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14 best high-yield savings account rates for February 2024 (up to 5.50% APY)
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Choosing the right method to increase your savings account balance can be difficult — especially right now. After all, there are numerous interest-bearing account options to choose from, like certificates of deposit (CDs), money market accounts and savings accounts. And, each option offers not just its own rates, but its own potential benefits and downsides to savers, so it’s important to weigh all the factors before making a decision.
For example, a CD can be a great way to secure a high fixed interest rate on your money, but the tradeoff is that you typically have to leave your money deposited in the account until the CD matures. Otherwise, you may have to pay for early withdrawal penalties that can cut into your interest earnings significantly, resulting in returns that are much lower than they would have been with another type of account.
That, of course, means that CDs aren’t the right option for everyone. But if you’re looking for an account that offers a high rate of return with more flexibility, a high-yield savings account could make more sense. And in today’s elevated rate environment, high-yield savings accounts are offering rates that are just as good — if not better — than what can be earned with CDs or other types of accounts. And, the flexible nature of these accounts makes them a great fit for anyone who needs access to the money in their savings. But if you’re going to open one of these accounts, it makes sense to try and get the best rate possible on your money — and the options below offer some of the best APYs around.
Explore your top savings account options online here.
14 best high-yield savings account rates for February 2024 (up to 5.50% APY)
If you’re considering a high-yield savings account as part of your savings strategy, the following accounts could be worth a look:
- Milli Bank — 5.50% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- Brio Direct — 5.35% APY: The minimum opening deposit amount for this account is $5,000; a balance of at least $25 is required to earn the advertised APY; this account does not charge a monthly service fee
- Tab Bank — 5.27% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- UFB Direct — 5.25% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account has a tiered APY structure that awards different APYs for different balances (all of which are currently 5.25%)
- Popular Direct — 5.20% APY: The minimum opening deposit amount for this account is $5,000; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- Bread Savings — 5.15% APY: The minimum opening deposit amount for this account is $100; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- EverBank — 5.15% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- Bask Bank — 5.10% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- BMO Alto Online Savings Account: 5.10% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- CIT Bank — 5.05% APY: The minimum opening deposit amount for this account is $100; a balance of at least $5,000 is required to earn the advertised APY; this account does not charge a monthly service fee
- Salem Five Direct — 5.01% APY: The minimum opening deposit amount for this account is $10; the advertised APY is paid on balances up to $1 million; this account does not charge a monthly service fee
- CIBC Bank — 5.01% APY: The minimum opening deposit amount for this account is $1,000; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- LendingClub — 5.00% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
- Synchrony Bank — 4.75% APY: There is no minimum opening deposit requirement for this account; there is no minimum balance requirement for this account; this account does not charge a monthly service fee
Find out how much more you could earn on a high-yield savings account here.
The bottom line
For many savers, high-yield savings accounts offer the perfect balance between liquidity and high earning potential — especially compared to regular savings accounts, which offer a low average APY of just 0.47% right now. But as with any type of interest-bearing account, just make sure that the high-yield accounts you consider are a good fit with both your needs and wants for your savings goals. That way, you can ensure that your account and the money in it are working hard for you, which is the best way to build a sound savings strategy.
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California Gov. Gavin Newsom vetoed a bill Saturday that would have required new cars to beep at drivers if they exceed the speed limit in an effort to reduce traffic deaths.
California would have become the first to require such systems for all new cars, trucks and buses sold in the state starting in 2030. The bill would have mandated that vehicles beep at drivers when they exceed the speed limit by at least 10 mph.
The European Union has passed similar legislation to encourage drivers to slow down. California’s proposal would have provided exceptions for emergency vehicles, motorcycles and motorized scooters.
In explaining his veto, Newsom said federal law already dictates vehicle safety standards and adding California-specific requirements would create a patchwork of regulations.
The National Highway Traffic Safety “is also actively evaluating intelligent speed assistance systems, and imposing state-level mandates at this time risks disrupting these ongoing federal assessments,” the Democratic governor said.
Opponents, including automotive groups and the state Chamber of Commerce, said such regulations should be decided by the federal government, which earlier this year established new requirements for automatic emergency braking to curb traffic deaths. Republican lawmakers also said the proposal could make cars more expensive and distract drivers.
The legislation would have likely impacted all new car sales in the U.S., since the California market is so large that car manufacturers would likely just make all of their vehicles comply.
California often throws that weight around to influence national and even international policy. The state has set its own emission standards for cars for decades, rules that more than a dozen other states have also adopted. And when California announced it would eventually ban the sale of new gas-powered cars, major automakers soon followed with their own announcement to phase out fossil-fuel vehicles.
Democratic state Sen. Scott Wiener, who sponsored the bill, called the veto disappointing and a setback for street safety.
“California should have led on this crisis as Wisconsin did in passing the first seatbelt mandate in 1961,” Wiener said in a statement. “Instead, this veto resigns Californians to a completely unnecessary risk of fatality.”
The speeding alert technology, known as intelligent speed assistance, uses GPS to compare a vehicle’s pace with a dataset of posted limits. If the car is at least 10 mph over, the system emits a single, brief, visual and audio alert.
The proposal would have required the state to maintain a list of posted speed limits, and it’s likely that those would not include local roads or recent changes in speed limits, resulting in conflicts.
The technology has been used in the U.S. and Europe for years. Starting in July, the European Union will require all new cars to have the technology, although drivers would be able to turn it off. At least 18 manufacturers including Ford, BMW, Mercedes-Benz and Nissan, have already offered some form of speed limiters on some models sold in America, according to the National Transportation Safety Board.
The National Highway and Traffic Safety Administration estimates that 10% of all car crashes reported to police in 2021 were related to speeding. This was especially a problem in California, where 35% of traffic fatalities were speeding-related — the second highest in the country, according to a legislative analysis of the proposal.
Last year the NTSB recommended federal regulators require all new cars to alert drivers when they speed. Their recommendation came after a crash in January 2022, when a man with a history of speeding violations ran a red light at more than 100 mph and struck a minivan, killing himself and eight other people.
