Best high-yield savings accounts
On Wall Street, I learned that cash sitting idle is capital wasted. The average U.S. savings account pays just 0.42% APY (FDIC, 2023), while the top high-yield accounts offer 4–5% APY. That’s a 10x difference. On $10,000, it means $420 vs. $50 in a year — without lifting a finger. Here are the best options.
1. Ally Bank
- APY: ~4.25%
- No monthly fees or minimum balance.
- Known for strong mobile experience.
- ROI: a trusted, steady performer for long-term savers.
2. Marcus by Goldman Sachs
- APY: ~4.40%
- No fees, no minimum deposit.
- Backed by a Wall Street giant.
- ROI: security plus above-average yield.
3. Discover Online Savings
- APY: ~4.30%
- No monthly charges, 24/7 customer service.
- Discover is FDIC-insured and widely trusted.
- ROI: reliability from a household financial brand.
4. SoFi Checking & Savings
- APY: up to 4.50% (with direct deposit).
- Includes perks like no overdraft fees.
- SoFi reports users earn 43x the national average in interest.
- ROI: high yield + fintech flexibility.
5. Capital One 360 Performance Savings
- APY: ~4.25%
- No minimum balance required.
- Easy to link with Capital One credit products.
- ROI: seamless ecosystem for existing Capital One customers.
Final Word
On Wall Street, we chased basis points that moved billions. In your personal finances, the principle is the same. Parking your money in a high-yield account is the safest alpha you’ll ever earn — no risk, pure compounding. Choose wisely, and let your money work while you sleep.
