Top-Rated High-Yield Savings Accounts

I remember when the best high interest savings accounts offered annual returns of more than 5%.

These days are long gone. But… they’re making a comeback!

According to FDIC and , the national average saving rate is a pitiful 0.33%The best high-interest saving accounts are currently paying more than 20 times what the national average is! Due to the low rate environment, I’m not surprised that my clients have complained about their accounts for several years.

Switching to a high-interest account is an excellent way to save money for a financial goal in the future or an emergency.Savings Accounts: Could this be the end of traditional banks?

Sneak peek: Our top 2 online high yield savings accounts

Many online banks offer great terms. Avoid letting your money rest in an account where annual fees will eat up all of it. Your money shouldn’t be charged to sit.

The banks I have listed are all great places to store your money. Each bank offers different benefits. Below, we cover them all.

The Best High-Interest Savings accounts in 2023

  1. Discover Best Overall
  2. CIT Savings Great Rates
  3. Ally Bank Best User Experience
  4. BBVA bank – Best Variety of Products
  5. HSBC – Consistently high rates
  6. Best for Military USAA
  7. Capital One 360 Best for Trustworthiness
  8. Honorable Mentions

1. Find the Best Deals

  • Interest rate:3.90%
  • Minimum Initial Deposit: $0

Discover Bank is a great bank for investing your savings to earn high interest rates. No minimum balance is required to open the account, and there are no monthly fees. The account also offers 24/7 online access, transfers between banks and direct deposits.

Withdrawals and transfers out of the account are limited to six per statement cycle.

2. CIT Bank Savings: Great Interest Rates on a Permanent Basis

  • Interest rate:up to 4.60%
  • Initial deposit Minimum:$100

CIT bank can be a good choice for you if you want to keep some cash in a safe place for an unexpected rainy day.

CIT Bank has the highest interest rate and is currently in front of everyone else.

They offer an additional bonus rate for customers who have saved more than $5,000.

CIT’s easy deposit system is another great feature. You can add money to your account, or fund it, by using an online transfer, a wire transfer, a check mailed in, or transferring funds from your bank. Read the full review.

3. Ally Bank: Best User Experience

  • APY: 3.40%
  • Minimum Initial Deposit: $0

Ally Bank’s premise was to get rid of the ridiculous fees charged by normal banks, while offering customers excellent rates and customer service.

Seriously? How could you not like that? I will vote for a bank that fights to stop banks from ripping off their customers.Ally offers a wide range of products, from CDs and IRAs to checking and savings accounts.

4. PNC Bank: Best Products Variety

  • Interest rate: 3.01%
  • Initial deposit Minimum:$25

PNC (formerly BBVA), offers a variety of services and products, from online savings accounts to small business loans (because you’re here for that reason right? ).

BBVA may not be the most famous bank in our list, but they are one the largest U.S. Commercial Banks based on their deposit market share.

You should familiarize yourself with the products of PNC if you’ve never heard of them.

5. HSBC – High Interest Rates and Low Minimums

  • Interest rate:3.45%
  • Initial Account minimum: $1

HSBC consistently offers high interest rates on its savings account. They offer Checking Accounts as well as loans, mortgages, retirement and investment accounts, insurance, and investment accounts.

What you can expect from an HSBC online high yield savings account

  • High interest. HSBC’s commitment to competitive interest rates is aimed at attracting new clients.
  • Low Minimums. Open an account online for All Savings with $1 and receive APY.
  • Accessible Most online banks allow only transfers.

6. USAA – Best Military Discount

  • Initial Minimum Deposit: $25

*You must be a member of a military family.USAA, a reputable bank, offers a number of unique advantages that other banks do not. USAA offers a huge variety of products. USAA offers almost any insurance or financial product that you might need. Having all your accounts in one place can be a huge advantage.

What you get when you open a USAA Online Savings Account:

  • Access to any ATM for free No withdrawal fees at over 60,000 “USAA preferred” ATMs You will be refunded the fees for any ATMs that are not preferred.
  • Small initial deposit USAA requires a small initial deposit.
  • No service fees. You will not be charged any fees for transferring money from your USAA Savings Account to another bank.

You should consider opening an online account with USAA if you have family members who served in the military.

7. Capital One 360 Savings account – Trustworthy

Capital One 360 has been my bank for longer than Ally. Capital One 360, formerly ING Direct, was the first reputable online bank to be established. Capital One 360 has a simple interface, is secure and allows you to connect to other accounts including Capital One Investing.

What you get when you choose Capital One 360:

  • Very competitive interest rates.
  • No minimums. You can open an Ally account for as little as $1.
  • Simple deposit options You can open an account by linking a checking from another institution, just like you do with any major national bank.
  • Capital One 360 has one of the most user-friendly interfaces. Capital One 360 has “sub-accounts”, where you can create mini-accounts for your savings goals. You can set up a Savings Account and then create mini-accounts to hold your vacation fund, emergency fund, etc.
  • Other Account Options They provide a wide range of accounts, from checking and savings to CDs, Mortgages, and Investing.

Honorable Mentions for High-Interest Online Savings accounts – A New Option is another interesting option for saving money.

This bank uses an algorithm to calculate how much money you should transfer every day from your checking to savings., a bank that tracks your spending and income habits, can calculate how much money you should put into savings.

Digit guarantees that its automatic transfers will not overdraw your account. Although the interest is small, it exists. The account is for those who wish to save without having to think too much about it.

Text messages make it easy to access your money. Text simple commands to alter your savings, check your balance and withdraw money to your account.

American Express High Yield Savings Account

American Express offers a credit card that gives you a lot of cashback. They also have a bank that pays incredibly high interest rates on your account.

The rates are very competitive with other well-known, large online banks. The account access isn’t as advanced as other banks but that doesn’t matter if you just want a safe place to store some cash. I would be less concerned with the website if American Express Savings also offered mortgages, checking accounts and CDs in addition to the savings account and CD. This is a very basic product. Deposit money, earn interest and watch it grow.

AMEX offers a CD with a 36 month term that will earn you a higher return. The difference is so slight that I don’t think it makes sense to lock your money up for three years.Here’s What You Get With AMEX High Yield Savings:

  • High interest rates American Express offers some of the highest interest rate options to attract customers.
  • Simple options There are two options for your account: High-yield Savings and Certificate of Deposit. There are two simple options rather than a variety of confusing choices.
  • No minimums. There is no minimum balance required, and there are no fees for having a low balance.

TIAA Bank – Great First-Year Rates

TIAA Bank has been around for a long time and offers some of the highest introductory rates. Their money market account currently offers 2.15% interest for the first 12 months. They have one of the highest savings rates available in the industry.

What you get when you open a TIAA high-yield online savings account

  • $5,000 minimum initial deposit
  • No monthly fees
  • Basic Savings, CDs and Checking Accounts Available

If you’re looking for a way to get a competitive interest rate for a year, then TIAA will be a great option.

Why You Need to Open a High Interest Savings Account

Many of my clients wonder, “why even do I need a saving account?” with so many different options to store your money, and low interest rates.

First, it’s obvious – you earn a higher rate of interest. Earning a little is better than earning no interest. The interest rate is not the only reason for choosing a good online account.

It also forces you to save the money. Federal regulations restrict the number of withdrawals you can make from your account. This will encourage you to start saving.

You can open a savings or money market account in hundreds of thousands places. They are divided into three main categories: traditional savings accounts, online savings accounts, and kids saving account. Most of them also have a money-market account. We will only list the MMA option if it offers a higher rate of interest.

You can stabilize your finances by saving for future expenses and purchases. Instead of using credit to buy things (and ending up in debt if your balance is not paid off each month), you can identify your spending goals, and save up. This will help you get the items you want without ruining your finances.

It is also a good idea to have an emergency fund on hand for rainy days. What happens if you have to repair your car or replace your dryer? A fund for emergencies can help you avoid borrowing to cover these unexpected costs.

It’s nice to have a high-yielding account, but it’s also important to realize that your savings account wasn’t designed to help you accumulate wealth to fund your retirement. (Learn more about investing through a Roth IRA for retirement). Here’s how you should think about your savings account instead of expecting high returns:


Liquidity is one of the most important advantages of a saving account. Cash is instantly accessible because it’s available. You do not have to sell shares, wait for the proceeds to be paid out or go through any hoops to receive your money. You can get your money immediately.

Savings accounts are the perfect option for emergency funds. If you need the money, you know that you can access it immediately. It is also great for short term investment goals because of the liquidity. You can pay for your purchases with your savings, or use the money you have saved to instantly pay your credit card bill after booking your vacation.


The second reason you should incorporate a savings plan into your financial strategy, is to protect the money. Savings accounts allow you to keep your vacation money safe from the stock market.

Savings accounts let you know that money will be there for emergencies. If your savings account is at a federally-insured institution, then you won’t lose your money in the event of a bank failure.

Savings Account Purpose

You should stop thinking about your savings account as an investment to grow your wealth. Instead, think of it as something you can use to protect your assets from debt and prevent your financial situation from getting worse in the long run.

Your savings account can be used to save money for goals that are short-term. You can have a balanced financial plan as long as you combine a saving strategy with investment strategy .

You need to have a good savings account whether you’re saving for an emergency fund, or planning to go on vacation next year.

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