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The savings offers that appear on this site are from companies from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneyCrashers.com does not include all savings companies or all savings offers available in the marketplace.
Right now, the U.S. national average interest rate on savings account balances is nowhere near enough to keep pace with inflation.
The good news is you can do better — a lot better — with one of these high-yield savings accounts.
Best High-Yield Savings Accounts
We evaluated dozens of online banks, traditional banks, and credit unions to find the best high-yield savings accounts available right now.
All of these accounts yield multiple times the national savings account average. They can help build your emergency savings fund faster and fight back against inflation. And all are FDIC insured up to the current limit per account ($250,000).
The Upgrade Premier Savings account offers one of the best yields of any bank account, period: 4.56% APY.
There’s no ongoing direct deposit requirement or any other hoops to jump through. All you have to do to earn this yield is maintain a minimum daily balance of $1,000 or more, which means you earn no interest on any day your balance drops below $1,000.
The Annual Percentage Yield (“APY”) for the Premier Savings account is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1,000. On days where the account closing balance drops below $1,000, the APY will be 0%.
There are no account fees, overdraft fees, or transfer fees associated with Premier Savings accounts.
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Earn 2% cash back on debit card purchases at convenience and drug stores, gas stations, and restaurants, and on utility bill (including cell phone) and monthly subscription payments. All other purchases earn 1% cash back.
Build credit with no annual fee — an ideal first credit card.
Cash Rewards Card
Earn 1.5% cash back on all eligible purchases.
Life Rewards Card
Earn up to 3% cash back on eligible purchases of gas, grocery, health, streaming, and utilities. Earn 1% back on everything else.
Earn up to 3% cash back on select purchases and 2% back on everything else.
Personal Installment Loans
Borrow up to $50,000 for any purpose and pay off in equal monthly payments over 36 or 60 months.
Barclays U.S. Savings is a no-frills savings account that requires no minimum balance to open or earn APY.
It has an excellent but not quite best-in-class yield too — consistently five times the national average, according to Barclays.
Barclays has a nice lineup of high-yield CDs as well. Terms range from 12 months to 60 months.
Other notable features include a seamless online transfer system, easy direct deposit setup for part or all of your paycheck, and savings and CD calculators to help you budget and save more efficiently.
American Express® Savings is the best high-yield savings account option for people seeking account help anytime, anywhere.
That’s thanks to 24/7 live customer support by phone and a robust self-help portal with answers to most — if not all — questions that come up during the course of the typical online banking relationship.
In addition to the savings account, Amex Savings has several high-yield CDs. Also of note: It’s one of the few online banks without a fee for paper statements.
If you’re a fan of goal-oriented saving, you’ll love the Alliant High-Rate Savings Account.
Set up as many as 19 supplemental savings accounts (aka sub-accounts) to fund and track specific savings goals, from short-term (your next weekend getaway) to long-term (the down payment on your first house).
Each supplemental savings account has the same great benefits and the same great interest rate (currently 3.10% APY¹) as your main account.
Other notable Alliant features include a surprisingly powerful mobile app and over 80,000 in-network ATMs. Alliant has a bunch of other high-yield deposit accounts too, including adult checking and kid-friendly savings.
Insured by NCUA
¹For important additional disclosures, please refer to the corresponding footnote at the Apply Now link directly above.
GO2Bank is a mobile bank account that combines checking and savings into the same interface.
The savings side earns 4.50% APY2 on balances up to $5,000, which makes it nice for savers without tens of thousands to sock away.
But the real value lies on the checking side thanks to a generous rewards program that pays up to 7% cash back on e-gift card purchases made in the app1 and 3% back on Amazon gift card purchases.
You must set up direct deposit to avoid the $5 monthly fee. If that’s not incentive enough, you can get paid up to two days early with ASAP Direct Deposit.3
1Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.
2GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 4.50% Annual Percentage Yield (APY) as of April 2023. APY may change before or after you open an account. Fees on your primary deposit account may reduce earnings on your savings account.
3Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or we will decline your deposit.
Marcus Online Savings yields 3.90% APY on all balances with no fees, minimums, or other requirements to earn interest.
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Marcus Online Savings earns a competitive — though not category-leading — yield on all balances (currently 3.90% APY) and complements a growing lineup of other high-yield Marcus deposit accounts, including traditional and no-penalty CDs.
Marcus also has an unusually large allowance for same-day transfers: up to $100,000. Just schedule your transfer by 12 p.m. Eastern on a business day and the recipient should have the funds in hand by 5 p.m. Eastern the same day.
13-Month No Penalty CD
Capital One 360 Performance Savings
Capital One Performance Savings is a mobile-friendly savings account that currently yields 3.50% APY on all balances. It complements a full lineup of other Capital One deposit accounts and credit products.
If you prefer the assurance of banking with a well-known institution but enjoy managing your money on your phone, Capital One 360 Performance Savings should top your list. While it doesn’t have the best savings yield, it does have clutch mobile features like:
Easy transfers between linked Capital One or external accounts
User-friendly automatic savings planning
Multiple mobile-friendly accounts for specific savings goals
Super-simple mobile check deposit
And don’t sleep on Capital One’s other financial products, including no-fee checking accounts and CDs, credit cards, and installment loans.
Discover Bank’s Online Savings Account has an above-average yield (currently 3.90% APY) and no monthly maintenance fee or minimum balance requirement.
But what really stands out about this account is the opportunity to earn up to $200 when you open a new account.
Earn $150 as a welcome bonus after you open your first Discover savings account by June 15, 2023, and deposit at least $15,000 within 30 days of your account open date, OR
Earn $200 as a welcome bonus after you open your first Discover savings account by June 15, 2023, and deposit at least $25,000 within 30 days of your account open date
This offer is available nationwide. See advertiser website for complete details.
Check out Discover Bank’s other high-yield savings products too.
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code MC223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends June 15, 2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
Citi Accelerate Savings earns up to 4.05% APY on all balances, though you need at least $500 in the account to avoid the monthly maintenance fee.
Up to 4.05% APY
$4.50, waived with $500 balance
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Citi® Accelerate Savings earns 4.05% APY on all balances of at least $1 (in select markets)1. The yield may be lower in some markets, but in any case, there’s no limit on how much interest you can earn on this account.
The biggest thing to watch out for: a $4.50 monthly fee that kicks in if your balance drops below $500. So fund your new account with at least $500 to avoid it from the first day.
1Rate is current as of March 14, 2023
The content on this page is accurate as of the posting date. However, some of the offers mentioned may have expired or changed.
Yes — you must opt in through Citi’s Safety Check feature
Yes — link your Accelerate Savings account to a qualifying Citi checking account to earn ThankYou Rewards points redeemable for gift cards, cash, and more
Yes — use Citi’s Auto Save feature to make weekly, monthly, or per-paycheck savings deposits
The Citi® Accelerate Savings account is available to customers with a residential/home address (not mailing address) in AA, AE, AL, AK, AZ, AR, AS, CO, DE, GA, GU, HI, ID, IN, IA, KS, KY, LA, ME, MA, MI, MN, MP, MO, MS, MT, NE, NH, NM, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WV, WI, WY, and select markets in Florida and Illinois
Methodology: How We Select the Best High-Yield Savings Accounts
We evaluate high-yield savings accounts on several key metrics that can make or break your experience as an account holder. For each metric, we select the account that surpasses all other competitors — giving you the confidence you need to choose the product that works best for you.
High Yield (High APY)
“What’s the interest rate?” is probably the first question you ask yourself when evaluating a savings account. A higher interest rate, or yield, means your money grows faster. When inflation runs hot, yield is your best defense against falling buying power.
Account fees are your enemy. The best high-yield savings accounts charge no monthly maintenance or minimum balance fees or have a way to get out of them. They should have low or no overdraft fees and no fees for person-to-person transfers.
Account Opening Bonus
It’s harder to find new account opening bonuses on savings accounts than checking accounts, but they’re around if you know where to look. See our list of the best new bank account promotions for our top picks right now.
Checking & Savings Combo
Many banks offer checking and savings accounts under the same roof, but only a few do both well. Several of these standouts appear on this list. For example, the Aspiration Spend & Save Account, promises a category-leading yield and up to 10% cash back on select checking purchases.
Other Account Types Available
Some banks and financial technology apps offer savings accounts only, or checking and savings accounts only. That’s fine, but all else being equal, we prefer those that have a wider range of account types, including checking accounts, money market accounts, and CDs.
You have enough to worry about. Choose a bank that saves more of what you earn without waiting for your say-so. That might mean rounding up the change on debit card purchases, automatically setting aside a portion of each paycheck, using an algorithm to figure out how much you can safely save each week — or all of the above.
Your bank’s mobile app should do everything its desktop banking portal does: accept mobile check deposits, execute (free) P2P funds transfers, pay your bills, manage your savings plan, and more. And it should look good on a small screen.
Become a Savings Account Expert: Your HYSA Questions Answered
High-yield savings accounts operate just like their yield-less siblings, but you make money on them. And if you’re like most people, you probably have some questions about that.
How Do High-Yield Savings Accounts Calculate Interest, & What Is Compounding?
Your savings account’s yield — how much its balance grows each year — is a function of its interest rate and compounding frequency.
You already know that a higher interest rate means faster growth. But what role does compounding frequency play?
Think of compounding as earning interest on interest. Compounding frequency describes how often your account adds the interest it’s earned to the original (principal) balance. The higher the compounding frequency, the longer each extra bit of interest has to earn interest on itself.
Don’t get too excited. In percentage terms, compounding frequency has a negligible impact on growth. And when interest rates are near zero, “negligible” is too generous. You have to squint to see the difference.
For example, imagine two seemingly identical savings accounts. Both earn 0.50% interest. The only difference: Account A compounds annually and Account B compounds daily.
You seed both accounts with $10,000 and make no further deposits. The interest rate remains level at 0.50%. By Year 10, how much bigger is Account B’s balance?
A whopping $1.31, that’s how much. After accounting for inflation, the difference is even smaller.
Can You Lose Funds Held in a High-Yield Savings Account?
Federal deposit insurance (FDIC coverage) protects savings balances held with member FDIC institutions up to at least $250,000. That protection kicks in if the member bank fails.
Always, always, always ensure your bank is FDIC-insured. Otherwise, there’s no guarantee you’ll get your money back if it closes its doors.
FDIC insurance doesn’t cover everything that can go wrong at your bank. It might not reimburse you if your account is hacked and drained without your consent or if you fall victim to a financial scam.
Do Banks Still Charge Excess Withdrawal Fees for High-Yield Savings Accounts?
Some banks continue to charge excess withdrawal fees. But a growing number of financial institutions — including several on this list — now choose to waive them.
That’s because of a long-overdue change to a Federal Reserve bylaw known as Regulation D (Reg D). For years, Reg D limited withdrawals or payments from savings and money market accounts to six per statement period. Banks and credit unions imposed steep fees for withdrawals in excess of this limit — often $10 or more per occurrence. Repeat offenders risked account closure.
In April 2020, the Federal Reserve announced that deposit institutions were no longer bound by the strict monthly withdrawal limit. But it didn’t require banks to make the change, so some still have excess withdrawal fees on their books.
Choosing a high-yield savings account can feel overwhelming, so take a step back before you make your pick and consider which factors matter most to you.
Often, the decision process begins and ends with yield. If that’s the case for you, choose the highest-yielding savings account you can find.
If you have priorities other than maximizing your interest earnings, use our Methodology section as a guide. Look for accounts with low (and ideally no) fees, an above-average mobile experience that includes features like mobile check deposit, and other account types available from the same institution.
Try not to overthink it. Opening a savings account isn’t something to be done lightly, but it’s also not as big a deal as buying a car or house. You can always open another one if you decide your first choice wasn’t the right one.
Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser, and have not been reviewed, approved, or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.