High-yield savings accounts are one of the best ways to save money. They offer much higher interest rates than traditional savings accounts, making them an ideal place to park your money – whether it’s for an emergency fund or to set aside for a major purchase.
In this post, I’ve listed the best high-yield savings accounts today – and their most attractive features to help you decide which bank can take your savings to the next level.
Best High-Yield Savings Rates For September 22, 2023
| Product | APY | Min Deposit |
|---|---|---|
| UFB Direct UFB High Yield Savings |
5.25% APY | $0 |
| Valley Bank Valley Direct High Yield Savings |
5.25% APY | $10 |
| OceanFirst Bank High Yield Savings |
5.25% APY | $0 |
| Columbia Bank High-Yield Savings |
5.15% APY | $0 |
| Mission Valley Bank High Yield Savings Account |
5.12% APY | $0 |
| CIT Bank Platinum Savings |
up to 5.05% APY | $100 |
| TIAA Bank Yield Pledge® Online Savings |
5.00% APY | $25 |
| Varo Bank Savings Account |
up to 5.00% APY | $0 |
| One Finance One account |
up to 5.00% APY | $0 |
| Bread Financial High-Yield Savings |
5.00% APY | $100 |
12 Best High-Yield Savings Accounts
Here are the top high-yield savings accounts for September 2023:
- UFB Direct
- Varo Money
- Current
- LendingClub
- CIT Bank
- Citizens
- BrioDirect
- Quontic
- TAB Bank
- Discover Bank
- Marcus by Goldman Sachs
- Bask Bank
1. UFB Direct
- Interest Rate: 5.25% APY
- Minimum Balance Requirement: $0
- Monthly Fees: $0
UFB Direct, a division of Axos Bank, is an online bank that boasts an impressively high interest rate compared to what you would get at a brick-and-mortar establishment.
You don’t need a minimum deposit amount to open an account with UFB, and you can access your account from anywhere with UFB Direct’s mobile app and SMS banking.
Unlike other high-yield savings accounts, UFB allows you to write checks and access your account with a complimentary ATM card. UFB Direct customers have access to over 91,000 ATMs across the country. You can find your nearest ATM with the ATM locator tool on UFB Direct’s website.
Learn more:
2. Varo Bank
- Interest Rate: up to 5.00% APY
- Minimum Balance Requirement: $0
- Monthly Fees: $0
Varo is an online-only bank based out of Utah that believes your money should work for you. They embody this through their unique tiered APY rate system that encourages you to save more.
In addition to being one of the best high-yield savings accounts, Varo offers a checking account, payday loans, and a credit card.
Varo’s tiered rate system stands apart from other banks on this list. You begin by earning 3.00% APY on your balance. From there, you can earn 5.00% APY (on your first $5,000, then 3% for balances above that) – among the highest interest rates on this list – if you meet certain conditions.
You have to receive at least $1,000 in qualifying direct deposits and you cannot let your balance fall below zero at the end of the month.
Learn more:
3. Current
- Interest Rate: up to 4.00% APY
- Minimum Balance Requirement: $0
- Monthly Fees: $0
If you’re looking for a high-yield savings account that you can set up for your teen, Current is a great place to start.
Current offers hybrid checking/savings accounts for adults and teens looking to manage their money in one place. They are FDIC-insured through Choice Financial Group and are ideal for people comfortable banking online or through a mobile app.
Current offers a high APY on all savings through their feature known as Savings Pods. Savings Pods allow you to set aside savings for a particular goal and hold up to $2,000.
You can open as many as three Savings Pods at once, earning the high interest rate on as much as $6,000. This is a good option for those that want to maximize their interest earnings on less than $6,000.
Learn more:
4. LendingClub
- Interest Rate: 4.50% APY
- Minimum Balance Requirement: $0, $100 to open
- Monthly Fees: $0
If you’re ok with a fully online banking experience, LendingClub is a financial institute that stands out from the rest. Because they don’t have the overhead that comes with traditional banks, they are able to offer a staggering annual percentage yield or APY on all HYSA balances. They have among the best rates in the country and can help you maximize your savings over time.
One of the best parts of banking through LendingClub is that you can get started in as little as three minutes. To apply for their high-yield savings account, you only need to provide your name, address, phone number, email, and Social Security number.
You will also need $100 to open the account, but LendingClub does not require a minimum balance after opening the account.
5. CIT Bank
- Interest rate: up to 5.05% APY
- Minimum balance requirement: $100
- Monthly fees: $0
CIT Bank – an online bank owned by CIT Group (a financial holding company established in 1908), has two high-yield savings options: CIT Savings Builder and CIT Savings Connect.
Savings Connect from CIT Bank offers the highest rates and is the latest and most exciting product from CIT Bank.
6. Citizens
- Interest Rate: 3.00% APY
- Minimum Balance Requirement: $0
- Opening Deposit Requirement: $5,000
- Monthly Fees: $0
Citizens is the online-only division of the larger Citizens Bank. They were formed to offer one of the best high-yield savings accounts and CDs to compete with the other financial institutions offering high interest rates on savings balances. At 3.00% APY, Citizens has stepped up to the challenge by providing a rate well above the national average.
The most significant drawback to opening a high-yield savings account with Citizens is that they have an extraordinarily high minimum opening balance of $5,000. This is inhibitive to those without a lot of money to cough up to open a HYSA.
If you do have $5,000 to spare, Citizens is undoubtedly an option to consider.
7. BrioDirect HYSA
- Interest Rate: 0%
- Minimum Balance Requirement: $0
- Opening Deposit Requirement: $500
- Monthly Fees: $0
BrioDirect, the digital offshoot of Webster Bank, is making waves in the HYSA world for its high-interest rates and nonexistent monthly fees. They offer a high APY on all balances with a minimum opening deposit of $500. This opening minimum may be steep for some customers, but customers have the advantage of working with an online bank backed by an established and trusted financial institution.
Like most financial institutions on our list, BrioDirect is an online-only company. You must be comfortable working through their app or website to view your balance, deposit money, or change account information.
Luckily, their BrioDirect mobile app is relatively simple to navigate and allows you to access your account information all in one place.
8. Quontic
- Interest Rate: 4.50% APY
- Minimum Balance Requirement: $0
- Opening Deposit Requirement: $100
- Monthly Fees: $0
Named Forbes Best Overall Online Bank in 2022, Quontic is making a name for itself in the online banking world.
They are ideal for people who are comfortable doing all their banking online and earning a high-interest rate in return. Quontic does not offer customer support on the weekend, so you’ll need to contact them during the week if you run into any issues with your account.
One of the unique features of Quontic compared to other HYSAs is that they include a debit card when you open your account.
Most online banks do not offer a debit/ATM card when you open a high-yield savings account because it’s assumed that you’re using the account for long-term savings. With Quontic, you can access your funds at over 90,000 surcharge-free ATMs across the country.
Learn more:
9. TAB Bank HYSA
- Interest Rate: 3.00% APY
- Minimum Balance Requirement: $1
- Monthly Fees: $0
TAB Bank is an online bank that began by catering to a particular market: truck drivers. Initially operating from truck stops, TAB Bank is available to everyone but offers a specific checking account product for truck drivers only.
Their HYSA offers a competitive APY, requires no minimum opening deposit, and has no monthly fees.
TAB Bank may market specifically to truck drivers, but they do not offer free ATM services, which can be an issue on the road. You will be charged $2 per withdrawal and $1 for an inquiry (i.e., checking your account at an ATM.)
If you are in a place with poor cellular service and cannot access your account online, this may cause some issues.
10. Discover Online Savings Account
- Interest rate: 4.30% APY
- Minimum balance requirement: $0
- Monthly fees: $0
Discover Bank is one of my favorite online banks because it offers simplicity and great rates at no cost. It’s the definition of hassle-free banking!
With the Discover Online Savings Account, you can earn a solid APY on all balances. There are no minimum balance requirements – and you can easily bank on the go with Discover Bank’s top-rated mobile banking app, Discover Mobile.
Learn more:
11. Marcus by Goldman Sachs Online Savings Account
- Interest rate: 4.40% APY
- Minimum balance requirement: $0
- Monthly fees: $0
This account frequently gets a mention here – but that’s because Marcus by Goldman Sachs High Yield Savings Account is an account with a first-class rate.
There are no fees, no minimum balances – and you can earn high APY on all balances. This account is somewhere between a savings account and a money market account because it has features of both.
Where Marcus by Goldman Sachs falls short is the lack of a mobile app – so you can only access your accounts online or over the phone.
12. Bask
- Interest Rate: 5.00% APY
- Minimum Balance Requirement: $0
- Monthly Fees: $0
Bask Bank is an online bank created through Texas Capital Bank with two account options for customers looking to save. They have their Bask Savings Account, which incentivizes customers with a high-interest rate, and their Bask Mileage Savings Account, which rewards customers in American Airlines AAdvantage® miles.
The Bask Savings Account is a recent addition to Bask’s product offerings. It offers 15x the national average annual percentage yield or APY and no monthly balance requirements, fees, or minimum opening deposit. Bask Bank does not that if your account remains balance-free within the first 15 days of opening your account, they reserve the right to close it.
Other Top High-Yield Savings Accounts to Consider
While these HYSAs did not make our top 12, they are other great alternatives to give you more options:
Axos Bank High Yield Savings
- Interest rate: up to 3.30% APY
- Minimum balance requirement: $0
- Monthly fees: $0
Axos Bank is one of the pioneers in digital banking. They offer a complete line of personal and business checking and savings accounts as well as mortgages and CDs.
You only need $250 to open an Axos Bank’s High Yield Savings Account. There are no monthly fees and no minimum balance requirements.
Learn more:
Chime Savings
- Interest rate: 2.00% APY
- Minimum balance requirement: $0
- Monthly fees: $0
Chime presents itself as “Banking Made Awesome.” They pride themselves on their lack of fees and innovative features.
For example, no overdraft fees, no minimum balance, no monthly fees, no foreign transaction fees, and 60,000+ fee-free MoneyPass®, Allpoint, or Visa Plus Alliance ATMs.
With their Early Deposit feature, you can receive your paycheck up to 2 days early. Their Automatic Savings feature will round up Chime debit card purchases and place the roundup in your savings account for free.
Learn more:
Bank5 Connect High-Interest Savings Account
- Interest rate: 2.70% APY
- Minimum balance requirement: $10; $100 to earn interest
- Monthly fees: $0 (if you choose paperless statements)
Bank5 Connect is an online bank that offers an online savings account with a competitive interest rate on balances of $100 or more. You only need $10 to get started, which is pretty great if you’re just embarking on your wealth-building journey.
You can manage your Bank5 Connect High-Interest Savings Account online (e.g., review your balances, use your savings to cover overdrafts of checking account, etc.) on the bank’s mobile app.
Vio Bank High Yield Savings Account
- Interest rate: 5.25% APY
- Minimum balance requirement: $100
- Monthly fees: $0
If you’re just starting to think about building your savings, Vio Bank is a good place to start.
Vio Bank High Yield Savings Account offers some of the best interest rates on all balances – and you only need $100 to open an account.
This high-interest savings account offered by Vio Bank – an online division of MidFirst Bank – is a great way to grow your savings with the flexibility of being able to access your money whenever you need to.
There’s a minimum opening balance of $100, but that’s fairly reasonable (when some banks require $1,000 to get started).
Learn more:
Betterment Cash Reserve
- Interest rate: 5.50% APY
- Minimum balance requirement: $0
- Monthly fees: $0
Cash Reserve is the high-interest saving account offered by Betterment, one of the most respected goal-based robo-advisors that currently has over $16 billion under management.
Betterment’s Cash Reserve is one of the best high-yield savings accounts. There also aren’t any fees at all with this savings account. All ATM fees worldwide are reimbursed, and there are no overdraft or account fees, making this account completely free.
Another benefit of the Betterment Cash Reserve is that it’s easy to move your money between a Betterment investing and Betterment savings account, so you can ensure that you’re getting the best return on your money while you pursue your investing goals.
Learn more:
CIBC Bank USA Agility Savings
- Interest rate: 3.27% APY
- Minimum balance requirement: $1,000
- Monthly fees: none
Offering attractive interest rates at no monthly cost, CIBC Bank USA Agility Savings is another excellent high-yield savings account option.
Its APY is one of the highest on the market – especially because you earn it on all balances.
You will need $1,000 to open a savings account with CIBC Bank USA, but the APR won’t change –even if your balance dips below $1,000.
SoFi Checking and Savings
- Interest Rate: 0%
- Minimum Balance Requirement: $0
- Monthly Fees: $0
SoFi is predominantly known for its loans, but it recently added a Checking and Savings account to its financial product lineup. This account combines all the features you love about your checking and savings accounts into one account. You will earn up to 15% cash back on purchases made with your SoFi debit card, and your balance will begin earning APY once you set up direct deposit.
The best part about SoFi’s Checking and Savings account is that it has properties of both a checking and savings account. You earn 2.50% APY on your total balance, which is 62x the national average APY on a standard checking account. This interest rate competes with those of even the nation’s best HYSAs. Plus, you’ll benefit from no overdraft fees, no minimum balance requirements, no monthly maintenance fees, and even an early payday feature.
Barclays Online Savings Account
- Interest rate: 4.35% APY
- Minimum balance requirement: $0
- Monthly fees: $0
Barclays is a London-based bank with an online banking operation in the U.S.
With Barclays Online Savings Account, you can earn a moderate APY on your savings – but still among some of the highest rates on the market.
One of the things worth pointing out about Barclays is that you won’t find many physical bank branches in the US, so it’s ideal for those who don’t mind mainly managing their account online.
Also, the bank doesn’t offer a checking account, so you will need to use another provider for that.
Learn more:
More High Yield Savings Accounts Reviewed
We do in-depth reviews of numerous banks and their high-yield savings accounts offered, so more reviews here:
- Ally Bank Online Savings
- Capital One 360 Savings
- American Express Savings Account
- E-Trade Savings Account
What is a High Yield Savings Account?
A high-yield or high-interest savings account is a savings account that functions similarly to a traditional savings account but accrues a much higher interest rate (annual percentage yield or APY.)
High-yield savings accounts are typically only offered through online banks. This is because online banks have fewer overhead costs than traditional brick-and-mortar banks and can pass the savings onto you through better interest rates.
If you’re comfortable banking online, high-interest savings accounts are definitely worth it. You can also check with your current bank to see if they have an online-only subsidiary that offers high-yield savings accounts.
How Do High-Yield Savings Accounts Work?
HYSAs are similar to certificates of deposit (CDs), but your money isn’t necessarily locked up for a set period. That said, CDs may offer a higher rate because you agree to let your bank use your money for a set period without access to it.
High-yield savings accounts have many advantages over more traditional accounts – often because these accounts are offered by online banks. Since online banks have lower overhead, they are able to offer more attractive interest rates at a lower cost.
That said, several traditional banks also have high-yield savings accounts worth checking out.
What to Consider When Choosing a High-Yield Savings Account
You must consider several factors before opening a high-yield savings account. Here are some that we believe are critical to getting the most out of your account.
Interest Rates
The interest rate on a high-yield savings account matters significantly. You want to do your research and make sure that you’re getting the most out of your high interest savings account. Beware that the highest interest rate doesn’t always equal the best option. You need to consider all your options before opening an account.
Learn More:
Minimum Opening Deposit
If you only have $100 and the minimum opening deposit for an account is $500, that’s going to be a problem. Many online banks do not have a minimum deposit for opening a high-yield savings account, but many do. Look around and find a bank account that works with what you have in your wallet right now.
It’s also helpful to remember that although many high-yield savings accounts don’t have a minimum opening deposit, they will expect you to deposit money eventually. If your account remains balance free after a certain period of time, the bank may close your account.
Hidden Fees
Many online banks boast no monthly fees but may charge ATM or withdrawal fees. Read the fine print (or our in-depth reviews) to understand what you’re signing up for when opening a high-yield savings account through an online bank.
Minimum or Maximum Account Balances
Different banks may require a minimum account balance to earn interest on your balance. Similarly, you may be restricted by only being able to earn interest on balances up to a certain amount. You may fall outside these parameters depending on how much you plan to store in your savings account.
How to Access Your Money
Like certificates of deposit (CDs), high-yield savings accounts can come with the stipulation that you can store savings in the account and earn high interest if you don’t touch the money for some time. If you plan to dip in and out of the account over time, this can be an issue. Check to ensure that you can access your money through an ATM or debit card if you plan to rely on that balance.
Frequently Asked Questions
What does APY mean?
APY is an acronym for Annual Percentage Yield. It tells you the total amount of interest you will earn over the course of one year, assuming you don’t make any additions or withdrawals to your initial contribution. APY also takes into account compounding interest based on how frequently compounding happens within an account. It is the best way to compare different HYSAs with varying interest rates using an apples-to-apples metric.
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How much interest will I earn on $10,000 invested for 1 year in an HYSA?
Let’s say you put $10,000 into a high-yield savings account that offers a 2.0% APY. If you left this money invested for exactly 1 year, you would earn $200 in interest.
As you can see, high-yield savings accounts will not make you rich. But they are a great alternative to holding cash in a checking account that earns you 0% interest.
Are high yield savings accounts safe?
Yes. As long as you open a high yield savings account at a legitimate bank that is FDIC-insured, your money is safe. The FDIC protects your deposit (typically up to $250,000) if an insured bank fails or becomes insolvent, making HYSAs virtually risk-free.
Can I take my money out of an HYSA at any time?
Your money is never “locked in” to a high yield savings account, so you can withdraw it at any time. However, banks place some restrictions on the frequency of withdrawals and offer different methods to withdraw money from an account.
Typically, savings accounts have a maximum of 6 allowable withdrawals per month, no matter the size. Money can be taken out via WIRE transfer, ACH transfer to a checking account, or possibly a check withdrawal. Every bank works slightly differently so be sure to check all the withdrawal limits and options before opening an account.
Are High-Yield Savings Accounts Worth It?
Having a growing savings account is one of the stepping stones to achieving financial freedom.
A substantial savings account provides a financial cushion – and once you have that, you can begin thinking about creating passive income through investing.
Remember that the higher the earning potential, the higher the risk – so you must have some savings to fall back on before you begin your investment journey.
If your goal is to earn risk-free interest, an online savings account is definitely a great alternative to a traditional checking account.
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