Top 8 Savings Accounts for 2023

The best savings accounts are no longer offered by brick-and mortar institutions. Many online banks and fintech firms offer savings accounts that have lower or no fees, and they also offer interest rates that are competitive with other institutions.

Do you not believe me? You’ll find out that Chase and Wells Fargo offer a pitiful.15% on their regular saving accounts. It’s even lower than what the FDIC reports as the national average!

Comparing banks’ savings accounts side-by-side is important if you want to get the best rates on your savings. To help you with your search, we have highlighted the top savings accounts for 2023.

Get the Best Deals with No FeesBest Online ToolsBest User ExperienceThe Best Online Transfers
CIT Bank Savings AccountBarclaysDiscover Bank Savings AccountsBread Savings HYSA
Our PartnerOur PartnerOur PartnerOur Partner
Annual Percentage Yield4.60%4.00%3.60%4.65%
Minimum Account Balance$100$0$0$100
Monthly FeesNo,No,No,No,
Are FDIC insured?Yes,Yes,Yes,Yes,
Mobile App RatingGoogle Play: 3.4 stars out of 5.App Store: 4.6 stars out of 5.Google Play: 1.6 stars out of 5.App Store: 3.5 stars out of 5.Google Play: 4.7 out 5 starsApp Store: 4.9 stars out of 5.Google Play: 2.8 out 5 starsApp Store: 4.5 stars out of 5.

The Best Savings Accounts in 2023

  • Discover Online Savings account for Best User Experience
  • UFB direct rewards savings: best for high APY
  • CIT Savings Connect – Best No Fees
  • Marcus By Goldman Sachs : Best for No-Minimum Deposit
  • Citi Rapid Savings : Best for Citi Customers
  • Barclays Online Savings account: best online tools
  • SoFi money: The Best Sign-Up Bonus
  • Bread High-Yield Savings is Best for Online Transfers

Your savings will grow when you open a High Yield Savings account.

A High-Yielding Savings Account can be a great way to save money. Click below to open your account.

Best Savings Accounts Reviews

You should familiarize yourself with the features of each account, including minimum balance requirements and fees. These savings account reviews will help you to learn more about the banks and their products.

Discover Online Savings Account for the Best User Experience

Current APYMinimum Deposit AmountCharges

Personal Loans, Checking and Savings Accounts, and Student Loans are also offered by this online bank. Consumers can open a savings account that requires no minimum deposit and has no monthly or maintenance fees.

Discover allows you to open a savings account online without visiting a branch. Your Discover account might also come with broader ATM access, depending on where in the world you live.

The Discover online savings account offers many other benefits, including no fees for insufficient balances and a mobile app with high ratings that allows you to easily make deposits, check your account balance or transfer money from one account to another.

UFB Direct Savings: Best High APY

Current APYMinimum Deposit AmountCharges

UFB Direct is a high-yielding savings account that does not charge maintenance fees or service charges and requires no minimum balance. The highest-yielding account does not require a minimum deposit. You also get a free ATM Card.

UFB Direct comes with an online banking portal that’s robust, and a mobile application that’s highly rated by its users. The app allows you to track your savings and spending goals and make mobile deposits. You can also rest assured that your personal information and banking data are safe with this bank, as their accounts come with 128-bit encrypted encryption.

CIT Bank Savings Connect: No fees at all!

Current APYMinimum Deposit AmountCharges

CIT Bank is a division within First Citizens Bank. It was once an independent online bank. To get started, the CIT Bank Savings Connect requires at least $100. There are no hidden fees, or account management charges, to worry about. Consumers can earn a rate of 4.60% Annual Percentage Yield (APY).

This account is easy to open online, and users can also use the app to transfer money or track their savings. CIT Bank, like other accounts in our ranking is FDIC-insured. Depositors will be able to sleep soundly knowing that their savings up to $250,000 are protected in the event of bank failure.

Marcus by Goldman Sachs: Best for no minimum deposit

Current APYMinimum Deposit AmountCharges
APY 4.15%$0No,

Marcus By Goldman Sachs provides some of the highest-yielding savings accounts as well as personal loans available today. The savings account offers a competitive annual percentage yield (APY) of 4.15%. This account is free to open and requires no minimum deposit.

Marcus by Goldman Sachs is FDIC-insured. You can also transfer money from other banks the same day up to $100,000.

Apps for mobile banking are also highly rated. The mobile app is available to applicants who want to open an account online. You can, for example, use the Marcus app by Goldman Sachs to plan transfers into and out of your accounts, track your interest earned and set savings goals.

Citi Accelerate: Best for Citi Customers

Current APYMinimum Deposit AmountCharges
3.85%$0If you have a balance less than $500, there is a $4.50 service charge per month.

Citibank may be worth looking into if you’re hoping to open an account at a bank with physical branches near your home. The bank is spread out across the nation, and you can also access their 65,000 ATMs. Citibank offers a mobile app that has excellent ratings in both the App Store and Google Play.

Their highest level of online savings earns a current APY of 3.85%. If you do not have a linked checking account and have a CitiAccelerate savings account, you may be charged a monthly service fee of $4.50. However, this fee can be waived by maintaining a minimum average monthly balance in your account of $500.

Barclays Online Savings account: Best online tools

Current APYMinimum Deposit AmountCharges

Barclays offers a high-yielding savings account that almost anyone can access. This account currently earns 4.00% APY and the minimum balance requirement is $0. This account has no monthly fees and no hidden fees.

Barclays offers FDIC-insured accounts, as well as the ability to transfer funds between accounts via mobile apps or online. This account is an easy-to-use option for growing your savings, without any hassle.

Best sign-up bonus: SoFi money

Current APYMinimum Deposit AmountCharges
4.20% Annual Percentage Yield$0No,

SoFioffers a 4.00% APY on their savings account with no minimum deposit and no monthly or hidden fees. Sign up for the online bank and you can get a $300 bonus when you set up direct deposit.

If you open an account with SoFi, you can also access more than 55,000 ATMs in the Allpoint network that are fee-free. Direct deposits that qualify will protect you against overdraft fees if you exceed your account balance by $50. You can also access your paycheck two days earlier if you have a SoFi savings account. It is also highly rated that the SoFi mobile application allows you to manage all of your Sofi account in one place.

Save money on bread with our easy online transfers

Bread savings can also help you to grow your savings online with a high rate of return and no hidden charges. Bread requires a minimum of $100 to open an account. After that, you will earn 4.50% APY regardless of the balance of your account.

Bread’s high-yielding savings accounts don’t have many frills or special features. However, the company has a mobile application with a lot of benefits. Bread’s app allows you to do many things, including monitor your savings, make deposits and transfers, as well as track the balance of your account. Bread offers unlimited deposit via mobile check capture or ACH transfer.

Money-saving has never been easier with a High Yield Savings Account.

You can relax if the thought of saving for your future causes you stress. Click below to open your account.Open an account today

Find the best savings accounts

It is important to compare and check out other financial products, such as money-market accounts and certificates of deposit (CDs). You should look at the top checking accounts available today if you are looking for an account that you can use regularly to make purchases.

Here are all the things you should consider when evaluating the best saving accounts:

.DescriptionProsYou can also find out more about Cons
Interest RateYou can get a percentage return on your savings from the bankYou earn more interest over time with higher ratesRates are subject to change and restrictions or fees.
FeesBank charges for transactions, account maintenance or other servicesNo or low fees allow you to keep more of your savingsSome fees are unavoidable such as overdrafts and account closures
Minimum BalanceMinimum amount to maintain in account to avoid charges or earn interestMaintaining your account is easier with low or no minimum balancesFor higher interest rates and other benefits, you may need to maintain a higher minimum balance.
Access to FundsHow quickly and easily you can withdraw moneyIt can be useful to have easy access in an emergency or unexpected expenseYou may be limited in your flexibility if you are restricted from withdrawing funds.
Account FeaturesOnline banking, mobile applications, and ATM access are all examples of additional services or benefits.Using convenient features to manage your account can be easier.Some features come with extra fees or restrictions
FDIC InsuranceFederal Deposit Insurance Corporation (FDIC), insures up to $250,000 of bank depositsFDIC Insurance provides peace of mind knowing that your savings will be protectedBank accounts that are not FDIC insured may not be as safe

Savings Accounts 101

Read on to find out more about the pros and cons of saving accounts and how they work.

How Savings Accounts Work

Savings accounts are a form of bank account designed to grow your money. Savings accounts have a higher annual percentage yield than checking accounts. Some savings accounts have minimum balance requirements or monthly fees. Others limit the amount you can withdraw or transfer each month.

If you want to get the best return on your savings, look for accounts that have minimal or no fees. Set up automatic deposits or transfers to grow your savings. You can also open multiple accounts with different goals.

Use-Cases For Savings Accounts

You can open a savings with your bank or online institution for a variety of reasons. Here are a few of the most popular uses for saving accounts and the money they contain.

  • Short term goals Many consumers save money for short-term objectives, such as home improvements or repairs, a vacation or a family vehicle.
  • Long term goals You can use your savings account to save money for long-term goals, such as a down payment for a house, college tuition or retirement.
  • Emergency Funds Most experts recommend that you have 3 to 6 months’ worth of expenses in an emergency savings account. A fully-stocked emergency fund in a high yield savings account will give you some protection from unexpected bills and expenses, as well as a loss of income.
  • Rainy Day Funds It’s always a good idea to keep some money aside for unforeseen events. Open a savings account to fund anything, from a trip to the last minute to an expensive purchase.

Savings Accounts Pros and cons


  • Interest rate is higher than that of a checking account
  • Cash should be liquid and easily accessible at all times
  • FDIC Insurance offers you protection.
  • Online savings accounts are available with no minimum balance requirement and no fees
  • Mobile apps can help you manage your finances in a seamless manner


  • You can withdraw a certain amount of money each month from your savings account.
  • Minimum deposits can be required
  • Certain accounts charge monthly fees
  • To avoid monthly maintenance fees, you may have to maintain a certain balance every month.
  • Money Market Accounts and Certificates of Deposit (CDs), for example, offer lower interest rates.
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