Discover Bank products are no longer available through this site. If you are comparing the best high yield savings accounts, remember that leading rates often come from online providers, though many branch-based banks compete strongly as well.
High-interest savings can earn multiples of a traditional savings account thanks to compound interest. A high-yield savings account is a deposit account that typically pays a higher (often variable) annual percentage yield than a traditional savings account, with interest calculated on your balance and credited on a set schedule (commonly monthly). Top online and brick-and-mortar options both exist, and the right choice depends on your needs.
West Africa Trade & Investment Hub evaluated large financial institutions using factors such as annual percentage yield, fees, ease of use, customer support, and more. Review our methodology to see how this list was created.
Best High-Yield Savings Accounts From Big Banks
| Bank | Account Name | APY | Minimum Balance | Monthly Fee | ATM Access | Notable Features |
|---|---|---|---|---|---|---|
| American Express National Bank | American Express High Yield Savings Account | 3.30% APY (as of 12/30/2025) | $0 to open | $0 | No | Around-the-clock customer support; simple account management |
| Barclays Bank Delaware | Barclays Tiered Savings | 3.70% APY (3.85% APY on $250,000 or more) | No minimum to open | $0 | No | Tiered rates for large balances; built-in Savings Assistant tool |
| Discover Bank | Discover Online Savings Account | Not listed in this article | Not listed in this article | Not listed in this article | Not listed in this article | Pairs with cash-back checking; broad ATM access via debit card when using Discover Cashback Debit |
| Sallie Mae Bank | Sallie Mae High-Yield Savings Account | 3.90% APY | None | None | No | Daily compounding; text banking; mobile check deposit |
| Capital One Bank | Capital One 360 Performance Savings | 3.50% APY | None | None | Yes, when paired with a Capital One checking account | 300+ branches and Capital One Cafés; highly rated mobile app |
Best for High APYs: Sallie Mae
Who’s this for? Sallie Mae High-Yield Savings Accounts frequently deliver rates near 20 times the national average, with interest that compounds daily.
Standout benefits: Move money via text, deposit checks from your phone, and set mobile alerts to monitor your balance. You’re limited to six withdrawals per month, but transfers to repay Sallie Mae loans are uncapped.
Sallie Mae High-Yield Savings Account
Sallie Mae Bank, Member FDIC.
- Annual Percentage Yield (APY): 3.90% APY.
- Minimum Balance: None.
- Monthly Fee: None.
- Maximum Transactions: As many as six no-fee withdrawals or transfers each statement cycle.
- Excessive Transactions Fee: None.
- Overdraft Fee: None.
- Offer Checking Account?: No.
- Offer ATM Card?: No.
- Terms apply.
Read our Sallie Mae High-Yield Savings Account review.
Pros
- Competitive APY.
- No minimum opening deposit or balance.
- No monthly maintenance charges.
- Mobile check deposit available.
- Text banking and customizable alerts.
Cons
- Some competitors offer higher yields.
- No linked checking option.
- No ATM access.
Best for Branch Access: Capital One
Who’s this for? If you prefer face-to-face service, Capital One 360 Performance Savings is backed by more than 300 branches and over 55 Capital One Cafés, where you can open accounts, withdraw cash, and grab a coffee.
Capital One 360 Performance Savings
Capital One Bank, Member FDIC.
- Annual Percentage Yield (APY): 3.50% APY.
- Minimum Balance: None.
- Monthly Fee: None.
- Maximum Transactions: As many as six free withdrawals or transfers per statement cycle.
- Excessive Transactions Fee: None.
- Overdraft Fee: None.
- Offer Checking Account?: Yes.
- Offer ATM Card?: Yes, when paired with a Capital One checking account.
- Terms apply.
Read our Capital One 360 Performance Savings review.
Pros
- Solid APY.
- No minimums and no monthly fees.
- Ability to pair with a checking account for ATM access.
- Physical branches plus Capital One Cafés.
- Highly rated mobile app.
- Mobile check deposit.
- Free credit monitoring is included.
Cons
- Higher yields may be available from other banks.
Standout benefits: 360 Performance Savings delivers a competitive rate with no minimum balance and no monthly fee.
Best for Customer Service: American Express
Who’s this for? American Express, best known for its credit cards, also offers the American Express High Yield Savings Account. It’s simple to manage, well reviewed, and backed by around-the-clock support.
Standout benefits: Make unlimited withdrawals and transfers per statement cycle, up to the daily transaction limit.
American Express High Yield Savings Account
- Annual Percentage Yield (APY): 3.30% APY as of 12/30/2025.
- Minimum Balance: $0 to open.
- Monthly Fee: $0.
- Maximum Transactions: No limits.
- Excessive Transactions Fee: $0.
- Overdraft Fee: $0.
- Offer Checking Account?: No.
- Offer ATM Card?: No.
- Terms apply.
- American Express National Bank, Member FDIC.
Read our American Express High Yield Savings Account review.
Pros
- Competitive APY.
- $0 minimum to open or maintain.
- No monthly fees.
- Around-the-clock customer support.
- Helpful Tips and Tools on the website.
Cons
- Some banks pay more.
- No checking companion.
- No ATM access.
- No mobile check deposit.
The APY listed is accurate as of 12/30/2025 and may change at any time before or after account opening. Certificate of Deposit rates are fixed once funded.
No minimum balance is required to open the account, avoid fees, or earn the stated APY.
External transfers are processed on business days, Monday through Friday, excluding federal holidays. Transfers initiated after 7 p.m. Eastern time or on non-business days begin processing the next business day. Deposited funds may be subject to holds; see the Consumer Deposit Account Agreement for details.
Best to Help You Save: Barclays
Who’s this for? Barclays Tiered Savings includes the Barclays Savings Assistant. Enter your goal, current savings, and monthly contribution, and the tool estimates how long it will take to get there.
Standout benefits: Large balances of $250,000 or more earn a higher tiered APY. You also receive unlimited withdrawals or transfers each statement cycle.
Barclays Tiered Savings
Barclays Bank Delaware, Member FDIC.
- Annual Percentage Yield (APY): 3.70% APY (3.85% APY on balances of $250,000 or more).
- Minimum Balance: No minimum to open; you must maintain enough to earn at least $0.01 in interest for interest to post.
- Monthly Fee: $0.
- Maximum Transactions: Up to six free withdrawals or transfers per statement cycle. The six-per-cycle withdrawal limit was temporarily waived during the coronavirus outbreak under Regulation D.
- Excessive Transactions Fee: A fee may apply, and more than three violations in a year may result in account closure.
- Overdraft Fee: Not applicable.
- Offer Checking Account?: No.
- Offer ATM Card?: No.
Terms apply.
Pros
- Strong rate.
- No minimum balance.
- No monthly fee.
- Built-in savings assistant tool.
- Mobile check deposit.
- Up to six free withdrawals or transfers per cycle.
Cons
- Excessive transactions can trigger fees or closure.
- No checking add-on.
- No ATM network.
Best Checking/Savings Combo: Discover
Who’s this for? If you prefer to keep everyday banking in one place, Discover offers a competitive savings account alongside a checking account that earns cash back on debit purchases.
Standout benefits: The Discover Cashback Debit Card is usable at more than 60,000 ATMs nationwide.
Compare High-Yield Savings Accounts
If you’re looking for high-yield savings options in Nigeria, note that banks often use different product names and may pay different rates depending on balance tiers, account activity, and whether funds are kept flexible or locked for a set period.
Below are examples of Nigerian banks that commonly offer higher-yield-style savings options (often through target savings or fixed/term deposit products), along with typical rate ranges you may see advertised. Rates can change frequently, so confirm the current offer directly with the institution before opening an account.
| Nigerian Bank | Example High-Yield-Style Savings Option | Typical Advertised Interest Rate (Range) | Notes |
|---|---|---|---|
| Access Bank | Target/locked savings or term deposit options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Higher advertised yields are often tied to locked funds or promotional tiers. |
| Guaranty Trust Bank (GTBank) | Goal-based savings or term deposit options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Flexible everyday savings rates may be lower than goal-based products. |
| Zenith Bank | Target savings or fixed/term deposit options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Rates can be tiered by balance size and deposit tenor. |
| United Bank for Africa (UBA) | Goal-based savings or fixed/term deposit options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Higher yields typically require keeping funds on deposit for longer. |
| First Bank of Nigeria | Target savings or fixed/term deposit options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Everyday savings accounts may pay lower, more variable rates. |
| Fidelity Bank | Goal-based savings or fixed/term deposit options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Review withdrawal rules and any conditions tied to higher rates. |
| Stanbic IBTC Bank | Term deposit or goal-based savings options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Term products may offer higher yields in exchange for reduced liquidity. |
| Ecobank Nigeria | Target savings or term deposit options (product name varies) | Commonly mid-single digits to low double digits annually, depending on terms | Check whether rates vary by channel (branch vs. digital) and balance tier. |
In practice, the highest savings interest rates in Nigeria are most often advertised on products that limit access to funds for a set period (for example, target savings and term deposit offerings) rather than on a standard everyday savings account.
How to Choose a High-Yield Savings Account
When weighing options, consider the following factors:
- APY and compounding frequency: Verify the savings rate and how frequently interest compounds.
- Fees and charges: Look for monthly maintenance or other charges that reduce earnings.
- Deposit and balance requirements: Check minimums to open the account or to qualify for the top rate.
- Access and convenience: Evaluate online, mobile, and in-person account management.
- Customer experience: Favor banks with strong service and intuitive digital tools.
- Additional features: Consider tiers, tools, or perks that support your savings plan.
Pros and Cons of Big-Bank High-Yield Savings Accounts
- Pros: You can earn more than you’d typically get with a traditional savings account while keeping funds relatively liquid, and many big banks add conveniences like in-branch service, large ATM networks, and access to other products (checking, credit cards, loans, CDs) in one place.
- Cons: The top rates may still lag the highest online offers, rates can change at any time, and some banks may require minimum opening deposits or charge monthly fees with limited ways to waive them.
FAQs
Why Choose a High-Yield Savings Account From a Big Bank?
Although many people associate high-interest savings with online banks, institutions with branches can offer stronger in-person support and a full lineup of financial products. Keeping accounts under one roof can simplify money management and unlock added perks.
Are High-Yield Savings Accounts Safe?
Yes. These accounts are generally insured by the FDIC up to $250,000 per depositor, per insured bank, and per ownership category, which includes both your principal and any accrued interest if a bank fails. If you’re opening a non-U.S. account, look for the country’s deposit insurance program (for example, the Nigeria Deposit Insurance Corp. for eligible Nigerian institutions) and confirm what is covered and what limits apply.
Is a High-Yield Savings Account Worth It?
For short- to mid-term goals, the mix of higher APY and liquidity is compelling. For example, $10,000 earning 3.90% APY would generate about $390 in interest over a year if the rate stays the same (APY already reflects the effect of compounding over a year).
Common alternatives include money market accounts (often similar to savings accounts, sometimes with check-writing), certificates of deposit (typically higher yields in exchange for locking up funds), Treasury bills and other government securities (market-based yields with varying terms), and brokerage cash management or investment accounts (potentially higher returns, but with different risks and access rules).
What Are the Downsides of a High-Yield Savings Account?
Rates fluctuate and typically fall when the Federal Reserve lowers interest rates. Many banks adjust APYs whenever broader interest-rate conditions change, and some will reprice quickly while others move more gradually, depending on their funding needs and competitive pressures.
High-yield savings rates are variable by design: when market rates shift, banks may update what they pay on deposits to reflect changing funding costs and competitive demand.
Some institutions also require minimum balances, limit promotional tiers, or cap the top APY.
