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Savers who want to earn the most interest on their money should look at the best high-yield savings accounts. With interest rates on the rise, savers are earning higher rates in HYSA than they have in more than a decade.
These accounts offer the functionality of traditional savings accounts but receive a much higher interest rate to grow your balances. Many of these accounts have no opening balance or minimum balance requirements, so they are open to every type of saver. Learn more about how to choose your savings account, how they work and the best type of account based on your goals.
Discover Online Savings Member FDIC
Discover Online Savings Member FDIC
Best high-yield savings accounts compared 2023
| Bank | Account | APY* | Min. deposit | Min. balance to earn APY | Monthly fee |
|---|---|---|---|---|---|
 | Popular Direct High Yield Savings | 5.40% | $100 | $0.01 | $0 |
 | Brio Direct High Yield Savings | 5.35% | $5,000 | $25 | $0 |
 | My Banking Direct High Yield Savings | 5.35% | $500 | $1 | $0 |
 | Ivy Bank High Yield Savings | 5.30% | $2,500 | $10 | $0 |
 | Columbia Bank High Yield Savings | 5.27% | $1 | $1 | $1 |
 | TAB High Yield Savings | 5.27% | $0 | $0.01 | $0 |
 | CloudBank 247 High Yield Savings | 5.26% | $1 | $0 | $0 |
 | Western Alliance High Yield Savings | 5.26% | $1 | $1 | $0 |
 | UFB Priority Savings | 5.25% | $0 | $0 | $0 |
 | Valley Direct High Yield Savings Account | 5.25% | $1 | $0.01 | $0 |
 | Bread High Yield Savings | 5.15% | $100 | $100 | $0 |
 | CIT Platinum Savings | 5.05% | $100 | $5,000 | $0 |
 | Quontic Hight Yield Savings | 4.50% | $100 | $0 | $0 |
 | Marcus Savings | 4.40% | $0 | $0 | $0 |
 | Live Oak Personal Savings account | 4.40% | $0 | $0.01 | $0 |
 | Barclays Savings | 4.35% | $0 | $0 | $0 |
| Discover Online Savings Member FDIC | 4.35% | $0 | $0 | $0 |
Our recommdations for the best HYSA
Popular Direct Bank
Popular Direct High Yield Savings
Popular Direct High Yield Savings
Popular Direct Bank offers one of the highest APYs on the market and requires only a $100 deposit to open an account. Additionally, there are no monthly maintenance fees, and you have 24/7 access to your account through a mobile app and website. Online resources are thorough and helpful.
Brio Direct
Brio Direct High Yield Savings
Brio Direct High Yield Savings
Brio Direct is a good option for those looking for a high-yield savings account with a higher APY. It offers a competitive interest rate of 5.35% APY requires a minimum initial deposit of $5,000 to open an account but only $25 to maintain that interest rate.
My Banking Direct
My Banking Direct High Yield Savings
My Banking Direct High Yield Savings
My Banking Direct is an excellent option for those seeking a high-yield savings account with added functionality. It offers a savings/checking combo that allows you to transfer money between accounts easily and instantly. Additionally, it offers a competitive savings interest rate of 5.35% APY and doesn't charge monthly maintenance fees. A $500 minimum deposit opens an account.
Ivy Bank
Ivy Bank High Yield Savings
Ivy Bank High Yield Savings
Ivy Bank is a good option for those looking for a high-yield savings account with a focus on money management. It offers competitive interest rates and doesn't require a minimum balance to open an account. Additionally, it provides tools and resources to help you manage your money and reach your financial goals. However, it charges a monthly maintenance fee of $5, which could be a drawback for some.
Columbia Bank
Columbia Bank High Yield Savings
Columbia Bank High Yield Savings
Columbia Bank is a good option for those looking for a high-yield savings account with 24/7 access to funds. It offers competitive interest rates and doesn't require a minimum balance to open an account. Additionally, it provides an ATM card to withdraw cash and has no monthly maintenance fees.
TAB Bank
TAB High Yield Savings
TAB High Yield Savings
TAB Bank is a great option for those seeking a high-yield savings account with no minimum opening deposit required. It offers competitive interest rates and doesn't charge monthly maintenance fees. Additionally, it has a mobile app that makes it easy to manage your account.
Cloudbank 24/7
CloudBank 247 High Yield Savings
CloudBank 247 High Yield Savings
Cloudbank 24/7 is a good option for those looking for a high-yield savings account with no minimum balance required. It offers competitive interest rates and doesn't charge monthly maintenance fees. Additionally, it provides an ATM card for easy access to your funds.
Western Alliance Bank
Western Alliance High Yield Savings
Western Alliance High Yield Savings
Western Alliance Bank is a solid option for high-yield savings accounts with no monthly maintenance fees. It offers competitive interest rates and doesn't require a minimum balance to open an account. Additionally, it has no monthly maintenance fees and offers 24/7 online access to your account.
UFB Priority Savings
UFB Priority Savings
UFB Priority Savings
UFB Priority Savings ranks among the best high-yield savings accounts. Customers can earn 5.25% APY* across all of their balances with no minimum deposit. Additionally, there are no maintenance or service fees to worry about. Customers receive a complimentary ATM card and can transfer money between accounts for free.
Valley Direct High Yield Savings Account
Valley Direct High Yield Savings Account
Valley Direct High Yield Savings Account
For savers who haven't found the time to open an online savings account, the Valley Direct High Yield Savings Account has you covered. New customers can open an account and start saving towards their goals in less than five minutes. This account offers one of the highest annual percentage yields available, with an annual percentage yield of 5.25% and and a minimum balance of $1 to open. There are no monthly maintenance charges, and you can start saving with as little as $1.
CIT Platinum Savings
CIT Platinum Savings
CIT Platinum Savings
CIT Bank's Platinum Savings Account is an excellent choice for those seeking a high-yield savings product. The bank's rate stands out in the market, providing customers a competitive edge in growing their savings. Currently, the CIT Bank's Platinum Savings Account offers a 5.05% APY with a balance of $5,000 or more, but you can start with as little as $100 with 0.25% APY. What makes CIT Bank particularly intriguing are its unique promotions, which typically offer substantial bonuses or even higher interest rates for new deposits or accounts.
While the bank operates primarily online, its user-friendly interface and top-notch customer service make banking a breeze. Security is also paramount at CIT Bank, ensuring your funds are safe and protected. However, keep in mind that this savings account may not be the best choice for those who prefer traditional, brick-and-mortar banking, or for those who frequently need to withdraw funds, as it might come with certain limitations. In summary, the CIT Bank's Platinum Savings Account, with its high APY* and attractive promotions, is an excellent option for customers looking to maximize their savings potential.
Bask Interest Savings
Bask Bank Savings
Bask Bank Savings
The Bask Interest Savings Account offers a high rate with no monthly account fees and no minimum account balance. And Bask Bank is a standout for service. Customers can call the support line between 7 am and 7 pm CST Monday through Friday, and on Saturdays between 9 am and 4 pm. There’s also information online and on the Bask app. The account doesn’t provide an ATM or debit card, however. It is important to note that while there does not appear to be a minimum opening deposit required, any account with no balance will be closed after 15 days.
Quontic High Yield Savings
Quontic Hight Yield Savings
Quontic Hight Yield Savings
Quontic stands out for the many ways you can increase the earning potential of your cash. In addition to their high-yield savings account growing your money at a high rate, Quontic also offers certificates of deposit and money market accounts.**.
Sofi Savings & Checking
Sofi Savings
Sofi Savings
If you want to earn a welcome bonus for opening a high-yield savings account, consider Sofi Savings & Checking. New customers can earn up to $250 when they open a new account and set up direct deposit. Plus, the account earns a high interest rate with no account fees.
Marcus Online Savings
Marcus Savings
Marcus Savings
Customers who need access to their cash quickly will benefit from a Marcus Online Savings from Goldman Sachs, a company well-known for investing and private banking. The account has no monthly fees or minimum deposit requirements while earning a high interest rate. Customers enjoy same-day transfers of up to $100,000 to or from other banks, so there's no delay in accessing their money.
Barclays Online Savings
Barclays Savings
Barclays Savings
Accounts with no minimum balance requirements help customers avoid monthly fees. The Barclays offer a high rate of interest without monthly fees or minimum balance requirements.
Discover Online Savings
Discover Online Savings
Discover Online Savings
Discover Online Savings is the ultimate choice for those seeking a hassle-free wire transfer experience without incurring any fees. With their robust online banking platform, customers can effortlessly initiate wire transfers from the comfort of their own homes, eliminating the need for time-consuming visits to physical branches.
Discover prioritizes customer convenience and ensures that hard-earned money can be moved swiftly and securely, all at no extra cost. Furthermore, their Online Savings account offers a highly competitive Annual Percentage Yield (APY), allowing individuals to maximize their earnings on savings.
By combining the convenience of fee-free wire transfers with a lucrative APY, Discover empowers its customers to effortlessly grow their savings while enjoying unparalleled flexibility and financial freedom. Member FDIC.
Live Oak Personal Savings
Live Oak Personal Savings account
Live Oak Personal Savings account
Customers can quickly open an online savings account with Live Oak to receive a competitive interest rate with no monthly fees or minimum balance requirements. Two features that set it apart are the ability to initiate wire transfers from your savings account and to connect with QuickBooks. These features make it an ideal savings account for entrepreneurs and small business owners. While there are no minimum deposit or balance requirements, if your account balance is less than $10.01 for 24 consecutive months, the bank will close your account and charge a dormant account fee equal to your remaining balance.
More High Yield Savings Accounts
What is a high-yield savings account?
A high-yield savings account is a traditional savings account but with a higher interest rate. Just like savings accounts, they are liquid, so you can add or withdraw money at any time. Additionally, they are guaranteed up to $250,000 by the FDIC.
How do high-yield savings accounts work?
High-yield savings accounts offer much higher rates of interest than traditional savings accounts. They work the same way as traditional savings accounts, but many are online-only accounts that cannot be opened in a traditional brick-and-mortar branch. These accounts must also follow Regulation D, which limits the number of certain types of withdrawals each month.
Many high-yield savings accounts are offered by online banks and have reduced fees and balance requirements. In some cases, there are no minimum balance requirements to open or maintain an account. Plus, many eliminate monthly service charges, so there are costs to keep your account open.
However, some high-yield savings accounts require larger balances to avoid fees or earn the best savings account interest rates. Banks may implement tiered interest rates that offer the best rates to certain types of customers.
How to choose your high-yield savings account
When comparing the best savings accounts, customers should focus on fees, interest rates and the functionality of the accounts. Here are a few features that matter most when choosing your account.
- Opening balance requirement. How much do you need to deposit when opening your account? Many accounts allow customers to open an account with no minimum balance or as little as one dollar.
- Monthly fees. Most banks waive the monthly fees when you maintain a minimum balance. Some banks waive fees entirely.
- Monthly minimum balance. Some high-yield savings accounts require customers to meet a minimum balance to earn the best savings account rates.
- Interest rate. The amount of interest you'll earn based on your balance is advertised so you know how much your money will make.
- Interest rate tiers. Does the bank offer different interest rates based on your balance? Some banks reserve the highest rates for larger customers, while others cap the balances that can earn the best savings rates. For example, CIT Platinum Savings pays a higher rate on balances of $5,000 or more.
- Compounding. When your interest compounds, the accrued interest is added to your balance, and the new, higher balance then also earns interest. Ideally, your interest should compound at least monthly.
- Access to account. How easy is it to access your funds, and how long does it take? Some high-yield savings accounts also offer an ATM card to withdraw cash.
Frequently asked questions (FAQs)
What do you need to open a high-yield savings account?
To open a high-yield savings account, you'll need to provide your name, contact information, Social Security Number and date of birth. Additionally, you should be prepared to make an initial deposit to fund your account and start earning interest. It is wise to have existing bank account information so you can link your accounts for future transfers.
Are high-yield savings rates increasing?
Yes, high-yield savings rates have increased as the Federal Reserve has raised rates to combat inflation. Customers with money in their savings accounts benefit from these rising rates by earning more interest.
How do banks determine APYs for high-yield savings accounts?
Savings account interest rates are represented as annual percentage yield (APY) to factor in compounding interest. APY is based on the account's interest rate and the number of times the bank pays interest each year. The APY formula is 100 [(1 + Interest/Principal)(365/Days in term) - 1], but most people use a calculator instead of figuring it out by hand.
What is a good APY for a high-yield savings account?
A good APY depends on the current market, economic conditions and the available alternative options. In today's savings account interest rate environment, you should aim for an account that earns at least 3.50%, with the best savings accounts offering upwards of 4.5%. Many banks offer interest rates at this level or higher without charging monthly fees or requiring large balances.
Can you lose money in a high-yield savings account?
Bank accounts are insured for up to $250,000 per person at each bank. If you keep your balances below this level, you will not lose money, even if the bank goes out of business.
How often do savings rates change?
Unlike CD rates, banks change savings account interest rates on a regular basis. They adjust rates based on market conditions, what competitors are doing and how much they need deposits. If your bank's interest rates are not competitive, consider opening a new high-yield savings account.
*APY as of November 9th, 2023. APYs vary, so check with your financial institution to get the most up-to-date information.
** Withdrawals on CDs before maturity date are subject to penalties. Money market funds are limited to 6 withdrawals per statement cycle. High-interest checking accounts require 10 debit card point of sale transactions of $10 or more per statement cycle to earn the maximum APY per account balance tier. If the qualifying activity requirement is NOT fulfilled, the interest rate paid on the entire balance will be 0.10% APY. APY stands for Annual Percentage Yield.
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