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Best savings accounts of 2023

The best accounts offer high APYs with few requirements to earn it.

The best savings account should topple the national average of 0.46% APY and have no monthly fees or large balance requirements so you can reap the full reward. With savings rates increasing this year, here are the best savings accounts that offer a large return on your investments without requiring you to jump through hoops.

The 13 best savings accounts

Closer look at the best savings accounts

The best savings accounts are those with the highest APYs, lowest fees and lowest minimum requirements on the market to help you grow your nest egg. Each account in our list meets the mark, with differences coming down to ATM access, family friendliness, customer support and knockout features like automated savings.

Best for high APY with $100 minimum deposit

CIT Savings Connect

4.3
★★★★★

Finder score

The CIT Savings Connect has a top-of-the-line interest rate of 4.65% APY, making it one of the leading savings accounts on the market. And its $100 minimum opening deposit requirement is relatively low. But the only way to deposit money into the account is through mobile check deposits and electronic transfers.

Best for high APY

UFB Secure Savings

4.7
★★★★★

Finder score

Go to site
on UFB's secure site
Read review
UFB Secure Savings offers an impressive 5.25% APY. While its interest rates traditionally depend on your account balance, all tiers currently earn the top-of-market APY. And with a complimentary ATM card and free transfers between direct deposit accounts, you can access your money anytime.

Best for ATM access

Synchrony High Yield Savings

4.3
★★★★★

Finder score

The Synchrony High Yield Savings lets you earn 4.75% APY on your entire account balance. While your deposit amount previously determined your interest rate, all account balance tiers currently earn the same competitive APY. That means you’ll earn a higher-than-average rate no matter how much you fund your account.

And with an optional ATM card, you can access your cash at any Plus or Accel ATM worldwide. Plus, Synchrony Bank will refund up to $5 per month for domestic ATM fees.

Best for investors

E-Trade Premium savings

5
★★★★★

Finder score

E-Trade lets you manage both your investments and savings accounts on one mobile app. You’ll earn 4.25% APY on deposits, and while most bank accounts are only FDIC-insured for up to $250,000, this account has protection up to $500,000. But this account only supports electronic deposits and withdrawals.

Best for ACH transfers

Marcus Online Savings

4.4
★★★★★

Finder score

At 4.4%, Marcus's Online Savings account offers a solid APY that can hang with the other top contenders on the market. But where it eclipses the competition is how it calculates interest for ACH transfers. While most banks wait until the money has hit your account before you can earn interest, your Marcus Online Savings account begins accruing interest the day you initiate an ACH transfer. That means your money gets a headstart on interest compared to other banks.

Best for customer experience

Capital One 360 Performance Savings

4.8
★★★★★

Finder score

With a Capital One 360 Performance Savings account, you’ll earn 4.35% APY on your entire balance, and it doesn’t cost a dime to maintain this account. Plus, if you ever need help with your account, Capital One’s plethora of customer service options knock it out of the park. You can call for live support, tweet @AskCapitalOne or stop in a local branch or café. That’s right, Capital One also has cafés across the US where you can grab a coffee and speak to a banker in-person at your convenience.

Best for automated savings

Ally Bank Savings Account

4.8
★★★★★

Finder score

The Ally Bank Savings Account couples a solid 4.25% interest rate on every penny you deposit with powerful personal finance tools to organize your savings. Ally’s Buckets lets you set up and keep track of an emergency fund. Plus, you can set up automatic deposits, round up debit card purchases and have Ally transfer unused funds into savings if you have an Ally checking account.

Best for kids

Alliant Kids Savings Account

4.6
★★★★★

Finder score

Alliant Credit Union will pay the $5 initial deposit
The Alliant Kids Savings Account is a great option for children under 12, as most kids bank accounts are reserved for children 13 and over. This account has no monthly fees if you opt into electronic statements, and Alliant Credit Union will cover the $5 minimum deposit on your behalf. Plus, your kid can earn 3.1% APY if you keep at least $100 in the account.

But the joint account owner must be an Alliant member. Luckily, anyone can join with a $5 donation to its partner charity, Foster Care to Success.

Honorable mentions

These honorable mentions are still great options offering competitive interest rates and low minimum deposits to help diversify your funds.

Barclays Online Savings

4.3
★★★★★

Finder score

The Barclays Online Savings earns a strong 4.35% APY with no minimum balance requirements or monthly maintenance fees. But this account doesn't support cash deposits or withdrawals, and Barclays puts all your deposits on a five-day hold. Transferred funds from another Barclays account are available immediately.

Bask Bank Interest Savings Account

4.6
★★★★★

Finder score

The Bask Interest Savings Account earns one of the highest interest rates we’ve seen so far — 5.1% APY on your entire balance. And with no monthly fees, initial deposit requirements or minimum balance rules, this account has very few restrictions. The biggest downside is that you can’t open this as a joint account.

Bread Savings™ High-Yield Savings

4.3
★★★★★

Finder score

on Bread Savings's secure site
Read review
The Bread Savings High-Yield Savings account boasts an impressive interest rate of 5.15% APY. While it supports balances up to $1 million per account and $10 million per customer, it’s only FDIC-insured for up to $250,000. While you won’t pay a monthly maintenance fee, you’ll need $100 to sign up. And Bread Financial may hold your deposits longer than usual for new accounts for the first 30 days.

LendingClub High-Yield Savings

3.8
★★★★★

Finder score

LendingClub offers a competitive 4.65% APY with an optional ATM card. Plus, it comes with an integrated financial dashboard with tools for budgeting and analyzing when you also connect a LendingClub checking account. Keep in mind that you'll need to make a deposit of at least $100 to open the account.

Methodology: How we choose the best savings accounts

When judging the best savings accounts we look at major factors, including minimum opening deposits below $100, APYs and whether there are steep balance requirements to earn it. We choose accounts with the highest APYs and fewest requirements for our best list. When accounts are similar, we consider secondary features, such as the presence of additional fees, balance limitations or additional banking perks like optional ATM cards.

How to choose the best savings account

Watch our 60 second video below!

Look for these features when trying to find the best savings account for you:
  • Fits your needs. The right account should align with why you’re saving. For example, choose a business account if you’re a business owner, a kids savings account if you’re saving for your child, an ethical account if you want to make a difference and so on.
  • Low fees. The best savings accounts don’t charge monthly fees. More rarely, you may find some savings accounts that don’t charge on certain wire transfers.
  • Competitive APYs. You want an account that’s going to compound and reward you for saving. The best ones have competitive APY at least 10x higher than the national average.
  • Low opening deposit. There are plenty of accounts that let you get started with as little $0 but some may require you to have $500 or more. Note any opening deposit requirements and make sure you can comfortably meet them.
  • Easy access to your money. Most savings accounts don’t come with ATM cards, but some do. Think about how you want to access funds and find an account that matches your needs. Bear in mind that most savings accounts limit your monthly transactions to no more than six withdrawals.
  • Safety. Make sure that your savings acccount is insured by the FDIC or NCUA. Most financial institutions offer insurance up to $250,000.
  • Online savings. The best high-yield savings accounts are from online banks. Because they don’t have to worry about overhead costs, they can offer better perks like stronger APYs.
  • Sign up bonus. While a sign-up bonus shouldn’t be the only factor you consider, if you’re between a few great savings accounts, check to see if any are offering a bonus for sigining up.

Pros and cons of savings accounts

With so many savings options out there, it can be hard to determine how to pick the best one for you. Consider these benefits and drawbacks to look out for:

Benefits

  • Low opening deposits. You can open some savings accounts with as little as $0.
  • No monthly fees. Many savings accounts waive monthly maintenance fees or don’t charge them at all.
  • Savings perks. Savings accounts may come with features that help you grow your money. For example, Ally Bank rounds up purchases you make and deposits the extra into your account.
  • Transfer funds. Most banks let you easily transfer money between your savings and other bank accounts.
  • Protect other accounts. If you have your checking and savings account at the same bank, you can link them for free overdraft protection.

Drawbacks

  • Limited accessibility. Most savings accounts don’t come with a debit or ATM card. You also may pay a fee if you make more than six outgoing transactions a month. Although this federal regulation is temporarily suspended during the coronavirus pandemic, some banks are still limiting transactions.
  • Minimal return on investment. Savings account interest rates are affected by federal rates. This means that your APY may drop if the federal rates drop.
  • Fees. You may pay fees if you can’t meet minimum deposit limits or you make more than six withdrawals a month.
  • Tiered APY requirements. Some savings accounts come with balance requirements to earn the highest APY.

Savings account alternatives

If the best savings accounts don’t fit your financial goals, consider these alternatives:

  • Money market accounts. Want the accessibility of a checking account with the earning power of a savings account? A top money market account might be right for you. But be prepared for higher opening deposits.
  • Digital bank accounts. Many digital banks, like Chime and Varo, offer two-in-one accounts designed for spending and saving. Some even have budgeting tools to help you better manage your money.
  • CDs. If you’re confident you won’t need your money for a while, lock it away in a CD with a high rate.
  • Investment accounts. If you’re interested in higher rates of return and are willing to accept more risk, you could consider investing in brokerage, government or retirement investment accounts.
  • Cash management accounts. A cash management account allows you to save and spend money, as well as manage manage investments and access various wealth management tools.
  • Crypto savings accounts. These are similar to traditional savings accounts but house your cryptocurrency rather than FIAT money. investment accounts.

How to make the most out of your savings account

Follow these steps to use your savings account to its fullest potential:

  • Maintain a minimum balance. Some accounts may require you to hold a monthly minimum balance to earn a higher rate or to avoid a fee. Make sure you maintain that balance to see your savings grow.
  • Monitor account activity. Take advantage of your online or mobile app to monitor your activity and stay on top of any unexpected charges or fees.
  • Savings features.Take advantage of savings roundups or set up recurring transfers to your savings account.
  • Get a strong rate. Decide whether your rate is enough or if it’s worth shopping around for other savings accounts with higher interest rates. You’ll also want to ensure the account compounds daily, if possible.
  • Consider investing. After your savings account has grown, you may want to consider other types of investments. Money market accounts and CDs can provide better returns than standard savings accounts, whereas mutual funds, stocks and other investments can offer even greater potential.

Compare savings accounts from our partners

Use this table to compare savings accounts by APY, monthly fee and minimum deposits. Then select up to four accounts and click Compare to see how their features stack up.

Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
UFB Secure Savings
Finder Rating: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$1,052.50
SoFi Checking and Savings
Finder Rating: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Earn up to $300 with a qualifying direct deposit, terms apply. This offer is available until December 31, 2023.
$1,046
American Express® High Yield Savings Account
Finder Rating: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings

4.30%

Up to $250,000
$1
$0
$1,043
Wealthfront Cash Account
Finder Rating: 4.6 / 5: ★★★★★
Wealthfront Cash Account

5.00%

Up to $8M FDIC insurance
$1
$1
$1,050
Valley Direct High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Valley Direct High Yield Savings Account
Savings app

5.25%

$250,000
$0.01
$1
$1,052.50
Customers Bank High Yield Savings Through Raisin
Not rated yet
Customers Bank High Yield Savings Through Raisin
Traditional savings

5.30%

$0
$1
$1,053
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Bottom line

The best savings accounts feature low opening deposits and high APYs to help you grow your nest egg. As always, compare your options until you find a savings account that has everything you need.

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