The main difference is that the high-yield savings account offers a much higher annual percentage yield (APY) on the money you keep in your account. It’s a deposit account at a credit union or bank that you can use for saving and earning interest on your money. What you should know about high-yield savings accounts What is a high-yield savings account (HYSA)?Ī high-yield savings account works just like a traditional savings account.

In addition to the previously mentioned banks, many more offer interest rates in the 4% range, which is still highly competitive compared to the national average. Banks offering 4% APY on high-yield savings accounts That means putting away $10,000 in any of these accounts will get you the best return. Of the accounts with the highest APYs on the market today, the highest minimum balance required to earn 5% is $5,000. What is the best high-yield savings account for 10k? The additional 20 banks with top rates include: Four banks offering 5%+ APY have made our Best Of list above. Note: APYs in the list below are up to date as of December 1, 2023, but are subject to change.