Best High Yield Savings Accounts (2024)

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Compared to traditional counterparts, a high-yield savings account provides a higher annual percentage yield (APY), as its name suggests. Typically, online banks or financial institutions with lower operating costs offer this type of savings account, as they’re capable of passing on more favorable interest rates to account holders.

Moreover, high-yield savings accounts provide a secure and liquid way for individuals to save money while earning a more competitive return on their deposits. The increased interest rate helps account holders grow their savings over time, making these accounts an attractive option for those looking to maximize the earning potential of their cash reserves.

Two notable contenders in this space are CIT Bank and its Platinum Savings account and Raisin, which is a digital platform where banks and credit unions can advertise their deposit products, allowing users to find the best one that suits their needs.

Is it safe to put money in a high-yield savings account?

Generally, putting money in a high-yield savings account is considered safe. High-yield savings accounts are usually offered by reputable banks, including online banks and financial institutions.

FDIC or NCUA Insurance: In the United States, most high-yield savings accounts offered by banks are insured by the Federal Deposit Insurance Corporation (FDIC), whereas credit unions are insured by the National Credit Union Administration (NCUA). These insurances protect your deposits up to a certain limit (e.g., $250,000 per depositor, per bank).

Regulation and Oversight: Financial institutions offering high-yield savings accounts are subject to regulatory oversight, ensuring compliance with rules and standards to protect consumers.

Liquidity: High-yield savings accounts provide liquidity, allowing you to access funds easily. In other words, your money is not tied up for an extended period, unlike some long-term investments.

Transparency: Reputable banks and financial institutions are transparent about their terms, fees and interest rates. As always, it’s essential to read the terms and conditions before opening an account.

While high-yield savings accounts are safe more often than not, it’s crucial to conduct due diligence before choosing a specific institution. Look for well-established banks with a history of financial stability and positive customer reviews. Keep in mind that, like all investments, there is some level of risk, and it’s important to consider your financial goals and risk tolerance when making decisions about where to deposit your money.

CIT Bank Platinum Savings

The CIT Bank Platinum Savings account stands out as a solid choice for individuals seeking a high-yield savings option. With a competitive APY of 5.05% (at the time of writing) for balances of $5,000 or more, this account allows users to make the most of their savings potential while maintaining easy access to their funds via a user-friendly online platform and mobile app.

Also, the Platinum Savings account does not charge monthly maintenance fees, though it does require a minimum deposit of $100. But more importantly, CIT Bank provides the peace of mind that comes with FDIC insurance, ensuring deposits are protected up to $250,000 per depositor, per bank in the event of a bank failure.

It should be noted that accounts with balances below $5,000 will only have an interest rate of 0.25%.


Raisin is a financial platform that connects users with various savings and investment products from numerous banks. However, the company itself doesn’t offer its own high-yield savings account. Instead, it acts as an intermediary to provide users access to a range of savings products.

Put simply, Raisin’s marketplace allows users to explore and compare different savings accounts and fixed-term deposits with competitive interest rates from partner banks and credit unions. In some cases, customers even stand to get higher rates than when they sign up on a certain bank’s own website. 

For instance, Western Alliance Bank’s High-Yield Savings Account has a stellar 5.28% APY (at the time of writing), a low minimum deposit of $1 and FDIC insurance. If there’s any drawback to this, it’s that funds aren’t easily accessible considering that it’s powered by Raisin, which in turn only has one method for quick withdrawals: electric transfers.

What is better than a high-yield savings account?

In some ways, other deposit products offer more benefits, but they’re not necessarily better. Determining what is “better” in this context depends on individual financial goals, risk tolerance and time horizon. While high-yield savings accounts offer safety, liquidity and competitive interest rates, other options may suit different needs.

Certificate of Deposit (CD): Normally, CDs offer higher interest rates than regular savings accounts (and high-yield savings accounts, for that matter), but they require you to lock in your money for a fixed period. This option is suitable for those willing to forgo immediate access to funds for potentially higher returns.

Money Market Account: Similar to a high-yield savings account, a money market account may offer a slightly higher interest rate and often comes with check-writing privileges. However, they may have higher minimum balance requirements.

It’s worth noting that both CIT Bank and Raisin offer CDs and money market accounts with competitive APYs.


Long story short, high-yield savings accounts remain a valuable option for individuals looking to grow their savings while maintaining liquidity and security. 

CIT Bank’s Platinum Savings account sets itself apart with its competitive interest rates, user-friendly platform and commitment to customer satisfaction. With no monthly maintenance fees and the peace of mind of having FDIC insurance, it provides a reliable avenue for maximizing savings potential.

For a more diverse range of savings options, Raisin serves as a notable platform connecting users with various high-yield savings products from various banks. While the company itself does not offer its own high-yield savings account, its marketplace allows individuals to explore and compare offerings from different banks, potentially providing the opportunity to find more favorable interest rates.