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Best High-Yield Savings Accounts of Dec. ’23 (up to 5.30%)

Review Updated
Matt Frankel, CFP®
By: Matt Frankel, CFP® Our Banking Expert
Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield
Opening a high-yield savings account is the #1 money tip I’ve been giving to my friends and family in 2023. I’ve been using one for years, and they've only gotten more attractive as savings account interest rates have now skyrocketed to 20+ year highs.

Best High-Yield Savings Accounts

If you're short on time, here's a quick list of 4 of our best high-yield savings accounts, backed by our 100+ hours of expert research and testing:

Most of the high-yield savings accounts we recommend on this page are used personally by our employees here at The Motley Fool, including myself (read our first-hand reviews here). So you can feel confident that we have thoroughly evaluated and stand behind these products.

And all of the accounts here have APYs that are about 10X the national average savings account interest rate (nope, that's not a typo!), and all are FDIC insured up to $250,000.
TIP
Why you can trust us
Unlike many other finance websites, we do NOT allow affiliate compensation to determine which products we list on this page.

Best High-Yield Savings Account Rates for December 2023:

While there's more to consider than just APY when choosing the best high-yield savings account for you (ahem, FDIC insured and no maintenance fees), we know that high interest rates are a big piece of the puzzle for most people. Here are our best online savings accounts sorted by the highest APYs:

The APYs above are accurate as of November 27, 2023.

First-hand reviews of the best high-yield savings accounts we use personally:

SoFi Checking and Savings

Screenshot of SoFi Checking and Savings platform SoFi Checking and Savings platform. Image source: Liz Wilson

APY: up to 4.60%

Bonus: up to $250 (with direct deposit)

Why we picked it: Not only does this savings account offer a strong APY, but the linked checking account has a very impressive APY for a checking account too. Plus, there’s the opportunity to earn a $250 bonus – a very rare perk.

What we think you need to know about SoFi Checking and Savings:

For those who are planning to set up direct deposit with their new account, we think SoFi Checking and Savings is hard to beat. The high-yield savings account offers an APY of up to 4.60% with direct deposit, which is very competitive with other accounts on our list (though others don’t require direct deposit). You can also earn the maximum APY by depositing $5,000 or more every 30 days.

Meanwhile, the linked checking account offers a 0.50% APY. Frankly, it’s the kind of combo that could make it worthwhile to switch banking relationships.Another unique feature of this offer is the bonus: users can earn a $250 cash bonus when they set up direct deposit, and when qualifying direct deposits within 25 days total $5,000 or more (the bonus drops to $50 if direct deposits in 25 days are at a lower level of $1,000.00 - $4,999.99)

Why I use SoFi personally:

SoFi is where I keep my own checking and savings accounts. I made the switch a couple of years ago after experiencing frustration with another online bank's clunky platform. While SoFi doesn't have the absolute highest APY in the high-yield savings account universe, it's pretty close. Plus, SoFi has built a fantastic financial ecosystem and I find it easier to manage my finances when most of my accounts are in the same place --– for example, I use SoFi for my SEP-IRA retirement account as well. Customer service has been absolutely fantastic, and the platform is extremely user-friendly and reliable.Here's another review from an employee here at The Motley Fool, who also uses SoFi personally:"I was interested in an online bank since I’d seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi because they offered some of the highest rates and had good reviews. Overall, they have been a good fit for us. Transfers are seamless and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursement), they temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues."

-Liz Wilson, Software Developer here at The Ascent, a Motley Fool Service

Pros:
  • One of the rare accounts to offer a bonus (with direct deposit)
  • Competitive APY on both savings and checking (with direct deposit)
  • No account fees
  • Baseline FDIC insurance of up to $250,000, and they also offer the SoFi Insured Deposit Program which allows for FDIC insurance on deposits up to $2 million (opt-in required)
Cons:
  • Direct deposit is required for the bonus
  • Direct deposit or large monthly deposits are required for the higher APY

Click here to open an account: SoFi Checking and Savings

American Express National Bank

Screenshot of the American Express Savings platform American Express Savings Platform. Image source: Author

APY: 4.30%

Why we picked it: We think you can feel good about stashing your money at American Express National Bank – a high-yield savings account with a strong APY and a trustworthy, safe brand.

What we think you need to know: While it may not be the highest APY on our best high-yield savings accounts list, American Express still sports a well-above-average rate and a strong brand. We can’t fault people that may not want to squeeze every last penny out of their interest rate, and would rather opt for a company like American Express with a strong reputation and one that is likely not going to play games with your APY. Further, this account sports no monthly fees and 24/7 customer support.

In terms of what could be improved, as an online bank it offers no ATM card; funds can be withdrawn or transferred through its website or mobile app.

First-hand review of American Express® High Yield Savings from one of our employees, who uses the account personally:
"I’ve personally been using my American Express savings account for over 3 years. I chose Amex because of their competitive rates coupled with the strength of a well known brand. Their online portal easily links between credit and bank accounts making it simple to track everything in one place."

–Employee here at The Ascent, A Motley Fool Service

Pros:

  • Extra safety of a rock-solid brand and reputation
  • Competitive APY
  • No monthly fees
  • No limit on number or amount of withdrawals
  • FDIC insured up to $250,000

Cons:

  • Slightly higher APY is available elsewhere, though those accounts may have less rate stability
  • No ATM card

Click here to open an account: American Express® High Yield Savings

Discover Online Savings

Screenshot of the Discover Online Savings platform Discover Online Savings platform. Image source: Ethan Mellin

APY: 4.35%

Bonus: Up to $200 with qualifying deposits

Why we picked it: While it may not be the highest APY on this list, Discover Online Savings features an excellent rate and we think this account excels pretty much everywhere else too.

What we think you need to know: we think Discover Online Savings is a great pick for anyone who wants an high-yield savings account with an APY that they don't need to think about. While it's not exactly the highest rate at every point in time, you can feel good that you’ll be earning a near-top-of-market rate for a while to come. You’ll also avoid many common bank fees and despite it being an online bank, you have plenty of deposit and withdraw options.

Discover has a limit of 6 withdrawals and transfers per month, which is pretty good, and they are not even enforcing that rule right now.For a limited time, earn $150 when you open your first Discover Online Savings account and deposit at least $15,000 within 30 days of the account open date. You can earn $200 with a similarly qualifying deposit of at least $25,000. Enter offer code TMF923 when applying. This offer ends 12/14/23. See Discover's web site for details.

First-hand review of Discover Online Savings from one of our employees, who uses the account personally:

"I chose Discover Online Savings first and foremost because of its high APY. However, I am also a Discover Credit Card & Checking account-holder, so having everything in one easy-to-use mobile app makes it extremely easy to manage my finances. That being said, I've recently noticed other online savings accounts with slightly higher APYs."

–Ethan Mellin, Senior Performance Marketing Manager here at The Ascent, A Motley Fool service

Pros:

  • Extra safety of a rock-solid brand and reputation
  • High APY
  • No monthly fees
  • FDIC insured up to $250,000

Cons:

  • Slightly higher APY is available elsewhere, though those accounts may have less rate stability
  • No ATM card

Click here to open an account: Discover Online Savings

CIT Platinum Savings and CIT Savings Connect:

Screenshot of my CIT Savings account platform My screenshot of the CIT Savings Platform. Image source: Author

APY:

  • CIT Platinum Savings: 5.05% APY for balances of $5,000 or more
  • CIT Savings Connect: 4.65% APY

Why we picked it: These are no-frills high-yield savings accounts offering some of the highest APY’s on the market today.

Important note: CIT offers two high-yield savings accounts: the CIT Platinum Savings account with a higher APY but with a deposit requirement of $5,000, and the CIT Savings Connect account with a slightly lower APY but only requiring $100 to open the account. So those depositing over $5,000 should go with CIT Platinum Savings, and those depositing under $5,000 should go with CIT Savings Connect.

First-hand review of CIT from one of our employees, who uses the account personally:

"I have personally been using CIT Bank savings accounts for years, and I’ve had a good experience with the company overall. The high APY is what attracted me to the account originally, and I’m still earning a very competitive rate there. This is also the main reason our experts included it on this list of our best high yield savings accounts.My first-hand experience with the platform and its features has been good, though it is important to note that the features are relatively simple and you shouldn’t expect all the bells and whistles of a larger bank (the screenshot above that I took shows what the platform looks like). For me, this is worth the trade-off for the higher interest rate. I’ve found that it is easy to wire money in and out of the platform.My only real negative thing I’ve experienced with CIT is that they lowered the APY on my account out of the blue last summer. This happened when they created a new account, the Savings Connect account you see here, which became the CIT account with the highest rate. It was easy enough for me to switch over to Savings Connect to earn the higher APY, but I didn’t appreciate them not auto-enrolling me in this new account. This isn’t a deal-breaker for me as this hasn’t happened again, CIT has been good otherwise, and the APY is strong. But if you open an account just make sure to keep an eye on it so you’re earning the highest APY."

-Brendan Byrnes, Managing Director here at The Ascent, A Motley Fool service

Pros:

  • High APY
  • No account fees
  • Unlimited transfers and withdrawals ($250k limit per day)
  • FDIC insured up to $250,000

Cons:

  • Past history of APYs for existing accounts not always being increased when new accounts with higher APYs are launched (though this has not been an issue lately)
  • There is a minimum deposit required to open an account, though it’s just $100

Click here to open an account:

CIT Platinum Savings

CIT Savings Connect

Capital One 360 Performance Savings

Screenshot of the Capital One Performance Savings Platform Capital One Performance Savings Platform. Image source: Matt Koppenheffer

APY: 4.30%

Why we like it: Like the other accounts on this list, Capital One 360 Performance Savings sports a strong APY. But what sets it apart from many others is branch locations and full-service banking support.

What we think you need to know: Capital One 360 Performance Savings is a great high-yield savings account option for anyone looking for a strong brand, easy-to-use platform, and a plethora of branch locations (if you live near one). It offers a highly competitive interest rate, though not always fully at the top of the market.

In terms of negatives, while you can take advantage of Capital One branches if you live near one, if you don’t then it could be tricky to access your funds in person (though you can transfer money to a Capital One 360 Checking account for easier access.)

First-hand review of Capital One 360 Performance Savings from one of our employees, who uses the account personally:

"My family and I have enjoyed the convenience of banking with Capital One overall. The accounts are easy to use, the interface is simple, money moves quickly, and while savings rates aren't top of the market, they're much higher than mainline banks."

–Matt Koppenheffer, General Manager here at The Ascent, a Motley Fool Service

Pros:
  • Branch access if you live near one
  • Extra safety of a rock-solid brand and reputation
  • No monthly fees
  • FDIC insured up to $250,000
Cons:
  • Slightly higher APY is available elsewhere, though those accounts may have less rate stability
  • No direct ATM access if you don’t live near a branch

Click here to open an account: Capital One 360 Performance Savings

Marcus by Goldman Sachs Online Savings Account

Screenshot of Marcus By Goldman Sachs Online Savings Account platform Marcus By Goldman Sachs Online Savings Account platform. Image source: Johnnie Weathersby III

APY: 4.30%

Why we picked it: We think Marcus is a strong option for anyone wanting a high-yield savings account with a great APY, robust platform, and all backed by a big name bank (Goldman Sachs).

What we think you need to know:

There’s a reason Marcus won our award for Best Online Savings Account. It features a high APY, no monthly maintenance fees, and excellent U.S. based customer support (during business hours). There is no minimum balance requirement to open an account and like all accounts on this list, it is FDIC insured for at least $250,000 per depositor.

One negative of Marcus is that it does not offer direct ATM card access, so if that’s important to you then we think it’s best to look elsewhere on this list.

First-hand review from one of our employees, who uses Marcus by Goldman Sachs personally:

"I love the competitive rates at Marcus and they update the return account holders see on a regular basis. Transfers to and from Marcus are pretty simple and help you avoid wire transfer fees that you may experience with other banks. The referral benefits are great for existing account holders, which can be a pretty sweet deal if you want to help your family and friends out, too."

–Johnnie Weathersby III, Senior BI Data Analyst/Architect here at The Motley Fool

Pros:
  • Won our award for Best Online Savings Account
  • Competitive APY
  • No maintenance fees
  • FDIC insured up to $250,000
Cons:
  • Slightly higher APY is available elsewhere, though those accounts may have less rate stability
  • No ATM card
TIP
Why should you use a high-yield savings account?
Switching to one of our best high-yield savings accounts could earn you an APY that's 10X higher than average interest rates: All of our best online savings accounts here pay 4.00% APY or more, while the average U.S. savings account pays a paltry 0.46% interest rate, per the . And your money is safe since all the accounts here are FDIC insured up to at least $250,000.

How we picked the best high-yield savings accounts

We used a comprehensive process for reviewing and researching the top saving accounts, which added up to well over 100 hours of our experts’ time. While we have our own preferences and opinions, we also align closely with the principles laid out here by the Consumer Financial Protection Bureau (CFPB) on . There are obvious things we look for first: these accounts need to have a high APY, be FDIC insured, have low or no fees, low account minimums, and a strong brand reputation. We also read the fine print to make sure things like transfer and withdrawal limits are acceptable -- after all, what good is a high-yield savings account if you can't get your money out when you need it?Additionally, we personally use most of the accounts recommended here so we are deeply familiar with the ins-and-outs of them, and feel as comfortable recommending them to you as we do our friends and family.
  • When you're looking for a high-interest savings account, the account's APY isn't the only factor to consider. Keep the items listed below in mind when you compare savings accounts to avoid surprises down the road.
    • FDIC insurance: Most banks offer FDIC insurance. It's unlikely you'll ever use it, but it's risky not to have it. If your bank fails and your funds aren't insured, you lose your money. That's why we think the best savings accounts are ones with FDIC insurance.
    • High APY: APYs fluctuate from bank to bank and over time, so there's no solid definition of a high APY. You don't need the highest rate on the market, but you should choose one that's close to the highest around. This will earn you more interest.
    • Low fees: Fees can eat into your profits and possibly cost you more than you're earning in interest. Check your bank's fee schedule to learn about any costs associated with the account, and avoid a monthly maintenance fee if you can. Also, check to see if there's a minimum balance requirement on the account. The best savings account for you might have a few fees -- but, in an ideal world, you can meet whatever is required to waive those fees.
    • Accessibility: Make sure you're comfortable with the ways you can deposit money into your high-yield savings account and withdraw it when necessary. You likely also want a bank with an online portal and mobile banking so you can manage your funds remotely. The best bank to open a savings account at is one you're comfortable interacting with, whether that's online, in-person, over the phone, or at an ATM.
    • Welcome Offers: Some bank accounts also offer bonuses. If you're looking for a high-yield savings account with a bonus, check out our list of Best Bank Bonuses to see our top picks.
    And remember -- choosing a bank is personal. You're the one who ultimately knows which account is the best savings account for your needs, preferences, and lifestyle!

Why you can trust us

Here at The Motley Fool, we’ve been helping people grow their wealth since 1993. Our philosophy is to provide useful, unbiased, jargon-free guidance that’s easy for people to understand and implement. Unlike many other websites, we do not allow companies to buy their way onto this page. The products you see here are what our experts believe are the best online savings accounts, whether we get compensated for them or not. After all, there’s a reason The Economist calls us “An ethical oasis” and Time Magazine says “Even millionaires get ideas from The Motley Fool”. You can learn more about us here.

About the author:

My name is Matt Frankel, and I'm a Certified Financial Planner™ based in Columbia, South Carolina. I've been writing, teaching, and practicing sound personal finance strategies for nearly 15 years, and my work has been featured by news organizations including CNBC, BBC, and NPR. I also wrote a weekly personal finance column in USA Today for several years.Above all, my passion is to help people make the best decisions with their money. Learning how to make money work for you (like with a high-yield savings account) can help put you on the path to financial freedom.

What is a savings account and how do they work?

See our video explaining how a savings account works:

To recap, here are our best high-yield savings account rates of December 2023

Show Best Offers Available in
Ratings Methodology
Rates as of Nov 28, 2023
CIT Platinum Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
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APY
5.05% APY for balances of $5,000 or more Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$100 to open account, $5,000 for max APY
  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • 24/7 customer support
  • FDIC insured
  • Balance requirement for maximum APY
  • No ATM access
  • No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APY’s on the market today — as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have a monthly limit).
SoFi Checking and Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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offer alert
New customers can earn up to a $250 bonus with qualifying direct deposits!
APY
up to 4.60% Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: //www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees
  • Welcome bonus up to $250 (direct deposit required)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Unlimited transfers and withdrawals
  • ATM access
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection requires monthly direct deposit minimum
  • No branch access; online only
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns above-average, too — which is a rare perk. Plus, there’s the opportunity for an up to $250 bonus and a long list of extra account features. Frankly, it’s the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days.

Capital One 360 Performance Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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  • Competitive APY
  • Branch access (if you live near one)
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • FDIC insured
  • No ATM access
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. But it also offers branch locations and Capital One Cafés where customers can seek in-person support (if you live near one). This makes it a great fit for those who want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Customers Bank High-Yield Savings Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • FDIC insured
  • Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
  • No checking accounts offered through Raisin
  • Limited customer service hours
  • Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
  • No branch access; online only
With Customers Bank, Powered by Raisin, you get an APY that outpaces most high-yield savings accounts on the market. Deposits are held with Customers Bank, a midsize regional bank, and are managed via Raisin's secure online platform. Customers Bank is FDIC insured, so your funds are protected up to the legal limit. The trade-off for the high APY is a limited feature set, with ACH transfers being the sole method for deposits and withdrawals. Still, it's a great match if you desire an exceptional APY with a no-frills online banking experience.
Discover Online Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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= Poor
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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APY
4.35%
Min. To Earn APY
$0
  • Competitive APY
  • No account fees
  • Limited-time $150 or $200 bonus.
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only
Discover Online Savings is a great pick for those who want a high APY and top-notch mobile app, but prefer to bank with a well-known brand. While it's not exactly the highest rate at every point in time, you can feel good that you’ll likely be earning a near-top-of-market rate for a while to come. For a limited-time, you can also potentially earn a $150 or $200 bonus for opening your first Discover Online Savings account (offer ends 12/14/23).

Bonus offer details from Discover: "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 TMF923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice."
American Express National Bank
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
4.30% Rate info Circle with letter I in it. 4.30% as of December 3, 2023
Min. To Earn APY
$1
  • Competitive APY
  • No account fees
  • Comfort of a well-known brand and reputation
  • Unlimited transfers and withdrawals
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only
American Express may not have the highest APY on our list, but it still sports a well-above-average rate and a strong reputation. This is a good fit for those who prefer the comfort of a well-known company like American Express that isn't likely to play games with your APY.
CIT Savings Connect
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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APY
4.65% Rate info Circle with letter I in it. CIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 5.05% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.
Min. To Earn APY
$100 to open account
  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • 24/7 customer support
  • FDIC insured
  • $100 minimum deposit required
  • No branch access; online only
CIT Savings Connect has among the highest APYs we've seen for an account with no account fees or minimum balance requirement (though a $100 initial deposit is required to open it). It's a great fit for those who want a top-notch APY and a flexible online banking experience.
LendingClub High-Yield Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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  • No monthly fees
  • High APY
  • ATM card available
  • No minimum balance requirement after $100 minimum deposit
  • Unlimited external transfers (up to a daily limit of $5,000-$250,000, depending on deposit size and account duration)
  • $100 minimum deposit required
  • Only one physical branch
A standout online savings account that features a very competitive APY and no monthly fees, though a $100 opening deposit is required.
Marcus by Goldman Sachs Online Savings Account
Goldman Sachs Bank USA. Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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APY
4.30%
Min. To Earn APY
$0
  • Competitive APY
  • No maintenance fees
  • No minimum balance requirements
  • No ATM card access
The Marcus by Goldman Sachs Online Savings Account has proven that it's a competitive online savings account with a competitive annual percentage yield (APY), no fees, and no minimum balance requirements.
Betterment Cash Reserve
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
4.75% or more Rate info Circle with letter I in it. Regular APY is 4.75%. New customers who sign up on Betterment's site, open an account, and make a qualifying deposit within 14 days can receive an extra 0.75% on their APY through Dec. 31, 2023. Terms apply.
Min. To Earn APY
$0
  • Competitive APY
  • $2 million in FDIC insurance
  • Unlimited withdrawals
  • No maintenance fee
  • Only available to Betterment clients
  • No ATM card
The Betterment Cash Reserve account offers some unusual perks, like $2 million in FDIC insurance, alongside more standard savings account benefits, like a high APY. Its lack of fees only adds to its appeal. But the fact that it's only available to Betterment investors may encourage some to look at other homes for their cash.

Expert recommendations for how to choose an online high-yield savings account

High-yield savings accounts help you grow your wealth safely, while keeping your money easy to access. You can open one with most banks and credit unions, but always compare interest rates (as well as other account features) between banks before you open an account.If you're not sure where to start looking for an online savings account, check our list above to find out which banks we believe offer the best online savings accounts.

Our industry banking experts have weighed in below for how they’d personally recommend leveraging and choosing the right savings account for you!

How to open a high-yield savings account online or in person

To open a savings account, fill out an online application form or visit a branch (if your chosen bank has them). Most of our top high-yield savings accounts have strong customer service departments that can assist you with any specific questions you have.

Requirements to open a high-yield savings account

This process should be similar whether you open a savings account online or at a brick-and-mortar bank. You will need to provide some personal information, including:
  • Your address
  • Your Social Security number
  • A government-issued ID, like a driver's license or a passport

If you are opening a joint savings account, both parties will need to provide this information.

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Minimum deposit to open account
Your bank may also require a minimum deposit to open the account. The minimum deposit may be different from the ongoing minimum balance required to avoid monthly maintenance fees. If you're making this minimum deposit by transferring funds from another bank account, you'll need to know its routing and account number.

What to know about high-yield savings accounts

With a high-yield savings account, your bank pays you interest on your money -- usually every month. How much interest you earn is determined by the account's annual percentage yield (APY). You'll earn more interest with an account that has a high APY.The best online high-yield savings accounts offer both convenience and high interest rates. A larger balance or a higher savings account interest rate results in more interest.It's always good to compare savings account interest rates before opening an account. The best savings account interest rates can add a nice bump in your funds without much effort on your part.

How much money should you keep in a high-yield savings account?

A high-yield savings account is a great place to keep your emergency fund, as well as funds for any short-term savings goals (like a vacation or a down payment on a home). And there is nothing wrong with having multiple savings accounts. In fact, it's generally a good idea to keep your emergency savings separate from the rest of your money.

Here's what the experts we spoke with had to say about how much you should have in savings:
People should generally keep a collective balance in their checking and savings accounts equal to three to six months' worth of living expenses. Dr. Jeff Jones, PhD, CFA®, CFP®, CPA (Inactive), Department Head, Finance and General Business Department
if you drive an old car, or know that your roof is getting up there in age, or work in a job with a lot of volatility in hours or susceptibility to layoff, then you'll need more emergency savings. Matthew S. Rutledge, Associate Professor of the Practice, Boston College Economics Department

Pros and cons of high-yield savings accounts

There are advantages and disadvantages that come along with high-yield savings accounts. It's important to consider these factors when you're looking for the best savings account for your lifestyle.

Pros of high-yield savings accounts

  • Earning interest
  • Saving as much as you like
  • Paying bills with automatic bill pay
  • Knowing your money is insured with the FDIC

Cons of high-yield savings accounts

  • Monthly maintenance fees (sometimes)
  • No checks (usually)
  • No ATM card (common with online savings accounts)
  • Fees for extra withdrawals after your first six withdrawals at some banks
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Can you write checks from a high-yield savings account?

Most savings accounts don't offer check-writing capabilities and many don't offer a debit card -- so you have to transfer the funds to a checking account or withdraw cash in order to spend money. Often, banks limit the number of free withdrawals you can make in a month.

Compare types of savings accounts

  • Here's a look at the common types of savings accounts you'll run into.
    • Traditional savings account: These accounts are usually easy to open and easy to access. But APYs tend to be pretty low, and most of these accounts carry maintenance fees if your balance falls below a certain amount.
    • High-yield savings account: These are similar to traditional savings accounts, but they offer much higher APYs and most don't have monthly maintenance fees.
    • Money market account: Money market accounts offer the APYs of a savings account with the easier access of a checking account. However, these accounts usually have higher minimum balance requirements than typical savings accounts.
    • Certificate of deposit (CD) account: Certificates of deposit (CDs) usually offer some higher APYs than any of the savings accounts discussed above. If you're looking for the best APY on a savings account, CDs are definitely worth considering. But you have to agree not to withdraw your funds for the full CD term (which could be months or years).
    • Specialty savings account: A specialty savings account is a savings account that's geared at a certain group of people or goals. Examples include kids' savings accounts, health saving accounts, and education savings accounts.
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Learn more about high-yield savings account interest rates
Is a high-yield savings account worth it? What is a good interest rate, anyway? And how do you compare savings account rates?If you're asking these questions, you're not alone. Here are some FAQs we've answered about savings account interest rates:

Online vs. traditional banks

If you don't want to open a high-yield savings account online, don't worry -- you can get a high interest savings account at a brick-and-mortar bank too. You might just need to look around a little more, since high interest savings accounts are more rare at brick-and-mortar institutions.Savings accounts at online banks are slightly different from savings accounts at traditional banks. Here are some of the key differences between savings accounts at online and brick-and-mortar banks:
Service Brick-and-mortar banks Online banks
Interest rates Generally low Generally high
Hours of operation Fixed to the bank's schedule Flexible to your schedule
ATM networks Extensive ATM networks Coverage varies
Customer service In-person service in addition to call centers Call centers often extended or 24/7 hours
Account access Branch withdrawals, transfers, and ATMs Transfers and ATMs
FDIC insured Yes Usually

  • APY: This stands for "annual percentage yield." People often use this term interchangeably with interest rate, but the two aren't the same. APY takes into account the actual interest rate as well as how often that interest compounds. A higher APY means more interest for you.

    When we say "compare savings account rates," we mean "compare APYs."

    Monthly maintenance fee: This is a fee your bank charges to maintain your savings account. Some banks, especially online banks, don't charge this fee, and others will waive it if you meet certain requirements.

    Liquidity: Liquidity refers to how easy it is to turn your money into cash. Highly liquid accounts make this simple, while low-liquidity accounts make it a lot more challenging to get cash when you need it.

Guidance from Savings Account Experts

Matthew S. Rutledge

Matthew S. Rutledge

Associate Professor of the Practice, Boston College Economics Department
Dr. Jeff Jones

Dr. Jeff Jones

Jeffrey S. Jones, PhD, CFA®, CFP®, CPA (Inactive), Department Head, Finance and General Business Department

FAQs

  • A high-yield savings account is a savings account that offers a much higher APY than average and is usually (but not always) offered by an online-based financial institution. Some high-yield savings accounts offer APYs that are 10-times the national average or more. This means your savings can grow more quickly.

  • A savings account is a type of bank account designed for money you don’t plan to spend immediately. You can open one of these with any bank or credit union, and you can usually deposit as much as you’d like to the account. You deposit money in-person, or through direct deposit, electronic transfer, check, or some other method.

  • Yes. Savings account funds are FDIC insured up to $250,000 per person per bank, and some banks have started offering even more coverage through partner networks, so there's no risk of losing money if your bank goes under. The risk of losing money with a savings account is pretty slim. It could be possible if you incur a lot of fees, your identity is stolen, or a hacker gains access to your bank account.As long as you are aware of the fees your bank charges (and ways to avoid them) and you protect your personal and account information, your savings account should only make you money.
  • Savings accounts earn interest over time on money you don't plan to spend immediately. How much interest you earn depends on the balance in your savings account and the interest rate.
  • Banks use your savings to fund loans for their customers. Borrowers then pay interest on the loan, and your bank sends some of that interest to your savings account.
  • The best savings accounts have:
    • High APY: The top savings accounts should include a high APY in range with our picks.
    • No monthly maintenance fee: Most of the best savings accounts won't charge a monthly maintenance fee.
    • FDIC insurance: Whether you're putting money aside to build an emergency fund or wanting to earn more interest, security is important.
  • A $1,000 deposit could earn about $45 in interest in a year, if you put it in a high-yield savings account with a 4.50% APY. The amount of interest your money earns depends on the bank account and its APY. In a brick-and-mortar savings account with a 0.40% APY, a $1,000 deposit would only earn about $4.Savings rates can -- and do -- go up and down. These changes will affect the amount of interest you earn.
  • These types of accounts often earn more than traditional savings accounts:
    • High-yield savings account
    • Certificate of deposit account
    • Money market account

    Even among these types of accounts, you will find a wide range of interest rates offered. Generally, the highest interest rates are found at credit unions and online-only banks.

    Some banks and credit unions offer tiered interest rates. For example, you might earn a relatively high rate on your first $1,000, and then a smaller rate on the amount above that. Or your bank might pay a modest rate on the first $25,000 and a higher rate on the amount above that. Beginner savers will definitely do better with the first type of account. Once you start building your savings, you can use an online savings calculator to figure out where you'll earn more.
  • Yes, a savings account (especially a high-yield savings account) is a great place for your emergency savings. Here's why:

    Your emergency fund should be easily accessible to you. Keep your emergency savings in an account that allows you to transfer or withdraw money quickly. A certificate of deposit account is not recommended because no one can predict when financial emergencies are going to happen, and you might have to pay a penalty if you withdraw money from a CD before the maturity date.

    Your emergency fund should be protected from losses. It's generally not advisable to put your emergency fund in the stock market or other account that could experience fluctuations, because you wouldn't want the value to be in a dip when you have a financial emergency.

    Your emergency fund should grow. This is why you shouldn't keep your money under the mattress, even if you feel that it would be safe from theft. A high-yield savings account allows you to maximize your earnings. Stashing cash -- or leaving your money in a traditional savings account -- means you forego the opportunity to earn as much as possible in interest.

Our Banking Experts
Matt Frankel, CFP®
By: Matt Frankel, CFP® Writer, Analyst
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Nathan Alderman
Check IconFact Checked Nathan Alderman Fact checker
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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