts. Specifically, she told me about American Express Personal Savings and how her money was earning a pretty high interest rate just sitting in the bank. I was blown away! 

High-yield savings accounts were pretty new at the time, but I had to jump on it. I immediately opened a savings account with American Express and have been with them every since. I’ve been really happy with my experience with an online savings bank.

My friend Tracy is pretty smart! And I’m glad I took her advice. 

Here is a picture of us graduating from college together!

budget savings
Savings Account

High Yield Savings Accounts

High-yield savings accounts are relatively new. These savings accounts have blossomed due to the advancement in technology and comfort that most people feel with online transactions.

The benefit of a high-yield savings account is that the banks have very little overhead and therefore are able to pass on those savings to the consumer (win-win for all!).

These accounts all offer an APY over 2% while most traditional savings accounts are less than .10%!

Savings Amount

Example: A balance of $5,000 would earn about $5 in an account with a 0.10% APY. That same balance would earn about $116 in an account with a 2.30% APY.

Here is an excellent Savings Calculator if you are interested in playing with different numbers to see how much you can earn!


According to Bankrate there are a few benefits to an online savings account:

  • you can earn more on your money and meet your savings goals faster
  • no or low fees: typically there are no monthly fees and low fees for things like having non-sufficient funds. Some banks even offer fee forgiveness.

There are other ways to generate money off of money sitting in an account (for example, cd’s, money market accounts, 401Ks, IRA’s, etc) but these can be very restrictive and have a lot of limitations.

High-yield savings accounts allow the consumer to appreciate interest on their money and also have relatively easy access to their money when needed. These accounts are especially perfect for someone who has a good amount of money in savings such as an emergency fund, or is saving for a big expense like a wedding or down payment on a home. This person will be able to get the most bang for their buck while also being able to liquidate their assets when the time comes.

Online banks often offer websites and mobile apps. Although most of these accounts are purely online, the consumer can easily transfer the funds to their brick and mortar bank account or even call the online bank and request that a check be mailed to them directly. Some of these banks even provide ATM cards and checks as well.


These banks are federally insured by the Federal Deposit Insurance Corp., up to $250,000. If the account is with a credit union, the account will likely be insured through the National Credit Union Administration, also for $250,000.

What is APY

Annual percentage yield– The APY is the amount of compound interest an account earns in a year. The calculation is based on the account’s interest rate and also the amount of times interest is paid throughout the year.

How to select the right account

According to NerdWallet there are a few ways to select the right account for you:

  • look for accounts that have high interest rates and low service charges
  • make sure you don’t have to pay a fee to the bank monthly
  • some banks have monthly fees will waive them if you meet a balance minimum- make sure you are able to meet the balance minimum easily.

-13 High-Yield Savings Accounts-
$0-$100 minimum and 2% APY or higher

1.Comenity Direct

  • 2.48% APY
  • $100 minimum deposit required
  • no monthly fees

2.Banesco USA

  • 2.47% APY
  • $100 minimum deposit required
  • $300 minimum monthly balance required to earn APY
  • no monthly fees if you maintain the minimum balance requirement

3.Vio Bank

  • 2.46% APY
  • $100 minimum deposit required
  • no monthly fees if you elect estatements instead of paper

4.CIT Bank Savings Builder Account

  • 2.40% APY
  • $100 minimum deposit required
  • no monthly fees
  • have to deposit $100 every month to maintain APY

5.Marcus Goldman Sachs

  • 2.25% APY
  • $0 minimum to open
  • no monthly fees
  • no minimum balance required to earn interest

6.Barclays Online Savings Account

  • 2.20% APY
  • $0 minimum to open
  • no monthly fees
  • no minimum balance requirement

7.SoFi Money Cash Management Account- Hybrid Checking/Savings Account

  • 2.25% APY
  • no monthly fees
  • no minimum balance
  • earn interest like a savings account while also getting the same spending options and flexibility as a checking account.
  • take out money whenever you want without account or ATM fees
  • can use any ATM worldwide that accepts Visa and they’ll reimburse you for any fees
  • access to member benefits like career coaching and financial advising
  • Free checks

8.Ally Bank

  • 2.20% APY
  • no monthly fees
  • no minimum balance

9.Synchrony Bank

  • 2.25% APY
  • no monthly fees
  • no minimum balance
  • can use an ATM card wherever your ATM card is accepted or at a point of sale using a PIN transaction
  • Synchrony Bank will refund domestic ATM fees charged by other financial institutions, up to $5 per statement cycle
  • if you are Diamond Reward Tier Level, the refund amount is unlimited per statement cycle
  • Synchrony Bank will not refund any conversion fees or access fees charged by ATMs abroad

10.Barclays Bank

  • 2.20% APY
  • no monthly fees
  • no minimum balance
  • direct deposit to make saving simple and easy

11.American Express National Bank High Yield Savings Account

  • 2.10% APY
  • $0 minimum to open
  • no monthly fees
  • no minimum balance requirements in order to earn interest

12.Discover Online Savings

  • 2.10% APY
  • $0 minimum to open
  • no monthly fees
  • first fee forgiveness annually
  • you will also receive bank checks to use

13.Alliant Credit Union High-Rate Savings

  • 2.10% APY
  • $5 fee to open (reimbursed)
  • $100 minimum balance needed to be maintained to earn interest
  • no monthly fees if you chose estatements (instead of paper)
  • make deposits and withdrawals at thousands of ATMs nationwide
  • $5 minimum deposit is required to open an account, but the credit union pays you a $5 bonus when you open an account

Tracy & I

Since graduating from college we both have decided to go an entrepreneur route. Tracy was always a master of baking so she decided to open a baking business! She is always booked and has won awards for her baking! If you are in the San Diego area, check her out!

Cakerella Creations

Check out Cakerella Creations on Facebook!

Cakerella Creations

Check out Cakerella Creations on Instagram!

Trying to Get out of Debt?

Debt Snowball and Debt Repayment Worksheets 

With these worksheets you will:

Track your debt payoff month by month

Stay focused on paying down your debt

Have a structured debt payoff plan

Debt Repayment Worksheet
Debt Snowball Worksheet

Thank you for reading!

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xoxo, Kylie

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  1. Very good information

    1. Kylie says:

      Great, thank you!


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