15 savings accounts with interest rates of 4% APY and higher (updated weekly)

Today, the national average interest rate for savings accounts is just 0.41%, according to the FDIC. But that doesn’t mean you’re stuck earning a low rate on your savings.

Many banks and credit unions offer high-yield savings accounts with an annual percentage yield (APY) of 4% or more, allowing you to maximize your savings potential and hit your savings goals even faster.

Here’s a look at some of the top federally insured high-yield savings accounts available today that currently offer 4.00% APY and higher.

Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.

Digital Federal Credit Union (DCU) offers a high-yield savings account with the highest APY on our list at 6.17%. The catch: This rate only applies to balances up to $1,000; balances above $1,000 earn 0.05% APY. Even so, this great rate could get the ball rolling on growing your savings.

The minimum deposit needed to open this account is $5.00, and there’s no monthly maintenance fee or minimum balance required to earn the disclosed APY. Eligibility for membership with DCU is determined by a prospective member’s relationship to a current member, employment at an eligible company, geographic area, or involvement in qualifying organizations.

Varo Bank’s High-Yield Savings Account offers an attractive 5.00% APY on balances up to $5,000 (balances over this threshold earn 2.50% APY). There’s no minimum balance required and no monthly fees. This account also allows for automatic round-ups to give your savings a boost over time.

Read our full review of Varo Bank

3. BrioDirect High-Yield Savings Account: 4.55% APY

BrioDirect’s High-Yield Savings Account boasts 4.55% APY with no monthly maintenance fees. You need a minimum of $5,000 to open this account and must maintain at least $25 to earn the disclosed APY.

Read our full review of BrioDirect

4: First Foundation Bank Online Savings: 4.50% APY

First Foundation Bank’s Online Savings Account offers 4.50% APY with no monthly maintenance fees. The minimum opening deposit is $1,000, and you must maintain at least $0.01 to earn interest.

LendingClub’s LevelUp Savings account currently offers 4.50% APY with no minimum balance required. But in order to earn the highest advertised rate, you must deposit at least $250 to the account monthly. If you miss a month, your balance will earn 3.50% APY instead.

There are no monthly fees associated with this savings account. Interest is compounded daily and credited monthly.

Read our full review of LendingClub Bank

The Premier Online Savings Account from Poppy Bank offers a competitive 4.50% APY. This rate only applies to accounts opened online, and a minimum balance of $1,000 must be maintained to obtain the advertised rate.

7. Bread Savings High-Yield Savings Account: 4.40% APY

Bread Savings’ High-yield Savings Account offers 4.40% APY with no monthly fees. You must deposit a minimum of $100 to open an account. Interest is compounded daily and credited monthly.

Read our full review of Bread Savings

8. Popular Direct High-Yield Savings Account: 4.40% APY

Popular Direct’s Select Savings Account currently offers a 4.40% APY with a minimum opening deposit of $100 and no monthly fees. You must maintain at least $0.01 in your account to earn interest.

9. Primis Savings Account: 4.35% APY

Primis Bank’s Savings Account can be opened online with just $1. This account offers 4.35% APY with no minimum balance requirements, monthly service fees, or transaction limits. Interest is compounded and credited monthly.

10. Bask Bank Interest Savings Account: 4.35% APY

Bask Bank’s Interest Savings Account offers 4.35% APY with no monthly account fees or minimum deposit requirements. However, it’s important to note that Bask Bank does not offer ATM or debit cards, so withdrawals must be made electronically or via wire transfer.

Read our full review of Bask Bank

11. CIT Bank Platinum Savings Account: 4.30% APY

CIT Bank’s Platinum Savings Account boasts 4.30% APY on balances of $5,000 or more (balances under $5,000 earn 0.25% APY). A minimum opening deposit of $100 is required. There are no monthly fees associated with this account.

Read our full review of CIT Bank

12. EverBank Performance Savings: 4.30% APY

EverBank’s Performance Savings pays 4.30% APY on all balances. There is no monthly maintenance fee or minimum balance requirement. This account is completely free to open, and interest is compounded daily.

Read our full review of EverBank

13. TAB Bank: 4.26% APY

TAB’s high-yield savings account currently offers 4.26% APY with no minimum deposit required. There are also no monthly maintenance fees and no cap on how much of your balance can earn interest. You must maintain at least a penny in your account to obtain the disclosed APY.

Read our full review of TAB Bank

The Ivy Bank High-Yield Savings Account offers 4.25% APY on balances of $2,500 and up (balances below this threshold earn 0.05% APY). Interest is compounded daily and credited monthly.

15. Live Oak Bank High Yield Savings Account: 4.20% APY

Live Oak Bank’s High Yield Savings Account pays 4.20% APY — more than 10 times the national average. There is no minimum opening deposit requirement for this account. However, you must keep at least $0.01 in your account to continue to earn interest.

The amount of interest you can earn with a rate of 4% depends on how much money you deposit. The more money you keep in your account, and the longer you hold it there, the more you stand to earn thanks to compound interest.

For example, if you deposited $1,000 into a 4% interest savings account that compounds interest daily and left the money there for one year, you’d earn a total of $40 in interest (assuming you don’t make any additional contributions).

Let’s say you deposited $10,000. At the end of the year, you’d earn $400 in interest. And if you made an additional $100 contribution each month, you’d end up with $421.84 in interest earnings.

Finding a savings account that pays 4% on your balance is a great way to give your savings a boost and help it grow over time. However, there are additional steps you can take to get the most value out of your account.

• Start with a higher principal balance: The more money you deposit initially, the more interest you earn from the start.

• Contribute regularly: Consider setting up automatic transfers to the savings account. Even small, consistent deposits can make a big difference over time. If you contribute $100 monthly — that’s an extra $1,200 per year that earns 4% interest, which compounds to grow even more.

• Take advantage of compound interest: Make sure the interest on your account compounds at least monthly, if not daily. The more frequently interest is compounded, the more your money will grow.

• Keep your money in the account: Each time you withdraw funds from your savings account, the principal balance that earns interest decreases, which reduces the overall growth potential. A checking account or money market account may be a better fit for money you need for daily spending or paying bills.

• Watch out for fees: Look for a savings account with no monthly maintenance fees or other charges that could eat into your interest. Some high-yield accounts have minimum balance requirements to avoid fees or earn the highest advertised rate, so be sure you can meet those minimums — or choose an account with no minimum balance requirement.

See our picks for the 10 best high-yield savings accounts

Savings accounts that offer 4% are becoming increasingly hard to find. Recent rate cuts by the Federal Reserve signal that the economy is moving in the right direction, but they also mean deposit account rates are on the decline.

Additional rate cuts could be on the horizon, so it pays to take advantage of an account with a higher rate while it lasts.

For those looking to maximize their savings, it might be wise to take advantage of current rates while they remain elevated. If you want to lock in today’s higher rates, you may want to consider a certificate of deposit (CD) instead of a high-yield savings account.