A high-yield savings account (HYSA) can be a great way to grow your savings with minimal risk. In 2024, the best high-yield savings accounts offer competitive interest rates, low or no fees, and flexibility for saving. Here’s a roundup of some of the top HYSAs you can open this year, based on factors like interest rates, customer experience, and features.

---

1. Marcus by Goldman Sachs

APY: 4.30%
Minimum Deposit: $0
Monthly Fees: $0

Overview:
Marcus by Goldman Sachs has been a consistent leader in high-yield savings accounts. It offers a competitive APY with no minimum deposit requirement or monthly maintenance fees. Marcus also provides easy access to your savings with no penalty for withdrawals, making it a flexible option for both short- and long-term savers.

Pros:

• High APY with no minimum balance
• No fees
• Easy-to-use online platform

Cons:

• No ATM access (but withdrawals are easy via bank transfer)

---

2. Ally Bank

APY: 4.25%
Minimum Deposit: $0
Monthly Fees: $0

Overview:
Ally Bank is a top choice for its combination of high interest rates, ease of use, and a broad array of financial tools. In addition to a solid high-yield savings account, Ally offers a variety of other products, including checking accounts and CDs, making it a great one-stop shop for your banking needs.

Pros:

• High APY
• No fees or minimum balance requirements
• 24/7 customer service and mobile app for easy access

Cons:

• Does not have physical branches (purely online banking)

---

3. Synchrony Bank

APY: 4.25%
Minimum Deposit: $0
Monthly Fees: $0

Overview:
Synchrony Bank’s high-yield savings account is another strong contender in 2024. With a competitive APY, no fees, and a wide range of banking products, Synchrony is perfect for savers who want a straightforward, fee-free account. Additionally, Synchrony offers an ATM card for easy withdrawals at more than 1 million locations nationwide.

Pros:

• ATM access with free withdrawals
• No monthly fees
• Competitive interest rate

Cons:

• Does not offer physical branches, which can be limiting for some users

---

4. Discover Online Savings

APY: 4.00%
Minimum Deposit: $0
Monthly Fees: $0

Overview:
Discover is well known for its credit cards, but its online savings account is also a solid choice in 2024. Discover offers a high APY with no minimum deposit or monthly maintenance fees, as well as convenient online banking features.

Pros:

• Competitive APY
• No fees or minimum balance
• 24/7 customer service support

Cons:

• No physical branches, which may be inconvenient for some customers

---

5. Capital One 360 Performance Savings

APY: 4.00%
Minimum Deposit: $0
Monthly Fees: $0

Overview:
Capital One’s 360 Performance Savings account offers a competitive interest rate and no fees or minimum balance requirements. Capital One also has an excellent mobile app and a large network of ATMs for easy access to your funds. While there are no physical branches for savings, you can still visit Capital One Café locations for in-person support.

Pros:

• No fees or minimum balance
• Access to Capital One Café locations
• Great mobile app for easy banking

Cons:

• No in-person branches for savings accounts

---

6. CIT Bank Savings Connect

APY: 4.25%
Minimum Deposit: $100
Monthly Fees: $0

Overview:
CIT Bank’s Savings Connect account offers one of the highest interest rates available, provided you can meet the $100 minimum deposit requirement. With no monthly fees, this account provides a strong return on your savings.

Pros:

• High APY
• No monthly maintenance fees
• Easy-to-use online banking interface

Cons:

• Requires a $100 minimum deposit to open the account

---

7. Varo Savings Account

APY: 5.00% (for balances up to $5,000)
Minimum Deposit: $0
Monthly Fees: $0

Overview:
Varo’s high-yield savings account offers one of the highest APYs in the market, especially for balances up to $5,000. Varo also allows you to earn this APY with no monthly fees, provided you meet the requirements (like receiving at least one direct deposit per month). Varo is an excellent option if you’re looking to grow a smaller savings balance at a fast rate.

Pros:

• Up to 5.00% APY on balances up to $5,000
• No monthly fees or minimum balance
• User-friendly mobile app

Cons:

• High APY is limited to balances of $5,000
• Direct deposit requirements to qualify for the highest APY

---

8. American Express National Bank High Yield Savings

APY: 4.30%
Minimum Deposit: $0
Monthly Fees: $0

Overview:
American Express National Bank offers a high-yield savings account with no minimum deposit and no monthly fees, making it an attractive option for savers. With a solid APY and a reputable name, this account can be a great choice for anyone looking to grow their savings.

Pros:

• High APY with no minimum deposit
• No fees
• Backed by American Express’s strong reputation

Cons:

• Limited in-person support (online-only bank)

---

9. LendingClub High Yield Savings

APY: 4.25%
Minimum Deposit: $100
Monthly Fees: $0

Overview:
LendingClub offers a solid high-yield savings account with a competitive APY and no monthly fees. To open an account, there is a $100 minimum deposit requirement. This is a good option if you’re looking for a solid rate with minimal hassle.

Pros:

• High APY
• No monthly fees
• $100 minimum deposit is relatively low

Cons:

• Limited ATM access (you may need to transfer funds to an external account for withdrawals)

---

10. SoFi Savings Account

APY: 4.30%
Minimum Deposit: $0
Monthly Fees: $0

Overview:
SoFi’s high-yield savings account offers a competitive APY, no fees, and no minimum deposit. SoFi also provides a range of other financial products, such as student loans, personal loans, and investment accounts, making it a good choice for anyone who wants to consolidate their finances under one platform.

Pros:

• High APY
• No fees or minimum deposit
• Access to other SoFi financial products

Cons:

• No physical branches

---

Conclusion

When selecting the best high-yield savings account in 2024, consider the following factors:

• Interest rates: Higher APY means better returns on your savings.
• Fees: Avoid accounts with monthly maintenance fees, as they can eat into your interest earnings.
• Access: Make sure you can easily access your funds when needed, whether that’s through online transfers or ATM access.
• Minimum deposits: Some accounts may require an initial deposit, though many offer $0 minimums.

Overall, any of these accounts can help you earn more on your savings, but it’s important to choose one that fits your specific needs, whether you’re saving for short-term goals or long-term financial security.