Best High-Yield Savings Accounts

Our guide to the best high interest savings accounts

By Sabrina Karl
Updated March 28, 2023
Reviewed by
Michael J Boyle
Michael Boyle
Reviewed by Michael J Boyle
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Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics.
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Important

The APYs listed below are up to date as of the date of publication on this article. Our methodology consists of reviewing savings account rates every weekday morning and updating the information below accordingly.

The top rate you can currently earn from a nationally available savings account is 5.02% annual percentage yield (APY), offered by UFB Direct. That's more than 13 times the FDIC's national average for savings accounts of 0.37% APY and is just one of the top rates you can find in our rankings below. Culled from our weekly rate research on more than 200 banks and credit unions that offer nationwide savings accounts, even the 10th-best rate on the list pays 4.40% APY. Below you'll find featured savings account rates available from our partners, followed by our complete ranking of the best savings account rates nationwide.

Best High-Yield Savings Account Rates

Note that some banks opt to call their savings accounts "money market" accounts. Traditionally, money market accounts offer the ability to write checks, while savings accounts do not. The accounts you'll find in our ranking here all operate like savings accounts, with no check-writing privileges, even if the name might suggest otherwise.

The top savings account rates in the country are listed below in order of APY. Where more than one institution has the same rate, we've ranked accounts by those requiring the smallest minimum ongoing balance.

UFB Direct, High Yield Savings Account - 5.02% APY

  • Minimum initial deposit: None
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: No

CFG Bank, High Yield Money Market Account – 5.02% APY

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $1,000 to earn stated APY
  • Monthly fee: None with $1,000 ongoing balance; otherwise, $10/month
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Bread Savings, High-Yield Savings Account – 4.50% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: Any amount
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

Vio Bank, Cornerstone Money Market Savings Account – 4.50% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

First Foundation Bank, Online Savings Account – 4.50% APY

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: Yes (upon request)
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

TotalDirectBank, Money Market Account - 4.50% APY

  • Minimum initial deposit: $2,500
  • Minimum ongoing balance: $2,500 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

Note: TotalDirectBank is available to customers nationwide except for Florida residents.

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Bask Bank, Interest Savings Account - 4.45% APY

  • Minimum initial deposit: None
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: No

BankPurely, PurelyMoneyMarket - 4.45% APY

  • Minimum initial deposit: None
  • Minimum ongoing balance: $25,000 to earn interest
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Popular Direct, Ultimate Savings Account – 4.45% APY

  • Minimum initial deposit: $5,000
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

iGObanking, iGOmoneymarket - 4.45% APY

  • Minimum initial deposit: $25,000
  • Minimum ongoing balance: $25,000 to earn interest
  • Monthly fee: None
  • ATM card: No (only with checking account)
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Western State Bank, Online Money Market Account - 4.40% APY

  • Minimum initial deposit: $5,000
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

CIT Bank, Platinum Savings - 4.40% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $5,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

My Banking Direct, High Yield Savings Account - 4.38% APY

  • Minimum initial deposit: $500
  • Minimum ongoing balance: Any amount
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

MySavingsDirect, MySavings Account - 4.35%

  • Minimum initial deposit: None
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: Yes

Primis Bank, Savings Account - 4.35% APY

  • Minimum initial deposit: $1
  • Minimum ongoing balance: None
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Fitness Bank, Savings Account – 4.35% APY*

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $100 to avoid a maintenance fee
  • Monthly fee: None with a $100 ongoing balance; otherwise, $10/month
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No

*In order to earn its highest rate, Fitness Bank requires an average daily step count of 12,500, which is tracked through its app. However, additional APY tiers are offered for lower step counts. In addition, an interest rate boost is offered to those who pair this account with a Fitness Bank checking account.

Frequently Asked Questions (FAQs)

What Is a High-Yield Savings Account?

As the name implies, high-yield savings accounts pay much higher interest rates than traditional ones. Typically offered online, whether by an internet-only bank or a brick-and-mortar institution, they're based on the idea that it's smart to hold your savings wherever it can earn a competitively high yield, even if that's a different bank than where you hold your checking account.

The difference in interest rates can be dramatic, with the top savings accounts in the country typically paying 15 to 20 times the national average rate. You can still keep your checking account where it is because it's simple to link a high-yield savings account to your primary account for easy transfers.

Is My Money Safe in an Online Savings Account?

The vast majority of banks, whether physical or online, carry FDIC insurance, which protects banking customers by insuring up to $250,000 of their deposits per institution if the bank fails. The U.S. government similarly backs credit union customers up to $250,000 by providing NCUA insurance to the vast majority of credit institutions.

So whether your institution has branches or is an internet-only bank, your deposits are equally safe and protected. Just be sure to check for the FDIC or NCUA logo before you begin doing business with any new financial institution.

What Is the Difference Between a High-Interest Savings Account and a Money Market Account?

Savings accounts and money market accounts are close cousins. Both allow you to move money in and out at your convenience, with their main function being to provide an option for you to sock away savings while earning interest on your balance. In addition, the federal regulation that limits savings account withdrawals to six per month is applied to both types of accounts.

Traditionally, what differs between savings and money market accounts is that money market accounts include the option to write checks on the account. In contrast, savings accounts typically only allow fund withdrawals via electronic transfer, ATM cards (when offered), or in-branch visits.

How Often Do Savings Rates Change?

The APY that a savings account pays on the day you make your initial deposit is not guaranteed. In fact, the account’s rate can change at any time.

Whether the rate goes up or down, and how often it changes, is largely influenced by the Federal Reserve. When it adjusts the federal funds rate, banks and credit unions often follow suit in the same direction.

That said, rate changes among savings accounts are not typically a daily or weekly event. Barring recent moves by the Fed, rates often remain at the same level for weeks or months at a time.

Methodology

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide, and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

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