Best High-Yield Savings Account Calculator
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Reviewed by Calculator Editorial Team
Finding the best high-yield savings account can help you grow your money faster. Our calculator compares current rates, terms, and fees to help you make an informed decision.
How to Use This Calculator
To find the best high-yield savings account for your needs:
- Enter the amount of money you want to save.
- Select your preferred account type (online or brick-and-mortar).
- Choose whether you need a CD (Certificate of Deposit) or a regular savings account.
- Click "Calculate" to see the best options based on current rates.
The calculator will display the top 3 high-yield savings accounts that match your criteria, along with their APY (Annual Percentage Yield) and any associated fees.
How High-Yield Savings Accounts Work
High-yield savings accounts are FDIC-insured bank accounts that offer higher interest rates than traditional savings accounts. These accounts typically pay an APY, which is the annual interest rate after compounding.
APY Calculation
The APY is calculated using the formula:
APY = (1 + (Daily Interest Rate / 100))365 - 1
High-yield savings accounts are a good option for:
- Emergency funds
- Short-term savings goals
- Parking money that you won't need for at least a year
Important Considerations
Before opening a high-yield savings account, consider:
- Minimum deposit requirements
- Monthly maintenance fees
- Withdrawal limits
- Access to ATMs and branches
Comparison of Top High-Yield Savings Accounts
Here's a comparison of some of the top high-yield savings accounts available in the U.S. as of [current date].
| Bank | APY | Minimum Deposit | Monthly Fee | CD Terms |
|---|---|---|---|---|
| Ally Bank | 4.30% | $0 | $0 | 6 months to 5 years |
| Discover Bank | 4.25% | $0 | $0 | 6 months to 5 years |
| Capital One 360 | 4.15% | $0 | $0 | 6 months to 5 years |
| Marcus by Goldman Sachs | 4.40% | $0 | $0 | 6 months to 5 years |
| Sofi | 4.60% | $0 | $0 | 6 months to 5 years |
Rates are subject to change and may vary based on your location and account terms.
Frequently Asked Questions
- What is the difference between APY and APR?
- APY (Annual Percentage Yield) is the actual interest earned after compounding, while APR (Annual Percentage Rate) is the stated interest rate before compounding.
- Are high-yield savings accounts FDIC-insured?
- Yes, all high-yield savings accounts are FDIC-insured up to $250,000 per depositor, per insured bank, for each account ownership category.
- Can I withdraw money from a high-yield savings account anytime?
- Most high-yield savings accounts allow 6 withdrawals per month with no fee. After that, you may be charged a fee per transaction.
- What is the best high-yield savings account for beginners?
- Ally Bank and Discover Bank are good options for beginners because they offer a simple online experience with competitive rates.
- How do I know if a high-yield savings account is right for me?
- Consider your savings goals, the amount you want to deposit, and how often you plan to access your money. High-yield savings accounts are best for short-term savings needs.