How do I open a high-yield savings account?

You can open a high-yield savings account by shopping around for the best rates, choosing the offer that’s best for you, and then visiting the bank or credit union online or in person to fill out an application. After that, you will need to fund your new account with an electronic transfer or in-person deposit.

High-yield savings accounts are typically offered by online banks, which have lower overhead costs than traditional brick-and-mortar financial institutions, allowing them to afford high yields. You can learn more about how to open the right account for your needs below.

How to Open a High-Yield Savings Account

1. Shop for the Top Rates and Best Terms

Start by comparing savings account rates from different banks and credit unions. Look for accounts labeled “high-yield” or “high-interest” as well as accounts without such branding that still offer exceptional rates. In addition, look for reputable institutions with favorable terms like no or low fees and unlimited withdrawals. Alternatively, you can simply peruse WalletHub’s picks for the best high-yield accounts available right now.

2. Gather Necessary Documents

Before opening an account, you'll need to gather the required documentation. Typically, this includes your identification documents (such as a driver's license or passport), email address, phone number, and Social Security number or taxpayer identification number.

3. Visit the Bank or Credit Union

Once you've chosen a bank or credit union, visit their website or a local branch. Some banks require in-person visits to open an account. However, high-yield savings accounts are usually offered by online financial institutions.

4. Complete the Account Application

Fill out the application form accurately and provide the necessary information. This will include personal details and identification information.

5. Fund Your New Account

Once your application is approved, you'll need to fund your high-yield savings account. You can typically do this by transferring money from an existing bank account or by making a deposit at a branch. Some banks also allow you to use a paper check or make a mobile deposit.

Note, your high-yield savings account may have a required minimum balance of as little as $25 or up to $25,000+. But there are plenty of options without any minimum at all.

6. Enroll in Online Banking to Manage Your Account

Once your account is open, you can manage your savings through online banking or a mobile app.

Now that you know how to open a high-yield account, you can compare the best high-yield savings accounts here at WalletHub.