6 savings accounts offering 4% interest or higher right now (2024)

Right now is an especially good time to be a spender and not a saver. Interest rates for high-yield savings accounts are very high currently as a result of repeated action by the Federal Reserve. The Fed has raised the federal funds rate many times over the past 18 months, all in an effort to fight inflation.

While the Fed does not directly set the rates for consumer savings products, the rates offered by banks for savings vehicles like high-yield savings accounts and certificates of deposit tend to track alongside the federal funds rate. With inflation still an issue and the Fed not expected to take any action to dramatically reduce rates soon, putting your money in a high-yield savings account should remain an attractive option for a while.

The key, though, is to pick the right high-yield savings account for you. Obviously part of this is finding the best rate, but you'll also want to look at any deposit requirements, withdrawal limits or fees that could impact you. There are many accounts out there offering at least 4% interest, so make sure to take the time and find the account that is best for you.

Start shopping for a high-yield savings account online right now.

6 savings accounts offering 4% interest or higher right now

The accounts you see below are all offering at least 4% interest, and some of them are offering significantly more. It's also worth noting that the FDIC insures these accounts for up to $250,000, so you don't need to worry about bank failures— your money is safe.

You can find the perfect high-yield savings account for your situation right now.

Capital One: 4.30%

While many of the banks on this list are online-only institutions, Capital One is a traditional bank that you've almost certainly heard of before. If brand recognition is important to you, this might be a strong option, even if the rate is lower than some of the other options. There is no minimum balance requirement or monthly fee, and you can deposit checks with a mobile app.

Lending Club: 4.50%

Lending Club has a $100 minimum opening deposit, which shouldn't be an issue for most people who are looking to save with a high-yield savings account. There is no minimum balance requirement, though, and no fees beyond that. You also get free external transfers, and Lending Club will also provide an ATM card for you, making it easier to take cash out of this account when the time comes.

Bask Bank: 5.10%

Bask Bank offers a very high APY on your savings, so if your primary concern is earning as much interest as possible, this is an option you may want to consider. There is also no minimum balance requirement and no monthly fees. One potential downside is that there is a $35 fee per outgoing wire transfer. If you think you'll be transferring money from this account frequently, that could be a concern.

SoFi: 4.60%

SoFi is an increasingly popular brand in the United States. They are widely known for their debt and loan services but also offer banking products. One important note: SoFi doesn't allow customers to open only a savings account; you'll also have to open a checking account. If you are looking for a new bank for checking, then, it might make sense to consider this option.

BMO Alto: 5.10%

BMO Alto is an online-only version of banking with BMO, a major international bank. If you're looking at this option for the perks of a traditional bank, though, know this: You can't make deposits at physical BMO locations. You also digitally deposit checks or use an ATM, so all transactions will have to be transfers. That said, there are no fees or minimums, so if you don't need frequent easy access to your money, this remains a solid choice.

Barclays: 4.35%

Barclays is another widely recognized bank offering high yields to customers. There are no fees or minimums, but as you can see by looking at this page, there are other options with higher yields. If you are a Barclays loyalist, though, or just want to bank with a brand you know and trust, the 4.35% yield is still solid.

The bottom line

There are many options out there for savings accounts. And, the current interest rate environment means that many of them are offering significantly higher interest rates than you might be used to — and it does not look like those rates will be dropping dramatically anytime soon. Start saving today if you want to allow compound interest to work its magic and leave you sitting pretty later in life.