The Best High-Interest Savings Accounts in the UK, USA, and Canada (2024)
In today’s low-interest-rate environment, finding a savings account that offers a high interest rate can make a significant difference in growing your savings. Whether you’re saving for a rainy day, an emergency fund, or a future goal, a high-interest savings account (HISA) can provide a safe and steady way to earn more on your money.
In 2024, there are some excellent options for high-interest savings accounts across the UK, USA, and Canada. In this guide, we’ll explore the best options for each region, highlighting key features, benefits, and things to consider before opening an account.
Best High-Interest Savings Accounts in the UK (2024)
In the UK, the interest rates on savings accounts are generally lower than in the US or Canada, but there are still some competitive options available, especially with online banks.
1. Marcus by Goldman Sachs
- Interest Rate: 3.30% AER (Annual Equivalent Rate)
- Minimum Deposit: £1
- Monthly Fee: None
Why it’s great:
Marcus by Goldman Sachs offers one of the highest interest rates in the UK, with no monthly fees or maintenance charges. It’s an easy-to-use online account, making it a great option for those who prefer managing their savings digitally.
Pro Tip:
Marcus also allows you to withdraw funds without penalty, which provides flexibility in case you need access to your savings.
2. Atom Bank
- Interest Rate: 3.10% AER
- Minimum Deposit: £1
- Monthly Fee: None
Why it’s great:
Atom Bank’s easy-access savings account offers a competitive interest rate and is backed by a mobile app for simple account management. With a 3.10% AER, it’s one of the top-performing high-interest accounts in the UK for savers who want flexible access to their funds.
Pro Tip:
You can set savings goals within the Atom Bank app, making it easy to track progress toward your financial targets.
3. Shawbrook Bank
- Interest Rate: 3.00% AER (fixed for 1-year)
- Minimum Deposit: £1,000
- Monthly Fee: None
Why it’s great:
Shawbrook offers a fixed-term savings account with a 1-year term and an interest rate of 3.00% AER. If you don’t need immediate access to your funds and can lock them away for a year, this account offers a solid return.
Pro Tip:
Fixed-rate savings accounts typically offer higher interest rates than easy-access accounts. Just ensure you won’t need to access your savings during the term.
Best High-Interest Savings Accounts in the USA (2024)
In the USA, there are many online banks offering high-yield savings accounts with competitive rates, and some even offer special introductory offers for new customers.
1. Ally Bank High Yield Savings
- Interest Rate: 4.00% APY (Annual Percentage Yield)
- Minimum Deposit: None
- Monthly Fee: None
Why it’s great:
Ally Bank is one of the most popular online banks in the US, known for its competitive rates and no monthly fees. The 4.00% APY on the high-yield savings account is excellent, and there are no minimum balance requirements.
Pro Tip:
Ally also provides easy access to your funds, so it’s a good option if you need liquidity along with a high interest rate.
2. American Express National Bank High Yield Savings
- Interest Rate: 4.00% APY
- Minimum Deposit: $1
- Monthly Fee: None
Why it’s great:
American Express National Bank offers a 4.00% APY, matching Ally Bank. The account is easy to set up, and with a low minimum deposit requirement, it’s accessible for most savers.
Pro Tip:
American Express is known for its customer service, which can be a big plus if you need assistance with your account.
3. Synchrony Bank High Yield Savings
- Interest Rate: 4.05% APY
- Minimum Deposit: $0
- Monthly Fee: None
Why it’s great:
Synchrony offers the highest APY on our list at 4.05%, along with no monthly fees and no minimum deposit requirement. It’s a great choice for savers who want to maximize their returns without extra fees or account requirements.
Pro Tip:
Synchrony offers a free ATM card, which allows you to withdraw from your high-interest savings account, adding convenience and flexibility.
Best High-Interest Savings Accounts in Canada (2024)
In Canada, many of the best high-interest savings accounts are offered by online banks and credit unions, which generally offer higher interest rates than traditional brick-and-mortar institutions.
1. EQ Bank Savings Plus Account
- Interest Rate: 4.10% (for balance under $100,000)
- Minimum Deposit: None
- Monthly Fee: None
Why it’s great:
EQ Bank is a Canadian online bank offering one of the highest interest rates in the market at 4.10%. It’s a great option for savers looking for flexibility with no minimum deposit or monthly fee.
Pro Tip:
EQ Bank also allows you to link external accounts, so you can easily transfer funds to and from your savings account.
2. Tangerine Savings Account
- Interest Rate: 3.00% (for first 5 months, then 2.10% thereafter)
- Minimum Deposit: None
- Monthly Fee: None
Why it’s great:
Tangerine, a Scotiabank-owned digital bank, offers a promotional interest rate of 3.00% for the first 5 months, and after that, the rate drops to 2.10%. While the rate isn’t the highest long-term, the introductory offer is great for new customers who want to start earning interest immediately.
Pro Tip:
If you can save a lump sum of money and leave it untouched for the first 5 months, you can maximize the interest earned during the promotional period.
3. Simplii Financial High Interest Savings Account
- Interest Rate: 3.00%
- Minimum Deposit: None
- Monthly Fee: None
Why it’s great:
Simplii Financial, another digital bank, offers a competitive 3.00% interest rate, with no minimum deposit or monthly fee. Simplii also allows easy transfers and has great online banking tools for managing your money.
Pro Tip:
Simplii Financial’s mobile app makes it easy to track your savings goals and manage your account from anywhere.
Key Considerations When Choosing a High-Interest Savings Account
While a high-interest savings account can help you grow your savings, there are some important factors to consider before choosing the best option for you:
- Interest Rate: Always compare the APY (Annual Percentage Yield) or AER (Annual Equivalent Rate) to find the best return on your savings.
- Minimum Balance Requirements: Some accounts require a minimum deposit to open, or a minimum balance to earn the top interest rate. Be sure to check these requirements.
- Fees: Look for accounts with no monthly fees or maintenance charges. Even small fees can eat into your savings over time.
- Access to Funds: If you need quick access to your savings, choose an account with easy access to your funds. Some accounts may have withdrawal limits or penalties.
- FDIC/FSCS Insurance: Ensure that the account is insured by the appropriate government body (e.g., FDIC in the USA, FSCS in the UK, and CDIC in Canada) to protect your savings in case the bank fails.
Conclusion: Maximize Your Savings in 2024
Whether you’re in the UK, USA, or Canada, there are plenty of options to grow your savings with high-interest savings accounts. By comparing interest rates, fees, and features, you can find the account that fits your needs and helps you earn more on your money.
Start with the best high-interest savings accounts available in your country, and make sure to regularly review your account to ensure you’re getting the best returns. Saving for your future has never been easier, thanks to these competitive savings options in 2024.
FAQs
Q1: What’s the best high-interest savings account in the UK for 2024?
Marcus by Goldman Sachs offers one of the highest interest rates at 3.30% AER with no fees and easy access to your savings.
Q2: Can I access my funds from a high-interest savings account?
Yes, most high-interest savings accounts allow for easy access, although some fixed-term accounts may have penalties or restrictions for early withdrawal.
Q3: Are online savings accounts safe?
Yes, as long as the account is insured by the relevant financial protection program (e.g., FDIC in the USA, FSCS in the UK, or CDIC in Canada), your deposits are protected up to the insured limit.
