Our Top Choice
SoFi High-Yield Savings Account
- Interest Rate: 3.8% APY
- Introductory Bonus: Up to $300
SoFi’s competitive rates and frequent intro bonuses make for an excellent savings account option, especially if you can satisfy the deposit requirement. To qualify, you need to make one or more direct deposits that total at least $5,000 within the first 30 days. The HYSA also comes with a checking account that earns interest, too, and your funds are backed by FDIC insurance.
Verdict: This is a fantastic option to maximize your savings in the next year because of the strong rate and $300 intro offer.
A Close Second
Discover High-Yield Savings
- Interest Rate: 3.70% APY
Discover offers a nice combination of banking and personal finance products. The rate is competitive and the app’s ease of use make it a favorite by many.
Verdict: Solid choice if you’re looking for something that offers a wide variety of financial products with a brand name you already know.
Another Great Option
CIT Bank HYSA
- Interest Rate: 4.10% APY
- Rate Qualification: $5,000 deposit
CIT Bank is a good option for overall banking services. While you’ll have to meet minimum deposit requirements, the interest rates are often higher than other institutions.
Verdict: CIT Bank is a great full-banking solution, particularly if you have $5,000+ to transfer into a high-yield savings account to earn at higher interest rates.
Another Great Option
Barclays HYSA
- Interest Rate: 4.40% APY (high deposit level)
- Interest Rate: 4.15% APY (typical deposit level)
Barclays is a massive banking player, and their HYSA offering is a strong one. The top interest rate might be a bit unattainable with a required deposit of $250,000, but the normal rate of 4.15% is still a very compelling one.
Verdict: If you have large scale deposits you’re looking to move, this is a great choice from a big player.
Bonus: Checking + Savings
Discover Bank Checking
- Interest Rate: 1.00% cash back on debit transactions
Discover Checking is a unique solution given that you earn 1% cash back when using your debit card on up to $3,000/mo. in spend. This puts it way ahead of many alternatives that don’t provide rewards.
Verdict: A great choice on its own that also pairs well with a Discover HYSA. Plus, all customer support is U.S.-based no matter if you’re calling in by phone or chatting online.
