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Top-Rated High Yield Savings Accounts

One of the best ways to save money is through high-yield savings accounts. High-yield savings accounts are an excellent option for maximizing your savings because of the higher interest rates. They offer much higher interest rates than traditional savings accounts, making them an ideal place to park your money, whether it is for an emergency fund or to set aside for a major purchase. You can get your money when you need it, because the funds are usually accessible within one business day.

I have listed the best high-yield savings accounts and their most attractive features to help you decide which bank can take your savings to the next level. Whether you’re saving for a specific goal or building an emergency fund, one of these accounts could be the perfect fit for you.

Best High-Yield Savings Rates For March 04, 2023

*As determined from the banks and credit unions which we monitor. Does not represent all available offers. Rates provided by
Product APY Min Deposit
Varo Bank
Savings Account
up to 5.00% APY $0
UFB Direct
UFB Preferred Savings
4.55% APY $0
Bread Savings™ (formerly Comenity Direct)
High-Yield Savings
4.25% APY $100
Bask Bank
Bask Mileage Savings
4.15% APY $0
CIT Bank
Savings Connect
4.05% APY $100
LendingClub Bank
High-Yield Savings
4.00% APY $100
up to 4.00% APY $0
Citi® Accelerate Savings
3.85% APY $0
Synchrony Bank
High-Yield Savings
3.75% APY $0
Marcus by Goldman Sachs®
Marcus Online Savings Account
3.75% APY $0

12 Best High-Yield Savings Accounts

Here are the top high-yield savings accounts for March 2023:

  1. UFB Direct
  2. Varo Money
  3. Current
  4. LendingClub
  5. CIT Bank
  6. Citizens
  7. BrioDirect
  8. Quontic
  9. TAB Bank
  10. Discover Bank
  11. Marcus by Goldman Sachs
  12. Bask Bank

1. UFB Direct

  • Interest Rate: 4.55% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

If you’re looking for an online bank that has a high interest rate, UFB Direct is for you. Free checking accounts and competitive mortgage rates are some of the services and products offered by UFB Direct. 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. You can get started with as little as $1.

Unlike other high-yield savings accounts, you can write checks and access your account with an ATM card. It also offers a competitive interest rate, so you can maximize your savings. There are over 91,000 ATMs in the country. Free access to thousands of MoneyPass ATMs is offered by UFB Direct. You can find your nearest ATM with the ATM locator tool. You can use this tool to plan your cash withdrawals so that you can take advantage of the most convenient locations.

2. Varo Bank

  • Interest Rate: up to 5.00% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

Varo is an online-only bank that believes that money should work for you. We can help you maximize your money and reach your financial goals. The tiered APY rate system encourages you to save more. Their tiered system allows you to enjoy higher yields as you save more and they offer a great rate of return. One of the best high-yield savings accounts, Varo also offers a checking account, credit card, and loans. Varo is dedicated to helping customers reach financial success by providing them with the tools they need to manage their money effectively.

The tiered rate system of Varo is different from other banks. The tiers are based on the customer’s average monthly balance. You can earn 3.00% APY on your balance. If you meet certain conditions, you can earn 5.00% APY, which is among the highest interest rates on this list. You can’t let your balance fall below zero at the end of the month if you receive at least $1,000 in direct deposits. The cash bonus will be given at the end of the month if you can fulfill these requirements.

3. Current

  • Interest Rate: up to 4.00% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

Current is a great place to start if you want a high-yield savings account for your teen. Current has an FDIC-insured debit card that your teen can use to make purchases. Current offers hybrid checking/savings accounts for adults and teens who want to manage their money in one place. The budgeting tools in the hybrid accounts make it easier to manage finances. They are insured by Choice Financial Group and can be used for online or mobile banking. Choice Financial Group has a network of ATMs.

Current has a feature called Savings Pods, which offers a high APY on all savings. Savings Pods are designed to help customers reach their financial goals faster. Savings Pods can hold up to $2,000 and allow you to set aside savings for a specific goal. Savings Pods can be used to track your progress towards a goal and help you stay motivated to save. As many as three Savings Pods can be opened at once and you can earn a high interest rate. You can add or remove money from your Savings Pods at any time, giving you the flexibility to manage your savings how you see fit. This is a good option for people who want to maximize their interest earnings. It’s important to keep an eye on your account because the interest rate may change.

4. LendingClub

  • Interest Rate: 4.00% APY
  • Minimum Balance Requirement: $0, $100 to open
  • Monthly Fees: $0

If you are ok with a fully online banking experience, LendingClub is a financial institute that stands out. It offers a variety of services that make managing your finances easy. Because they don’t have the overhead that comes with traditional banks, they are able to offer a staggering annual percentage yield. The attractive feature of a High Yield Savings Account is that it can help you grow your savings quickly. They have some of the best rates in the country and can help you maximize your savings over time. Their team of financial advisors can help you make the best financial decisions for you.

You can start banking with LendingClub in as little as three minutes. You can be approved for a loan in as little as 24 hours, thanks to LendingClub’s online platform. You only need to provide your name, address, phone number, email, and Social Security number to apply for their high-yield savings account. You will need $100 to open the account, but LendingClub does not require a minimum balance after opening the account.

5. CIT Bank

  • Interest rate: 4.05% APY
  • Minimum balance requirement: $100
  • Monthly fees: $0

Two high-yield savings options are offered by the online bank owned by the financial holding company. Customers can count on a secure and reliable banking experience with competitive interest rates.

The latest and most exciting product from CIT Bank is Savings Connect. Savings connect from cit bank is a secure and easy way to save money and get the most out of your financial goals

6. Citizens

  • Interest Rate: 3.00% APY
  • Minimum Balance Requirement: $0
  • Opening Deposit Requirement: $5,000
  • Monthly Fees: $0

Citizens is a division of the larger Citizens Bank. The Citizens and Citizens Online divisions offer a wide range of banking services. They were formed to offer one of the best high-yield savings accounts and CDs to compete with the other financial institutions that offer high interest rates on savings balances. Their products are designed to maximize the return on your savings, while also providing reliable and secure banking services. Citizens has stepped up to the challenge by providing a rate well above the national average. The commitment of Citizens to provide their customers with the most competitive rates on the market is unparalleled.

The minimum opening balance for a high-yield savings account with Citizens is $5,000. Many people who are just starting to save may not be able to afford this high opening balance. This makes it hard for people without a lot of money to open an HYSA. It can be difficult for those without financial resources to be able to access the same opportunities. Citizens is an option if you have $5,000 to spare. The company offers competitive rates and a wide range of products, making it a great choice for those looking to invest their money.

7. BrioDirect HYSA

  • Interest Rate: 0%
  • Minimum Balance Requirement: $0
  • Opening Deposit Requirement: $500
  • Monthly Fees: $0

The high interest rates and no monthly fees of BrioDirect are making waves in the HYSA world. Its online banking platform is user-friendly and provides a secure, convenient way to manage finances. The minimum opening deposit is $500 and they offer a high APY on all balances. It is easy to use their online banking platform. This opening minimum may be steep for some customers, but they have the advantage of working with an online bank backed by an established and trusted financial institution. Customers can rest assured that their money is safe with this online bank.

Most financial institutions on our list are online only. There is a wide range of banking services from checking and savings accounts to retirement planning. You need to be comfortable using their app or website to view your account information. The user interface is designed to make it easy for anyone to learn about the platform. The BrioDirect mobile app is easy to use and allows you to access your account information all in one place. The app has the latest features that give users the best experience when managing their finances.

8. Quontic

  • Interest Rate: 3.70% APY
  • Minimum Balance Requirement: $0
  • Opening Deposit Requirement: $100
  • Monthly Fees: $0

Quontic was named the Best Overall Online Bank by Forbes in 2022. Quontic is an ideal choice for those who want to keep their banking online as it offers competitive rates and a wide range of services. They are ideal for people who are comfortable doing all their banking online and earning a high interest rate. Traditional banks offer competitive interest rates for those who don’t like online banking. If you run into issues with your account, you need to contact Quontic during the week.

When you open an account with Quontic, you’ll get a debit card. When opening a high-yield savings account, most online banks don’t offer a card because it’s assumed that you’re using the account for long-term savings If you want to use an ATM card, you’ll need to open a separate account. With Quontic, you can use surcharge-free ATMs across the country. You can make unlimited free withdrawals at Quontic ATMs.

9. TAB Bank HYSA

  • Interest Rate: 3.00% APY
  • Minimum Balance Requirement: $1
  • Monthly Fees: $0

Truck drivers are the market that TAB Bank caters to. TAB Bank has expanded its services to meet the needs of many other customers, providing financial solutions for individuals and businesses alike. Initially operating from truck stops, TAB Bank is available to everyone but offers a specific checking account product for truck drivers only. TAB Bank understands the unique needs of truck drivers and is dedicated to providing them with an easy-to-use, tailored banking product. They have no monthly fees, a competitive APY, and no minimum opening deposit. They have a debit card with no ATM fees.

Truck drivers may be targeted by the bank, but they do not offer free ATM services, which can be a problem 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 can’t access your account online in a place with poor cellular service, it may cause issues. If you find yourself in this situation frequently, you may want to look for a better service provider.

10. Discover Online Savings Account

  • Interest rate: 3.50% 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 is the epitome of hassle-free banking. You can do your banking from your home with online banking.

You can earn a solid rate of return with the Discover Online Savings Account. There are no monthly maintenance fees for this account. You can bank on the go with Discover Bank’s top-rated mobile banking app, Discover Mobile. You can securely access your account information at any time.

11. Marcus by Goldman Sachs Online Savings Account

  • Interest rate: 3.75% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Marcus by Goldman Sachs High Yield Savings Account is an account with a first-class rate, which is why it gets a lot of attention here. It’s an excellent option for people who want to grow their savings and take advantage of higher yields.

You can earn high rates on all balances with no fees or minimum balances. You can access your money whenever you please. There are features of both a money market account and a savings account in this account. It is possible to earn interest on your money while also having access to it.

You can only access your accounts online or over the phone if you have a mobile app. The lack of a mobile app may be inconvenient for those who prefer to manage their finances on the go.

12. Bask

  • Interest Rate: 4.15% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

Bask Bank has two account options for customers looking to save. The Bask Savings Account rewards customers with a high-interest rate and the Bask Mileage Savings Account rewards customers with American Airlines AAdvantage® miles. Customers can save and earn rewards with the Bask Savings Account and Bask Mileage Savings Account.

The Bask Savings Account is new to Bask. Customers can save money with this account. It has 15x the national average annual percentage yield and no monthly balance requirements. If your account remains balance-free within the first 15 days of opening, Bask Bank has the right to close it. It is important that you have a minimum balance in your account.

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

One of the pioneers in digital banking is Axos Bank. The bank has a wide range of products and services. They have a complete line of personal and business checking and savings accounts. Excellent customer service is provided by them.

You only need $250 to open an Axos Bank’s A high yield savings account. It is important to research different banks and compare rates to ensure you are getting the best return on your investments. There are no monthly fees or minimum balance requirements. From anywhere, you can access your funds.

Chime Savings

  • Interest rate: 2.00% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Chime presents itself as “Banking Made Awesome.” They are proud of their lack of fees and innovative features. Their commitment to providing a top-notch service without hidden fees has earned them high praise from their customers.

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.

You can get your paycheck up to 2 days early with their Early Deposit feature. You can get access to your money sooner with the Early Deposit feature. Automatic Savings will round up Chime purchases and place them in your savings account for free. It’s a great way to save money.

Bank5 Connect High-Interest Savings Account

  • Interest rate: 2.00% APY
  • Minimum balance requirement: $10; $100 to earn interest
  • Monthly fees: $0 (if you choose paperless statements)

Bank5 Connect offers an online savings account with a competitive interest rate on balances of $100 or more. You can manage your money from anywhere with the online savings account. If you are just embarking on your wealth-building journey, you only need $10 to start. As you become more knowledgeable about the process, you can easily increase your investment.

On the bank’s mobile app, you can manage your Bank5 Connect High-Interest Savings Account online, review your balances, use your savings to cover overdrafts, and more. You can access your account anytime and anywhere thanks to this.

Vio Bank High Yield Savings Account

  • Interest rate: 4.17% APY
  • Minimum balance requirement: $100
  • Monthly fees: $0

It is a good place to start building your savings if you are just starting to think about it. You can get the most out of your money with the competitive interest rates on their savings accounts.

You only need $100 to open an account with the high yield savings account, which has some of the best interest rates on all balances.

With the flexibility of being able to access your money whenever you need to, this high-interest savings account offered by the online division of MidFirst Bank is a great way to grow your savings.

It is reasonable to have a minimum opening balance of $100. It’s worth considering if you can start earning interest on your money right away.

Betterment Cash Reserve

  • Interest rate: 4.00% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Cash Reserve is a high-interest savings account that Betterment has over $16 billion under management.

Betterment’s Cash Reserve is one of the best savings accounts. It offers a competitive interest rate with no minimum balance required, making it an attractive option for those looking to grow their savings. There are no fees with this account. You can access your account from any device. This account is completely free because all ATM fees are reimbursed and there are no account fees. There are no hidden fees associated with this account, making it a great choice for anyone who wants to save money.

Another benefit of the Betterment Cash Reserve is that it’s easy to move your money between a Betterment investing and Betterment savings account can be used to ensure that you get the best return on your money. Betterment can help you make decisions about your investment strategy.

CIBC Bank USA Agility Savings

  • Interest rate: 3.27% APY
  • Minimum balance requirement: $1,000
  • Monthly fees: none

Another excellent high-yield savings account option is the CIBC Bank Agility USA Savings.

It’s one of the highest on the market because you earn it on balances. It’s a great choice for people who want to maximize their savings without having to worry about minimum balances.

You will need $1,000 to open a savings account with the bank, but the interest will not change even if your balance falls below $1,000. There may be other fees associated with the account that you should be aware of.

SoFi Checking and Savings

  • Interest Rate: up to 2.00% APY
  • Minimum Balance Requirement: $0
  • Monthly Fees: $0

SoFi is predominantly known for its loans, but it recently added a The checking and savings account is in the financial product lineup. The bank is proud to announce the addition of a Checking and Savings account. All the features you love about your checking and savings accounts are combined into one account. You can access your funds from anywhere with the convenience of online banking. You will earn up to 15% cash back on purchases made with your SoFi card, and your balance will begin earning interest once you set up direct deposit. You will have access to exclusive discounts from popular brands when you use your SoFi debit card.

The best part about SoFi’s Checking and Savings account has both a checking and savings account. You earn 2.50% on your total balance, which is 62 times the national average. The interest rate is close to the nation’s best. It is anexcellent choice for investors who want to maximize the growth of their savings without taking on too much risk. You will benefit from no overdraft fees, no minimum balance requirements, no monthly maintenance fees, and even an early payday feature. You can enjoy financial freedom if you make the most of your money.

Barclays Online Savings Account

  • Interest rate: 3.60% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Barclays is a The bank has an online banking operation in the U.S. It is convenient for customers to manage their finances.

Even though you can earn a moderate APY on your savings, it is still among the highest rates on the market. You can access your account with online banking.

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. If you live in one of the European countries, it could be a great option for managing your finances.

You will need to use another provider for a checking account because the bank doesn’t offer it. It’s not like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it

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:

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.)

Only online banks offer high-yield savings accounts. These accounts offer higher interest rates than traditional banks, making them a great option for saving money. The savings from online banks can be passed on to you through better interest rates.

High-interest savings accounts are worth it if you are comfortable banking online. You can check with your current bank to see if they have an online-only subsidiary that offers high-yield savings accounts. Shopping around for the best rate may be beneficial as well.

How Do High-Yield Savings Accounts Work?

There is a difference between certificates of deposit (CDs) and Hypersas, but your money isn’t necessarily locked up for a set period. CDs allow you to access your money when you need it, but HYSAs allow you to access your money when you want it. 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 are often offered by online banks. They offer higher interest rates than traditional banks, making them an attractive option for savers. Since online banks have lower overhead, they are able to offer more attractive interest rates. In addition, online banks often offer more user-friendly services such as mobile banking and easy account setup, which can make managing your finances simpler and more convenient.

That said, several traditional banks also have high-yield savings accounts worth checking out.

What to Consider When Choosing a High Yield Savings Account

Before opening a high-yield savings account, you must consider a number of factors. To ensure you are getting the best deal, it’s important to compare the features offered by different financial institutions. Some of them are critical to getting the most out of your account. You can ensure that you are using your account to its fullest potential by utilizing each of the strategies.

Interest Rates

The interest rate on a high-yield savings account is important. You want to make sure that you get the most out of your high interest savings account. The highest interest rate is not always the best option. Compare different loan products to find the best one for you. Before opening an account, you need to think about all your options. Do your research and compare different providers to make sure you get the best deal.

Minimum Opening Deposit

The minimum opening deposit for an account is going to be a problem if you only have $100. A smaller opening deposit is required for a savings account or other financial product. Many online banks do not require a minimum deposit to open a high-yield savings account. It is important to look at other aspects of the bank, such as fees, access to customer service, and any other features that may be important to you. You can find a bank account that works with what you have in your wallet by looking around. It’s a good idea to compare different bank accounts before making a decision.

Although many high-yield savings accounts don’t have a minimum opening deposit, they will expect you to deposit money eventually. It’s important to plan ahead and make sure you have enough money to meet the account’s deposit requirements. After a certain period of time, the bank may close your account. To keep your account balance positive, you should make regular payments or deposits.

Hidden Fees

Many online banks do not charge monthly fees. Fee-free ATM access and reimbursements may be offered by some online banks. When opening a high-yield savings account through an online bank, read the fine print to understand what you are signing up for. Before you make a final decision, make sure to ask your online bank any questions you may have about the high-yield savings account.

Minimum or Maximum Account Balances

Depending on the bank, a minimum account balance may be required. One bank may require a minimum balance of $1,000, while another may only require $500. You may only be able to earn interest on balances up to a certain amount. You may be required to open another account if you exceed this limit. Depending on how much you store in your savings account, you may fall outside of these parameters. It’s important that you put aside enough money each month to reach your savings goals.

How to Access Your Money

High-yield savings accounts can come with a condition that you can keep the money in the account and earn high interest if you don’t touch it for a while. High-yield savings accounts are accessible and you can withdraw money without penalty. This can be an issue if you plan to dip in and out of the account. Fees associated with withdrawing money from the account could affect your return. If you plan to rely on that balance, make sure that you can access your money through an ATM or debit card. To make sure there are no restrictions on how much you can access from an ATM, you should contact your bank.

Frequently Asked Questions

What does APY mean?

An acronym for an annual percentage yield. Assuming you don’t make any additions or withdrawals to your initial contribution, it tells you the total amount of interest you will earn over the course of a year. How frequently compounding happens within an account is taken into account by APY. This can be monthly, quarterly, semi-annually or annually. An apples-to-apples metric is the best way to compare different HYSAs with different interest rates.

How much interest will I earn on $10,000 invested for 1 year in an HYSA?

If you put $10,000 into a high-yield savings account, you will get a 2.0% APY. If you keep the money in the account for a year, your savings will grow to $10,200. If you left this money invested for a year, you would make $200 in interest. This is a good rate of return for a short-term investment.

High-yield savings accounts won’t make you rich. They are an alternative to holding cash in a checking account. There are other investment options that can be used to earn interest on your money.

Are high yield savings accounts safe?

Yes. If you open a high yield savings account at a legitimate bank, your money is safe. You can be sure that your savings are safe if you follow these steps. If an insured bank fails or becomes insolvent, the FDIC will protect your deposit up to $250,000. Investments such as stocks, bonds, or mutual funds are not insured by the FDIC.

Can I take my money out of an HYSA at any time?

You can withdraw your money from a high yield savings account at any time. It’s convenient to transfer money in and out of your high yield savings account. Banks have different ways to withdraw money from an account.

No matter the size of the savings account, it usually has a maximum of 6 allowable withdrawals per month. Customers who need more frequent access to their savings funds may be offered higher limits by banks. Money can be taken out via a variety of methods. Individuals can easily access money using these methods. Before opening an account, be sure to check the withdrawal limits and options at the bank. Before signing any documents, make sure to read the fine print, as this will give you a better understanding of the terms and conditions associated with the 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.

Before you begin your investment journey, you must have some savings to fall back on. It’s important to know that no investment is ever completely risk-free and that you have todiversify your investments in order to mitigate potential losses.

An online savings account is a great alternative to a traditional checking account if you want to earn risk-free interest.

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