Top 5 Highest APY Banks

1. CIT Bank – 2.45% APY

Pros:

CIT isn’t as big as those mentioned below, they’re currently offering a very healthy APY. Online only base banking, no monthly maintenance fees and interest compounds daily. Deposits are FDIC insured, that means up to $250,000 will be covered. With over $50 billion of assets, CIT makes primarily make loans to middle market companies and small businesses.

Cons:

Two requirements are in place to get this high rate: Make a monthly deposit of $100 and maintain a daily balance of $25,000 or more. This amount can be a lot for some people that are just starting their savings.

2. Synchrony Bank – 2.25% APY

Pros: 

There is no minimum balance requirement and no monthly fee. In addition to the great rate, you can get an ATM debit card. Most internet-only banks require you to transfer funds electronically, which can take a few days. If you ever need quick access to your funds, the ATM card makes access easy. You might not recognize the Synchrony brand in the banking space, but it is a large, well-capitalized business. This bank is used by PayPal for their credit cards.

Cons:

Unfortunately, the digital experience is not the best and there is no app. I have personally used the customer and it met all my expectations.

3. Goldman Sachs Bank USA – 2.25% APY

Pros:

There is no minimum balance and there are no transaction fees. You can deposit funds via electronic transfer, wire transfer, or deposit by check. Goldman has been investing heavily in Marcus, its online consumer bank. The savings account has consistently been paying one of the highest rates in the market and it expected to expand. The maximum deposit is $1,000,000 and deposits are FDIC insured up to the $250,000 limit.

Cons:

You can only get access to your funds via electronic transfer or wire transfers, no debit ATM cards. 

4. Ally Bank – 2.20% APY * my pick! 

Pros:

While Ally may have not have had the First "high APY" savings accounts, I like to think they got the ball rolling for others to follow. Ally is a bank without branches that has consistently been paying high interest rates on savings accounts since it's beginning. No minimum balance, free checking accounts (which are also eligible for 1% cashback bonuses), checks and debit cards. Transfer funds via their easy to use apps.

Cons:

Actually, the only downside I can find is they don't have the highest APY rate.

5. Barclays Bank – 2.20% APY

Pros:

The online savings account has a 2.20% APY with no minimum balance to open and no monthly fees. Your deposits are FDIC insured, up to $250,000. Website has a great look and easy navigation. Your money will be with one of the world’s largest and oldest universal banks.

Cons:

Barclays is a large, old British bank, based in London. I didn't see an app for smart devices.


There are more banks with different rate available, so keep shopping! Leave a comment sharing your favorite bank!