My Favorite High Yield Savings Accounts
I've been recommending HYSAs as a saving and budgeting tool for years. Here are my favorite accounts and why.
I’m a huge proponent of online savings accounts (also called high yield savings accounts, or HYSAs for short) as part of our overall financial strategy. My clients and I have used them again and again to finally start saving and keep our savings safe from ourselves.
Plus, they also earn some nice interest! If you’re not keeping your money in a high interest account, you’re missing out.
The next question I get is which banks I recommend. So, naturally, I went on a mission to find you the best HYSAs.
First, here were my minimum requirements:
Free and no hidden fees
FDIC insured up to $250,000 (at least)
Interest rate at 3.5% or above (note: this changes over time)
No minimum balances
Ability to open multiple accounts (for multiple goals)
Some type of customer support
App available
And some bonus criteria:
Chat support
24/7 phone support (vs. just business hours)
Check deposit
Direct deposit
I personally called each of these banks to confirm what research I found online and include any anecdotes of my experience and my clients’ experiences below. If clients had negative experiences, I brought them up on the phone to learn if changes or updates have been made as these companies are often releasing updates.
I’d love to hear which accounts you are using and what your experience is like!
My picks in alpha order…
Rates as of March 24, 2025. See more details on each bank below.
Ally
Pros: 24/7 phone and chat support. Shows wait time on the site before you call. Highly rated app.
Cons: Some customers have reported difficulty in getting the account set up in the past (this could have been remedied by now!).
Barclays
Pros: I’ve used this account for many years and so have many of my clients. Mobile check and direct deposit available.
Cons: Phone support from 8 am - 8 pm ET 7 days per week (not 24/7). They don’t provide a wait time when you call on the phone which makes it harder to plan. I don’t love their new user interface. Feels clunky.
Note: Make sure to use the correct app - it’s Barclays US Savings (not Barclays US). The interest rate is currently a tiered system so I included the rate for the lowest tier.
CAPITAL ONE 360
Pros: Unique in that you can get in-person support at Capital One Cafes and branch locations. 24/7 phone support. 5 star rating for the app. Mobile check and direct deposit available.
Con: No chat support available at this time.
Note: Make sure you are getting the high yield rate in your account.
Marcus
Pros: Clients have had good experiences. Highly rated app and chat support available. 24/7 phone support.
Cons: No mobile check or direct deposit available.
Synchrony
Pros: Chat support available. When experiencing high volume they turn the chat off, and add a note to the website. Mobile check and direct deposit available. Highly rated app.
Cons: Not 24/7 phone support but long support hours available - Monday through Friday 8 am - 10 pm ET and Saturday - Sunday 8 am to 5 pm ET.
There are also cash accounts…
Cash accounts are technically not high yield savings accounts but work very similarly. They are high interest checking and saving account hybrids.
I used similar criteria - no fees, competitive interest, FDIC insured and read reviews.
With these you currently can’t make multiple buckets or savings goals but you do earn higher interest. If you have a large chunk of money set aside, like a down payment for a home, for example, the extra interest can be very worth it.
