Best high-yield savings accounts of September 2023
Explore high-interest savings accounts earning rates above 5% — a return that's more than 11x higher than the national average.
With the Federal Reserve increasing rates over the course of a year and further increases poised to occur in 2023, you’ll find high-interest savings accounts offering rates that are more than 11 times higher than the national average, which currently sits at
0.43% APY. The highest APYs belong to online banks as they don’t have to maintain physical branches. By forgoing wages for tellers and branch managers, utility bills and other expenses, banks can pass the savings on to you in the form of stronger interest rates.
Featured accounts
These accounts feature market-leading APYs, few fees and little to no minimum deposit requirements.
4.50% APY on savings by meeting deposit requirements
$0 account or overdraft fees
Get a $250 bonus with direct deposits of $5,000 or more
Additional FDIC insurance of up to $2M
25 best high-yield savings accounts
The best high-yield savings account offer APYs that are higher than the national average of
0.43% APY, easy requirements to earn the highest rate and no monthly fees.
This savings account earns a strong 5.26% APY through Raisin. To get started, you only need $1, and there’s no monthly transaction limit to withdraw funds.
The UFB High Yield Savings account earns 5.25% APY. Although the account has tiers, customers currently earn the same rate regardless of the balance in the account. There are also no opening balance requirements and no monthly maintenance fees with this account, and you’ll get a complimentary ATM card for easy cash withdrawals. Although this is an online bank, a lack of physical branches allows UFB to offer such a strong APY.
Upgrade’s Premier Savings account offers a strong 5.07% APY on balances of $1,000 or more, no monthly fees and a robust mobile app that lets you manage your account with ease. To earn this APY, however, you’ll need to maintain a balance that’s a bit higher than what’s required on other accounts on our list.
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. See partner terms and conditions
This Raisin exclusive high-yield savings account offers a competitive 5.05% APY, a minimum opening deposit of just $1, and no transaction limits. Although you’ll find this account through State Exchange Bank’s website as well, you’ll need $10 to open the account, and your transactions are limited to 9 per quarter.
Varo is running a Referral Bonus Promotion through September 1, 2023 that gets both existing and new customers $30 when signing up for a Varo Bank account.
Varo offers an optional savings account with an APY starting from 3.00% APY but can go as high as 5.00% APY on the first $5,000 saved. Varo has no minimum opening deposit requirement and charges no monthly fee. You’ll receive a few extra benefits to round out the package, including up to 6% cash back when you use your Varo card at select retailers.
Raisin offers a High Yield Savings Account with a high 4.80% APY with First Mid Bank & Trust. There’s a small $1 minimum opening deposit, but that’s the only requirement to qualify for its APY. There are also no monthly service fees. But like many other online accounts, Raisin isn’t a bank, and its banking services are supported by third-party FDIC-insured banks.
The CIT Savings Connect account balances a strong 4.65% APY with minimal fees and you’ll pay nothing for incoming wire transfers. And while you can’t deposit or withdraw cash from your account, CIT Bank doesn’t impose a transaction limit, unlike traditional savings accounts that usually cap the number of monthly transactions to six.
Another Raisin exclusive account, the Liberty Savings Bank High-Yield Savings account offers a solid 4.60% APY, generous $1 minimum opening deposit and no enforced transaction limits. While Liberty Savings also offers a savings account directly through their site, you’ll pay a monthly fee and receive a lower interest rate.
SoFi’s Checking and Savings is a combo package that offers 0.50% APY on its checking account and 4.50% APY on its savings account when you meet deposit requiremets. You can either set up direct deposits, or just deposit at least $5,000 each month to earn the highest rates. Other perks include no monthly maintenance, overdraft, ATM withdrawal or foreign transaction fees. Plus, you’ll earn up to 15% in cashback rewards at participating retailers, and the account comes with a savings feature that rounds up purchases to the nearest dollar and deposits it automatically into your savings account. And as an added bonus, SoFi offers additional FDIC insurance up to $2 million.
Pros
Savings deposits earn up to 4.50% APY
Checking deposits earn 0.50% APY
Minimal fees
Savings roundups
Additional FDIC insurance
Cons
$4.95 fee for cash deposits at GreenDot retail stores
The Quontic Bank High Yield Savings account offers an attractive 4.50% APY on any balance and comes with an ATM card upon request. But you’ll need to transfer at least $100 from an external bank account to get started. Keep in mind that this account limits your withdrawals and fees to six transactions per month and doesn’t support Zelle, Bill Pay or Quontic Ring, a wearable payment ring.
The Continental Bank High Yield Savings account through Raisin offers a solid 4.41% APY and the ability to make as many transactions as you like. Plus you only need $1 to get started. You’ll only find this account through Raisin as Continental Bank doesn’t offer any personal savings accounts through their site
Earn a solid 4.35% APY on your total account balance with no opening deposit or maintenance fees. But Barclays puts a five-day hold on all funds you deposit into your account. And since this account doesn’t handle cash, you’ll need to transfer money to and from an external account or via check. Fortunately, this account has no monthly transaction limits, so you can initiate withdrawals and transfers as often as you need.
The Discover Online Savings Account earns 4.30% APY, a rate much higher than the current national average, which is 0.43% APY. This account pairs well with the Discover Cashback Debit checking account because you can opt to have your cashback bonus automatically deposited into your account each month. But like most online bank accounts, your primary ways of accessing your money are through direct deposit, online transfers and mobile check deposits.
Tab Bank’s High Yield Savings account features a 5.02% APY paired with no monthly maintenance fees and no opening deposit requirements. Tab Bank only requires a minimum balance of $0.01 to start earning interest. And unlike most other savings accounts that cap you at $250,000 to earn interest, there’s no cap with Tab. But we don’t recommend keeping more than $250,000 in an account, as you’re only insured up to this amount. Also, if you want to close the account, there’s a $10 account closure fee.
Bread Financial offers an impressive interest rate on its High-Yield Savings account. You earn 5.00% APY on balances up to $1 million in your savings account. While you can open multiple high-yield savings accounts, Bread imposes a $10 million total limit for each customer. While there are no monthly fees, you’ll need $100 to open an account. But it’s only FDIC insured up to $250,000. Also, new accounts may experience withdrawal delays for the first 30 days. There are also minimal fees. The only ones you'll need to watch out for are: $5 fee for paper statements, a $15 fee for check requests and a $25 fee for outgoing wire transfers.
Pros
Attractive 5.00% APY on balances up to $10 million
The LendingClub High-Yield Savings account goes beyond traditional banking by combining competitive interest rates with powerful personal financial management tools. You’ll earn 4.50% APY with no minimum balance requirement. Plus you get a free ATM card and access to an integrated financial dashboard that lets you manage your accounts, create budgets and analyze your spending habits. But you’ll need $100 to open your account.
The Synchrony High-Yield Savings account generally has a tiered interest rate depending on your account balance. But right now, all tiers earn a competitive 4.75% APY. That means you’ll earn an interest rate higher than the national average, no matter how much you have in your account. Plus, Synchrony gives you the option of an ATM card and doesn’t charge any monthly fees or impose a deposit minimum or minimum balance requirement.
With the Sallie Mae High-Yield Savings account you’ll enjoy a solid 4.50% APY with no monthly fees and no minimum balance requirement. The account also offers free transfers, though you’ll need another bank account to fund the account.
The Capital One 360 Performance Savings account comes with a 4.30% APY. There are no monthly fees, opening deposit or balance requirements to earn this rate. Its mobile app allows you to easily manage funds on the go, open up to 25 separate 360 Savings accounts to organize savings plans with different goals, and other typical features like mobile check deposits. Unlike many other competitive online banks, Capital One does have physical locations, so you can get in-person customer service if you live near a branch.
The Marcus Online Savings Account boasts an impressive 4.40% APY with no fees and no minimum deposit. But where it stands out is its same-day transfers of up to $100,000 to or from other banks. The maximum account balance is $1 million, and there is no ATM or bank branch access. Keep in mind that, as with most bank accounts, funds are only FDIC insured up to $250,000.
This Raisin exclusive high-yield savings account offers a competitive 5.15% APY. You only need $1 to get started and there’s no six monthly transaction limit.
Pros
High 5.15% APY
$1 opening deposit
No six monthly transaction limit
Cons
Limited customer service through Raisin
Annual Percentage Yield (APY)
5.15%
Interest compounding
Daily
Minimum balance to earn interest
$0
APY
5.15%
Fee
$0
Minimum deposit to open
$1
verified_userFDIC Insured
Bask Bank Interest Savings Account
Finder Rating: 4.6 / 5★★★★★
The Bask Interest Savings account lets you earn a whopping 5.00% APY on your entire account balance. There are no monthly maintenance fees and no minimum balance requirements. That means you’ll earn interest no matter how much you’ve deposited. Like most savings accounts, it doesn’t come with an ATM card, and you’re limited to six outgoing transfers every month.
Pros
Competitive 5.00% APY
No minimum balance requirement to earn APY
Cons
Account is as new as February 2022
Annual Percentage Yield (APY)
5.00%
Interest compounding
Daily
Minimum balance to earn interest
$0
Monthly transaction limit
6
APY
5.00%
Fee
$0
Minimum deposit to open
$0
verified_userFDIC Insured
Adda Bank HYSA through Raisin
Finder Rating: 4.7 / 5★★★★★
Earn 5.15% APY with this exclusive high-yield savings account through Raisin. You only need $1 to get started and there’s no monthly fee or six monthly transaction limit.
Pros
Competitive 5.15% APY
$1 opening deposit
No six monthly transaction limit
Cons
Limited customer service through Raisin
Annual Percentage Yield (APY)
5.15%
Interest compounding
Daily
Minimum balance to earn interest
$0
APY
5.15%
Fee
$0
Minimum deposit to open
$1
verified_userFDIC Insured
Prime Alliance Bank Personal Savings Account
Grow your savings with a competitive 4.50% APY on your total balance on your Prime Alliance Savings Account. And with no monthly fees, your money can grow unhindered. Plus, you can deposit checks through the mobile app.
Pros
Competitive 4.50% APY
No monthly fee
Cons
Only one branch location in Utah
Annual Percentage Yield (APY)
4.50%
Interest compounding
Daily
Minimum balance to earn interest
$0
Monthly transaction limit
6
Fee per transaction over the limit
$25
APY
4.50%
Fee
$0
Minimum deposit to open
$0
verified_userFDIC Insured
Methodology: How we choose the best high-interest savings accounts
Finder’s banking experts routinely analyze more than 140 savings accounts on the market to narrow down the best savings accounts to build up a nest egg and accumulate interest. We compare an account’s overall rate, fees, opening deposits and availability. We weigh these factors to determine the acounts that make the final cut:
APY must be at least 4.30% or higher
$0 monthly fees
Minimum deposits of $100 or lower
Easy to open without needing to meet strict membership requirements
We review the accounts that meet these requirements against one another to make our final decision. Accounts that stand out among each other, with a strong APY and low requirements, are selected as the best accounts.
High-APY alternatives to savings accounts
If you’re unsure about whether a savings account is for you, consider these high-yield alternatives that can help you grow and manage your money.
There are a few simple steps you can take to ensure you choose the best high-yield savings account for your needs:
Look for a high interest rate. Compare savings accounts earning rates higher than the national average, which currently sits at
0.43%, according to the FDIC.
Investigate potential fees. Read the account’s Fee Schedule to see if you’ll be charged fees for maintaining the account. Bonus tip: most online savings accounts don’t have a monthly fee.
Consider accessibility. There are usually several ways to access your savings, including mobile, online and phone banking. But some accounts even come with ATM cards. Decide how you plan to use your funds and choose an account that aligns with your needs.
Look for automated savings tools. A built-in savings tool can help you grow your deposit without a lot of additional work on your end. For example, some banks can round up your debit purchases to the nearest dollar and deposit the extra into your savings account.
Make sure the bank is insured. Look for an FDIC-insured bank or NCUA-insured credit union that will insure your money up to $250,000 if it goes bankrupt. If you have more money to put away, move some of your savings into another bank that will insure another $250,000.
Watch our 60-second video below!
How to best leverage your savings account
Here are three ways to maximize the money you put in your account:
Deposit funds while the APY is high. Savings account APYs can fluctuate over time, so it pays to put as much money as you can afford into the account while the APY is high.
Compound interest. Ideally, you want a high-interest compounding account with interest that compounds daily and is paid into the account monthly. This allows your money to grow faster by being paid for the interest you’ve already earned.
Use automatic savings. Automate how much and how often you move over to your account. Whether it’s on a weekly or monthly basis, choose the frequency that best aligns with your budget.
Expert tip: The more you deposit, the more you'll earn.
While a low minimum opening deposit is a considering factor when opening a high-yield account, if you find one with a higher opening deposit, it shouldn't be a deal-breaker, if you can swing it. After all, the more you save, the more you'll get back in interest.
For example, if you deposit $1,000 into a savings account earning 4.21% APY, you could earn $42 back in interest after a year. But if you deposit $5,000, you'll earn $211 back in interest. And you'll earn and save even more if you make recurring deposits every month.
The strongest APYs on the market come from online banks rather than banks with physical branches. Much of this has to do with the overhead costs of running physical branches compared to a presence that is online only. Since online banks save on these overhead costs, they get to pass these savings to their customers in the form of higher rates and lower fees.
Savings rates change in response to interest rate changes enacted by the Federal Reserve. The Federal Reserve typically meets eight times a year, though they meet more often when economic events require it.
When the economy is doing well, interest rates tend to rise. In 2022, for example, the Federal Reserve raised the interest rate seven times. The opposite is true with a poorer economy, where interest rates will lower.
Although banks aren’t required to change their rates the moment the federal rate changes, in 2022, we saw online banks increase their rates once or twice a month.
How much money will I earn if I keep $10,000 in my account?
You could save hundreds depending on how much you keep in your account, the compounding rate, how strong the APY is and the length of time you leave your money untouched.
For comparison, here’s how much money you’d earn with a strong high-yield savings account like CIT Savings Connect compared to a traditional savings account with a weaker APY like Chase Savings. In this example, we assume you keep $10,000 in your account and rates are compounded monthly without adding additional funds each year.
Savings Account
APY
Initial deposit
Year 1
Year 3
Year 5
CIT Savings Connect
4.65%
$10,000
$10,465.00
$11,460.87
$12,551.52
Chase Savings
0.01%
$10,000
$10,001
$10,003
$10,005
How to open a high-yield savings account
Much like any other type of bank account, you need to provide your full name, address and government-issued ID to open a high-yield savings account by applying for the account, filling out the requested information and funding the account much like you would with a checking account, CD or similar account.
3 tips to get the best interest rate
Don’t stop at the advertised interest rate when comparing savings accounts. Here are various points to consider that will help you make the most out of your interest rate:
Introductory rates. Some savings accounts offer sign-up bonuses or introductory rates that are higher but last for a limited time. Check to see for how long that rate is in effect and if you need to meet any requirements to get or maintain it. But compare this rate with the account’s standard rate. If the standard rate is much lower, you might find a higher standard rate on another account where you could be better off in the long term.
Compound interest. Ideally, you want a high-interest compounding account with interest that compounds daily and is paid into the account monthly. This allows your money to grow faster by being paid for interest you have already earned.
Terms. Check to see if the interest rate is applied to tiers or under certain conditions, such as maintaining a minimum balance or making a certain number of deposits.
Pros and cons of a high-interest savings account
A strong rate and low fees far outweigh any drawbacks you’d find with a savings account.
Benefits
Start with a little. In most cases, you don’t need any money to open a savings account. There’s often no minimum balance requirement and you can make deposits of any size as often as you’d like.
Set up an automatic savings plan. This feature automatically transfers a small portion of your paycheck into your savings account when you get paid so that you can “pay yourself first” and develop a habit of saving.
Joint accounts. Open a savings accounts with your partner to help you save faster together.
Easy access to your money. Many savings accounts offer easy access to your account with multiple bank branches, ATM cards, mobile apps and online banking platforms.
Earn interest on your savings. Financial institutions pay you interest on your savings account balance, and many accounts offer compound interest, meaning your money can earn its own money. Or,keep switching savings accounts to take advantage of attractive introductory interest rates for new accounts, though most institutions will only allow one introductory offer per customer.
Savings accounts are free to open. Most savings accounts cost nothing to open and have no monthly fees.
No lock-in period. You’re not locked in for any period of time and you can switch savings accounts as often as you like.
Protect your checking account from overdraft fees. If your savings account and checking account are with the same bank, you may be able to link the two. In the event that there isn’t enough money in your checking account to complete a transaction, funds will be transferred from your savings to avoid overdraft fees.
Your money is safe. Banks are known for their well-protected vaults, and if your financial institution goes bust, the FDIC will guarantee your savings account balance up to the value of $250,000.
What to watch out for
Rates can change. One key disadvantage is that savings account interest rates are variable, meaning that financial institutions are free to set and change interest rates as they wish. High-interest savings account rates will stay largely in line with the movements of the federal rate.
Temptation to spend. Savings accounts are on-call products, meaning your money is accessible whenever you want it. If you’re looking for more disciplined savings options, a time deposit is an option that restricts your withdrawals.
Six-withdrawal limit. Due to Regulation D, savings accounts are limited to six outgoing withdrawals per month. While you’re technically allowed to access your money whenever you want, every transaction above this limit will be accompanied by a penalty fee. However, Regulation D is currently suspended, so check with your bank to see if it’s temporarily waiving its fees.
Inflation. If your savings account doesn’t pay a competitive interest rate, inflation could be eating up the value of your earned interest, leaving you with an account balance that’s worth less a year from now than it is in today’s dollars.
Watch our short explainer video on pros and cons of online savings accounts:
What is a high-yield savings account?
A high-yield savings account — also referred to as a high-interest savings account — offers a competitive interest rate that’s higher than the national average, with the best ones at 10 times above this. So if the national average is
0.43% APY, a high-yield savings account offers rates around 4% APY. For comparison, interest rates for traditional savings accounts usually match the national average or are way below it.
What’s the difference between an online high-yield savings and a traditional savings account?
Online savings and regular savings accounts have a few key differences you should keep in mind:
Features
Online high-yield savings account
Regular savings account
Lower monthly fees
Higher interest rates
Larger ATM network
More branch locations
Longer customer service hours
Quicker access to your money
Better mobile banking experience
Insured deposits up to $250,000
Who are high-yield savings accounts best for?
High-interest accounts are best for anyone looking to build a nest egg or emergency fund. They tend to work best for those with a sizable deposit that you won’t need to withdraw from often. This is because savings accounts limit the number of transactions you can make per month. Funds left in a high-yield savings account are best left untouched over time to maximize the high rate they offer.
Making the most out of your emergency fund
Roughly 55% of American adults say they have an emergency fund, socking away an average of $25,330, according to Finder’s Consumer Confidence index.
Of those with an emergency fund, 54% say they keep their money in some form of savings account. But whether you keep this money in a traditional or high-interest savings account really matters.
The average APY on a savings account sits at 0.43% at the time of writing. However, many high-interest savings accounts currently offer APYs of 4.5% and up.
If you were to leave the average emergency fund ($25,330) in a savings account, you’d end up with an extra $109 at the end of the year.
Throw that same amount in a high-interest savings account at 4.5%: $1,140.
Are high-yield savings accounts safe?
You can’t lose money in a high-yield savings account as long as they’re federally insured. If you get an account at a bank, it’ll be FDIC insured. If you open one with a credit union, it’ll be NCUA insured. Either way, this means you’ll get your money back, up to $250,000, if the financial institution goes bankrupt.
Alternatives
If you’re not sure a high-yield account is the right type of savings account for you, consider these four alternatives for saving and storing your money.
CDs. Unlike a high-yield savings account, a CD locks your money for a specific term and offers a fixed interest rate, regardless of national rate changes.
Crescent Bank currently offers one of the best CD rates on its 12-month term at 5.35% APY.
Money market saving accounts. These accounts are similar to savings accounts, though they often offer a debit card and checkwriting privileges. One of the strongest money market account rates is currently offered by
Pacific Western Bank at 5.25% APY.
Interest-bearing checking accounts. A high-yield checking account offers a place to spend and save on unspent funds. You can find the best checking account rates as high as 4% APY.
Investment accounts. Trading accounts offer strong yields, but your money isn’t insured by the FDIC. But some platforms, like
Robinhood, offer FDIC-insured plans that let you earn strong yields on uninvested funds. It’s Gold plan currently earns .
Treasury bills. T-bills are a type of short-term loan to the government backed by the US Treasury Department. Most offer a term of one year or less, with longer terms offering higher rates.
Bottom line
Opening a high-interest savings account can help you get the highest return on your money even when the market rates shift. They’re also a good option if you’re looking to earn more money without losing easy access to your savings in an emergency. If you’re looking for a more well-rounded account regardless of how high its rate is, check out the best savings accounts today.
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
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