The Top 5 Savings Accounts of 2024 (High Yield Savings)

The Top 5 Savings Accounts for 2023 (High Yield Savings Accounts, Q3)! Please note depending on when you watch this video, rates may have changed, check the links below for updated rates. This can help you earn some interest on the income you already make!
Links to banks:
Cardonomics Links: www.cardonomics.com/i/humphre...
American Express: www.americanexpress.com/en-us...
Marcus: www.marcus.com/us/en/savings/...
Ally: www.ally.com/bank/online-savi...
SoFi: www.sofi.com/humphrey
Wealthfront: cash.wealthfront.com/humphrey
Timestamps:
0:00 - Start Here
0:33 - Criteria
1:42 - Account 1
3:40 - Account 2
5:52 - Account 3
7:34 - Account 4
10:24 - Account 5
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💸 SoFi Checking & Savings: sofi.com/humphrey Get up to 4.40% APY, pay no account fees and earn $250 when you sign up and set up direct deposit. Terms apply.
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PS: I am not a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

[@user-wv5xz6lq9z]

It's all about how you execute the information - simple and clear. Love it

[@Meatytheburrito]

Discover has a great savings account and that's 4.30% with a $150-$200 bonus depending on how much you deposit

[@Instakhamz]

Got 500 or 600 for 50k deposit with promo code. Sometimes, it comes back

[@MrZuriax]

Yeah, I'm also vibing with Discover. I initially tried to open with Ally but they denied me for unknown reasons. I already had a CC account with Discover, so it was an easy alternative.

[@ktkof04]

That's where I went and got the $200 bonus which they paid out after about a month after the money was deposited into the account.

[@tHebUm18]

Yup, got my Discover $200 bonus a few weeks ago. I still prefer Marcus where I also have accounts, better user interface and whatnot--also they have every year for the last 3 years in Jan-Feb had a $100 bonus that also works for existing customers (based on transferring in $10,000 of "new funds"... AKA transfer out $10,000, activate promo, then transfer it back in haha).

[@coryjohnson2486]

Damn I have like $6k in cash sitting at home. I need to open an account.

[@brandonfisher8311]

I thought for sure you were going to mention CIT Bank which you can easily slide in to your top 2. A modest 4.65% and up to 5% their other high yield savings accounts . Man Ive learned so much from you over the recent months. I appreciate other bright minds. Keep it up!

[@lawrence809]

Western Alliance Bank is at 5.3% last I checked.

[@rhemaike5179]

Wow! this comment section is better than any article on best savings accounts for 2023 i’ve seen on the internet

[@johnnn146]

Great video Humphrey! Also just wanted to add that Marcus offers a 1.00 increase if you refer a friend. You can get up to a 5.30 APY

[@charmedcole2007]

I personally have Barclay and Ally savings accounts. I've had them both for more than 3 years and like them. The feature Ally has to break down savings into buckets is pretty handy for me, but Barclay does increase rates faster than Ally. I'd recommend them both.

[@maxview99]

Capital one is 4.3% right now, I've had good luck with them.

[@coryjohnson2486]

Perfect timing with this. I have a savings account with my main bank, but I have like $6k in cash sitting at home in a safe and I’ve done nothing with it because I don’t know what I should do lol.

[@livingunashamed4869]

I use Barclays they are at 4.35% now and so simple to use. Member since 2019.

[@TScottW99]

I use Marcus and have no complaints. I've been using them since March and have had zero issues.

[@humphrey]

great!

[@Surfer-727]

Great video ! Thank You ! 💵💵

[@YTDataAnalyst]

Another great content. You and Gary Joe Wilde are highly recommendable investing pros every investor who wants to get rich investing must know or work with Unfortunately, don't know why Gary deleted his video channels. He is very advanced and experienced in the field.

[@culturedlambo]

I prefer Gary's method exactly what i wanted

[@VirginiaBlake-ro6wl]

@AvaLambert Same here... I trade with him... In all honesty I wish I knew about him earlier than I did.

[@financeindept]

Very informative video, thanks for sharing

[@danielczarnowski433]

Thank you for this! Were you considering Synchrony for your top 5?

[@j3thr0w31]

I’ve used Amex HYSA for many years and never had a problem. Great video.

[@ItsMeLearyB]

What do you like about it??

[@terrancethigpen6634]

Very good comparison video. One thing I wanted to add regarding Marcus HYSA accounts. Marcus also offers the referral bonus of 1.0% APY for 3 months, bringing the total APY to 5.40% as of October 2, 2023. Thank you for the great content. Love gaining the additional perspective and insight.

[@basewho5230]

Does the referral bonus apply to the referrer and the referee? Or only the referrer? Important for me only because I barely know the person who has a Marcus account lol

[@terrancethigpen6634]

⁠@@basewho5230It applies to both the referral and referred accounts. The referral period is three months per referral. With up to five referrals within a calendar year.

[@jonnaborosky8836]

Thanks for the info.

[@tHebUm18]

12:21 On the flip side, I recently updated my direct deposit from work to go directly into a high yield savings. So now I earn days (some things a week+) of 4%+ interest on the $1000's of dollars each month that pass through between paycheck and going out for rent, car payment, utilities, credit cards, etc. It's not game changing, but doesn't hurt to earn $2 or so in extra interest each month vs $0 with it sitting in a checking account between coming in and going out. Also means the money not used for monthly expenses is earning high yield savings rate from the moment I get it without missing out on the days in transfer status.

[@petereshun3127]

Which high end are you using

[@tHebUm18]

@@petereshun3127 At the time I wrote this, Marcus by Goldman Sachs. I've since moved to Wealthfront which is a straight checking account that also has 5% interest--giving the best of both worlds.

[@rhemaike5179]

I have a Sofi account and the 25 day period to deposit 1k/5k starts after the 1st direct deposit hits your bank account so if you get payed semi-monthly or bi-weekly at least 2 pay checks will count. I am lucky and get payed weekly so 4 direct deposits counted for me and I got the $250 bonus.

[@lucacataldo5248]

Personal Capital/Empower is 4.7%. Nice feature since most people use their finance management tool already

[@bobtucker9973]

Great video! But to note, I’m pretty sure you can easily get 2 paychecks counted for the SoFi bonus, if you just set the account up a few days before one paycheck (and you are paid semimonthly or biweekly) then both your next paychecks will count towards hopefully getting to $5k.

[@humphrey]

good to know!

[@sinclairw5311]

Even if you timed it up to get 2 checks in the 25 days, most people aren’t netting $2500 paychecks.

[@Live-Life-Freely]

@@sinclairw5311 Correct. However, this isn't for everyone.

[@evenbiggeral5089]

They want it to be a joint account with more than one person participating, providing.

[@Stephan-ng8uw]

I think the 25 days start after your first paycheck hit, so if you get pay bi weekly it should work

[@justinlee9548]

Great video! Have ally and can’t complain

[@kevindatangsta]

The Laurel Road HYSA offers a flat 5.00% APY! There's also a $300 opening bonus rn, and when paired with their loyalty checking account you can get $20 a month just for direct deposit.

[@Shadowgangster123]

no name brands typically have lackluster service and may throttle interest rates if really out there after a few months (read the terms ppl) but yea i think there is a strong case to be made when going with these name brand banks hence why many yters recommend these OVER the straight up high apy rate online banks read up on some reviews to uncover the skeletons in their closet js

[@nicanzalone1]

Great video man, thank you! What are your thoughts on Betterment? Currently 4.75%

[@willmallory9085]

Excellent video Brother

[@DiJourne]

Great strategy at the end.

[@markeastridge9649]

I am excited to go into my 4 blocks away from home US Bank Monday to open. Looks like all-in-one with normal checking and ATM. Well timed bonus switching jobs.

[@LazDombovic]

Hey Humphrey, CIT bank is FDIC insured and is 5.05% for their savings account as long as your balance is $5k or more. I was using Ally up until I found out about CIT earlier in the year. They also have ATM fee reimbursement, just like Ally, for their checking account. Wanted to through this out there because we all love to watch your videos for saving $$$$ :-D.

[@Soma2501]

I heard after a few years they make a new account type and give the highest available interest rate for it while existing accounts don't go up so they keep you on your toes. Also, transfers take 5+ business days before they start acruuing apparently unless you start transfer from another bank and some have said it's hard to transfer money out. UFB Direct is also high apy (5.25 right now) but a lot of bad reviews on customer service as well.

[@GalaxyNexus1]

​@@Soma2501if they do that, can't you just open the new account and move your money there if they don't want to raise your interest?

[@GalaxyNexus1]

I'm in the exact same boat. I still have my Ally accounts and use it to pay specific bills, but I just opened a CIT account and will be moving the majority of my funds there.

[@axfinger4883]

I second CIT Bank. I chose them based on recommendation by Nerdwallet and even though transferring money in can take a little while I had no trouble doing a test transfer in and back out. FDIC insured and good interest rate.

[@greeneking77]

@@Soma2501 This Aug. I finally switched to CIT Bank after about a year of seeing the higher rates there. It is true if you pull money into CIT Bank it takes 6 or 7 days (I did this on the initial deposit when setting up acc) but linking external banks and pushing it into CIT bank was no problem and arrived fast. I had heard rumors about transfers out so I did a test of transferring $7500 out just to see if it would give any problems or limit but no, it arrived at my other bank the next day. I am so far impressed with them. I will watch out for what you said about not giving the rate increase but that would be easy to solve by calling or opening a new acc and transfer.

[@justtrice2781]

I love Marcus!! As of today it is at 4.40% APY

[@Rt23590]

I know Pnc promos this in certain states, but their high yield is 4.55% annually on any amount, fdic insured up to 250k

[@MindBendingStudio]

Thanks man! I'm just moving to the US, is it better to just pick one bank or have a selection of a few?

[@nhien-dangle933]

Thanks for sharing these options, Humphrey! One other option I would add is Vanguard's Cash Plus Account, which offers 4.70% APY as of 8/1/2023. It's also eligible for FDIC coverage up to $1.25 million for individual accounts and $2.5 million for joint accounts.

[@gracehuang8571]

Didn't know about this one! Looks like it's still in a limited rollout though:(

[@ttk7781]

Not available to all Vanguard customers at this point

[@masoodb2464]

I have this one. Nice to have it next to all my ETFs & Roth IRA.

[@TheChadWork2001]

Vanguard are evil globalists

[@chaimhersh2993]

Great video! Vanguard Cash Plus Account is now at 4.7 %. Any thoughts on that?

[@ItsMeLearyB]

I've been hesitant on getting an HYSA cause i never felt like i was comfortable enough to do it. But now i see the benefits!

[@alfreditoyalma]

I have Amex savings. 4.25% APY and it’s a bank I trust. I also have 2 credit card and debit card with them

[@jeannettedrown7687]

Great video. What do you think of spaxx which is a cash position at Fidelity?

[@Curbalnk]

I currently have $800k in a high yield savings account, yes I’m making gains but to what extent with inflation eating away at the dollar? Am I better off investing in the stock market long term or buying a house?

[@blaquopaque]

@@greekbarrios Who is this Monica you speak about? I have been searching for an advisor who can direct us on where the economy is headed next?

[@kida746]

With that kinda money, why not both? 🙃

[@cupidok2768]

did sofi change the promo . they removed the 25 day period? anyone know?

[@ImVekg]

Hey Humphrey! I watched your video about how you regret not opening an Roth IRA acc sooner. I'm 20 and I want to get started but I wanted to ask you first if you think its a good idea to open one through robinhood with the 1% match per dollar that they're offering?

[@rajkotguy]

Nice video. I also want to mention that betterment also provides boosted APY 5.50%🎉

[@Luv2Ski4500]

I have betterment at 4.75%. I’ll have to see how to get it boosted.

[@Kurt5Dobson]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

[@Kurt5Dobson]

Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years,

[@Kurt5Dobson]

Having a counselor is essential for portfolio diversification. My advisor ASHLEY AIRAGAHI who is easily searchable and has extensive knowledge of the financial markets.

[@DNixon845]

250k in a matter of weeks…on how much invested😂

[@mckinleyp13]

I’m a happy AmEx savings account holder

[@jessepicard2382]

SoFi customer here. The 25 day period begins on the day your first direct deposit hits. So you could get as many as 3 paychecks (if paid weekly) or 2 paychecks (if biweekly) deposited in that period. I qualified for the $250 bonus on a biweekly pay schedule.

[@owenyoungg1]

I tried sofi while depositing throughout basic training and AIT and when I NEEDED access to pull some money. They locked my account and access to my money and, it took a year and bringing up a lawyer to give them my money back.

[@jacksonbliss]

Very helpful comparison. Btw, for Gold members Robinhood offers a 4.9% APY for all unused cash in its brokerage account and 2m in FDIC coverage, to go with or keep separate from, its debit card and Roth/traditional IRAs.

[@jakedawg253]

Be careful you may or may not be covered by fdic, your money is swep into other banks accounts which are fdic insurance up to a certain amount, if they exceed that amount then that portion is not fdic insurance, its very hard to find out if your in that situation as robinhood doesn't have a way to easily find out, so there is a possibility of loosing your money, from what I understand that is a pool of users money not yours Individually, but it's been awhile since I last read how it works but i got spooked out of doing it

[@jacksonbliss]

@@jakedawg253 according to Robinhood’s own literature, money deposited in the cash sweep program is fdic protected up to 2 million dollars because it’s spread between 8 separate banks (just like what Humphrey was talking about with Ally Bank). ✌️

[@ak0hn]

Betterment’s HYSA is 4.75% and 5.5% for new accounts

[@OnePomp]

I’m a new father and would love advice on which account is best for my future. Thank you!

[@unrealorbit]

Discover offers a pretty good savings account. No fees and my APY is currently 4.30%.

[@gracehuang8571]

Marcus also gives you a 1% boost for 3 months when you refer a friend, and the friend gets the boost too.

[@melaldrianbaldoz1179]

Love the video, I just has an issue with SoFi. Since I lived in Guam, US territory, I cannot make any transfer to SoFi even though I'm a US citizen

[@ericav3397]

Hi Humphey, Can you share the Top Savings accounts for small businesses? Thank you.

[@juang1one]

...good vid...any thoughts on Cit bank?

[@cyyylas]

Another day, another high value video 💯

[@humphrey]

I appreciate that!

[@3y3g00]

Wjat do you think of betterment? I have a lot of services from them, so decided to do their high interest savings as well. Tickler rate of 5.5 regular 4.75

[@janetpettifer3486]

Are you familiar with PNC high yield accounts? If so any thoughts for me on that one?

[@Harshaznintent]

I was really expecting Capitol One to be on this list. They're currently 4.3%. No monthly fees, no withdrawl/transfer fees, no minimum, FDIC. but no brick & Mortor stores.

[@LozanoMotoRacing]

I think his list was focused more on the highest APY with certain criteria, not necessarily convenience

[@JamesMeers1]

If you have a checking account with them which in no min, no fee you can do 6 cash deposits at Walgreens or CVS per month. Capital one was my pick for my use case.

[@Bigsteve0299]

@@davidwilliam9451I got this offer too, what’s the catch besides 2 direct deposits?

[@Kunyazaforever]

They do have brick and mortar ones

[@PSCA1988]

Yes, I opened a Capital One savings and have been very pleased. Easy to open and transfers are no-hassle, too.

[@christinamanucy8037]

FYI, Western Alliance offers 5.25% high yield savings through raisin, FDIC insured, no minimum deposit & no fees.

[@dtsect]

Could you do a comparison between these Savings Accounts vs a money fund like SWVXX?

[@aldo9923]

Thanks

[@Instakhamz]

I use varo 5% for 5k which im transistioning to sofi. Sofi 4.5 for paying bills. M1 plus 5% for main savings. Fidelity bloom spaxx about 5% ish as emergency .

[@Jarod3926]

I use CIT's Platinum personally. It doesn't qualify for the list due to having a $10 outgoing transfer fee, and a $5k min balance to keep the high APY. Also the app is AWEFUL. But for a 5.05% rate... I can live with that.

[@b2Samaritan]

Opened a Savings account with Bask bank, just last week. Whats your thoughts on that?

[@BobPierceok]

Should someone spend more on stocks versus staking physical metals?

[@mcconnelllamarre155]

What are your thoughts UFB Direct? It currently has a 5.25% interest rate.

[@vygen]

I like the idea of Ally features, but I want a savings account that is tough to access for my emergency fund. Should I maybe try Ally banking features and Discover or Amex savings? I have PNC now and not thrilled with their budgeting options. Not at all intuitive.

[@arabico21]

In Colombia there are a bunch of banks offering 10% APY or higher. I've seen 13.25%. But I'm investing in mutual funds and CDs that offer 14% APY or higher, and I can remove my money at any time given in most of them, so currently I prefer those. There is a lot of uncertainty so I rather keep my money moving in case of something bad. I don't know if that is the right thing to do.

[@Shadowgangster123]

the problem is you need the equivalent american currency for example x amount of colombia = 10k$ cause you have to remember currency is more volatile overseas and you then need to worry about money value drops like what happened during covid. other than that, if you deposit a high amount (also high when converted to usd ) then for now its an amazing deal. 10% beats americans and hopefully no exchange fees for currency or taxes on those gains ffom exchanges

[@user-gh4vt4pz5l]

I am thinking of doing this for my daughter. I wonder if there is an age restriction? Thanks for posting

[@alliclute]

Thank you for this! Anybody have any thoughts about BMO?

[@MrPitirre1]

You missing CIT bank currently at 5.05% and Popular direct at 5.20%. They are both FDIC insured!

[@joeywatson7962]

AMEX Savings currently 4.25%. I keep my tax witholding in there. My transfers have only been taking 1 business day lately.

[@newkirk7591]

I personally switched over to capital one, they had alot of the things i was looking for in a hysa.

[@Shadowgangster123]

like what for example?

[@MONCHTER23]

Capital one saving also nice

[@KineticKrygs]

Great video! What about Bread Financial with an APY of 5%? I haven't seen any reviews on KZbin anywhere about it, just mentions...

[@tonyem8745]

Barclays US also has really good competitive rates.

[@joseperez-sj9su]

Hi sir! thanks for the video , i would like to ask if you have any reference about CITBANK the are offering 5.05% apy thanks

[@gevoaelian5039]

What do you think of UFB High yield savings and Milli bank? Are those in the states, and are they any good?

[@johnmcgaw2753]

Does 4.7% make your cut? That what my "Cash Plus Account" at Vanguard is offering, at least as of five minutes ago when I checked. This is a 'bank sweep' account so the makeup may shift but the interest rate has always seemed quite competitive to me. I'm not sure about qualifications but as a not-uber-wealthy retiree they let me in so any requirements, if any, must be trivial.

[@bitterswtmocha149]

i really love the savings bucket and vault idea from ally and sofi respectively, but ally’s interest rate is almost a full point lower than other HYSAs and the direct deposit requirement at SoFi is annoying if you just want to park your emergency fund. i ended up going with CIT recently but they are slow to transfer. Marcus by GS doesn’t have mobile check deposit.

[@basewho5230]

Sofi baffled me lol like, that means I have to continuously transfer money from my hysa into checking if I wanted to use it. And i don't even make 5k in 25 days- doesn't seem worth the 50 dollars

[@pinkrangerz]

Hi what do you advise if I want to save for multiple reasons like vacation,emergency fund and the like?would you recommend opening multiples?any advice is appreciated

[@r3vo_fastskin]

I am using CIT bank right now, and compounding interest is daily and pay monthly, does it mean that the interest is greater than the APY advertised? Example, i placed 10k and i have interest of $41.6 per month, so next month they will include the interest (10041.6)in calculating the 5% interest? Correct me if i am wrong

[@edmundorivera5825]

Yes, great vid. You may have convinced me to transition from traditional brick and mortar banks. Their interest mechanisms are so unattractive. More and more I feel like I’m basically paying their rent and utilities…

[@evenbiggeral5089]

USBank just offered 4.5%. Plus they have a variety of new account bonuses

[@wandachang4489]

I just opened Vanguard Cash Plus account at 4.7%. Are they FDIC insured?

[@palanikarthi6484]

The 25-day countdown for the $250 SoFi account bonus begins after receiving the first paycheck or direct deposit. If you're paid biweekly, the bonus will factor in two paychecks.

[@caeden.k7610]

Thanks for the great video! What are your thoughts on freezing your credit to protect it? just wondering if its something worth doing. Thanks again

[@humphrey]

i would freeze it if you arent anticipating any credit pulls in the next year or so. You can always unfreeze it when you need to apply for something. My dad recently fell for a credit scam via text message (he's old and doesn't understand english super natively) and had he had his credit frozen it wouldnt have been a problem... so we've been calling a lot of credit companies on his behalf lately to fix it (which we're almost done), but yeah, its a good precaution

[@caeden.k7610]

Okay that makes sense. And I'm sorry to hear about the scam on your dad! Appreciate the reply! @@humphrey

[@jonk4847]

What do you think of BMO Alto at 4.75%?

[@jessicamacarthur2526]

This may be a dumb question but can you have multiple HYS accounts across platforms? Or is it better to stick to one

[@goateecusbilly1823]

MVB, fdic insured, 5.10% hysa

[@ryanposton6136]

Fidelity offers money market account fully insured even above FDIC at 5.1% interest fyi..no fees at all

[@akramshalaby5580]

Any thoughts on M1 Finance HYSA? It offers 5% APY for M1 plus members (membership is 95$/year). They’re currently not accepting new accounts but I’m thinking of opening an account with them as soon as availability is back

[@Wadewinnin]

The sofi 20 something day period only starts after your first direct deposit so if you get paid biweekly that’s 2 paychecks

[@bige6922]

CIT BANK is paying me 4.972% right now. You have to deposit $5k to get this rate. So far, so good.

[@manw3bttcks]

One thing to point out, most of these accounts compound daily but pay you monthly. I have two online banks both are money market and I get 5.3%. Amex right now (2/20/2024) shows 4.35% so I'm beating them

[@hydragonal2921]

PNC has an account with 4.55% but it is admittedly SUPER limited on features. I’m currently planning on switching to Ally in the future because the buckets sound so great.

[@TheSdcole60]

Really? I have three PNC accounts and had no idea they have a high yield savings account. Can you elaborate on what the account with 4.55% is? 🤔

[@Alex-cw1ph]

​@@TheSdcole60it's just their HYSA. I registered for mine online.

[@justinmarshallwilliams9192]

Any thoughts on Laurel Road or Cloudbank?

[@consumetheliving]

Whats your thoughts on paypal? They offer a 4.3% savings account.

[@chikenbutte]

Why no mention of discover? It’s great HYSA with a bonus right now

[@abdulwahababuhadeed4307]

Hello 👋 Can you do a video on Halal ETFs Great Content keep it up

[@sexcbak]

Can you do something on TFRAs? I don’t see this widely covered as much and would appreciate your perspective on this

[@imarichmultimillionaire5509]

Was wondering about the Capital one savings. Your opinion

[@lorddannyy]

Thoughts on Viobank at 5.25? FDIC and a branch of midfirst

[@jamemee8795]

I am little concern about security if we can get better customer service could be a lot help

[@AmandaSorensen11]

Can you make a video on T Bills ?