About Fortune Recommends
Fortune Recommends™ is dedicated to helping our readers make smart decisions about the financial and business-related products they use every day. Our goal is to educate through comprehensive guides, round-ups, and reviews.
The Fortune Recommends editorial team works independently of our business and sales team, and no third parties reviews our work ahead of publication.
Our recommendations are based on rigorous reporting from our independent writers and editors. We aim to offer the most up-to-date advice on a wide range of products.
Our aim is to help readers choose the best financial product for their lives. To that end, we review and rank dozens of financial products from dozens of banks, credit unions, and other financial institutions. While we work hard to be comprehensive in our research, not all products have been reviewed.
Here are the specific methodology for each type of financial product we’ve reviewed:
To bring you our top picks for the best high-yield savings accounts, the Fortune Recommends™ site compared 50 online savings accounts from a mix of traditional brick-and-mortar banks, online banks, and credit unions.
All the accounts on our list are available to customers in the U.S. no matter where you’re located, subject to the terms of each account. The savings accounts featured on this list offer an APY at least 10 times the national average.
We ranked each account on these five core categories:
- APY (50%): This number represents the real rate of return on your balance; the higher the APY, the better.
- Monthly fees (15%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
- Minimum amount to earn APY (15%): In order to earn the high APY, some banks require that you maintain a certain dollar amount in the account, which we view as a limiting factor.
- Minimum opening deposit (15%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
- Customer support (5%): Top picks offer customers various ways to get in contact: chat support, by phone, or even email—phone support was most highly rated by our team.
The rates and fee structure of high-yield savings accounts are available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the bank accounts and credit unions on this list are insured by the FDIC and NCUA respectively. To open an account, financial institutions, including banks and credit unions, require a deposit of new money, so you may not be able to transfer money you already had in an account at that bank.