Best High Yield Savings Accounts of May 2023
A savings account is a type of bank account that can safely earn interest over time and is FDIC insured up to $250,000 per person, per bank.
We believe some of the best savings accounts are available through online banks, which often have higher interest rates (or Annual Percentage Yields, also known as APYs).
Here's a look at our picks for the top high-yield savings accounts (HYSA), best online savings account and best savings account rates today.
We've also curated expert guidance on what to look for when comparing traditional savings accounts and high yield accounts, top savings account must-haves and major requirements for opening savings accounts.
| Offer | APY | Minimum to Earn APY | Next Steps |
|---|---|---|---|
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
4.00/5
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4.50% Rate info |
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|
$100 | |
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
5.00/5
|
4.25% | $0 | |
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
5.00/5
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3.75% | $1 | |
Goldman Sachs Bank USA.
Member FDIC.
Sponsored Listing
Rating image, 5.00 out of 5 stars.
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
5.00/5
|
3.90% | $0 | |
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Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
5.00/5
|
3.75% | $0 | |
|
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
4.50/5
|
4.00% | $0 | |
|
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
4.25/5
|
4.05% | $100 | |
|
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
4.25/5
|
4.81% Rate info |
|
|
$0 | |
|
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
4.50/5
|
4.50% | $1,000 |
CIT Savings Connect
- Easy online banking
- Debit card access
- No fees
- FDIC insured for at least $250K
- No branch access
- Requires $100 minimum to open
A strong APY and no fees make this account stand out. The inclusion of no ATM fees and a great digital experience are the cherries on top that simplify saving and earning.
LendingClub High-Yield Savings
- No monthly fees
- Strong APY
- ATM card available
- Unlimited external transfers (up to a daily limit of $5,000-$250,000, depending on deposit size and account duration)
- $100 minimum deposit required
A standout online savings account that features a very competitive APY and no monthly fees, though a $100 opening deposit is required.
American Express National Bank
- Competitive APY
- No monthly fees
- No min. balance or deposit requirement
- 24/7 customer support
- FDIC insured
- No branch access, online only
- No ATM access
- Cannot deposit funds through mobile app
The American Express Personal Savings account is garnering a lot of positive attention because of its low fees and high APY. It also allows customers to make up to nine withdrawals or transfers from their savings account every month without paying a fee, which is more than what most of its competitors offer.
Marcus by Goldman Sachs Online Savings Account
- Competitive APY
- No maintenance fees
- No minimum balance requirements
- No ATM card access
The Marcus by Goldman Sachs Online Savings Account has proven that it's a competitive online savings account with a competitive annual percentage yield (APY), low fees, and no minimum balance requirements.
Discover Online Savings
- Competitive APY
- No fees
- Great customer service
- No branch access
The Discover Online Savings account is a top choice for customers looking for a quality online savings account with a high APY. Discover takes the no-fee approach to the next level with none of the monthly fees or hidden fees that you might see with other banks. Discover offers a top-rated mobile app that lets customers stay connected to their savings from almost anywhere.
Barclays Online Savings
- Competitive APY
- No maintenance fees
- No minimum deposit or balance requirements
- No ATM access
The Barclays Online Savings account packs in the essentials we covet, including a high APY, no monthly maintenance fees, and no minimum balance to open an account.
Quontic High Yield Savings
- High APY
- No maintenance fees
- Includes a debit card
- Minimum balance requirement
- No local branches, online only
A standout online savings account with one of the best APY's we've seen. The savings account also includes a debit card, which is a nice add-on for an account that already outshines many.
UFB Premier Savings Account
- FDIC insured
- Potentially high APY
- ATM card included
- No monthly maintenance fee
- No debit card functionality
- Existing accounts not always automatically given the highest rates
An overall great online savings account with a high APY, no monthly maintenance fees, and a solid mobile banking app. Note that UFB sometimes launches new account names with higher APYs. Existing account holders do not automatically get these higher rates and need to contact the bank and ask to be switch to the new account with the higher APY.
Expert recommendations for choosing a savings account
Savings accounts help you grow your wealth safely, while keeping your money easy to access. You can open one with most banks and credit unions, but always compare interest rates between banks before you open an account.
If you're not sure where to start looking for an online savings account, check our list above to find out which banks we believe offer the best online savings accounts,
Curious what experts personally recommend for choosing the right savings account for you? Below are some experts we interviewed to answer frequently asked questions about savings accounts. Click "Read More" on each expert's bio below to read what they had to say!
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Rating the best savings accounts
We believe the best high-yield savings accounts, both online and traditional, will meet the following criteria:
- FDIC insured
- Interest-earning savings account with high APY
- Low to no monthly service fee accounts
- Online and mobile banking features
- Welcome bonus offers for opening new savings accounts
When you're looking for a high-interest savings account, the account's APY isn't the only factor to consider. Keep the items listed below in mind when you compare savings accounts to avoid any unpleasant surprises.
- FDIC insurance: Most banks offer FDIC insurance. It's unlikely you'll ever use it, but it's risky not to have it. If your bank fails and your funds aren't insured, you lose your money. That's why we think the best savings accounts are ones with FDIC insurance.
- High APY: APYs fluctuate from bank to bank and over time, so there's no solid definition of a high APY. You don't need the highest rate on the market, but you should choose one that's close to the highest around. This will earn you more interest.
- Low fees: Fees can eat into your profits and possibly cost you more than you're earning in interest. Check your bank's fee schedule to learn about any costs associated with the account, and avoid a monthly maintenance fee if you can. Also, check to see if there's a minimum balance requirement on the account. The best savings account for you might have a few fees -- but, in an ideal world, you can meet whatever is required to waive those fees.
- Accessibility: Make sure you're comfortable with the ways you can deposit money into your savings account and withdraw it when necessary. You likely also want a bank with an online portal and mobile banking so you can manage your funds remotely. The best bank to open a savings account at is one you're comfortable interacting with, whether that's online, in-person, over the phone, or at an ATM.
- Welcome Offers: Some bank accounts also offer bonuses. If you're looking for a high-yield savings account with a bonus, check out our list of Best Bank Bonuses to see our top picks.
And remember -- choosing a bank is personal. You're the one who ultimately knows which account is the best savings account for your needs, preferences, and lifestyle!
How to open a savings account online or in person
To open a savings account, fill out an online application form or visit a branch (if your chosen bank has them).
Requirements to open a savings account
This process should be similar whether you open a savings account online or at a brick-and-mortar bank. You will need to provide some personal information, including:
- Your address
- Your Social Security number
- A government-issued ID, like a driver's license or a passport
If you are opening a joint savings account, both parties will need to provide this information.
- Your bank may also require a minimum deposit to open the account.
This may be different from the ongoing minimum balance required to avoid monthly maintenance fees. If you're transferring the funds from another bank account, you'll need to know its routing and account number.
What to know about savings accounts
With a savings account, your bank pays you interest on your money -- usually every month. How much interest you earn is determined by the account's annual percentage yield (APY). You'll earn more interest with an account that has a high APY.
The best online savings accounts offer both convenience and high interest rates. A larger balance or a higher savings account interest rate results in more interest.
It's always good to compare savings account interest rates before opening an account. The best savings account interest rates can add a nice bump in your funds without much effort on your part.
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Pros and cons of savings accounts
There are advantages and disadvantages that come along with savings accounts. It's important to consider these factors when you're looking for the best savings account for your lifestyle
Pros of savings accounts
- Earning interest
- Saving as much as you like
- Paying bills with automatic bill pay
- Knowing your money is insured with the FDIC
Cons of savings accounts
Most savings accounts don't offer check-writing capabilities or a debit card -- so you have to transfer the funds to a checking account or withdraw cash in order to spend money. Often, banks limit the number of free withdrawals you can make in a month.
- Monthly maintenance fees (sometimes)
- No ATM card or checks (usually)
- Only six free withdrawals per month
- Fees for extra withdrawals after your first six withdrawals at some banks
Compare types of savings accounts
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As you compare savings accounts, think about what you'll use the account for. Do you want to be able to withdraw your money at any time to cover unexpected expenses? Are you saving up for a major goal over several years, and could use every dollar of interest you can earn? Answering these questions will help you compare savings accounts and decide which is best for your needs.
Here's a look at the common types of savings accounts you'll run into.
- Traditional savings account: These accounts are usually easy to open and easy to access. But APYs tend to be pretty low, and most of these accounts carry maintenance fees if your balance falls below a certain amount.
- High-yield savings account: These are similar to traditional savings accounts, but they offer much higher APYs and most don't have monthly maintenance fees.
- Money market account: Money market accounts offer the APYs of a savings account with the easier access of a checking account. However, these accounts usually have higher minimum balance requirements than typical savings accounts.
- Certificate of deposit (CD) account: Certificates of deposit (CDs) usually offer some higher APYs than any of the savings accounts discussed above. If you're looking for the best APY on a savings account, CDs are definitely worth considering. But you have to agree not to withdraw your funds for the full CD term (which could be months or years).
- Specialty savings account: A specialty savings account is a savings account that's geared at a certain group of people or goals. Examples include kids' savings accounts, health saving accounts, and education savings accounts.
Online vs. traditional banks
If you don't want to open a savings account online, don't worry -- you can get a high interest savings account at a brick-and-mortar bank too. You might just need to look around a little more, since high interest savings accounts are more rare at brick-and-mortar institutions.
Savings accounts at online banks are slightly different from savings accounts at traditional banks. Here are some of the key differences between savings accounts at online and brick-and-mortar banks:
| Service | Brick-and-mortar banks | Online banks |
|---|---|---|
| Interest rates | Generally low | Generally high |
| Hours of operation | Fixed to the bank's schedule | Flexible to your schedule |
| ATM networks | Extensive ATM networks | Coverage varies |
| Customer service | In-person service in addition to call centers | Call centers often extended or 24/7 hours |
| Account access | Branch withdrawals, transfers, and ATMs | Transfers and ATMs |
| FDIC insured | Yes | Usually |
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