Home » High-Yield Savings Accounts

At Quote States, you're always our top priority. We're committed to empowering you with the ability to make well-informed financial decisions confidently. While our website may not showcase every company or financial product out there, we take immense pride in the advice we share, the knowledge we dispense, and the innovative tools we develop. Everything we do is designed to be objective, independent, clear, and, importantly, free to you.

But how does Quote States sustain its operations? Simply put, we receive compensation from our partners. This compensation might influence which products we decide to feature and discuss, as well as their positioning on our website. However, this commercial relationship does not sway our recommendations or advice, which are rooted in extensive research. Our partners are not able to buy their way into favorable reviews of their products or services on our platform. For transparency, here's a catalog of our partners.

Best High-Yield Savings Accounts Of June 2024

Updated: June 02, 2024, 10:13am

At Quote States, we’re proud to showcase a variety of products from our esteemed partners who provide us with compensation. This arrangement might shape our coverage regarding which products we discuss and the placement and presentation of these products on our site. Nevertheless, we maintain editorial integrity: our assessments and opinions remain unbiased and solely our own. For transparency, here’s a directory of our partners, along with an explanation of how we sustain our operations and generate revenue.

ALSO CONSIDER:

High-yield savings accounts can help you grow your savings faster than traditional savings accounts. The best high-yield savings rates currently range from 4.50% APY to 5.25% APY—far higher than the national average savings account rate of 0.46% according to the Federal Deposit Insurance Corporation (FDIC).

Best High-Yield Savings Accounts From Our Partners

Milli Savings Account

4.9

On Bankrate.com's Website

APY

4.75%

Minimum Opening Deposit

Monthly Maintenance Fee

Milli Bank is a mobile-only banking division of the First National Bank of Omaha (FNBO). Currently, Milli exclusively offers a savings account and a checking account. It does not operate branches or have an online banking platform, so this account is best for those who like smartphone banking.

Interest compounds daily and is credited monthly at the end of each statement cycle. All customers earn 4.75% APY, with no minimums, activity requirements or balance tiers.

✅ No monthly fees or minimum deposit and balance requirements ❌ Milli Bank only offers checking and savings

✅ Ability to separate savings into Jars ❌ No online banking

✅ Interest compounds daily ❌ No in-person branches

We chose the Milli Savings Account because it lets you organize your savings into “Jars” to designate funds for different goals, and all Jars earn the same rate regardless of balance.

Why We Like It

We like the Milli Savings Account because it offers a competitive savings rate without fees, minimum balance requirements or withdrawal limits.

What We Don’t Like

Milli offers relatively few products compared to most other institutions on this list. Also, you can only access your account via Milli’s mobile app, as the bank doesn’t have branches or offer browser-based banking.

Who It’s Best For

Consider the Milli Savings Account if you’re mobile-minded because its unique savings features are designed with those in mind.

Bask Interest Savings Account

4.8

On Bask Bank's Website Member FDIC

APY

5.10%

Minimum Opening Deposit

Monthly Maintenance Fee

Bask Bank is part of Texas Capital Bank. This savings account charges fees for outgoing wire transfers. Though you can’t walk into a branch as this is an online-only bank, Bask Bank customers have access to both email and phone support.

Interest compounds daily and is credited monthly on the last day of each statement cycle. Customers earn 5.10% APY with no minimums or activity requirements. Customers need to make a deposit within 15 days of account opening to avoid closure.

✅ No monthly fees ❌ Milli Bank only offers checking and savings

✅ No minimum deposit or balance requirements ❌ No live chat support

✅ Interest compounds daily ❌ No in-person branches

We chose the Bask Bank Interest Savings Account for its high APY of 5.10% and the fact that you don’t need to maintain a certain balance to earn interest.

Why We Like It

Aside from its attractive APY, we like the Bask Interest Savings Account because it has few fees and no minimum deposit requirement.

What We Don’t Like

Bask doesn’t offer a checking account, so you must have an account at a second institution to transfer or withdraw funds. Transfers to external banks can take three days, slowing down the time it takes to access your cash.

Who It’s Best For

Bask Interest Savings Account is a stand-out option all around, especially for those who prefer fee-free banking.

M1 High-Yield Savings Account

4.7

On M1 Finance's Website

APY

Up to 5.00%

Minimum Opening Deposit

Monthly Maintenance Fee

$10 per month for Active Plus membership

M1 Plus also includes cash back on credit card spending, loan discounts and more investing options. M1 Plus costs $10 per month or $95 per year after a three-month free trial.

M1 isn’t a bank but a fintech company. M1 savings deposits are held by FDIC-insured B2 Bank. Through B2 Bank’s Insured Deposit Network Program, which utilizes the coverage of other FDIC institutions, M1 deposits can be insured up to $5 million.

Interest compounds and is credited to your account monthly. Customers can earn 5.00% APY with M1 Plus membership, non-members earn 1.50% APY.

✅ FDIC insurance up to $5 million ❌ Monthly fee required to earn the higher APY

✅ No minimum deposit or balance requirements ❌ Interest compounds monthly

✅ Full suite of banking products including checking, investing and lending ❌ Check deposits are not permitted

❌ Check deposits are not permitted

We chose the M1 High-Yield Savings Account for its high FDIC insurance limits and competitive APY of 5.00% APY with M1 Plus membership, non-members earn 1.50% APY.

Why We Like It

We like the M1 High-Yield Savings Account because you aren’t required to make a minimum deposit or maintain a minimum balance to earn the advertised APY, which is among the best available.

What We Don’t Like

You must pay for an M1 Plus membership to qualify for the best rate.

Who It’s Best For

Due to its brokerage services and robo-advisor, this account is best for active investors or those interested in buying and selling stocks.

UFB Secure Savings

4.5

On UFB Direct's Website

APY

Up to 5.25%

Minimum Opening Deposit

Monthly Maintenance Fee

UFB Direct accounts are offered through Axos Bank. While this account technically has balance tiers, all balances currently earn the same rate. You earn up to 5.25% APY on all balance tiers, with no activity or minimum requirements you have to meet to qualify. Interest is compounded daily and credited monthly. Most transactions are limited to six per statement period.

✅ Comes with an ATM card ❌ No in-person branches

✅ No monthly fees ❌ Excess withdrawal fee of $10

✅ No minimum deposit requirements

✅ Interest compounds daily

We chose the UFB Direct Secure Savings Account because account holders receive a complimentary ATM card for convenient cash withdrawals at more than 91,000 fee-free ATMs.

Why We Like It

We like the UFB Secure Savings Account because it offers a competitive APY of up to 5.25% APY on all balance tiers and has no maintenance or service fees and no minimum deposit. UFB also offers 24/7 phone support.

What We Don’t Like

UFB doesn’t offer a checking account, so it’s not a suitable choice for an all-in-one bank.

Who It’s Best For

This account is best for those who already have a checking account and want easy access to the cash in their savings account, as it includes an ATM card.

Bread Savings High-Yield Savings Account

4.4

On Bankrate.com's Website

APY

5.15%

Minimum Opening Deposit

$100

Monthly Maintenance Fee

Bread Savings is a division of Bread Financial. Interest compounds daily and is credited to your account monthly. A minimum deposit of $100 is required to open an account.

✅ Highly competitive APY ❌ $100 minimum opening deposit requirement

✅ No monthly fees ❌ No in-person branches

✅ Unlimited deposits with mobile check deposit and ACH transfer ❌ No live chat customer support

We chose Bread Savings High-Yield Savings Account because it’s a simple, high-earning account with a couple of standout perks, including unlimited mobile check deposits and ACH transfers and fee-free incoming wire transfers.

Why We Like It

We like Bread Savings High-Yield Savings Account because it pays an APY of 5.15% on all balances and has no fees.

What We Don’t Like

Bread doesn’t offer a checking account or 24/7 live support, plus you’ll need at least $100 to open an account.

Who It’s Best For

This account is ideal for people who want a hands-off savings account and plan to make deposits more often than withdrawals.

Quote States, powered by Amklo LLC, is your premier comparison platform, offering personalized quotes across a spectrum of services — from insurance to home needs.

Our mission: to simplify decision-making and unlock savings for users nationwide.

Best High-Yield Savings Accounts Of June 2024

Best High-Yield Savings Accounts From Our Partners

Milli Savings Account

4.9

APY

Minimum Opening Deposit

Monthly Maintenance Fee

Bask Interest Savings Account

4.8

APY

Minimum Opening Deposit

Monthly Maintenance Fee

M1 High-Yield Savings Account

4.7

APY

Minimum Opening Deposit

Monthly Maintenance Fee

UFB Secure Savings

4.5

APY

Minimum Opening Deposit

Monthly Maintenance Fee

Bread Savings High-Yield Savings Account

4.4

APY

Minimum Opening Deposit

Monthly Maintenance Fee

Legal

Resources

Quick Links