The average interest rate paid on savings accounts is just 0.09%. According to statistics compiled by the FDIC, this is the case. Your savings are probably being paid something similar rather than something different if you have them in a local bank. It is not even high enough to keep you equal to inflation! The good news is that there are high-yield savings accounts that offer rates that are 20 times or higher than those typically offered by local banks. It is a mistake not to take advantage of these high-yield savings accounts. See which of the accounts that have been reviewed in this article will allow you to take advantage of higher interest rates than you are able to receive at your local bank by taking a look at some of the accounts we have presented here.
Chase Savingsā„ : Best For Bonus
Two steps are required in order to qualify for a $150 cash bonus from Chase SavingsSM:
New accounts must be opened and at least $10,000 in deposits must be made within the first 20 days (new money only).
For the first 90 days, maintaining that balance is imperative.
Following the maintenance of the balance, Chase will deposit $150 into your account within 10 business days.  Comparing the Chase bonus with the brands listed below that offer up to a 1.00% APY, you'll find that the bonus you will earn on top of your initial deposit results in the highest return. Despite the account's attractive features, Chase SavingsSM comes with a $5 monthly fee.  The fee is waived if you maintain a daily balance of at least $300 (which should be easy if you deposit $10,000), so you will not have to worry about it.  As a college student, you can also have the fee waived if you make a $25 monthly auto-save transfer from your Chase checking account or in one of several other ways.
Aspiration: Earn Rewards The Best Way Possible
It is a purpose-driven fintech service that appeals to consumers who desire to make a difference in the world. There are two types of accounts available, the Standard Spend & Save account as well as the Plus membership. In addition to choosing your own fee, you will receive a $150 bonus when you open a new account and spend $1,000 within 60 days, this account is fossil-fuel free, and offers basic spend and save features, including access to 55,000+ in-network ATMs, an option to plant trees, daily cash back, and a debit card with a People and Planet assessment. With Aspiration Plus, you will receive all the benefits of the Standard account and up to 10% cashback, up to 5.00% APY (variable), Planet Protection carbon offsetting feature, and a recycled ocean plastic debit card. 
Within the first 60 days of opening their Aspiration debit card, new Aspiration Plus users can earn $200 by spending $1,000. There are also cash-back rewards. At certain retailers, members can earn up to 10% cashback. Besides these benefits, you will also be able to enjoy the peace of mind that comes with knowing that your purchases are supporting an important cause. With your rounded-up change, you can plant trees in addition to maintaining a fossil-fuel-free account. Additionally, the company has promised to donate 10% of its earnings to charitable organizations. The most appealing feature of Aspiration for purpose-driven members is that it enables them to take on greater responsibilities. To quantify the impact of your purchases, you will be provided with a personal impact score. Aspiration is definitely a worthwhile account when considering the savings and extra interest it offers.
OnJuno: The Best Checking Account for Earning Interest
Savings accounts aren’t the only way to earn interest on your money. OnJuno offers an online checking account that tops many savings accounts, with a 1.20% Bonus on deposits up to $5,000. You won’t earn a Bonus Rate on amounts over $5,000. Instead, you’ll earn 0.25% on up to $100,000, with funds over that threshold earning no interest. But OnJuno’s benefits don’t end there. You’ll also get 5% cash back when you shop with five brands of your choosing. Options include Walmart, Target, Netflix, Uber, and more. Basic users can earn 5% back on up to $500 a year, for a total savings of $25, while Metal Members get 5% back on up to $3,000 in purchases, for a savings of $150 annually. On top of that, you’ll get a fee-free online checking account that includes free cash withdrawals at 85,000 ATMs. With the OnJuno virtual debit card, you can start making online purchases instantly or in person using Apple Pay, Google Pay, or Samsung Pay.
Chime: Your Best Bet For Savings When You Spend
It is absolutely free to open an account, there are no minimums, and it offers an annual percentage yield of 0.50% - 8x that of the national average! Interest is earned on all your savings. The best part is that you are able to save money every time you spend. A Visa debit card will be provided to you if you also sign up for a free checking account. Chime automatically rounds up your purchases and payments to the nearest dollar and deposits the money directly into your savings account. A percentage of your paycheck can be automatically deposited into your savings account if you use direct deposit.  With 0.50% Annual Percentage Yield (APY)—eight times the national average!—it’s one of the highest returns you’ll find. Furthermore, there is no opening deposit or minimum balance requirement.
Cit Bank Savings Builder: Best Savings Accounts
It has been designed specifically for those who wish to earn high interest on their savings while building their account from the ground up, while earning high interest on their savings. As long as you maintain a balance of $100 or more each month, you can earn 0.70% APY (otherwise, you will earn the highest rate if you maintain a balance of $25,000). The APY will decrease if you are unable to deposit $25,000 in your account or make $100 in minimum deposits each month. Virtually all other banking services are available through CIT Bank as well.  Besides offering home mortgages, the bank also offers money market accounts and certificates of deposit that pay competitive interest rates.
Citi Savings & ATM: Highest Yielding Account
One of the top interest rates available in the industry is offered by Citi® Accelerate Savings, which is also one of the largest banks in the United States. The bank offers certain advantages, including an extensive network of branches in many states and one of the largest ATM networks (60,000 ATMs). In this way, your ATM card can be used to withdraw funds directly from your account without incurring any fees. For the purpose of earning interest, there is a minimum balance requirement of $1, but no minimum deposit is required for the account to be opened. A balance of just $500 can also qualify for a waiver of the monthly fee. Furthermore, the Citi® Accelerate Savings account provides access to full-service banking through Citi. Checking accounts and CDs, as well as loan programs, credit cards, business banking, and checking accounts, are all available to new customers for up to $1,500! There is no bonus available for Citi® Accelerate Savings and Citi Savings Accounts.
Discover Online Savings: Get The Best Deals Without Paying A Fee
This company is best known for its many credit card offerings, particularly the Discover it series, which consistently offers one of the most generous rewards programs in the credit card industry. Nevertheless, Discover Bank offers Discover Online Savings, which offers very generous interest rates over an extended period of time. The interest rate offered by Discover Online Savings is strong, and the fees associated with the account are relatively low. There is no monthly maintenance fee, as we have already disclosed. However, they do not charge fees for a variety of situations where most banks do. A few examples include official bank checks, including expedited delivery of those checks, the return of deposited items, excessive withdrawal fees, stop payment orders, insufficient funds, or even the closure of an account. There is no charge for any of these activities. A checking account, money market account, and certificate of deposit are also available from the bank. They offer a 12-month term CD, like some of the other banks on this list. Furthermore, you may also be influenced to open a Discover Online Savings account in order to qualify for one of Discover's outstanding credit card offers (note that you will need to have a good credit rating in order to qualify for most of these cards).
Capital One: Best for Full-Service Banking
 All balances in the Capital One 360 Performance Savings are subject to an APY of 0.40%. In accordance with Federal law, you are permitted to withdraw or transfer up to six times per month. The number of automatic transfers you can set up in your account is unlimited, however. It is possible to hold an account individually or jointly. A minimum account balance is not required or there are no fees associated with Capital One 360 Savings. As far as online banking goes, Capital One is the closest to being a full-service institution. Besides offering money market and savings accounts of high interest, they also offer a no-fee checking account and certificates of deposit of high interest. They currently offer a 12-month CD with no minimum balance and a 2.2% annual percentage yield. Moreover, they offer auto loans, credit cards, and business and commercial banking services as well.
Marcus by Goldman Sachs: Lowest-cost personal loans
There is no monthly fee associated with this Goldman Sachs Bank USA high-yield savings account, and it pays a very healthy interest rate. Incoming and outgoing transfers can be made with other banks, and the bank provides 24/7 customer service. Marcus by Goldman Sachs is not a full-service online bank, but it offers high-yield CDs and savings accounts. You can currently invest as little as $500 for a 12-month CD with 1.60% APY. A fixed-rate loan of $3,500 to $40,000 is also available, with no fees. Credit card consolidation, major purchases, home improvements, or online loans are all possible uses for the loans. Rates start as low as 6.99% APR with no fees attached.
Ponce Bank: One of the Best Banks with a Purpose
In a few ways, Ponce Bank's special Money Market Deposit Account makes a compelling value proposition through The interest rate on is impressively high at 0.75% APY. A money market account (MMA) typically comes with a lot of restrictions; this one requires just $1 to open and allows unlimited withdrawals. The best part is that you'll be banking with a purpose. Ponce Bank serves underserved communities as a Community Development Financial Institution (CDFI).  
The majority of consumers are probably too young to completely switch from their local bank to a high-yield online bank. While you may continue to use your local bank for basic services, such as checking and business banking, it is time to move the bulk of your savings into high-yield savings accounts. Savings interest is something you owe to yourself. Even if you typically bank through your local bank's traditional savings accounts, you can do this with high-yield savings accounts.

By Rashmi Goel