5 best high yield savings account for immigrants living in the United States

If you’re an immigrant living in the U.S. and you’re looking for the best way to save and grow your savings, you’re in the right place to find that out!

But here’s the thing—working for the money you have accumulated is only half the battle. The real key to building wealth is making your money work for YOU.

So as an immigrants living in the U.S., finding a bank that offers a high-yield savings account with great interest rates and easy access is one of the best thing you should be seeking to do.

Whether you’re building an emergency fund, saving for a new home, a business, saving for a future investment or just building your financial future and looking for a secure place to grow your money, choosing the right bank makes all the difference.

Unlike regular savings accounts that offer minimal interest, HYSAs can provide up to 10 times more in returns! That means you’re not just saving—you’re building a strong financial foundation for your future.

Therefore in this article, I’ll be breaking down the Top 5 High-Yield Savings Accounts that offer competitive rates, low fees, and flexible banking options—that is perfect for immigrants. The best part? You don’t need to be a U.S. citizen to open one! —just a valid ID and ITIN or SSN.

So let’s dive in and find the perfect place for your savings to grow.

What is a High-Yield Savings Account (HYSA)?

A high-yield savings account (HYSA) is a type of savings account that offers a significantly higher interest rate than a traditional savings account.

While most standard savings accounts offer as little as 0.01% interest, HYSAs can provide APYs (Annual Percentage Yields) of 4% or more!

Benefits of a HYSA for Immigrants

✅ Higher Interest Rates: Grow your savings faster than with traditional banks.
✅ No Risk: Your money is FDIC-insured (protected up to $250,000).
✅ Easy Access: Most HYSAs offer online banking, making it easy to manage your funds from anywhere.
✅ Low Fees: Many high-yield savings accounts have no monthly maintenance fees.

Now, let’s look at the top 5 banks offering the best HYSAs for immigrants in the U.S.

5 best high yield savings account for immigrants living in the United States

1. Discover Online Savings Account

Founded in 1985, Discover Bank started as a credit card company and has grown into a full-service online bank. It is one of the most reputable financial institutions in the U.S

Discover Bank, a subsidiary of Discover Financial Services, has been providing banking services for over 35 years.

Originally part of Morgan Stanley, Discover became an independent company in 2007 and has since grown into a full-fledged online bank.

While it does not have traditional brick-and-mortar branches, it provides a suite of online financial services, including savings accounts, checking accounts, and loans.

Discover Bank is FDIC-insured and consistently ranks high for customer satisfaction, with a reputation for transparency and strong customer service.

Key Features of Discover Online Savings Account:

• FDIC Insurance Amount: Up to $250,000 per depositor, backed by Discover Bank.
• Accessibility: Online and mobile banking with 24/7 customer support. No physical branches.
• A Well-Established, Reputable Institution: Over 35 years in banking, backed by Discover Financial Services, a publicly traded company.
• Ease of Use: User-friendly mobile app and website with an intuitive interface.
• Interest Rate Stability: Competitive and consistently high APY with minimal fluctuations.
• No Hidden Fees: No maintenance fees, overdraft fees, or insufficient funds charges.
• Minimum Balance Requirement: $0 – No minimum deposit required to open an account.
• APY: 3.70%
• Monthly Fees: $0 – No service or maintenance fees.
• Modern Digital Banking Features: Highly-rated mobile app, free online transfers, and mobile check deposits.

Discover is one of the best banks for high-yield savings, especially for immigrants. It offers a strong interest rate with no minimum balance requirements or hidden fees.

This is an excellent choice if you’re looking for a straightforward, no-hassle savings account that allows your money to grow over time.

2. CIT Bank Platinum Savings Account

CIT Bank was founded in 1908 and is now a division of First Citizens Bank. Over time, it expanded into consumer banking and became known for its high-yield savings accounts.

In 2022, CIT Bank merged with First Citizens Bank, further strengthening its reputation as a secure and stable institution.

CIT Bank offers an industry-leading APY or interest rate for those who can maintain a $5,000 balance. If you’re saving a larger sum and want to maximize your returns, this account is one of the best options available

Key Features of CIT Bank Platinum Savings Account:

• FDIC Insurance Amount: Up to $250,000 per depositor, backed by CIT Bank (First Citizens Bank).
• Accessibility: Fully online banking platform. No physical branches.
• A Well-Established, Reputable Institution: Over 100 years in operation, now part of First Citizens Bank.
• Ease of Use: Straightforward online interface with seamless transfers.
• Interest Rate Stability: Competitive APY, with higher rates for larger balances.
• No Hidden Fees: No account maintenance fees.
• Minimum Balance Requirement: $100 – To earn the highest interest rate.
• Monthly Fees: $0 – No monthly maintenance fees.
• APY: Up to 4.30%
• Modern Digital Banking Features: Mobile check deposit, online bill pay, and automated savings tools.

3. American Express High Yield Savings

American Express (Amex) was founded in 1850 and is best known for its credit cards. It is also one of the most recognizable financial institutions in the world.

However, American Express also offers one of the best high-yield savings accounts with strong security, a trusted reputation, and excellent customer service.

Originally a freight forwarding company, it transitioned into banking and financial services, becoming a leader in credit cards, personal banking, and high-yield savings accounts.

Though it does not operate traditional retail bank branches, American Express Bank provides a secure and reliable online banking experience.

The company is FDIC-insured and has built a strong reputation for excellent customer service, financial stability, and competitive interest rates.

Key Features of American Express High Yield Savings Account:

• FDIC Insurance Amount: Up to $250,000 per depositor, backed by American Express National Bank.
• Accessibility: Fully online banking platform with 24/7 customer support. No physical branches.
• A Well-Established, Reputable Institution: Over 170 years in financial services, known for stability and customer satisfaction.
• Ease of Use: Intuitive online platform and mobile app for managing accounts.
• Interest Rate Stability: Competitive APY with historically stable rates.
• No Hidden Fees: No monthly maintenance fees, overdraft fees, or excessive withdrawal penalties.
• Minimum Balance Requirement: $0 – No minimum deposit required to open an account.
• Monthly Fees: $0 – No service or maintenance fees.
• APY: 3.70%
• Modern Digital Banking Features: Secure online banking, mobile check deposit, and automated savings tools.

If you prefer banking with a well-established institution, this is a great option for your savings.

4. Ally Bank Online Savings Account

Ally Bank started as GMAC (General Motors Acceptance Corporation) in 1919 and rebranded to Ally Bank in 2009. Today, it’s one of the most popular fully online banks in the U.S.

Ally Bank has established itself as a leader in online banking, offering high-yield savings accounts, loans, and investment services.

Ally Bank is known for its commitment to customer service, competitive interest rates, and transparent banking practices.

Key Features of Ally Bank Online Savings Account:

• FDIC Insurance Amount: Up to $250,000 per depositor, backed by Ally Bank.
• Accessibility: Online and mobile banking with 24/7 customer support. No physical branches.
• A Well-Established, Reputable Institution: Over 100 years of financial history, with a strong reputation for digital banking.
• Ease of Use: Intuitive mobile app and website for easy account management.
• Interest Rate Stability: Competitive APY with steady growth.
• No Hidden Fees: No maintenance fees or excessive withdrawal penalties.
• Minimum Balance Requirement: $0 – No minimum deposit required to open an account.
• Monthly Fees: $0 – No service or maintenance fees.
• APY: 3.70%
• Modern Digital Banking Features: Online bill pay, mobile check deposit, and goal-based savings tools.

If you want a fully digital banking experience with one of the best savings rates, Ally is an excellent choice.

5. Evergreen Bank

Evergreen Bank was founded in 2020 and is focused on sustainable and ethical banking. It invests in environmentally friendly projects while offering competitive APYs.

Evergreen Bank is an eco-friendly bank that offers high-yield savings accounts with great returns and a focus on sustainability.

Key Features of Evergreen High-Yield Savings

✅ FDIC Insurance Amount: Up to $250,000 per depositor.
✅ Accessibility: Fully online banking with mobile access.
✅ A Well-Established, Reputable Institution: A newer bank with a focus on ethical finance.
✅ Ease of Use: User-friendly app with modern banking features.
✅ Interest Rate Stability: Competitive APYs with sustainable investment options.
✅ No Hidden Fees: No maintenance or overdraft fees.
✅ Minimum Balance Requirement: $100 minimum deposit.
✅ APY: Around 4.50%.
✅ Monthly Fees: $0 – No service fees.
✅ Modern Digital Banking Features: Eco-conscious investment options, automatic savings tools.

How to Open a High-Yield Savings Account as an Immigrant

Opening a savings account in the U.S. as an immigrant is easier than you might think. Most banks require:

✅ A valid passport or government-issued ID
✅ An ITIN (Individual Taxpayer Identification Number) or SSN
✅ Proof of address (utility bill, lease, or bank statement)

Final Thoughts:

Finding the right high-yield savings account can make a huge difference in how fast your money grows. The key is to choose a bank with a high APY, no fees, and easy access to your savings.

By choosing one of these top HYSAs, you can secure your financial future, earn more on your savings, and take control of your wealth-building journey.

Are you ready to start making your money work for you? Open a high-yield savings account today and watch your savings grow!