2 weeks ago
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Updated
2023-03-14T22:32:02Z
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Looking for a place to store your short-term savings? High-yield savings accounts pay much higher interest rates than traditional savings accounts.
Featured Savings Accounts
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Capital One 360 Performance Savings
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American Express® High Yield Savings Account
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Discover Online Savings Account
On Capital One's site. Capital One, FDIC Insured
On American Express's site. American Express, FDIC Insured
The Best High-yield Savings Accounts for March 2023
- UFB Preferred Savings: 5.02% (as of 03/13/2023) APY
- Primis Savings Account: 4.35% APY
- MySavingsDirect Savings Account: 4.35% APY
- Bask Bank Interest Savings Account: 4.35% APY
- TAB High-Yield Savings Account: 4.06% APY
- CIT Bank Savings Connect Account: 4.05% APY
- PNC High Yield Savings℠ Account: 4.00% APY
- LendingClub High-Yield Savings Account: 4.00% APY
- Synchrony High-Yield Savings Account: 4.00% APY
- Marcus by Goldman Sachs High Yield Online Savings Account: 3.75% (as of 2/15/2023) APY
- Citi® Accelerate Savings: 3.85% (vary by location) APY
- TD Signature Savings: 0.01% to 3.51% APY
- Citi® Savings Account: 0.05% to 1.01% (vary by location) APY
We update our guide every other week to find the most well-rounded options. Our top picks for savings accounts are protected by FDIC or NCUA insurance. Although Silicon Valley Bank and Signature Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare the Best High-yield Savings Account Rates
Best Rates on High-yield Savings Accounts at National Banks
Annual Percentage Yield (APY)
0.01% to 3.51%
Minimum Deposit Amount
None
Fees
$15 monthly service fee (with options to waive)
Annual Percentage Yield (APY)
0.01% to 3.51%
Minimum Deposit Amount
None
Fees
$15 monthly service fee (with options to waive)
On TD Bank's site. TD Bank, FDIC Insured
TD Signature Savings
Details
Fees
$15 monthly service fee (with options to waive)
Annual Percentage Yield (APY)
0.01% to 3.51%
Minimum Deposit Amount
None
Pros & Cons
Earn a competitive APY when you link to another eligible TD Bank account
Earn a higher APY with a higher balance
Mobile check deposit
No minimum opening deposit
Free incoming wire transfers
Free money orders
Free stop payments
Free official checks
$15 monthly service fee
Low APY if you don't link to another TD Bank account
Highlights
- Earn a bump rate APY when you link a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan
- Earn 0.01% APY if you maintain less than $10,000 in your account
- Earn 0.05% APY if you don't have an eligible TD Bank account and maintain an account balance between $10,000 and $24,999
- Earn 0.10% APY if you don't have an eligible TD Bank account and maintain an account balance between $25,000 and $49,999
- Earn 0.15% APY if you don't have an eligible TD Bank account and maintain an account balance between $50,000 and $99,999
- Earn 2.00% APY if you link an eligible TD bank account and maintain an account balance between $10,000 and $24,999
- Earn 2.25% APY if you have an eligible TD Bank account and maintain an account balance between $25,000 and $49,999
- Earn 2.50% APY if you have an eligible TD Bank account and maintain an account balance between $50,000 and $99,999
- Earn 3.00% APY if you have an eligible TD Bank account and maintain an account balance between $100,000 and $249,999
- Earn 3.51% APY if you have an eligible TD Bank account and maintain an account balance over $250,000
- Waive $15 monthly service fee by maintaining a $10,000 minimum balance, linking to a TD Beyond Checking Account, or opening an IRA
- No out-of-network ATM fees and ATM fee refunds if you maintain a $2,500 balance
- FDIC insured
Additional Reading
Annual Percentage Yield (APY)
3.85% (vary by location)
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
3.85% (vary by location)
Minimum Deposit Amount
$0
On Citi's site. Citi, FDIC Insured
Citi® Accelerate Savings
Details
Annual Percentage Yield (APY)
3.85% (vary by location)
Minimum Deposit Amount
$0
Pros & Cons
High APY (minimum $1 balance to earn)
No opening deposit
You may pay a monthly fee, depending on a variety of factors
Other fees depend on which checking account you link to your savings account
Not available in certain states
BBB gives Citi an F in trustworthiness
Highlights
- Monthly fee depends on whether you link to a Citi checking account, and which checking account you choose
- You may qualify to have the monthly fee waived, depending on which checking/savings package you have
- No opening deposit
- Compounding interest to maximize your savings
- Not available in CA, CT, MD, NV, NJ, NY, VA, DC, certain parts of FL or IL
Additional Reading
Annual Percentage Yield (APY)
0.05% to 1.01% (vary by location)
Minimum Deposit Amount
None
Annual Percentage Yield (APY)
0.05% to 1.01% (vary by location)
Minimum Deposit Amount
None
On Citi's site. Citi, FDIC Insured
Citi® Savings Account
Details
Annual Percentage Yield (APY)
0.05% to 1.01% (vary by location)
Minimum Deposit Amount
None
Pros & Cons
No opening deposit
Higher APY than many brick-and-mortar banks
Low APY compared to high-yield savings accounts
You may pay a monthly fee, depending on a variety of factors
Only available in certain states
BBB gives Citi an F in trustworthiness
Highlights
- Monthly fee depending on whether you link to a checking account, and which checking account you choose
- You may qualify to have the monthly fee waived, depending on which checking/savings account you have
- No opening deposit
- Compounding interest to maximize your savings
- Only available in CA, CT, DC, FL, IL, MD, NJ, NV, NY, SD, VA, and Puerto Rico
- Access to 690 branches
Additional Reading
Best Rates on High-yield Savings Accounts With Minimal Effort
TAB High-Yield Savings Account
Annual Percentage Yield (APY)
4.06%
Minimum Deposit Amount
$0
TAB High-Yield Savings Account
Annual Percentage Yield (APY)
4.06%
Minimum Deposit Amount
$0
on TAB's site. Member FDIC.
TAB High-Yield Savings Account
Details
Annual Percentage Yield (APY)
4.06%
Minimum Deposit Amount
$0
Pros & Cons
High APY
No minimum opening deposit
No monthly service fees
No physical branch locations
$5 paper statement fee
Highlights
- Must maintain $1 minimum daily balance to earn APY
- Interest compounds daily to maximize earnings
- FDIC insured
Additional Reading
CIT Bank Savings Connect Account
Annual Percentage Yield (APY)
4.05%
Minimum Deposit Amount
$100
CIT Bank Savings Connect Account
Annual Percentage Yield (APY)
4.05%
Minimum Deposit Amount
$100
On CIT Bank's site. CIT Bank, FDIC Insured
CIT Bank Savings Connect Account
Details
Annual Percentage Yield (APY)
4.05%
Minimum Deposit Amount
$100
Pros & Cons
Competitive APY
No monthly service fees
No minimum monthly balance requirement
$100 minimum opening deposit
Highlights
- Interest compounded daily, paid monthly
- FDIC insured
Additional Reading
PNC High Yield Savings℠ Account
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
None
PNC High Yield Savings℠ Account
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
None
On PNC Bank's site. PNC Bank, FDIC Insured
PNC High Yield Savings℠ Account
Details
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
None
Pros & Cons
Competitive APY
No minimum opening deposit or account balance
No monthly service fees
Mobile check deposit
Only available for residents of states where there are no PNC Bank branch locations, with some exceptions
Limited customer service hours
Highlights
- Only available online or at PNC Solution Centers in KS, MA, MN, MO, or TN
- Minimum account balance of $1 to earn APY
- No monthly maintenance fee
- No minimum opening deposit
Additional Reading
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
$100
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
$100
LendingClub Bank, FDIC Insured
LendingClub High-Yield Savings Account
Details
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
$100
Pros & Cons
No monthly service fees
Free ATM card included
$100 minimum opening deposit
Interest compounds monthly
Highlights
- Online banking institution with 1 branch in Boston, Massachusetts
- Earn 4.00% APY regardless of your account balance
- Interest compounded monthly, deposited monthly
- Member FDIC
Additional Reading
Synchrony High-Yield Savings Account
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
$0
Synchrony High-Yield Savings Account
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
$0
on Synchrony's site. Member FDIC.
Synchrony High-Yield Savings Account
Details
Annual Percentage Yield (APY)
4.00%
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
Comes with an ATM card
No required opening deposit or minimum account balance
No monthly service fee
No physical branch locations
Only reimburses up to $5 of out-of-network ATM fees per month
Highlights
- Access your cash online, by phone or via ATM
- Manage your accounts from virtually anywhere in the Synchrony app
- No minimum balance
- Interest compounded daily, paid monthly
- FDIC insured
Additional Reading
Marcus by Goldman Sachs High Yield Online Savings Account
Annual Percentage Yield (APY)
3.75% (as of 2/15/2023)
Minimum Deposit Amount
$0
Marcus by Goldman Sachs High Yield Online Savings Account
Annual Percentage Yield (APY)
3.75% (as of 2/15/2023)
Minimum Deposit Amount
$0
On Marcus by Goldman Sachs's site. Marcus by Goldman Sachs, FDIC Insured
Marcus by Goldman Sachs High Yield Online Savings Account
Details
Annual Percentage Yield (APY)
3.75% (as of 2/15/2023)
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
Easy-to-use mobile app
No required initial deposit or minimum account balance
No monthly service fee
No digital check deposit
No physical branch locations
Highlights
- No fees and no minimum deposit
- Link other bank accounts for incoming and outgoing transfers
- US-based contact center open 7 days a week
- FDIC insured
Additional Reading
Best Rates Overall
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
on UFB's site. Member FDIC.
UFB Preferred Savings
Details
Annual Percentage Yield (APY)
5.02% (as of 03/13/2023)
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
No monthly service fee
No minimum opening deposit
ATM card included
May not be easy to deposit cash (Only cash accepting ATMs)
Highlights
- Earn 5.02% APY
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit ® Certificate #35546.
- * The Annual Percentage Yield (APY) is accurate as of 03/13/2023. The interest rate and corresponding APY for savings is variable and is set at UFB's discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Additional Reading
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Fees
no monthly service fees
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Fees
no monthly service fees
Primis Bank, FDIC Insured.
Primis Savings Account
Details
Fees
no monthly service fees
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Pros & Cons
Competitive interest rate
Low minimum opening deposit
No monthly service fees
Interest compounded monthly instead of daily
Highlights
- 38 branches in Maryland and Virginia
- Prime Savings Account is only available online
- Interest compounded and deposited monthly
- FDIC insured
MySavingsDirect Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
MySavingsDirect Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
On MSD's site. MySavingsDirect, FDIC Insured.
MySavingsDirect Savings Account
Details
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Pros & Cons
High interest rate
Low minimum opening deposit
No monthly service fees
Limited access to your account
Highlights
- Interest compounded daily and deposited monthly
- Member FDIC
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
on Bask's site. Member FDIC.
Bask Bank Interest Savings Account
Details
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
No minimum opening deposit
No monthly service fees
May not be easy to deposit cash
Highlights
- Interest compounded daily and deposited monthly
- FDIC insured through Texas Capital Bank
Experts' Advice on Choosing the Best High-yield Savings Account
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.
- Tania Brown, certified financial planner at SaverLife
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, Certified Educator in Personal Finance, banking reporter at Personal Finance Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
See their full insights at the end of this article.
Methodology: How did we choose the best high-yield savings accounts?
There are a lot of high-yield savings accounts out there. Through our research, we've found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisors, and other internet-only financial companies. If you're more comfortable banking with a national brick-and-mortar bank, you'll likely have to consider a premium savings account to earn a more competitive interest rate.
Every other week, we review savings accounts at nearly three dozen institutions to identify the strongest options. While interest rates are an important aspect of any high-yield savings account, we also consider minimum deposits and balance requirements, transfer limitations, and any other standout features.
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
High-yield Savings Account Frequently Asked Questions
Savings accounts are free to open and to maintain, so there's no real downside to having more than one. In fact, experts often recommend assigning a savings account to a single goal — house, car, wedding — so it's always clear how much you have for a given goal, and you aren't tempted to use money meant for one goal to pay for another.
Opening multiple accounts at the same bank means they'll always show up in the same place and require the same login credentials. Some banks offer products to mimic this setup without technically opening multiple accounts — Ally, for instance, offers savings "buckets" to keep your money straight.
Remember that savings accounts are only one part of your overall financial portfolio. Checking accounts, brokerage accounts, retirement accounts, and college savings accounts all serve different and important purposes for your money.
Yes, you have to pay taxes on the interest earned from a savings account. If you earn more than $10 in interest on your savings account, the bank holding your account will send you a Form 1099-T to include in your tax return. This is one reason why you shouldn't keep retirement savings in a savings account — IRAs and 401(k)s, accounts designated for retirement, are tax-advantaged and will help minimize taxes over time.
Typically, you can withdraw money from your savings account by phone, in person (if your bank has physical locations), via ATM, or by cashier's check — but doing your transaction online is usually easier. Money kept in your savings account is considered to be easily accessible, or "liquid," because it isn't invested in the market. That means you can move money more easily than you could from a brokerage account.
To withdraw money from your savings account:
- Use your username and password to log into your bank's website or mobile app
- Navigate to "transfers" (menu options will vary between banks)
- Specify which account you want to withdraw from, and the checking account where you want the money to go
- Confirm the transaction when prompted
If your checking and savings accounts are at the same bank, it should transfer more quickly than if you're moving money between banks. If you're moving money between banks, expect it to take at least one business day.
Remember that savings accounts are designed for saving, not spending, and some banks may charge a fee for too many withdrawals in a given time frame. The easiest way to make regular withdrawals is to move your money into an account that exists for this purpose, like a checking account. Or, if you expect to take money from savings regularly, consider a hybrid checking and savings account like the one offered by SoFi.
Yes, you can set up direct deposit to your savings account. You can typically have your paycheck, or a portion of your paycheck, deposited directly into savings, or you can set up recurring automatic deposits from checking into savings. To do this, you can call or visit a branch (if your bank has physical locations) or log into your bank's website or app.
Yes, the interest rate on your savings account will most likely change. Interest rates on savings accounts are variable, meaning they can and will change regularly and without advance notice. These fluctuations are based on the federal funds rate, which is set by the Federal Reserve.
Because interest rates are variable, it might seem tempting to open multiple accounts and shuffle your money between them according to which has the best interest rate at any given time. You're allowed to do this, but we don't recommend it simply because of the maintenance and attention it requires. You're just as well off choosing a high-yield savings account that meets your needs, setting up automatic deposits, and leaving it alone to grow over time.
No, your savings account doesn't help you build credit. Credit shows banks and lenders whether they can trust you to pay back a loan, based on your past behavior. You build credit by borrowing money and paying it back on time, whether that's money borrowed through a credit card, a personal loan, a student loan, a car loan, or a mortgage. The more positive borrowing behavior you demonstrate, the more your credit score should rise.
Experts typically recommend having about three to six months' worth of expenses in a savings account as an emergency fund, to be used only in case of emergency like job loss or a medical event. This estimate varies based on individual factors (Is there another income in your household? Do you have significant debt?) but it's a good rule of thumb. However, "enough" savings will be different for everyone, depending on your goals, financial obligations, and life stage.
Remember that retirement savings and any investments — important parts of your overall portfolio — will not be stored in a savings account.
Compare the best high-yield savings accounts
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TD Signature Savings
-
Citi® Savings Account
-
Citi® Accelerate Savings
-
TAB High-Yield Savings Account
-
CIT Bank Savings Connect Account
-
PNC High Yield Savings℠ Account
-
LendingClub High-Yield Savings Account
-
Synchrony High-Yield Savings Account
-
Marcus by Goldman Sachs High Yield Online Savings Account
-
UFB Preferred Savings
-
Primis Savings Account
-
MySavingsDirect Savings Account
-
Bask Bank Interest Savings Account
0.05% to 1.01% (vary by location)
On TD Bank's site. TD Bank, FDIC Insured
On CIT Bank's site. CIT Bank, FDIC Insured
On PNC Bank's site. PNC Bank, FDIC Insured
On Marcus by Goldman Sachs's site. Marcus by Goldman Sachs, FDIC Insured
On MSD's site. MySavingsDirect, FDIC Insured.
TD Signature Savings
Why it stands out: TD Bank Signature Savings could be a good option if you want to open a premium savings account at a brick-and-mortar national bank. You'll earn a higher interest rate on your account if you link a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan. This savings account also works best if you maintain a high account balance.
TD Bank has an A+ grade from the BBB.
What to look out for: TD Signature Savings has a $15 monthly service fee. To waive the monthly service fee you must do one of the following: 1) maintain $10,000 or more in your account daily, 2) link a TD Bank Beyond Checking Account or TD Relationship Checking Account, or 3) open an IRA.
TD Bank has been involved in one recent public controversy.
In 2020, the US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement that accused the bank of charging customers a Debit Card Advance service without their permission.
Citi® Savings Account and Citi® Accelerate Savings
Why it stands out: Citi offers two types of savings accounts, Citi® Accelerate Savings and the Citi® Savings Account.
Citi® Accelerate Savings pays a competitive interest rate that's higher than many other savings accounts at brick-and-mortar national banks. For the most part, Citi® Accelerate Savings isn't available in states where there are physical Citi locations, so it's targeted toward online customers.
If you live near a Citi branch, you'll be able to open the Citi® Savings Account. You can earn 1.01% APY on the Citi Savings Account if you're a Citigold Private Client. You might consider becoming a Citi Private Client if you maintain a minimum combined average monthly balance of $1 million or more across bank, retirements and investment accounts.
What to look out for: Citi groups its savings and checking accounts into tiered "packages." The monthly service fee and interest rate for the Citi® Savings Account will vary depending on which package you choose.
Citi has an F from the BBB. In 2020, the bank was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC said the bank had inefficient banking practices.
TAB High-Yield Savings Account
Why it stands out: TAB Bank, or Transportation Alliance Bank, is an online-only financial institution with savings accounts, checking accounts, CDs, and money market accounts. You may like the TAB High-Yield Savings Account if you would like to open an account with $0.
What to look out for: TAB Bank doesn't have an ATM network. When you use any ATM, TAB charges a $2 fee for a withdrawal and $1 fee for an inquiry. The ATM provider may charge a fee, too. If you frequently use ATMs, you might prefer one of our other top picks.
The Better Business Bureau gives TAB Bank an A- rating due to government action taken against the bank.
In 2022, TAB Bank agreed to stop making Iowa Loans after entering an Assurance of Discontinuance with the State of Iowa. The State accused TAB Bank of violating the Iowa Consumer Credit Union and charging significant fees to Iowa residents.
CIT Bank Savings Connect Account
Why it stands out: The CIT Bank Savings Connect Account is a solid option if you prioritize convenient customer support availability.
If you're a customer, the bank offers 24/7 live chat on its site and through the app, and automated phone assistance 24/7. You may also speak with a live representative if you call from 9 a.m. to 9 p.m. ET on weekdays or 10 a.m. to 6 p.m. ET on Saturdays.
What to look out for: You'll need a minimum of $100 to open the savings account. Some of our other top picks may let you open an account with $0.
The Better Business Bureau (BBB) measures businesses by looking at customer complaints, honesty in advertising, and transparency about business practices. The BBB gives CIT Bank an A- rating because it hasn't responded to a customer complaint.
PNC High Yield Savings℠ Account
Why it stands out: PNC Bank offers a digital account that's only available online in select markets.
The PNC High Yield Savings℠ Account allows you to earn 4.00% APY as long as you maintain at least $1 in your account. You also might like this account if you prefer banking with a national financial institution with a variety of bank accounts and services.
PNC Bank received an A+ rating from the Better Business Bureau.
What to look out for: The PNC High Yield Savings℠ Account is only eligible in certain markets. You may not be eligible to open the high-yield savings account if you live in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, Wisconsin, or Washington, DC.
In 2022, the Securities Exchange Commission required PNC Bank to pay a $100,000 civil money penalty in a settlement that accused the bank of failing to comply with municipal bond disclosure law.
LendingClub High-Yield Savings Account
Why it stands out: LendingClub could be a strong option if you're searching for an online bank with a straightforward high-yield savings account. You'll earn 4.00% APY, regardless of your account balance. You may also get an ATM card with this account.
What to look out for: LendingClub Corporation has an A rating from the BBB. The reason it doesn't have an A+ is that the government has taken action against the business.
In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren't.
Synchrony High-Yield Savings Account
Why it stands out: The Synchrony High-Yield Savings Account could be worthwhile if you're searching for a savings account with easy access to your money. Synchrony doesn't have a checking account, but its savings account comes with an ATM card so you can still access your money if you need it in a pinch.
Synchrony also has a strong mobile app that's featured in our best mobile banking app guide.
The Better Business Bureau gives Synchrony an A+ rating. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
What to look out for: Synchrony offers savings, CDs, and money market accounts, but it doesn't have a checking account.
Marcus by Goldman Sachs High Yield Online Savings Account
Why it stands out: Marcus by Goldman Sachs might be a good choice if you'd like to open a savings account with a low initial deposit. The Marcus by Goldman Sachs High Yield Online Savings Account has a $0 minimum opening deposit.
The Better Business Bureau gives Marcus by Goldman Sachs an A+ rating. Marcus also hasn't had any public scandals.
What to look out for: Marcus only offers a high-yield savings account and CDs. If you'd like to open a checking account, you'll likely prefer another bank.
UFB Preferred Savings
Why it stands out: UFB Preferred Savings comes with a complimentary ATM card, so you'll have easy access to your bank account.
The Better Business Bureau also gave UFB Direct an A+ rating. The BBB looks at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. UFB Direct also hasn't been involved in any recent public scandals.
What to look out for: Customers with existing savings accounts may have to call customer service to get upgraded for the newest rate.
It also may not be easy to deposit cash at UFB Direct. You'll have to see if there are cash-accepting ATMs in your area.
Primis Savings Account
Why it stands out: Primis Bank is a financial institution with branches in Maryland and Virginia. It offers the highest interest rate on our list. The Primis Savings Account also could be a good option if you're searching for a savings account with a low minimum opening deposit.
Savings rate: 4.35% APY
What to look out for: The Primis Savings Account is an online-only account. If you would prefer to open an account at a Primis Bank branch, there are comparable bank accounts available.
We usually use BBB ratings to look at a company's responses to customer complaints, honesty in advertising, and transparency about business practices to determine ratings. Primis currently doesn't have a BBB rating, but it hasn't been involved in any recent public controversies.
MySavingsDirect Savings Account
Why it stands out: MySavingsDirect is an online division of Emigrant Bank. The MySavingsDirect Savings Account might be worth considering if your priority is finding an online-only savings account.
Savings rate: 4.35% APY
What to look out for: The MySavingsDirect Savings Account offers limited access to your money. If you need to make a withdrawal from your account, you'll have to transfer money to an external bank account, which could take a few business days. Other online banks may have ATM or debit cards that permit direct access to money in a savings account. Another downside to this account is that there's no mobile app.
Emigrant Bank currently has an NR ("No Rating") grade because the BBB doesn't have enough information to provide a rating on the business. Emigrant Bank hasn't been involved in any recent public controversies.
Bask Bank Interest Savings Account
Why it stands out: Bask Bank pays 4.35% APY, which is one of the highest interest rate on our list. You may open an account with $0 upfront, which is less than most other banks require.
What to look out for: The main downside to the Bask Bank Interest Savings Account is that you'll have limited access to your account. You'll need to link an external bank account and initiate a bank transfer to deposit or withdraw money.
We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues.
Bask Bank received a D- rating from the BBB because it has received numerous customer complaints on the BBB website and it hasn't responded to a customer complaint. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB. Bask Bank hasn't been involved in any recent public settlements.
What To Do When Your Savings Account Interest Changes
Interest rates on high-yield savings account closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve.
If the interest rate on your savings account changes significantly, you might decide to look at other financial institutions to see if you can find a more competitive interest rate elsewhere. However, bear in mind that changing accounts may not be worth the effort, particularly if your new account's rate drops afterward.
You also might consider other savings account options. For example, buying savings bonds or setting up a CD ladder may be worth considering if you've already established your emergency fund.
Typical Interest Rates on High-yield Savings Accounts
Nationally, the average traditional savings account earns just 0.35% APY.
If you're more comfortable banking with a brick-and-mortar bank, a traditional savings account might be a better option for you. Just know that you may not be getting the best possible interest rate, because online banks and credit unions usually offer higher rates.
High-yield Savings Account Basics
A savings account is an interest-earning bank account. Accounts that are backed by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) are secure. Up to $250,000 per owner is insured in these bank accounts.
What To Look For in a High-yield Savings Account
When you're looking for a savings account, you'll want to read through the account disclosures and terms to review the account's minimum balance requirements and minimum opening deposits. The account disclosure may also specify any fees associated with the account, and whether there are any transaction limits.
The Best High-yield Savings Account Interest Rates
Generally, you'll find the best savings interest rates at online banks. Right now, UFB Direct offers the highest interest rate on our list. UFB Preferred Savings pays 5.02% (as of 03/13/2023) APY.
High-yield Savings Account Fees
Depending on where you bank, some savings accounts may charge monthly service fees. A monthly service fee is an amount you'll have to pay each month to maintain an account. Some accounts will allow you to waive a monthly service fee if you meet certain requirements while others cannot be waived. Bear in mind, some savings accounts do not charge certain fees at all.
How High-yield Savings Accounts Work
A savings account is a type of interest-earning bank account. A savings account rate is variable, which means it can fluctuate after you've opened the account. Your bank will usually email you to tell you the rate will go up or down soon.
Savings accounts may also have transfer limits, according to federal rule Regulation D. Generally, if a savings account has a transfer limit, this means that you'll only be permitted to make six transfers from the account each month. If you exceed the transfer limit, you will have to pay a fee for each additional transfer.
The Board of Governors of the Federal Reserve has recently amended Regulation D, so banks may choose to suspend the monthly transfer limit so customers can make unlimited monthly transactions, or they could enforce a six-per-month limit.
The Different Types of Savings Accounts
There are six types of savings accounts: traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts, and specialty savings accounts. The best savings account for you may depend on your banking preference, goals, and when you'll need to access your money.
A high-yield savings account, for example, is a strong choice if you're comfortable with banking digitally and want to earn a high interest rate.
Savings Account Glossary
Below is an overview of all the terms you may need to know about savings accounts:
Savings Account Alternatives and Related Products
- Chase Premier Savings℠ Account: This savings account has a low minimum opening deposit, but it pays a lower interest rate than the average savings account.
- Bank of America Advantage Savings Account: The Bank of America Advantage Savings Account pays only 0.01% to 0.04% APY. Other financial institutions offer more competitive interest rates.
- Huntington Premier Savings Account: This savings pays a lower interest rate than the average savings account.
- Wells Fargo Platinum Savings Account: While the Wells Fargo Platinum Savings Account pays a decent interest rate, the bank has been involved in public settlements involving overdraft fees on checking and savings accounts, fake bank accounts to meet sales goals, and predatory mortgage lending.
- SoFi Checking and Savings: SoFi Checking and Savings could be a strong option if you'd like an all-in-one bank account that combines common checking and savings features. However, to get the most out of the account you'll need to set up direct deposits.
- Quontic High Yield Savings Account: This online high-yield savings account pays a solid interest rate, but our top picks for best rates offer more competitive interest rates right now.
- Live Oak Bank Online Savings Account: Live Oak doesn't have minimum balance requirements on its savings account, but it has lackluster mobile app ratings and a lower interest rate than our top institutions.
- TIAA Basic Savings Account: TIAA Bank might be worthwhile if you'd like to avoid monthly service fees, but it lacks the distinguishing features that our top picks have.
- Capital One 360 Performance Savings: Capital One 360 pays a solid rate on its savings account, but our top online high-yield savings picks pay even higher rates right now.
- Sallie Mae SmartyPig Account: Sallie Mae has a high interest rate on its savings account, but our top picks for best rates have even more competitive interest rates right now.
- Discover Online Savings Account: Discover has a solid savings account, but our top picks for best rates pay higher rates.
- Ally High Yield Savings Account: Ally pays a solid interest rate, but our top picks for best rates with minimal fees have even better rates right now.
- Quorum Federal Credit Union HighQ Savings Account: Quorum Federal Credit Union has a solid savings account, but our top picks for best rates pay higher rates.
- Empower Personal Cash™: Empower Personal Cash™ might be ideal if you're looking for a competitive interest rate or if you invest with Empower. However, our top picks also have more bank account options or have more unique features.
- Axos High Yield Savings Account: Axos is a solid free savings account, but our top picks for best rates offer more competitive interest rates right now.
- Vio Bank Online High-Yield Savings Account: Vio has a solid fee-free savings account, but our top picks have lower minimum opening deposits and pay higher interest rates.
- Chime Savings Account: Chime has unique savings features to help save for goals, but its interest rate is lower than all of our top picks for best rates with minimal fees.
- HSBC Direct Savings Account: The HSBC Direct mobile app has received negative reviews, and has a lower interest rate than our best rates category.
- American Express® High Yield Savings Account: While the account pays a solid interest rate and requires only a $0 opening deposit, there isn't an app for banking customers. (American Express is testing offering access to American Express Savings accounts in the Amex®App to a limited amount of Amex cardholders who have already connected their accounts in the app.)
- Barclays Online Savings Account: A fine high-yield savings account with a competitive APY, it lacks distinguishing factors.
- CIBC Agility Account: You only need to maintain a balance of $0.01 to earn interest on this high-yield savings account, but it has a lower interest rates than our top picks for best rates.
- Fitness Bank Fitness Savings Account: This unique high-yield savings account determines your APY by the number of steps you take on an average day. While there's potential to earn a high rate on your money, it's conditional on your level of commitment.
- SFGI Direct Savings Account: Although SFGI Direct's high-yield savings account earns a respectable APY, it requires $500 to open an account.
- Credit Karma Money Save Account: This high-yield savings account pays a high interest rate, but our top picks offer more standout features, like a higher interest rate, an ATM card, savings tools, or the ability to open a joint bank account.
- USAA Savings Account: This account could be a good fit for military members and families, but you'll earn a low rate and need at least $25 to open an account.
- Nationwide My Savings Account: You need $100 to open an account with Nationwide, and its interest rate is only so-so.
High-Yield Savings Account Insight From Our Experts
Here's what our expert panel had to say about high-yield savings. (Some text may be lightly edited for clarity.)
Generally, what makes a high-yield savings account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don't want to have so much friction where it's such a pain to get the money out when you need it."
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can't save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that's not a really good savings account, because it's not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?"
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles."
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, certified financial planner at SaverLife:
"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."
Sophia Acevedo:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
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