Best High-Yield Savings Accounts

Our guide to the best high interest savings accounts

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By SABRINA KARL
 

Updated April 07, 2023

Reviewed by 
MICHAEL J BOYLE

Fact checked by 

MICHAEL ROSENSTON

We independently evaluate all recommended products and services. If you click on links we provide, we
may receive compensation. Learn more.

 
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.1 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 4.50% 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

 UFB Direct - 5.02% APY
 CFG Bank - 5.02% APY

 Newtek Bank - 5.00% APY

 CIT Bank - 4.75% APY
  Salem Direct Bank - 4.61% APY

 Vio Bank - 4.55% APY

 Popular Direct - 4.55% APY

 Western State Bank - 4.55% APY

 Bread Savings - 4.50% APY

 First Foundation Bank - 4.50% APY

 Ivy Bank - 4.50% APY

 TotalDirectBank - 4.50% APY
 Bask Bank - 4.45% APY

 BankPurely - 4.45% APY
 iGObanking - 4.45% APY

 
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.

Newtek Bank, Personal High Yield Savings - 5.00% APY

 Minimum initial deposit: Any amount
 Minimum ongoing balance: Any amount

 Monthly fee: None
 ATM card: No

 Mobile check deposit: No

 Checking accounts available: No

 CDs available: Yes

CIT Bank, Platinum Savings - 4.75% 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
Salem Five Direct, eOne Savings - 4.61% APY
 Minimum initial deposit: $10

 Minimum ongoing balance: Any amount

 Monthly fee: None

 ATM card: No (only with connected checking account)

 Mobile check deposit: Yes

 Checking accounts available: Yes

 CDs available: Yes

Vio Bank, Cornerstone Money Market Savings Account – 4.55%

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.

Popular Direct, High-Rise Savings Account – 4.55% 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
Western State Bank, Online Money Market Account - 4.55% 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.

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

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
Ivy Bank, High-Yield Savings 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

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.

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.

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
savings accounts to customers nationwide. We determine daily rankings of the top-paying savings accounts. To
qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the
savings account'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 high-yield savings accounts, read our full methodology.

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