The best online high-yield savings accounts of January 2023

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Looking for a place to store your short-term savings? High-yield savings accounts pay much higher interest rates than traditional savings accounts.

The most competitive high-yield savings accounts earn at least 3.75% APY (Annual Percentage Yield) right now. We update our guide every other week to find the most well-rounded options. Here are our top picks for high-yield savings accounts right now.

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The best online savings accounts

Bask Bank Interest Savings Account

Why it stands out: Bask Bank pays 4.15% 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.

You’ll also want to bank with another institution if you’d like to open a joint bank account. Bask Bank only offers individual bank accounts.

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.

CIT Bank Savings Connect

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.

Citizens Access Savings Account

Why it stands out: Citizens is the online-only division of Citizens Bank. Citizens Access Savings notably lets you open an account with a low initial deposit.

You also might like Citizens if you prioritize strong customer support. Customer representatives are available by phone or through live chat. You may call about savings accounts or CDs from 6 a.m. to 12 a.m. ET on weekdays, 9 a.m. to 5 p.m. ET on Saturdays, or 10 a.m. to 5 p.m. ET on Sundays.

Citizens Bank received an A+ rating from the BBB. A strong BBB rating doesn’t necessarily guarantee your relationship will be the same as other customers’ relationships, though. Consider reading online customer reviews or talking to customers of Citizens Bank to see if it might be a good match.

What to look out for: If you’re searching for a strong mobile app, you might prefer another institution. The Citizens Access mobile app is rated 3.3 out of 5 stars on the Google Play store and 2.4 out of 5 stars on the Apple store. 

Also, Citizens Access does not accept cash deposits. To deposit money into the Citizens Access Savings, you’ll need to transfer money from an external bank account, mail a check, or make a mobile check deposit.

Citizens Bank has been involved in one recent public controversy. In 2020, the Consumer Financial Protection Bureau filed a lawsuit against Citizens Bank that claimed the bank violated the Truth in Lending Act because it didn’t effectively address customer issues regarding credit cards.

LendingClub High-Yield Savings Account

Why it stands out: The LendingClub High-Yield Savings Account might be a good choice if you’d like direct access to money in your savings account.

This account comes with an ATM card, so you make withdrawals from your savings at ATMs. LendingClub has access to over 325,000 surcharge-free ATMs worldwide through NYCE, SUM, and MoneyPass ATM networks. You also won’t be charged a fee if you use an ATM from another provider.

What to look out for: You’ll need at least $100 to open the savings account. Some of the other options on our list have lower minimum opening deposits.

LendingClub received an A rating from the Better Business Bureau due to government action against the company. 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 for telling them they were approved for a loan even when they weren’t.

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. 

PNC Bank has also been involved in a recent public controversy. In 2019, PNC was accused of aiding a man in carrying out a fake debt relief project, which cost customers a total of $85 million. In 2014, PNC had suspected the man of running a scheme and closed his bank accounts. But nine months later, the bank let him open more accounts.

Salem Five Direct eOne Savings

Why it stands out: Salem Five Direct eOne Savings stands out because it has a $10 minimum opening deposit. Other banks on our list may require higher initial deposits to open an account.

This savings offers the fourth-highest interest rate on our list. You’ll earn 4.10% APY on account balances under $1 million.

Salem Five has an A+ rating from the Better Business Bureau and it hasn’t been involved in any recent public controversies. 

What to look out for: You’ll earn a competitive interest rate as long as you maintain less than $1 million in your account. If you have more than $1 million, Salem Five Direct may transfer your money to a Statement Savings Account, which only pays 0.01% APY.

SoFi Checking and Savings

Why it stands out: 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. You’ll be able to receive your paycheck up to two days sooner with early direct deposit and have direct access to your money with a debit card. 

The account also comes with a savings tool called Money Vaults, which helps you save for individual goals.

SoFi received an A+ rating from the BBB.

What to look out for: To earn 3.75% APY on your savings balances (including Vaults) and 2.50% APY on checking balances, you must set up a direct deposit. Otherwise, you’ll earn only 1.20% APY on both checking and savings balances. 

SoFi does have a recent scandal. In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing student loans than they actually could.

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. 

UFB Best Savings

Why it stands out: UFB Best 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: While UFB Best Savings offers the highest interest rate on our list, customers with existing savings accounts will 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.

Upgrade Premier Savings

Why it stands out: Upgrade is a fintech company that offers online checking and savings accounts.

Upgrade Premier Savings pays a high interest rate, and it could be worthwhile if you regularly maintain at least $1,000 in your savings account. Otherwise, you won’t earn any interest on your money. 

Upgrade is not a bank. However, Upgrade Premier Savings is still federally insured through Cross River Bank, Member FDIC, or a participating institution that’s FDIC or NCUA insured. 

Upgrade hasn’t been involved in any recent public controversies.

What to look out for: If you currently have an Upgrade Rewards Checking Account, you won’t be eligible to open Upgrade Premier Savings. Instead, you’ll have to open the Upgrade High Yield Savings Account. 

We use ratings from the Better Business Bureau so you can see how a bank addresses customer issues.

Upgrade currently doesn’t have a BBB rating because its profile is being updated by the BBB. Cross River Bank, Upgrade’s partner bank, has received a C- rating from the BBB because it has received a high volume of customer complaints on the BBB website and hasn’t resolved six customer complaints.

What to do when your savings account interest changes

Interest rates on high-yield savings accounts 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

Nationally, the average traditional savings account earns just 0.30% 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. 

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 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 savings account interest rates

Generally, you’ll find the best savings interest rates at online banks. The best high-yield savings accounts offer 3.75% APY or more right now. Right now, Bask Bank offers the highest interest rate on our list. The Bask Bank Interest Savings Account pays 4.15% APY.

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. For example, all the banks on our list do not charge any monthly service fees.

How 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: 

• Quontic High Yield Savings Account: This high-yield savings account pays a solid interest rate, but our top picks 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.
• TAB High-Yield Savings Account: TAB Bank pays a a solid interest rate on its savings account, but other online banks offer more competitive interest rates right now.
• MySavingsDirect Savings Account: This high-yield savings account pays 4.35% APY, but it doesn’t offer a mobile app. 
• Bread Savings High-Yield Savings Account: Most of our top picks offer higher BBB ratings, or more ways to access money in your account (either through a checking account, ATM card, or debit card). 
• Marcus by Goldman Sachs High Yield Online Savings Account: Marcus has a competitive interest rate, but our top picks pay even higher rates or make it easier to access money in your account. 
• Capital One 360 Performance Savings: Capital One 360 pays a solid rate on its savings account, but our top 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 have even more competitive interest rates right now.
• Discover Online Savings Account: Discover has a solid savings account, but our top picks pay higher rates.
• Ally High Yield Savings Account: Ally pays a solid interest rate, but our top picks 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 pay higher rates.
• Personal Capital Cash Account: Personal Capital Cash might be ideal if you’re looking for a competitive interest rate or if you invest with Personal Capital. 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 other banks on our list 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. 
• HSBC Direct Savings Account: HSBC Direct offers a competitive rate, but the mobile app has received negative reviews.
• 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 you have to put down $1,000 to open the account in the first place.
• 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.
• Citi® Accelerate Savings: This account pays a high APY if you have a balance of at least $1, but it’s pays lower interest rates than all our top picks. 

Why trust our recommendations?

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.

Methodology: About our experts

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. 

Each week, we review high-yield savings accounts at nearly two dozen institutions to identify the strongest options. We also cross-reference our list against popular comparison sites like Bankrate and NerdWallet to make sure we don’t miss a thing. 

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. Most importantly, we don’t consider any high-yield savings accounts that impose monthly maintenance fees.

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.

Insider

Here’s what they had to say about high-yield savings. (Some text may be lightly edited for clarity.)

Expert advice on choosing the best high-yield savings account for you

Generally, what makes a high-yield savings account good or not good?

Roger Ma, CFP:

“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, CFEI: 

“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?”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, CFP:

“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.”

Laura Grace Tarpley, Personal Finance Insider:

“I would use a high-yield savings account or money market account for short-term goals or an emergency fund. You’ll probably want to choose whichever has a higher rate, but money market accounts can be good for emergency savings because they often come with a debit card or paper checks, making it easy to access money quickly. Then use CDs for longer-term goals, like buying a home in a few years.”

Frequently asked questions

Sophia Acevedo, CEPF

Banking Reporter