Comparing High Yield Savings Accounts

Discover the best high yield savings accounts by comparing their features, interest rates, fees, and benefits. Comprehensive guides help you find the perfect fit for your financial goals and save more effectively.

In today's financial landscape, consumers have myriad options when it comes to saving money. With the rise of online banking, a new breed of savings accounts has emerged, offering attractive interest rates, minimal fees, and user-friendly platforms. These savings accounts are designed to cater to a range of financial goals, from short-term savings to long-term investments. In this comparison, we will explore the offerings from five financial brands: BMO Alto, Citi, Betterment, Discover, and Laurel Road. Each brand provides unique specs and incentives designed to make saving money more accessible and rewarding.

BMO Alto

The BMO Alto Online Savings Account is a modern solution for individuals looking to grow their savings without the burden of fees or minimum deposit requirements. This account offers no fees and a $0 minimum opening deposit, making it accessible to a wide range of customers. There are also no minimum balance requirements, which alleviates the pressure for account holders to maintain a certain amount in their accounts. This flexibility is further enhanced by unlimited transfers and withdrawals, allowing users to manage their funds as they see fit.

A BMO Alto Online Savings Account is particularly suitable for both short-term and long-term savings goals. Whether you're saving for a down payment, an emergency fund, or a significant financial milestone, BMO Alto's online savings account can be a smart choice. It's comparable to a traditional savings account but with one distinct advantage: the potential to earn higher interest on your funds. Additionally, the ease of transferring funds to and from the BMO Alto Online Savings Account at no extra cost makes it a convenient option for everyday savers.

  • Cost: No fees. $0 minimum opening deposit.


The Citi® Accelerate Savings account stands out with its 4.35% Annual Percentage Yield (APY), which is 16 times the national average, positioning it as a high-yield savings account. This account is designed to substantially increase your savings over time, suitable for both short-term and long-term financial objectives, such as vacations, educational expenses, or home down payments.

With Citi® Accelerate Savings, customers can enjoy enhanced Relationship Tier benefits and services upon maintaining a combined average monthly balance of $30,000 or more. The account is FDIC-insured up to allowable limits, ensuring the safety of your deposits. The interest rate is variable and can change, but there's no minimum deposit required to open an account, providing flexibility for all savers. However, a zero balance for 90 days may lead to account closure, and maintaining a certain balance is necessary to avoid fees and retain Relationship Tier status. Citi allows various ways to add money, including transfers from other banks, Citibank Online, and the Citi Mobile® App.

  • Cost: Potential fees if not paired with a Citi checking account.


Betterment offers a competitive high-yield cash account with a 4.75% APY, which helps you save and earn more. Their Cash Reserve option is especially tailored for security and growth during volatile economic times, ensuring peace of mind for savers. With no fees and FDIC insurance up to $2 million per depositor ($4 million for joint accounts), it far exceeds the standard insurance coverage.

Betterment differentiates itself by not imposing restrictions on the frequency of access to your funds. You can start growing your savings with as little as $10, making it an inclusive option for all types of savers. Furthermore, Betterment allows you to set multiple savings goals with automated tools to assist in achieving them, providing a personalized and efficient savings experience.

  • Cost: $0 monthly fees.


Discover is another strong contender in the high-yield savings account market, offering a 4.30% APY with a potential bonus offer for new accounts. Their Online Savings Account promises no fees of any kind, including monthly maintenance, excessive withdrawal fees, and more. This commitment to fee-free banking extends to other typical bank charges, making Discover an attractive option for cost-conscious savers.

The lack of fees translates into a straightforward saving experience, with the added benefit of competitive interest earnings. Discover's approach to online savings accounts ensures that your money is not eroded by hidden charges, allowing you to maximize your savings potential.

  • Cost: $0 monthly fees.

Laurel Road

Laurel Road's High Yield Savings Account offers a remarkable 5.00% APY on your entire account balance, placing it at the pinnacle of high-interest savings accounts. This account is designed to make your savings work harder without any balance requirements or opening costs. The high APY applies to all balances, providing an equal opportunity for all savers to benefit from these rates.

Deposits are FDIC-insured, ensuring the safety and security of your funds. The absence of monthly account maintenance fees further enhances the appeal of the Laurel Road High Yield Savings Account. It's a compelling option for savers who are looking for a straightforward, high-return savings vehicle.

  • Cost: $0 monthly fees.

When it comes to choosing a savings account, today's consumers are faced with a plethora of choices, each with its own set of advantages. BMO Alto, Citi, Betterment, Discover, and Laurel Road offer accounts that cater to diverse needs and preferences, from high-yield interest rates to fee-free banking experiences. The absence of minimum deposit requirements and the presence of FDIC insurance across the board make these accounts accessible and secure options for savers.

While each account has its nuances, the common thread is the commitment to helping customers grow their savings effectively. Whether you're looking to save for a specific goal or simply want to earn more on your deposits, there is an option available that aligns with your financial aspirations. Ultimately, the choice of which account to open will depend on individual financial goals, the desired level of access to funds, and the importance of additional benefits such as Relationship Tiers.

By carefully considering each brand's offerings and how they align with personal financial goals, consumers can make an informed decision and choose a savings account that will best serve their needs, helping them to achieve financial stability and growth in the long run.