High-Yield Accounts: The Best-Kept Secret to Growing Your Money Faster

You need a savings account that works as hard as you do.

Impossible? No! That’s exactly what high-yield savings accounts are made for. Too many people put their money in any old account offered by their usual bank. It earns a few pennies every month, but really does nothing to support your financial goals. Smart savers choose higher yields to help their money grow with zero extra effort.

You want to earn a lot more interest on your savings. Read on to learn about high-yield accounts, their benefits, how to choose one for you, and a few traps to look out for.

High-Yield Accounts Explained

These savings or checking accounts can offer up to 10 or 15 times more interest than traditional accounts.

You usually find them at credit unions or online only.

These are not risky investment accounts and do not involve exposing your money to changing markets.

Benefits of High-Yield Accounts

Compound Interest - The high interest rate is just the beginning. It’s compound, too, which means you keep earning the large percentage on your original deposit plus the interest earned.

FDIC Insured - All reputable high-yield accounts are FDIC insured for up to $250,000. Your money is protected the same way it is at your neighborhood bank.

No Fee Flexibility – More banks charge fees for monthly use or if your balance drops below a minimum amount. These do not. They are 100% free to use, and you can always access your money through convenient mobile apps or websites.

Compare Traditional Savings and High-Yield Accounts

Feature                    Traditional Savings     High-Yield Account

Average                    APY 0.01% - 0.10%      4.00% - 5.25%

Monthly Fees       Often                           Rare or None

Min. Balance Sometimes High          Often $0 - $100

Compounding      Monthly                      Daily or Monthly

When you choose a high-yield account, you will see a massive difference in your balance much more quickly. Consider this example. Save $5000 in a traditional account at 0.01%, and you’ll get to $5005 in 10 years. If you choose a 4.5% APY account instead, that $5000 turns into $7800.

What to Look for in a High-Yield Account

• Interest rates (APYs) over 4%

• FDIC or NCUA insurance coverage

• No minimum balance requirements or withdrawal limits

• High customer service ratings

• Daily compounding interest

Avoid These Mistakes in Banking

• Keeping your savings in a low-interest traditional account

• Falling for short-term promo APYs that go down afterward

• Withdrawing more often than the account limits (six per month is common)

10 Best High-Yield Savings Accounts as of June 2025

Bank                                       APY                         Minimum Deposit          

Varo Bank                            5.000%                   Any Amount                     

Fitness Bank                       5.000%                   $100                                

Axos Bank                            4.66%                     Any Amount                     

Pibank                                    4.60%                     Any Amount     

OMB                                       4.56%                     $5,000                 

Vibrant Credit Union    4.50%                     Any Amount      

Presidential Bank            4.50%                     $5,000               

TotalBank                             4.41%                     $25,000               

Zynlo Bank                          4.40%                     $10                    

My Banking Direct         4.40%                     $500                 

Make the Smart and Simple Choice for More Powerful Savings

High-yield accounts help you save more while keeping your money safe and accessible. These benefits are hard to come by in today’s volatile economy. It doesn’t matter if you’re just starting out with your first emergency fund or putting money away for a big future purchase, the switch to a high-yield account is the right choice for anyone.