Having been founded in 1994, it might come as a surprise that ​Capital One​ is the fifth-largest consumer bank in America today. Capital One is much newer compared to other big banks and this shows in the way the institution embraces technology and innovation.

In 2011, Capital One—at the time a bank offering mostly just credit cards and mortgages—purchased ING Direct, a struggling multinational financial services corporation, and rebranded these accounts as Capital One 360 accounts. These became a suite of online savings, checking, and certificate products that are separate from Capital One products, and Capital One 360 became the bank’s online sector.

Today, the Capital One 360 product suite includes the following FDIC-insured products:

• The 360 Performance Savings Account (Variable rate of 0.60% APY)
• 360 CDs (Fixed rates, see the rates here)
• 360 IRA Savings Account (Variable rate of 0.60% APY)
• 360 Checking (Variable rate of 0.10% APY)
• Kids Saving Account (Variable rate of 0.30% APY)
• Money Teen Checking (Variable rate of 0.10% APY)

In this review we’ll cover the variable rate savings accounts including the 360 Performance Savings account, the 360 IRA Savings account and the Kids Savings account.

Capital One 360 Performance Savings Account Rate + Details

The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with very noteworthy cash bonuses. Today the account still earns a respectable 0.60% APY.

Savings Rate

Minimum Deposit	Minimum Balance	APY
$0	$0	0.60%

To give the yield above some context, the national average for savings accounts sits at just 0.07% currently. However, there are some banks offering savings rates above the 1.0% APY mark since the FED’s rate hike on May 4 of this year.

Compounding Interest

Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.

A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be easily transferred electronically between other Capital One accounts or external bank accounts.

Fees

Capital One 360 Performance Savings Account Fees

Type	Fee
Account Maintenance	$0
Outgoing Domestic Wire	$30
Statement Copies	$5 per statement

In accordance with federal regulation D, you may make no more than six transactions—withdrawals or transfers—into or out of this account in a month. All Capital One 360 deposit products are FDIC insured up to $250,000 per depositor.

Capital One IRA Savings Account

Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.

360 IRA Online Savings Rate

Minimum Deposit	Minimum Balance	APY
$0	$0	0.60%

If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.

Traditional IRAs and Roth IRAs have many differences. In a nutshell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).

Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.

You may want to consult with your tax advisor before coming to your final decision.

Capital One Kids Savings Account

These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.

Kids Savings Account Rate

Minimum Deposit	Minimum Balance	APY
$0	$0	0.30%

On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.

The account pays a very respectable APY that beats the current national average of 0.07%. However, if you’re strictly after high rates, there are better youth-based savings accounts offered through nationally available credit unions.

Capital One 360 Banking Experience & Reviews

Out of a staggering 63,534 customer reviews on WalletHub, Capital One scored a respectable 3.7 stars out of 5. This might just seem average, but 61% of all reviews of the bank were either 4 or 5 stars, so it’s safe to say that most Capital One customers are happy with their banking experience. Capital One is especially popular for its excellent travel and rewards credit cards—how the bank got its start—and is often recognized for going above and beyond for its customers. 

Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.

To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.

All 360 accounts can be managed 100% digitally through the very highly-rated Capital One mobile app for Apple and Android devices or through the easy-to-use and comprehensive online portal. And although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same access to customer service, branches, ATMs, etc. as customers of the traditional bank. 

You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re a person that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that. 

As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.

[Update May, 2022: Bask Bank is the new rate leader for May so far. They bumped the APY on their high yield savings from 0.80% to 1.25% following the FED’s rate hike on May 4. Bread Savings formerly Comenity Direct holds the second spot at 1.0% APY (same as last month). A number of other institutions on the list upped their APYs by between 0.10% and 0.35% this month.]

As the FED expects rates to continue to rise through the end of 2022, so too should the APY on your variable rate online savings account.

High yield online savings accounts are a great place to store idle cash for future investments and/or expenditures. They also make for great emergency funds.

Plus, the fact that they can be opened and managed one-hundred percent online makes them quite flexible and extremely low maintenance.

That said, you’ll want to hone in on a few variables to ensure you’re getting the best account for your specific needs. These are:

1. 📈 APY. The first is APY. If you’re in the market for a high yield saving account, then the “high yield” part is probably important. Current rates for the most competitive, variable rate, online savings accounts range from 0.70 – 1.25% APY as of May 2022.
2. 💸 Fees. A good online savings account should have no hidden fees or monthly maintenance fees. You should also make sure the account(s) don’t require opening additional accounts with the institution to avoid fees. The same goes for accounts that require monthly activities such as direct deposit or a certain number of transactions.
3. 💰 Minimum Balance and/or Deposit Requirements. Depending on your individual circumstance and how much money you plan on stashing in your online savings account, you’ll want to make sure it doesn’t come with too high of an average balance requirement to earn the advertised yield. There are many great options available with zero minimum deposit and balance requirements.
4. 💳 Access to Funds. Make sure that the account allows for withdrawing, depositing and transferring funds in the way you desire. If you plan on using wire transfers be sure to check their fee schedule to see how much these will cost you. Also, per federal regulation D, accounts are limited to just 6 fee-free transactions per month.
5. 📊 Variable Rate Changes. Because these accounts come with variable rates, their yields can change at any time without notice. That being said, it’s a good idea to check the account’s rate change history. If the account you’re thinking of opening has frequent and/or large rate drops it could be a bait and switch rate promotion to grab new customers. Usually new account promotions tend to come with great yields, but they don’t last long. Macro-factors like the FED increasing or decreasing key rates may also contribute to rate changes, so be sure to distinguish if frequent rate changes are industry wide (likely due to macro factors) or just one or a handful of institutions and accounts.
6. 🔒 FDIC Insurance. Make sure your funds are safe and secure with an FDIC-insured institution. The FDIC insures deposits up to $250,000 per individual, or $500,000 for joint accounts. Credit Unions are insured by the NCUA for the same applicable limits.

Online Banks and High Yields

Online banks generally operate with less overhead costs than traditional brick and mortar banks. This allows them to offer higher yields on deposit accounts.

Online banks also need a way to grab your attention and attract new customers. Since they don’t have any physical presence in local communities and neighborhoods, they attract users online with higher yields than their brick and mortar counterparts.

Choosing an FDIC insured online bank is a great, hassle-free way to earn higher than average yields while keeping your money safe and protected.

Best Online Savings Accounts for May 2022

APYGUY’s top 19 high yield online savings accounts for May 2022 are listed below.

1. Bask Bank – 1.25% APY – $0 minimum deposit.
2. Bread Savings formerly Comenity Direct – 1.0% APY – $0 minimum deposit.
3. First Foundation Bank – 1.0% APY – $1,000 minimum deposit.
4. TAB Bank – 0.75% APY 0.75% – $0 minimum deposit.
5. Barclays – 0.70% APY – $0 minimum deposit.
6. SmartyPig – Up to 0.70% APY – $0 minimum deposit – $10k maximum.
7. LeningClub – 0.70% APY – $2,500 minimum deposit.
8. Fitness Bank – 0.70% APY – $100 minimum deposit.
9. Axos Bank – 0.61% APY – $250 minimum deposit.
10. Live Oak Bank – 0.60% APY – $0 minimum deposit.
11. PenFed Credit Union – 0.60% APY – $5 minimum deposit.
12. Synchrony Bank – 0.60% APY – $0 minimum deposit.
13. Marcus Bank – 0.60% APY – $0 minimum deposit.
14. Alliant Credit Union – 0.55% APY – $5 minimum deposit.
15. Ally Bank – 0.50% APY – $0 minimum deposit.
16. American Express National Bank – 0.50% APY 0.60% APY – $0 minimum deposit.
17. Citibank – 0.50% APY 0.60% APY – $0 minimum deposit.
18. Discover Bank – 0.50% APY 0.60% APY – $0 minimum deposit.
19. Vio Bank – 0.50% APY – $100 minimum deposit.

Bask Bank – 1.25% APY

Bask Bank, an offshoot of Texas Capital Bank, originally came on the scene in partnership with American Airlines and the AAdvnatage program. With that account every dollar saved with Bask Bank turns into an American Airlines AAdvantage mile earned annually.

However, the account that comes in near the top of this list is one Bask Bank just launched in February of this year and that is their high interest savings account. Since launching it, they’ve already increased the APY by 0.55% – starting at 0.70% and now yielding 1.25% APY.

All funds are FDIC insured through Texas Capital Bank. You can learn more in our review here.

🔎 Texas Capital Bank at a Glance:

Year Founded:	1998
Headquarters:	Dallas, TX
Deposit Accounts Offered:	high yield savings through BASK Bank
Total Assets:	~$40 billion
Member FDIC:	Yes
Max Deposit Allowance:	$100,000 per month

Bread Savings – 1.0% APY

Comenity Direct is now Bread Savings by Bread Financial as of April 25, 2022.

Comenity Direct launched in just 2018. They had been offering highly competitive, FDIC-insured, deposit accounts prior to becoming Bread Savings.

The Bread Savings account has a minimum deposit requirement of $100 and a maximum limit of $1 million per account and $10 million limit per customer.

There is no debit card or ATM access associated with Bread Savings.

Interest is compounded daily and credited monthly.

🔎 Bread Financial at a Glance:

Year Founded:	1983
Headquarters:	Columbus, OH
Deposit Accounts Offered:	CDs and high yield savings
Total Assets:	~$22.5 billion
Member FDIC:	Yes
Max Deposit Allowance:	$10 million

First Foundation Bank – 1.0% APY

First Foundation Bank is a hybrid brick and mortar / online bank. They are based out of Irvine, California and have just 19 branches and 7 advisor offices in California, Nevada and Hawaii.

All of their personal deposit accounts can be opened and managed online and if you opt for a checking account as well, you’ll get foreign ATM reimbursements up to $20 per transaction credited back to your account. So no need to worry if you live outside those three states.

Their online savings account has a minimum deposit requirement of $1,000.

Interest is compounded daily and credited monthly.

🔎 First Foundation Bank at a Glance:

Year Founded:	1990
Headquarters:	Irvine, CA
Deposit Accounts Offered:	CDs and high yield savings
Total Assets:	$7b in bank assets, $4.9b in advisory AUM
Member FDIC:	Yes
Max Deposit Allowance:	$3 million

TAB Bank – 0.75% APY

TAB Bank, or Transportation Alliance Bank, claims to be the first online bank for truckers and is headquartered in Ogden, Utah.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

There is no debit card or ATM access associated with TAB Bank’s online savings account.

Interest is compounded daily and credited monthly.

🔎 TAB Bank at a Glance:

Year Founded:	1998
Headquarters:	Ogden, Utah
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	~$904 million
Member FDIC:	Yes
Max Deposit Allowance:	None

Barclays – 0.70% APY

The British multinational investment Barclays needs little introduction with its 300+ year history dating back to 1690. Their online, US-based operation however is centuries newer and based in Wilmington Delaware.

The Barclays online savings account has no minimum deposit or balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Barclays US at a Glance:

Year Founded:	2012
Headquarters:	Wilmington, DE
Deposit Accounts Offered:	CDs and online savings account
Total Assets:	$51b
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

SmartyPig – Up to 0.70% APY

SmartyPig is an offshoot of Sallie Mae and the account is designed to help consumers save for specific goals. The account allows you to set up goal trackers and makes it easy to monitor progress along the way.

It’s free to join, comes with a $10 referral bonus for signing up a friend or family member and pays high yields based on balance tiers. The tiers are as follows:

Balance	APY
$0.01 – $2,500	0.70%
$2,500 – $10k	0.70%
$10,000.01 – $50k	0.55%
$50,000.01+	0.55%

SmartyPig is FDIC-insured by Sallie Mae Bank.

🔎 Sallie Mae at a Glance:

Year Founded:	1972
Headquarters:	Newark, DE
Deposit Accounts Offered:	CDs and high yield savings
Total Assets:	~$30.7 billion
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

LendingClub – 0.70% APY

LendingClub was the first peer-to-peer lending platform registered with the SEC and at its height was also the worlds largest in terms of members and loans originated. It claimed almost $16 billion in loans originated through their platform from 2006 -2015.

Since then, LendingClub has moved on to offer more traditional personal banking accounts and now offers a number of deposit accounts all with FDIC insurance.

Their high yield savings account comes with an APY of 0.70% and a minimum deposit requirement of $2,500. All balances under $2,500 only earn 0.05% APY.

🔎 LendingClub at a Glance:

Year Founded:	2006
Headquarters:	San Francisco, CA
Deposit Accounts Offered:	CDs, checking and high yield savings
Total Assets:	~$4.6 billion
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

Fitness Bank – Up to 0.70% APY

Fitness Bank is perhaps the most unique and novel, FDIC-insured bank on the list. As you may have guessed, Fitness Bank is all about incentivizing exercise and movement. And in fact, their yields are tiered precisely based on how much movement you do.

For this they use daily steps to determine your APY. The tiers are as follows:

Daily Steps	APY
0-4,999	0.15%
5,000-7,499	0.25%
7,500-9,999	0.35%
10,000-12,499	0.45%
12,500 +	0.60%

Fitness Bank is a division of Affinity Bank.

Axos Bank – 0.61% APY

Axos Bank, once known as Bank of the Internet, is a direct bank with three locations in San Diego, CA, Las Vegas, NV, and Columbus, Ohio.

Their high yield savings account can be opened with just $250 and has no monthly balance requirements moving forward.

Axos also offers a number of digital money management tools and even a free ATM card upon request.

🔎 Axos Bank at a Glance:

Year Founded:	1999
Headquarters:	San Diego, CA
Deposit Accounts Offered:	Checking, Savings and CDs
Total Assets:	~14 billion
Member FDIC:	Yes
Max Deposit Allowance:	Not listed

Live Oak Bank – 0.60% APY

Live Oak Bank was founded in 2008 and initially just focused on small business loans in niche industries like dentistry.

Today the bank still lends to small businesses in specialized industries in all 50 states, but also has a number of personal deposit accounts available to consumers with respectable yields.

A Live Oak Bank personal savings account can be opened with just $1,000. You can also open and manage the account through their IOS or Android apps.

🔎 Live Oak Bank at a Glance:

Year Founded:	2008
Headquarters:	Wilmington, NC
Deposit Accounts Offered:	Savings and CDs
Total Assets:	~$6.94 billion
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

PenFed – 0.60% APY

PenFed Credit Union (Pentagon Federal Credit Union) was founded in 1935 and today stands as one of the most stable credit unions in the country with over 2.1 million members in all 50 states plus D.C., Guam, Puerto Rico, and Okinawa.

Although they used to be more exclusive, today anyone in the country can join PenFed by funding a share savings account with a minimum of $5.00. The share savings account is a different account than the one highlighted on this list. You can learn about the differences here.

Their high yield online savings account has a minimum deposit requirement of $100.

Interest is compounded and credited monthly.

🔎 PenFed at a Glance:

Year Founded:	1935
Headquarters:	Tysons, VA
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	$25b
Member FDIC:	NCUA, yes.
Max Deposit Allowance:	$250,000

Synchrony Bank – 0.60% APY

Synchrony Bank is a large publicly traded financial institution on the NYSE with over 16,000 employees and nearly $15 billion in revenue (per 2018 financials).

Although they were technically founded in 2003, they actually trace their roots back to 1932 when GE Capital Retail Bank began to help people finance GE appliances during the great depression. GE Capital Retail Bank was later spun off from its parent company and later filed with the SEC as Synchrony Financial.

There are no minimum deposit or balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Synchrony Bank at a Glance:

Year Founded:	2003
Headquarters:	Stamford, CT
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	$107b
Member FDIC:	Yes
Max Deposit Allowance:	$3 million

Marcus by Goldman Sachs – 0.60% APY

Marcus by Goldman Sachs is a subsidiary of the well known multinational investment bank. It’s an online, direct bank that began operation in 2016.

The name Marcus comes from Marcus Goldman, one of the two founders of the institution, who was a German banker, financier and businessman.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

They also advertise same day transfers from and to other banks up to $100k per day.

Interest is compounded daily and credited monthly.

🔎 Marcus by Goldman Sachs at a Glance:

Year Founded:	2016
Headquarters:	Draper, Utah
Deposit Accounts Offered:	CDs and high yield savings
Total Assets:	$196b
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

American Express National Bank – 0.60% APY

American Express is primarily known for credit cards, but American Express National Bank has some noteworthy yields on their fixed and variable rate accounts.

American Express National Bank is an online subsidiary of the well known brand. If you happen to have a credit card(s) with them AND are looking to open a savings account or CD, please note these will be done with separate accounts and are not connected in any way.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 American Express National Bank at a Glance:

Year Founded:	1989
Headquarters:	Salt Lake City – Ogden, UT
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	$139b
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

Citibank – 0.60% APY

The Citi Accelerate High Yield Savings account is a popular online product that is consistently in contention for the highest yield on the market.

That said, you’ll have to open this account with a checking account in their Citi Elevate Account package to avoid a $4.50 monthly service fee.

The Citi Accelerate High Yield Savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Citibank at a Glance:

Year Founded:	1812
Headquarters:	New York City, NY
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	$198b
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

Discover Bank – 0.60% APY

You may know of Discover as a credit card issuer as its the third largest in the country, however, Discover Bank has been offering competitive, online, FDIC-insured deposit accounts for quite some time.

Their online savings account comes with no minimum deposit or monthly balance requirements.

Interest is compounded daily and credited monthly.

🔎 Discover Bank at a Glance:

Year Founded:	1985
Headquarters:	Riverwoods, IL
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	$93b
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

Alliant Credit Union – 0.55% APY

Alliant Credit Union was originally founded as the United Airlines Employees’ Credit Union in 1935 with just $5,000 in assets. Today, they have 500,000 members in all 50 states and $12 billion in assets.

Most of their members are in the Chicago, Illinois area, but anyone in the country can join even if not connected to the area or anyone currently banking there. You’ll have to become a member of their designated charitable organization Foster Care 2 Success (FC2S). You can learn more here.

You will have to keep an average daily balance of $100 to earn the advertised APY.

Interest is compounded and credited monthly.

🔎 Alliant Credit Union at a Glance:

Year Founded:	1935
Headquarters:	Chicago, IL
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	$12b
Member FDIC:	NCUA, yes.
Max Deposit Allowance:	$250,000

Ally Bank – 0.50% APY

Ally Bank, a well known online bank, is the rebrand of GMAC that took place in the aftermath of the 2008 financial collapse. GMAC was the financial arm of GM (General Motors) originally founded to provide financing to automobile customers.

Ally Bank offers exceptionally high yields on all of their deposit products. Their variable rate online savings account and money market account as well as their fixed rate CDs come with APYs that handily beat the national average and regularly place among the top of the pack.

Their online savings account has no minimum deposit or daily balance requirements to earn the advertised APY.

Interest is compounded daily and credited monthly.

🔎 Ally Bank at a Glance:

Year Founded:	1919
Headquarters:	Detroit, MI
Deposit Accounts Offered:	IRA, CDs, money market, checking and savings
Total Assets:	$180b
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

Vio Bank – 0.50% APY

Vio Bank is the online division of MidFirst Bank, which is the largest publicly held bank with FDIC insurance in the U.S. today.

Vio Bank offers standard term CDs and a high yield savings account.

Their online savings account has a minimum deposit requirement of $100.

Interest is compounded daily and credited monthly.

🔎 Vio Bank at a Glance:

Year Founded:	2018
Headquarters:	Oklahoma City, OK
Deposit Accounts Offered:	CDs and high yield savings account
Total Assets:	MidFirst Bank $24b
Member FDIC:	Yes
Max Deposit Allowance:	$250,000

Methodology

The APYGUY editorial team conducts research every month on the highest yielding online savings accounts on the market. Our rate tracking system monitors hundreds of bank and credit unions’ rate pages from around the country so that our team knows in near real-time when rates have been changed by the institutions we monitor.

Beyond rate and APY changes, we also take into consideration:

• Year the institution was founded
• Total assets held
• Minimum deposit requirements
• Average consumer ratings from sources like the BBB (Better Business Bureau)
• FDIC or NCUA insured

High Yield Savings Accounts FAQs

Still not sure if a high yield savings account is right for you in 2022? Continue reading some of the most frequently asked questions consumers have regarding high yield savings accounts below.

How Much Interest Can You Earn on $10,000 Currently?

The higher the APY you receive, the faster your money will grow over time. Unfortunately savings rates on average sit at a paltry 0.05% APY nationwide – which would only earn you $5.00 over the course of a year on $10,000 in savings.

That said, with some of the highest yielding online savings accounts mentioned above it’s quite possible to earn 10x the national average or 0.50% APY.

With a high yield online savings account like the ones listed above, a savings deposit of $10,000 would earn a much better yield of $50.00 annually.

What are some Alternatives to High Yield Savings Accounts?

If you’re not sold on any of the best high yield online savings accounts on the market, you have a few options that are similar in nature but differ in a few key areas.

Some alternative products you might want to consider are:

1. Cash Management Accounts.
2. Rewards Checking Accounts.
3. Money Market Accounts.
4. Series I Savings Bonds.

You can find accounts in all three categories listed above with FDIC (or NCUA) insurance. In fact, cash management accounts can generally provide more FDIC coverage than the typical $250,000 by leveraging the FDIC insurance of multiple partner banks. We’ll discuss this more below.

Cash Management Accounts VS High Yield Savings

Cash management accounts generally combine the features of checking, savings and wealth management accounts all under one roof. The companies that offer these are generally considered Fintech companies and are not banking institutions themselves. That being said, they typically partner with credible banks so that your cash balance can use the 3rd party bank’s FDIC insurance.

For example, the Affirm Savings Account offers an incredible APY of 0.65% currently and partners with Cross River Bank, member FDIC, so that your deposits are safe and secure up to the applicable limits.

Noteworthy Cash Management Accounts and APYs

Below are the top 5 yields we’ve found for cash management accounts and the banks backing them.

Account	Partner Bank(s)	APY
Aspiration	14 partners	3.0% – 5.0%
SoFi	6 partners	Up to 1.0%
Affirm	Cross River Bank	0.65%
Robinhood	Goldman Sachs, HSBC, more	0.50%
Wealthfront	Citibank, Cross River, more	0.35%

Rewards Checking Accounts VS High Yield Savings

These FDIC and NCUA-insured accounts can offer better yields than high yield online savings accounts, however there is typically a catch.

First, they are most frequently offered through credit unions which may have their own eligibility restrictions to join.

Second, rewards provided on these accounts are usually in the form of APY on your balance, but can also be in the form of cash back. When it’s an APY on your balance, it will likely be paid in tiers with a cap on how much you can earn.

For example, with Consumers Credit Union’s Rewards Checking account you can earn up to 4.09% APY on the first $10,000 if you meet the qualifying requirements. But if you want to deposit more than $10,000 you’ll earn significantly less. On balances between $10k – $20k you’ll earn just 0.20% APY and on balances of $20k or more, just 0.10% APY.

Third, the accounts will almost always require you to make a certain number of transactions with the account’s debit card every statement cycle to earn the advertised APY and/or cash back.

Lastly, in some cases these accounts will also require you to set up a recurring monthly direct deposit(s), sign up for eStatements or other qualifying actions to earn the advertised APY.

Noteworthy Rewards Checking Accounts

Below are the top 5 yields we’ve found for rewards checking accounts and the banks and credit unions offering them.

Institution	Requirements to Earn APY	APY
Consumers Credit Union	12 debit card transactions + more	2.09% – 4.09%
T-Mobile MONEY	$200/mo in deposits + more.	1.0% – 4.0%
Lake Michigan Credit Union	10 debit card transactions + more	3.0%
Mecu Credit Union	12 debit card transactions + more	3.0%
Varo Money	5 debit card transactions + more	Up to 3.0%

Money Market Accounts VS High Yield Savings

Money market accounts like online savings accounts are federally-insured, variable rate deposit accounts that feature better than average savings rates.

Money market accounts generally provide better yields on higher sums of money whereas online savings accounts tend to come with high yields on all sums starting at $0.01.

Money market accounts function more like a checking account and provide easier access to cash. They usually come with checking writing capabilities and some even come with debit cards.

Online savings accounts, on the other hand, rarely come with debit cards and/or check writing capabilities and tend to require you to transfer money to a checking account for access.

Series I Savings Bond vs High Yield Savings

Series I Savings Bonds are issued by the US Treasury directly to consumers. These bonds are designed to hedge against rising inflation rates and tend to hold similar yields to current inflation levels. Consumers can open these, but can only deposit $10,000 per social security number.

Today, the current yield is 9.62% and is good through October 2022. To purchase this bond electronically, you’ll need to go to treasurydirect.gov. You can also read more about them in our overview here.