Best High-Yield Savings Accounts — January 2021

When you put your money in a savings account, you want it to do something more than collect dust until you withdraw it. That’s why you should always look for banks or credit unions that offer the best returns on savings accounts. This ensures that you meet your savings goals faster while having peace of mind knowing it’s federally insured.

As you look for the best high-yield savings account, you’ll find that online banks often have more competitive rates compared to their brick-and-mortar counterparts. Since they have lower overhead expenses, they pass those savings onto customers. That’s why the contenders on this list are all online banks. 

If you’re ready to get more bang for your buck, check out Bankrate’s top choices for the best high-yield savings accounts for January 2021.

Synchrony Bank

APY: 0.60%

Minimum balance requirement: None

ATM access: Yes


Synchrony offers a variety of financial products designed to help its customers save, including:


  • A savings account
  • A money market account
  • Several certificates of deposit (CD) options


This bank is often among the most competitive online banks in terms of its interest rates. It also has some of the best customer service, allowing customers to reach out online or over the phone every day of the week. 

Synchrony also provides many benefits, such as free identity theft protection and discounts for travel and leisure activities. If you upgrade to Diamond membership, Synchrony will give you:


  • An exclusive customer service phone line
  • Informational webinars
  • Three complimentary wire transfers each statement period
  • Unlimited refunds for ATM fees.


Comenity Direct

APY: 0.60%

Minimum opening deposit: $100

ATM access: No

Comenity Direct is popular for its co-branded, private label, and business credit cards, but it’s also made a name for itself thanks to its generous APYs. Comenity customer service is available via the phone Monday through Friday, 7 AM to 11 PM CST and on the weekends and holidays from 9 AM to 5 PM CST. 

The Comenity Direct mobile app is convenient, intuitive, and makes it easy for customers to track their spending, monitor their account, withdraw funds, complete deposits, and talk to customer service. Additionally, ACH transfers are complimentary. 


Vio Bank

APY: 0.57%

Minimum deposit requirement: No

Minimum opening deposit: $100

ATM access: No


Vio Bank was founded in 2018 and is the countrywide online division of MidFirst Bank, which has been insured by the FDIC since 1934. Vio Bank’s savings account and CD options have one of the best APYs of any online or brick-and-mortar bank and require no minimum balance to qualify for the rate. 

Vio Bank charges no monthly service fees, or domestic or international wire transfers, making it easier to grow your money (however, it does charge $30 to send a domestic wire transfer). Another thing to keep in mind is the $5 monthly fee for paper statements. In addition, Vio Bank charges $10 for each withdrawal exceeding the six-per-month limit.



APY: 0.50%

Minimum deposit requirement: No

ATM access: No


Ally Bank is a Utah-based bank established in 2004 as GMAC Bank. However, in 2009, GMAC changed to Ally Bank and has since grown to serve more than 2 million customers. Ally Bank offers several benefits, including:


  • Free checking account
  • Remote check deposit through Ally eCheck Deposit
  • Zero monthly service fees for the Online Savings Account
  • Around-the-clock customer service


As an online bank, you can’t deposit funds directly in your Ally savings account. Additionally, Online Savings Accounts do not come with a debit card. Deposits are limited to $50,000 per day, or $250,000 per month through eCheck Deposit.


Marcus By Goldman Sachs

APY: 0.50%

Minimum balance requirement: No

ATM access: No


Goldman Sachs established Marcus as a financial product solution for everyday people. Since then, Marcus has become known for its high APYs, straightforward account opening procedure, and easy transfers between other bank accounts.

Marcus savings accounts have no minimum opening deposit requirements, and you can earn the APY on any balance. Besides that, you can also find a variety of loan products for debt consolidation, home renovations, and more. You can contact Marcus customer service every day of the week and take advantage of its convenient mobile app. 


  • “Best Online Savings Accounts of January 2021.” Bankrate,
Ian Schindler