How to open a high-yield savings account (HYSA)

Choosing a space to store your money away for the future is one of the most important steps in your financial journey. In the US, learning how to open a high-yield savings account helps you keep your daily spending separate from the money you want to put aside for later.

Whether you're keeping money for a rainy day or a big purchase, a high yield savings account's generally more efficient than keeping cash in a regular savings account because it gives your money the chance to grow.

We want to make sure handling your money is easy and doesn't feel like a chore. Discover Revolut high-yield savings accounts and read on to learn how to open a high-yield savings account with us.

Revolut is not a bank. Plan fees and cancellation fees apply. Terms and Conditions apply. No min balance to open; $0.01 min. Only 1 High Yield Account is permitted per user and is limited to $10,000 in customer initiated deposits. The max combined balance of all Savings accounts is $250,000 per customer. Savings account services provided by Cross River Bank, Member FDIC, insured up to $250,000.

The information provided is accurate as of February 11, 2026.

The content of this page is for general information purposes only and doesn't constitute financial advice. If you've any questions about your personal circumstances, please seek professional and independent advice. We aren't a financial advisor.

How to open a high-yield savings account at a glance

If you're in a hurry to get started, here's a step-by-step guide to the basics of opening a high yield savings account:

1. Compare providers: Look for the Annual Percentage Yield (APY) and check for fees.
2. Prepare your documents: Have your Social Security Number (SSN) and a government-issued photo ID ready.
3. Complete the application: Digital-first providers like us allow you to do this online, generally in under 5 minutes.
4. Link a funding source: Connect an external account via ACH to move your money over. With Revolut, your main account is only one tap away.
5. Start earning: Once the transfer's complete, your money starts earning interest immediately.

How to open a Revolut High-Yield Savings account

Getting started is quick and easy. Here's how to open your Revolut account and start growing your money:

1. Download the app: Get our app from the App Store or Google Play Store.
2. Confirm who you are: Enter your phone number and follow the steps to share your ID and a selfie.
3. Add money: Link a bank account or a debit card to add money to your Revolut balance.
4. Set up your savings account: Look under your balance in-app, tap Accounts, then + Add new, then Savings.
5. Move your money: Transfer money from your main balance to start earning interest right away.

Can you open a high-yield savings account online?

Yes, you can open a high-yield savings account online in the US. Several providers offer this functionality nowadays, including us. It's an intuitive process that you can get done in only a few minutes in-app. You'll just need to share your details, upload photos of your ID, and connect another account to move your money over to us.

This digital-first approach means you never have to visit a physical branch or wait in line. You can manage everything from your phone, giving you 24/7 access to your savings and the ability to move money between accounts in a few taps.

Opening a high-yield savings account: What to remember

Getting an account is simple, but you've got to follow a few rules to keep your money protected and follow US laws. Knowing these rules before you start will help you finish your signup without any trouble. Every financial institution in the US is required to verify the identity of their customers to prevent fraud and ensure security measures are maintained.

What information is needed to open a high-yield savings account?

You'll need a few things to prove who you are. Most providers ask for these:

• Social Security Number (SSN) or ITIN: This is needed by law for reporting the interest you earn to the IRS.
• Photo ID from the government: A driver’s license, state ID, or passport.
• Proof of where you live: A bill or a letter that shows your current US home address.
• Personal info: Your full name, birthday, and contact details.

We only need this information to open your account. If you've already created an account with us, you don’t need to provide it again to open a savings account.

Opening a HYSA: Understanding interest rates and APY

The Annual Percentage Yield (APY) is just a way of saying how much your money will grow in one year. This number includes the effect of compounding. This is when you earn money on your initial savings, and then those earnings become part of the balance that will grow later.

It's like a snowball rolling down a hill — it gets bigger and bigger as it picks up more snow. A higher APY means your money can grow faster. It's smart to compare different providers and their APY offerings, as even a small difference can result in significant growth over 5–10 years.

The Annual Percentage Yield (APY) is a variable rate and may change at any time. APYs vary by plan and account type.

Choose the savings account that fits your goals

Picking the right account depends on how often you'll need your money and how much growth you want. Matching the account type to your objectives is the most important decision you can make.

• Standard savings accounts: These are easy to use and good for money you might need quickly.
• High-yield savings accounts: These usually give you a much higher rate and are built to help your money grow fast.
• Certificates of Deposit (CDs): These lock your money away for a set time (like 1–2 years). You might have to pay a fee if you want to access it early.
• Money market accounts: These are a mix of checking and savings accounts and sometimes come with a card you can use.

We don't provide CDs or money market accounts in the US yet. We focus on high-yield options that offer both flexibility and competitive rates.

The Revolut High-Yield Savings experience

We've got a way of doing things that puts you in charge of your money. If you're looking for a simple way to save, our account could be just what you need. We believe managing your money and growing your savings should be a single, seamless experience.

With us, you can:

• Organize your goals: Set up Savings Vaults for different targets, like a vacation or a new car.
• Earn competitive rates: Benefit from a high-yield savings account designed to maximize your growth.
• Automate your saving: Save without thinking by rounding up your spare change when you buy things.
• Track in real-time: See in-app how much money you've earned every day.
• Stay flexible: Take your money out whenever you want with no fees or waiting times.

Is your Revolut High-Yield Savings account safe?

We take the security of your money very seriously. In the US, we're a financial technology company, not a bank. Our savings account services are provided by Cross River Bank, Member FDIC.

Your money's protected by the FDIC up to $250,000. This insurance means that even in the unlikely event that the financial institution fails, you're guaranteed to get your money back, up to the protected limit. You can sleep easy knowing your money's safe while it grows.

We also use our own technology to keep your account and its money protected.

Learn more about how Revolut protects your money.

How to get started with Revolut

Start managing your money and savings in minutes, all in-app. If you don't have an account with us yet, here's how to get started:

1. Sign up for Revolut by downloading the app and following the steps to open your Personal account.
2. Below your balance on the Home screen, tap Accounts.
3. Tap + Add new, then select Savings.
4. Follow the prompts to set up your High-Yield Savings account.
5. Transfer money from your main balance. You can start with as little as $0.01.

Ready to get the most out of your money? See how easy it is to manage your daily spending and your savings in one place.