Last updated December 2023
Best High-Yield Savings Accounts of 2023
Maximize Your Savings with These Top Choices
High-yield savings accounts are a great way to generate high interest on your savings. While the national interest rate average is an APY of 0.4%, online banks can offer you much more competitive returns. If you're looking for the best bank for your savings account, compare and select a high interest savings account below to watch your money grow.
Where should I put my savings?
The answer to this question depends largely on your personal needs and savings goals. A high-yield savings account with a competitive APY is a great way to inflation-proof your savings over time. This option ensures your cash is at the ready when you need it, without forfeiting growth to do so.
How do I choose the best high-interest savings account?
We stand behind our recommendations for the top choices in high APY savings accounts. Every online savings account is different, so it's important to compare and select the best option for your unique needs. Important things to consider are APY (annual percentage yield), monthly fees, customer service options, and whether your funds will be FDIC insured.
Why should I open an online savings account?
Beyond ease of use and convenience, online banks often come with much lower operating costs due to the lack of a brick-and-mortar presence. This means there's more cash available to pay out in the form of interest, and often lower fees – if any – to hold an account. Traditional banks have to manage risk across a large number of clients, and therefore are more limited in what they can offer from an interest perspective.
How do I open an online savings account?
The short answer: it's easy! Scroll up and click Learn More to get details on your high-yield savings account of choice, and follow the prompts to open an account.
How are savings account interest rates determined?
A number of factors go into determining savings account interest rates – the national average interest rate and supply and demand play a significant role, along with each bank's policies, operating costs, risk profile, and more. Overall, online banks have the flexibility to offer higher interest rates than traditional banks due to lower operating costs.
Why should I compare online high-interest savings accounts?
There are plenty of excellent options for high-interest savings accounts – just look at our list! In today's digital age, it's easier than ever to find the right option for you. Comparing high-yield savings accounts allows you to find the best APY, lowest fees, information on the minimum deposit, and more valuable details to help you select the top option for your savings.
On this page above you will find highlights of the more salient and distinguishing features of these savings. Saving details are very time sensitive and accordingly, we cannot guarantee the accuracy of everything on this page. For full details and the most up-to-date information, click the link to the saving you want to explore.
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