The Best High-Yield Savings Accounts of May 2023

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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.

We update our guide daily to find the best rates for three categories of high-yield savings accounts — popular brands with good rates, accounts that let you earn a high rate with minimal effort, and best rates overall — so you have well-rounded options to choose from.

The Best High-yield Savings Accounts for May 2023

Best Rates on Popular High-yield Savings Accounts

If you’re interested in a good rate at a national brand, here are some banks that offer competitive rates. These bank accounts may not necessarily have the highest rates out there, but they are still significantly higher than what you’d earn with a traditional savings account. 

Best Rates on High-yield Savings Accounts With Minimal Effort

You might like one of these options if you’re looking for a high-yield savings account that has a low minimum opening deposit and is easy to maintain: 

Best Rates Overall

These accounts have some of the highest savings rates right now:

Our top picks for savings accounts are protected by FDIC or NCUA insurance. Although First Republic Bank, 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 Today’s Savings Rates

The Best High-yield Savings Account Rates

Best Rates on Popular High-Yield Savings Accounts

Best Rates on High-yield Savings Accounts With Minimal Effort

Best Rates Overall

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.

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.

See our full ratings methodology for checking, business checking, savings, and money market accounts »

High-yield Savings Account: Frequently Asked Questions

SoFi Checking and Savings

Why it stands out:  If you’d like to manage your money in one account, SoFi Checking and Savings is a great option. It’s a hybrid bank account that combines checking and savings features.

You can earn a competitive interest rate that’s higher than what many traditional and high-yield savings accounts pay if you set up direct deposits. 

SoFi has an A+ grade from the BBB.

What to look out for: The account is a hybrid savings/checking account, so you’ll need to keep that in mind to get the most out of the account. If you deposit cash, you also might need to pay a fee.

SoFi has been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell SoFi customers of a conflict of interest when it put account holders’ assets into SoFi ETFs instead of third-party ETFs.

SoFi Checking and Savings Review

Marcus High Yield Online Savings Account

Why it stands out: This account from Marcus by Goldman Sachs is a straightforward account with a competitive interest rate. You may open an account with $0, and there are no monthly service fees. 

The Marcus app also has a unique tool called Marcus Insights, which allows you to track your spending and monthly cash flow.

The BBB gives Marcus by Goldman Sachs an A+ rating. Marcus also hasn’t had any recent public scandals.

What to look out for: Marcus doesn’t offer a checking account. If you would like to withdraw money, you’ll have to transfer funds to an external bank account. 

Marcus Bank Review

American Express® High Yield Savings Account

Why it stands out: The American Express® High Yield Savings Account pays 3.90% as of 05/16/2023, which is much higher than the national average. There’s no required opening deposit or minimum account balance, but you must make a deposit within the first 60 days or the bank will close your account.

The Better Business Bureau gives American Express an A+ rating.

What to look out for: It may be hard to open other Amex bank accounts. For example, the American Express Rewards Checking Account is currently only available to Consumer Card Members who have had a card account for at least three months.

American Express Bank Review

Discover Online Savings Account

Why it stands out: Discover could be a good option for a fee-free saving account. The Discover Online Savings Account pays 3.90% (as of 5/17/23) APY, and doesn’t have any minimum balance requirements. 

You also might like Discover if you prioritize strong customer support or a good mobile app. Discover has  24/7 customer service over the phone, and it’s featured in our best mobile banking apps guide.

Discover Bank has received an A+ rating from the BBB. It hasn’t been involved in any recent public controversies.

What to look out for: If you would like to open a checking account, you’ll have to sign up to receive an email notification on when you can apply for an account. Discover’s Cashback Debit account currently isn’t being offered to new customers.

Discover Bank Review

Citi® Accelerate Savings

Why it stands out: If you’d like to open an online high-yield savings account with a national brand and you live in one of 42 eligible states, Citi® Accelerate Savings might be worth exploring. The account offers a competitive interest rate and has a $0 minimum opening deposit.

What to look out for: Citi Accelerate Savings isn’t available in all 50 states. Availability for opening an account is limited to residents of Alaska, Alabama, Arkansas, Arizona, Colorado, Delaware, Georgia, Hawaii, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, or Wyoming.

Citi divides its checking and savings account options into tiered packages. You’ll also want to bear in mind that Citi® Accelerate Savings must be opened in a Citi package. Even if you want a standalone Citi® Accelerate Savings account, you still must choose a package. The monthly service fee for Citi® Accelerate Savings and the requirements for waiving monthly service fees will depend on the package you choose.

Citi has an F rating from the BBB because it’s received a high volume of customer complaints and it has failed to respond to five customer complaints.

Citi has been involved in a recent public controversy.  In 2020, the Federal Reserve and Office of the Comptroller of the Currency fined Citi $400 million and claimed the bank failed to recognize money laundering by its customers.

Citi Accelerate Savings Review

Ally High Yield Savings Account

Why it stands out: The Ally High Yield Savings Account makes it especially easy for you to save. You can set up separate savings buckets for different goals, such as Emergency Savings or Travel Fund. The Surprise Savings feature assesses your checking account balance three times per week to determine how much you can afford to save, then transfers money into your savings account.

You can contact Ally customer support 24/7, either over the phone or via live online chat.

Ally received an A rating from the BBB because it has three unresolved complaints. 

What to look out for: You won’t be able to deposit cash into your bank account. Instead you’ll have to transfer money from another bank account. 

Ally High Yield Savings Account Review

UFB Premier Savings

Why it stands out: UFB Premier 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.

UFB Direct Review

Laurel Road High Yield Savings®

Why it stands out: Laurel Road is an online platform and brand of KeyBank. Laurel Road High Yield Savings® may be a good choice if you’d like to open an account with a low initial deposit. It also pays 4.80% APY regardless of your account balance.

Laurel Road also has two checking accounts — a cash rewards checking account and one that helps you get a lower student loan refinance rate when you set up monthly direct deposits.

Laurel Road has an A+ rating from the BBB. It also hasn’t been in any recent public controversies.

What to look out for: You can’t deposit cash directly into Laurel Road High Yield Savings®. Instead, you’ll need to initiate a transfer from another bank account.

Panacea Financial High-Yield Savings Account

Why it stands out: Panacea Financial is an online division of Primis Bank that serves physicians, dentists, and veterinarians. That said, anyone may open the Panacea Financial High-Yield Savings Account. It doesn’t have any minimum balance requirements and may be opened with $25 upfront. 

Panacea also notably offers 24/7 customer support. You may contact a representative by phone, email, or live chat.

What to look out for: You won’t be able to directly deposit cash into a Panacea Financial High-Yield Savings Account. Instead, you’ll have to transfer money from an another bank account.

We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues. However, Panacea Financial doesn’t have a rating from the BBB yet. 

Western Alliance Bank High Yield Savings Account

Why it stands out: Through SaveBetter, you can use one platform to find, fund, and manage multiple high-yield savings accounts and CDs from over 20 banks and credit unions. Currently, the Western Alliance Bank High Yield Savings Account pays the highest rate on SaveBetter. That said, there are also other high-yield savings accounts available on SaveBetter that pay 5.00% APY or more.

SaveBetter received a B grade from the BBB because there are 22 complaints against the company on the BBB website.

What to look out for: You might prefer one of our other top picks if you would rather open a high-yield savings account directly with a bank. You also can’t get a checking account with SaveBetter, so it may not be the best option if you want to do all your banking with one company.

SaveBetter Review

Primis Savings Account

Why it stands out: The Primis Savings Account pays a competitive interest rate and has a $1 minimum opening deposit.

What to look out for: Primis Savings is only available online. If you would like to open a savings account at a Primis Bank branch, there are comparable accounts offered. 

We usually include ratings from the BBB, which rates businesses on transparent business practices and customer service issues. However, Primis doesn’t have a rating from the BBB yet.

First Foundation Bank Online Savings Account

Why it stands out: First Foundation Bank has a nationwide online savings account that offers a competitive interest rate. You may also request an ATM card for the savings account.

First Foundation Bank has received an A+ rating from the BBB. It also hasn’t been in any recent public scandals.

What to look out for: This account has a $1,000 minimum opening deposit, which is pretty steep compared to other financial institutions.

When you open the account, you have to use “new money.” New money means that you can’t use funds that have already been deposited into another First Foundation Bank account. 

Popular Direct Savings

Why it stands out: Popular Direct is an online bank with a high-yield savings account and CDs. It’s a good option if you’re specifically searching for competitive savings and CD rates, and you do not need immediate access to your savings. Popular Direct doesn’t have a checking account, so you’ll  have to transfer money to an external account, which could take a couple business days.

What to look out for: Popular Direct has a $100 minimum deposit. If you would prefer to open an account with less money upfront, one of our other top picks will be more appealing. 

You might prefer another financial institution if you’re an avid mobile app user. The Popular Direct mobile app has lackluster ratings in the Google Play and Apple stores. That said, the app doesn’t have a lot of ratings yet.

We usually consider ratings from the BBB, which rates businesses on transparent business practices and customer service issues. However, Popular Direct doesn’t have a rating from the BBB yet.

Popular Direct Review

CIT Bank Platinum Savings

Why it stands out: CIT Bank Platinum Savings might be a solid choice if you maintain a high account balance. You’ll be able to earn 4.75% APY on balances of $5,000 or more. 

What to look out for: You’ll only earn 0.25% APY if you have less than $5,000 in your account. 

The Better Business Bureau gives CIT Bank an A- rating because it has failed to respond to one customer complaint.

CIT Bank Review

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 0.40% 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, the savings account with the highest interest rate is Western Alliance Bank High Yield Savings Account. This account is offered through SaveBetter. Through SaveBetter, you may use one account to find, fund, and manage multiple high-yield savings and CDs from over 20 banks and credit unions.

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

• Newtek Bank Personal High Yield Savings Account: The Newtek Personal High Yield Savings Account offers 5.00% APY, but it’s currently unavailable for new customers to open. If you’re interested in opening an account once accounts are available, you may fill out a waitlist form.
• Ivy Bank High-Yield Savings Account: The Ivy Bank High-Yield Savings Account pays up to 4.80% APY, but it requires a $2,500. Our top picks for best rates have even more competitive rates right now.
• Upgrade Premier Savings: While Upgrade Premier Savings pays up to up to 4.81% APY, our top picks for the best rates overall are even higher. You’ll also need to maintain at least $1,000 in your account to earn any interest. 
• M1 High Yield Savings Account: If you already invest with M1, you might consider exploring the newly launched M1 High Yield Savings Account. M1 Plus members may earn 5.00% APY. It wasn’t our top pick because M1 Plus members have to pay a $125 annual membership fee. People who aren’t M1 Plus members also only earn 1.50% APY.
• TAB High-Yield Savings Account: TAB Bank pays a lower interest rate on its savings account that our top picks for minimal effort.
• Bask Bank Interest Savings Account: The Bank Bank Interest Savings Account has a $0 minimum opening deposit, but our top picks for minimal effort have even higher rates right now.
• CIT Bank Savings Connect Account: The CIT Platinum Savings Account offers the potential for a higher interest rate, and our best high-yield savings accounts with minimal efforts pay more competitive savings rates.
• Bread Savings High-Yield Savings Account: Bread Savings pays a lower interest rate than all our top picks for savings accounts with minimal effort.
• Citizens Access Savings: Citizens pays a great interest rate, but our top picks for minimal effort have even higher rates right now.
• LendingClub High-Yield Savings Account: LendingClub has a solid high-yield savings account, but our top picks for minimal effort have higher interest rates.
• Synchrony High-Yield Savings Account: Synchrony lets you open a savings account with $0, but our top picks for high-yield savings accounts with minimal effort pay higher interest rates.
• PNC High Yield Savings℠ Account: Our top picks for high-yield savings accounts with minimal effort have more competitive interest rates.
• MySavingsDirect Savings Account: MySavingsDirect offers a competitive interest rate, but our top picks for best rates have even more competitive offerings right now.
• Salem Five Direct eOne Savings: This wasn’t one of our top picks for best rates because other financial institutions have even higher interest rates right now. 
• 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.
• 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.
• 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.
• 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.
• 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, CEPF:

“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.”