If you’re earning a low interest rate on your savings balance, consider putting it in a high-yield savings account (HYSA). Our team compared today's high-yield savings accounts offered by federally insured financial institutions and identified the 10 best based on interest rate, fees, account features, customer service, and more (see our methodology here). Find out which banks have the best high-yield savings accounts today.

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

APY: Up to 4%

Minimum opening deposit: $0

Monthly fee: $0

SoFi’s online bank account — a combination checking and high-yield savings account — made our list for its competitive APY, lack of fees, and bundled approach to saving and spending.

It currently offers up to 3.8% APY on savings balances and 0.5% APY on checking account balances. However, for a limited time, new customers can earn a 0.2% APY bonus on their savings by opening a new SoFi Checking and Savings account by 8/12/25, setting up eligible direct deposit within 60 days, and maintaining direct deposit for six months.

There are no monthly maintenance fees, minimum balance requirements, or minimum deposit requirements to open an account.

The online bank account from SoFi comes with several additional perks, such as purchase round-ups that are deposited into your savings account and multiple savings vaults to help you stay organized and save for different goals. Right now, new customers can also earn up to a $300 bonus when they meet certain requirements.

Read our full review of SoFi

APY: 3.7%

Minimum opening deposit: $0

Monthly fee: $0

The Barclays Online Savings Account offers 3.7% APY with no monthly maintenance fees and no minimum balance required to open. Barclays also offers a free savings assistant tool to help customers figure out how much they need to save each month to reach their goals.

Read our full review of Barclays Bank

APY: 4.2%

Minimum opening deposit: $0

Monthly fee: $0

At 4.2% APY, the Interest Savings Account from Bask Bank pays more than 10 times the national average. With no minimum opening deposit or monthly fees, this account could be a great option for savers who want to keep their banking costs low.

Bask operates as an online-only bank, meaning there are no physical branches. However, if you need assistance with your account, Bask Bank provides generous phone customer support hours, including Saturdays.

Read our full review of Bask Bank

APY: 3.8%

Minimum opening deposit: $0

Monthly fee: $0

The Online High Yield Savings Account from Synchrony Bank offers a competitive 3.8% APY — which is nearly 10 times the national average for traditional savings accounts.

This account is free to open and doesn’t charge any monthly fees. Interest is compounded daily and credited monthly. Synchrony also offers an optional ATM card for savings account holders; the bank refunds customers up to $5 per statement cycle for any domestic ATM fees they have incurred.

Read our full review of Synchrony Bank

APY: 4.01%

Minimum opening deposit: $0

Monthly fee: $0

UFB Direct’s Portfolio Savings Account offers a competitive 4.01% APY, which applies to all balances. UFB customers also receive a complimentary ATM card for easy access to their funds and a host of digital tools to make banking easier, including mobile deposits and SMS banking.

This account also stands out due to UFB’s highly rated mobile app. Customers can use the app to check account balances, view transaction history, transfer funds between eligible accounts, and contact a customer service representative.

Read our full review of UFB Direct

APY: 3.5%

Minimum opening deposit: $0

Monthly fee: $0

The Ally Bank Savings Account is a high-yield savings option with no minimum deposit required to open and zero monthly fees. At 3.5% APY, this account’s interest rate is more than eight times the national average.

Account holders can maximize their savings potential through round-ups, recurring transfers to their savings account, and surprise savings through tools that analyze your checking account spending and transfer “safe-to-save” money to your savings account.

Read our full review of Ally Bank

Account details:

APY: 3.5%

Minimum opening deposit: $0

Monthly fee: $0

The American Express High-Yield Savings Account made our top 10 list thanks to its competitive 3.5% APY and lack of minimum opening deposit or minimum balance requirements. Interest on your account balance is compounded daily and deposited into your account on a monthly basis.

One drawback: This account does not provide account holders with an ATM card, debit card, or checks. In order to access your money, you’ll need to transfer your funds electronically. That’s why this account may be better for those who plan to keep their funds on deposit for the long-term and don’t anticipate needing immediate access.

Read our full review of American Express National Bank

APY: 4.3%

Minimum opening deposit: $0

Monthly fee: $0

EverBank’s Performance Savings Account gives account holders the opportunity to earn 4.3% APY on their savings balance with no minimum opening deposit, minimum balance requirements, or monthly maintenance fee. Interest is also compounded daily.

Note that while EverBank does have extended customer service hours, the only way to reach a representative is by telephone — there is no live chat or email option.

Read our full review of EverBank

Account details:

APY: 4.15%

Minimum opening deposit: $0

Monthly fee: $0

The TAB Save account made our top 10 list thanks to its impressive 4.15% APY. This account is free to open and has no minimum opening deposit or monthly fee. Interest is compounded daily and credited to your account monthly.

Despite its high APY, TAB ranked lower on our list due to its average mobile app rating and lack of extra account perks or savings tools to help customers maximize their savings.

Read our full review of TAB Bank

Account details:

APY: 3.5%

Minimum opening deposit: $0

Monthly fee: $0

The Capital One 360 Performance Savings account took the final spot on our list for its competitive interest rate, lack of fees, and highly rated mobile app. Account holders earn 3.5% APY regardless of their balance. However, unlike the other accounts on our list, interest compounds monthly rather than daily.

Capital One’s mobile app stood out in particular. Savers can use it to move money between linked Capital One accounts and external bank accounts, create multiple Performance Savings accounts for each of their financial goals, deposit checks with their mobile devices, and create savings plans.

Read our full review of Capital One

Why should I open a savings account?

What is a high-yield savings account?

What is APY?

What is a good savings account rate?

Do you pay taxes on high-yield savings accounts?

Pros and cons of high-yield savings accounts

Alternatives to high-yield savings accounts

Overview of today's high-yield savings account rates

Tips for finding the best high-yield savings account

How to open a high-yield savings account

HYSA frequently asked questions (FAQs)

Opening a savings account is a smart financial move. For one, these accounts provide a safe place to store your money while earning interest, helping your savings grow over time. Plus, unlike keeping cash on hand or in a checking account, a savings account encourages financial discipline by separating money meant for future goals from everyday spending. And as long as you open an account with a reputable, federally insured bank or credit union, your deposits are protected in case the financial institution fails — up to $250,000 per depositor, per institution, per ownership category.

Learn more: 6 benefits of opening a savings account you shouldn't overlook

A high-yield savings account functions similarly to a traditional savings account. The main difference is that HYSAs offer much higher interest rates. In fact, some of the best HYSAs offer annual percentage yields (APYs) 10 times higher than the national average savings account rate.

Keep in mind that some banks may require you to maintain a minimum balance to earn interest or avoid a monthly service charge. However, there are plenty of accounts that offer the same rate regardless of your balance and do not charge monthly fees. When shopping around for an HYSA, it's important to compare multiple offers and select an account that fits your needs.

Learn more: High-yield savings account vs. traditional savings account: Which one is better?

A high-yield savings account’s interest rate represents how much you’ll earn in simple interest. On the other hand, the annual percentage yield (APY) is the rate of return including compound interest, which is the interest you earn on both the principal balance and interest you've accrued previously. Most savings accounts compound interest daily or monthly. The more often interest compounds, the faster your money will grow.

HYSAs come with variable interest rates. That means your bank or credit union can change your APY at any time. Generally, APYs increase when the economy is doing well, and the Federal Reserve raises its benchmark rate. Conversely, rates can drop when the economy weakens, and the Fed lowers rates.

Learn more: What is compound interest, and how is it calculated?

Because savings account rates fluctuate, what is considered a "good" rate can change over time. Generally, a savings account that earns more than the national average is considered good. Today, the national average rate is just 0.38%, while the top high-yield savings accounts offer around 3% to 4% APY.

Learn more: What is a good savings account interest rate?

Yes, the interest earned in an HYSA is taxable income. You should receive a Form 1099-INT from your bank if you earn more than $10 in interest during the year, which you need to report on your tax return. However, even if you don't receive this form, you are responsible for reporting all interest income to the IRS.

Learn more: How to avoid taxes on savings account interest

There are many benefits of opening a high-yield savings account, particularly the opportunity to earn a competitive rate on your balance. However, there are some drawbacks to consider as well. Let’s take a closer look at the pros and cons of high-yield savings accounts:

Higher interest rates: You’ll generally earn more interest than you would with a traditional savings account.

Compound interest: Compounding interest helps your balance grow more quickly. Interest in an HYSA may compound daily or monthly.

Accessibility: These accounts are a great place to stash money you may need to access quickly, such as your emergency fund. Other types of accounts, such as certificates of deposit (CDs), offer high rates but impose penalties if you withdraw money prior to the maturity date.

Minimal or no fees: Fees with high-yield savings accounts are rare, so you won’t need to worry about these costs eating into your balance.

Low-risk: High-yield savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Plus, unlike investments, account performance isn’t tied to the stock market and you can’t lose money, making HYSAs a low-risk option for your money.

Variable rates: Your savings account’s APY can increase or decrease over time. While individual banks set rates at their discretion, these rates are loosely tied to the federal funds rate. Banks may choose to increase or decrease savings rates when the Fed adjusts its target rate.

Minimum balance requirement: Some accounts may have a high minimum opening deposit.

Tiered APYs: Some banks may have tiered APYs depending on the deposit amount. For instance, you may earn a higher rate if you deposit $5,000 vs. $100. So, while a $5,000 deposit isn’t necessarily required, it could result in a better APY.

Better for short-term savings: High-yield savings accounts aren’t the best choice for long-term savings goals, like retirement. Investment accounts tend to offer higher long-term returns.

Withdrawal limits may apply: Depending on your bank, you may have a limit on monthly withdrawals.

An HYSA can be a smart place to store your savings, but it's not your only option. Here's a look at some of the alternatives you may want to consider.

Money market accounts and high-yield savings accounts both offer higher interest rates compared to traditional savings accounts. However, these accounts come with different features. For instance, MMAs typically offer check-writing abilities and debit cards, though they might require higher minimum balances to earn the top interest rates. High-yield savings accounts, on the other hand, are designed to store your savings longer-term with fewer withdrawal options.

Learn more about money market accounts vs. high-yield savings accounts.

Like high-yield savings accounts, CDs can provide a safe place to store your savings while earning a competitive return. The big difference is that CDs require you to lock in your money for a set period, known as the term, which can range from a few months to several years. For this reason, CDs are a better option for people who don't need immediate access to their funds.

Learn more about high-yield savings accounts vs. CDs.

High-yield savings accounts and investing serve vastly different financial goals and risk profiles. HYSAs provide stable, low-risk returns with interest rates higher than traditional savings accounts. They're best for short-term financial goals or emergency funds due to their liquidity and FDIC insurance. Investing in bonds, stocks, mutual funds, and other securities typically involves higher risk — but also the potential for higher returns over the long run. Investing your money makes more sense for long-term financial goals like retirement since the returns generally outpace inflation and help grow wealth over time.

Learn more about high-yield savings accounts vs. investing.

Today, savings accounts offer competitive rates by historical standards. Even though the national average rate for traditional savings accounts is just 0.38%, the best high-yield savings accounts still pay upwards of 4% APY.

Over the past decade, savings account interest rates have experienced significant fluctuations. In the mid-2010s, rates were considerably low — below 1% — thanks to the Federal Reserve's efforts to stimulate economic growth following the 2008 financial crisis. As the economy recovered, the Fed incrementally increased the federal funds rate between 2015 and 2018, leading to a gradual rise in savings account rates. However, the onset of the COVID-19 pandemic in 2020 prompted a return to near-zero interest rates to support economic activity, resulting in a decline in savings yields.

However, this led to a period of rising inflation, so the Fed implemented several rate hikes, contributing to the current higher yields on savings accounts. Even so, rates are now back on a downward trend as the Fed began cutting its target rate again in late 2024.

Competitive rates are great, but considering other factors besides APY can help you find an account that best meets your needs.

New account offers: Look at high-yield savings account offers for new depositors with high APYs, low to no account fees, and are free to open. High savings account rates will earn you more interest, but the financial institution offering those rates might not necessarily be the best option for your finances, so do your research before opening an account.

Required deposits: Research applicable deposit requirements. Is there a minimum initial deposit requirement? Do any other deposit requirements apply? Are there tiered APYs depending on your deposit amount?

Fees: Some accounts may have monthly maintenance fees or other fees. Look into which fees may apply before opening a new account.

Accessibility: Understand how you can access your money before opening a new account. For example, can you log into an online dashboard? Does your bank have a mobile app? Is it connected to an ATM network?

Deposit options: Review available deposit options. Are mobile check deposits via a mobile banking app an option? Can you make direct deposits via an ATM?

Account linking: Look into whether you can link your new account to an existing checking account at another bank. Make sure there are no restrictions or waiting periods when it comes to accessing your money.

Learn more: How to choose the right high-yield savings account for you.

Once you’ve determined the best high-yield savings account for you, opening one is simple and can be done in person or online. You’ll generally need to provide your personal information, proof of identity, and address to open a new account. Make sure you have your driver’s license, Social Security number, and copies of a recent mortgage statement or utility bill.

Depending on the account, a minimum deposit amount could apply when you open your HYSA account. If that’s the case, you’ll also need to be ready to transfer money from an existing account to meet the deposit requirement.

Learn more: How to open a high-yield savings account

As long as your account is held by an FDIC- or NCUA-insured institution, your money is federally insured up to the $250,000 limit.

Savings account rates are subject to change at your bank’s discretion. To get the most recent rate information for the accounts you’re considering, you’ll need to visit those institutions’ websites or call them directly to learn more.

Yes, you can withdraw money from a high-yield savings account. However, these accounts may have rules in place regarding the maximum number of withdrawals you can make within a given month or statement period without incurring a fee.

Among our list of the 10 best high-yield savings accounts, the highest rate available is 4.3% APY, offered by EverBank.

High-yield savings accounts are one of the best places to keep extra cash, whether for your emergency fund or short-term savings. The best rates currently hover between 3% and 4% APY.

Learn more: Are high-yield savings accounts worth it?

Interest rates on savings accounts can change at any time. They're influenced by several factors, including the federal funds rate, general economic conditions, and individual bank policies.

Learn more: How do banks set their savings account interest rates?

Typically, high-yield savings accounts, CDs, and money market accounts offer higher interest rates compared to standard checking or savings accounts.

In most cases, you won't lose money in a high-yield savings account as long as the financial institution is insured by the FDIC or NCUA, which cover up to $250,000 per depositor, per institution, per ownership category. However, there are certain instances when your HYSA could lose money.

Our grading system, collected and carefully reviewed by our personal finance experts, comprised nearly 300 data points for approximately 30 federally insured savings accounts to develop our list of the top 10 high-yield savings accounts. We considered accounts with yields higher than the national average for traditional savings accounts.

We evaluated these accounts according to several key metrics, including annual percentage yield, minimum opening deposit, minimum balance requirement, monthly fees, compounding frequency, and more.

The accounts on our list could earn a maximum of 45 points across all metrics. Here’s a closer look at the categories we considered:

Annual percentage yield (APY): Accounts with higher APYs were rewarded with more points than those with lower APYs. Note that rates on our list are current at the time of publishing but are subject to change at any time.

Minimum balance to earn interest: Some banks and credit unions require a minimum balance to earn the advertised rate. We favored accounts that had no or low minimum balance requirements.

Minimum opening deposit: Many high-yield savings accounts require a minimum deposit to open an account. High-yield savings accounts with no or low minimum deposit requirements were given preference in our rankings.

Monthly fees: It’s not uncommon for high-yield accounts to charge a monthly maintenance or service fee. We rewarded accounts with no monthly fees.

Compounding frequency: Compounding can happen daily, monthly, or even annually. We awarded more points to accounts that compound interest frequently.

Account bonus: Accounts with a current bonus promotion earned extra points.

Maximum bonus amount: We awarded more points to the accounts with higher welcome bonuses.

Customer service contact methods: Our team awarded one point for every contact method available to customers (phone, email, chat).

Mobile app rating: High-yield savings accounts at banks with a higher average mobile app rating on the Apple and Google storefronts scored more points than those with lower user ratings.

A high-yield savings account (HYSA) can be a safe place to store your cash in many different scenarios.

High-yield savings accounts provide higher-than-average interest rates compared to traditional savings accounts. And unlike a high-yield CD, you can withdraw your money from an HYSA whenever you need access to the funds without penalty.

Although an HYSA isn’t the perfect fit for every financial situation, there are many wise uses for this type of account. Here’s how to use a high-yield savings account to your benefit if you’re considering opening one.

In general, high-yield savings accounts offer higher annual percentage yields (APYs) than traditional savings accounts. In July 2024, the average interest rate banks offered customers on savings accounts was 0.45%. Meanwhile, several high-yield savings accounts offer rates of 5% APY and up.

If you’re saving money for any short-term to mid-term goal, an HYSA could be a great place to store your cash. Below are five smart ways to use a high-yield savings account if you’re looking for inspiration.

No matter how much money you earn, it’s a good idea to create an emergency savings fund to prepare for unplanned expenses or times of financial hardship. Many financial experts recommend tucking aside at least six months’ worth of expenses in an emergency fund to provide a sufficient financial cushion.

Even if you can’t afford to put aside much money yet, it’s fine to start where you can. As a bonus, using a high-yield savings account can help the money you do save grow at a faster rate.

Read more: How much money should I have in an emergency savings account?

If you’re in the market to buy a new house or car, there’s a good chance you’ll need to save up a down payment to accompany your loan. A sizable down payment could improve your odds of qualifying for a loan, result in a lower monthly payment, and help you lock in a more attractive interest rate on your financing.

Of course, saving money for a down payment may take time. A mortgage down payment could cost you as much as 20% of the loan amount (on a conventional loan) if you want to avoid paying private mortgage insurance (PMI). Many financial experts recommend a 10% to 20% down payment on a car loan as well.

Instead of charging your vacation expenses on a credit card, it’s wise to save the money for your next getaway in advance. A high-yield savings account can be a good place for a sinking fund to store cash for an upcoming trip — especially if you find an account that offers a competitive interest rate that will help your savings grow at a faster rate.

Once you have enough money set aside for your travel plans, it’s fine to charge those expenses on a rewards credit card to earn extra points, miles, or cash back. Just be sure not to exceed your vacation budget. As long as you follow this rule, you can use the money you saved in advance to pay off your full credit card balance and avoid debt and expensive interest charges.

If you’re a parent looking to open a savings account for your child, a high-yield savings account is a great option to consider. A good kids savings account should offer the same perks that an adult’s savings account offers, including competitive interest rates and FDIC insurance to keep your child’s savings safe.

Plus, if you’re using a savings account as a tool to teach your son or daughter financial literacy, an HYSA can be a solid resource for hands-on learning.

Whether you’re saving for a wedding, a retirement party, or some other major milestone, you may need time to put away the money you need to celebrate your upcoming event in style. You might be surprised to learn that the average wedding costs around $35,000. And other large events can be costly as well.

Most people don’t have the cash available to pay for large events without some advanced preparation — at least not if they want to stay out of debt in the process. So, a high-yield savings account can be a great place to store your cash while you’re putting away money to afford these types of financial goals.

A high-yield savings account from an FDIC-insured bank (or an NCUA-insured credit union) can be a useful financial tool for many people.

If you’re looking for a safe place to store your money while earning a competitive interest rate, an HYSA may work well for your situation.

However, keep in mind that a savings account may not be the best choice for long-term investment goals. For retirement savings and other long-term needs, consider talking to a trusted financial adviser about the best options for where to invest your money.

Read more: Are high-yield savings accounts safe?

The amount of interest you earn in a high-yield savings account (or any other deposit account for that matter) depends on several factors, including the APY, interest compounding frequency, and fees.

As an example, say you deposit $1,000 into a high-yield savings account with a 5% interest rate that compounds daily. At the end of a year — assuming you don’t make any more contributions — you’d earn $51.27 in interest.

Read more: How to save $10,000 in a year

Despite their benefits, there are a few drawbacks to using high-yield savings accounts. First, HYSAs feature variable interest rates. When the Federal Reserve adjusts the federal funds rate, those changes can have a trickle-down effect on the APYs banks and credit unions offer customers on HYSAs and other deposit accounts. So if rates drop, you could end up with a lower interest rate on your balance.

HYSAs usually aren’t a great fit for long-term savings goals either, since the interest rates banks offer on these accounts aren’t historically as competitive as market investments (like stocks and bonds).

Read more: High-yield savings account vs. investing: Which is right for you?

A minimum balance is the amount of money a bank requires you to keep in your account to avoid penalties. If you dip below the required amount, you could be charged a monthly maintenance fee, earn a lower interest rate, or even have your account closed. And minimum balance requirements can vary from as little as $100 to $1,000 and up.

One way to avoid this frustrating situation is to move your money to an online savings account. Unlike traditional banks, it's uncommon for online banks to have high minimum balance requirements, if any.

Fortunately, most online banks don't have minimum balance requirements for their savings accounts. That’s because they have lower overhead costs than banks with physical branches. As a result, they can pass on a variety of benefits to customers, including higher interest rates, fewer fees, and waived balance requirements.

Still, you don't want to make any assumptions. Before opening an online savings account or any other type of bank account, check to see if there's a minimum balance required in order to avoid penalties or earn the best available interest rate.

Read more: The 10 best online banks today

You're more likely to have a minimum balance requirement with a traditional savings account than with an online account. However, it's hard to say what the minimum will be since each account is different.

For example, the Bank of America Advantage Savings account requires a minimum daily balance of $500 to waive the $8 monthly maintenance fee. However, there are several other ways to get the fee waived, such as linking your savings account to a qualifying BofA checking account.

By comparison, U.S. Bank's Bank Smartly Savings account has a $5 monthly maintenance fee that's waived if you have another qualifying U.S. Bank account. But if you want to earn more than 0.05% interest, you'll need to maintain at least $5,000 in combined deposits in the accounts.

Here’s a look at some of the top online savings accounts and their minimum balance requirements:

If your savings account balance dips below the minimum, you could face a wide variety of penalties, including:

Account closure

Minimum balance fee or monthly maintenance fee

No interest earnings for the month

Moving to a lower rate tier

If your account balance goes into the negative, you'll experience an additional set of penalties. For example, the bank might charge an overdraft fee or non-sufficient funds fee. If this becomes a habit, the bank may even report the negative balance to ChexSystems. As a result, you may find it difficult to open a new savings account in the next few years.

Additionally, if you don't pay back the negative balance or the bank fee, the bank can charge off the bill to collections, which will cause a drop in your credit scores.

With online banks, you can't simply visit a branch to make a deposit. Instead, you'll have to fund and manage your account online or through an app, which means you'll likely want to set up automatic deposits and monitor your transactions more regularly.

Here's what you can do to make sure your online account doesn't drop below the minimum balance requirement (if there is one):

Ensure that a portion of your paycheck always goes into savings by setting up a recurring direct deposit.

Don't use your savings account for day-to-day spending. Instead, use your checking account for that purpose.

Keep a "cushion" in your savings, or a small amount of money you never plan to use.

Review your account balance regularly to make sure there are no unexpected transactions.

Set up low-balance alerts on the account.

The minimum balance on a bank account refers to the balance you need to maintain in order to avoid penalties. The minimum deposit is the amount you need to deposit in order to open the account. In some cases, a savings account may have a minimum opening deposit requirement but no minimum balance.

Like online bank accounts, most digital savings accounts have no minimum balance requirement.

A minimum balance fee is a fee you're charged when your bank account balance drops below a set dollar amount. These fees can vary across different financial institutions.

Related:

What is the typical minimum balance required for traditional savings accounts?

What's the typical minimum balance for a certificate of deposit (CD)?

How much is a money market account minimum balance?

How much money should I have in my checking account?

At present, there aren't any banks offering 7% APY on savings accounts. If you're looking for maximum returns from a bank, the best you can hope to earn is in the range of 4% to 5% on a high-yield savings account (HYSA), certificate of deposit (CD), or money market account (MMA).

Why aren't 7% APY bank accounts available anymore? Mainly because of the Federal Reserve's interest rate adjustments.

Starting in 2022, the Fed began a series of unusually aggressive rate hikes, with the aim of taming post-pandemic inflation and preventing a recession. For people with money in savings accounts, a positive side effect of the hikes was that banking rates rose in tandem.

Now, with inflation under control, the Fed is expected to continue its recent series of conservative rate cuts. And with each cut, banks will reduce their deposit rates.

For financial accounts that have variable interest rates, including checking accounts, savings accounts, and credit cards, interest rates have dropped alongside the rate cuts, and are likely to fall further. For new accounts with fixed rates, including CDs and most loans, rates have shifted downwards, too.

Read more: How to maximize your savings following the Fed's rate cut

To find the highest rate on a savings account, you'll have to shop around. Interest rates vary drastically from one account to another, with the national average at just 0.38%, so earning more starts with some comparison shopping.

When you find a bank or credit union that advertises a high interest rate, be sure to read the fine print. In some cases, the highest rate on an account only applies to a limited portion of your deposit, and you have to meet certain requirements to earn that rate. Any or all of these actions may be required:

Enroll in eStatements

Complete a minimum number of debit transactions per month

Receive a minimum dollar amount in direct deposits per month

Log into your account at least once a month

Open both a checking and savings account with the financial institution

For the foreseeable future, you won't find any banks that offer 7% APY on savings accounts. However, you can find some credit unions that pay 7% or more on checking accounts.

Before opening an account, take a close look at the terms and conditions to determine whether you can earn the advertised rate. For example, with BCU, you need $3,000 in qualifying deposits each month to earn the 8% rate, and the APY significantly drops after three months.

Earning 7% APY on a bank savings account is a thing of the past, but that doesn't mean you should empty your bank account. Keeping some money in FDIC- or NCUA-insured accounts is still essential for good financial management, even when rates are falling.

Here's where you can deposit your money to maximize your interest:

Day-to-day spending cash: Look for a high-yield checking account with low or no fees, where you can make unlimited withdrawals without any penalty.

Emergency savings: Try a high-yield savings account or money market account where you qualify for high APY based on the balance amount you can consistently keep on deposit.

Short-and-mid-term savings: Open a CD or Treasury bill that allows you to lock in an above-market APY before the Fed makes more interest rate cuts.

Long-term savings: Invest in a retirement account (ideally with an employer match) where you'll earn compound interest over the long term. Stock purchases and other investments can bring high returns, too, but they should be part of a balanced portfolio, especially given the current uncertainty in the stock market.

Read more: How to maximize your interest earnings following a Fed rate cut