Best High-Yield Savings Account Rates: Up to 5.33% Sep 2023

Our Guide to the Best High-Interest Savings Account Rates

Importent: The following annual percentage yields (APYs) are correct as of the date this piece was written. Our way is to look at savings account rates every morning during the week and change the information below as needed.

The best high-yield savings account rate you can get from a bank that serves the whole country right now is 5.33% APY from BluPeak Credit Union. That’s almost 12 times the national average rate for savings accounts set by the FDIC, which is 0.45% APY. This is just one of at least 15 great rates you can find below.

We look at the rates of about 100 banks and credit unions across the country every day to find the best high-yield savings accounts. The 10th-best rate on our list pays 5.20% APY.

Here are some of the best savings accounts from our partners, followed by our full list of the best savings account rates in the whole country.

Rates on savings accounts today are higher than they’ve been in more than 20 years. This is because the Federal Reserve started raising rates in March 2022 to bring down inflation that had been very high for a long time.

After 11 hikes in the previous 12 meetings, the Fed kept its base rate the same on September 20. However, it has hinted that another increase in 2023 is still possible. The fed funds rate has a big effect on savings rates. If the Fed raises rates again this year, that could make savings rates go up even more.

The best rates on high-yield savings accounts

Here is a summary in English:
These are some banks and credit unions that offer high Annual Percentage Yield (APY) rates for savings accounts:

Here’s a casual summary of the post content:

BluPeak Credit Union: 5.33% APY
TotalDirectBank: 5.26% APY
Milli: 5.25% APY
Newtek Bank: 5.25% APY
UFB Direct: 5.25% APY
Valley Direct: 5.25% APY
Evergreen Bank Group: 5.25% APY
Vio Bank: 5.25% APY
Popular Direct: 5.20% APY
CFG Bank: 5.20% APY
FNBO Direct: 5.15% APY
RBMAX: 5.15% APY
Western State Bank: 5.15% APY
Jovia Financial Credit Union: 5.15% APY
BMO Alto: 5.10% APY
Bank5 Connect: 5.10% APY
Primis Bank: 5.07% APY
Upgrade: 5.07% APY

Chart: Investopedia / Sabrina Karl Source: Investopedia daily rate research

Here are, in order of APY, the best savings account rates in the country. If more than one bank has the same rate, we ranked the accounts by which required the lowest minimum ongoing amount. If that didn’t work, we sorted the tied banks by alphabetical order.

Important: Note that some banks call their savings accounts “money market” accounts. Money market accounts traditionally offer the ability to write checks, while savings accounts do not. None of the accounts listed here offer check-writing privileges, even if the name might suggest otherwise. It’s smart to also check our ranking of the best money market accounts, some of which pay comparable interest rates.

Preferred Savings Account at BluPeak Credit Union – 5.33% APY

You only need $25 to open an account
No need to worry about maintaining a high balance, any amount is fine
There are no monthly fees if you keep at least $200; otherwise, it’s $5
Get an ATM card with your account
You can even deposit checks with your mobile phone
Yes, they offer checking accounts
And they also have CDs available
Anyone from anywhere in the US can join BluPeak by donating $25 to KPBS. Pretty cool, huh?

*Account available for new members only.

Money Market Account at TotalDirectBank: 5.26% APY

Starting deposit: $25,000 (minimum)
Keep at least $2,500 to earn the stated APY
No monthly fees, yay!
No ATM card, but mobile check deposit is a go!
Sorry, no checking accounts available
CDs, we got ’em!

Note: TotalDirectBank is accessible to customers across the country, with the exception of Florida residents.

Note: Despite its appellation as a “money market” account, this particular account does not provide the ability to write checks. Instead, it functions similarly to a savings account.

Milli* – 5.25% APY

No cash? No problem! You don’t need a single dollar to open an account!
Chill with no minimum balance! No need to stress about keeping a certain amount in your account.
Free as a bird, no fees! Monthly fees? Nah, not here!
Card your way through life! Get yourself an ATM card to access your cash whenever you need it!
No mobile check deposit, sorry! We’re not there yet with the fancy mobile stuff, but we’ll get there soon!
No checking accounts, but hear us out! We’ve got other awesome options to explore!
No CDs, but hey, don’t fret! We’ve got cool alternatives to help you make the most of your money!

*This savings account is accessible only via a mobile app.

Person High Yield Savings at Newtek Bank: 5.25% APY

No need to deposit any money to get started!
You don’t have to maintain a minimum balance. Any amount works!
No monthly fees to worry about!
No ATM card included. Sorry!
No mobile check deposit option available.
We don’t offer checking accounts, only savings accounts.
Yes, we do have CDs available!

The return on the UFB Direct Priority Savings Account is 5.25% per year.

To start off, you don’t need a single penny! No problemo, my friend! You don’t have to pay anything upfront. Easier than easy-peasy! 💰
Keep a balance that suits you. Do whatever you want with your money! You’re in control! 💪
Monthly fee? Think again! Absolutely no fees here! No hidden charges! 🚫
Oh, and don’t forget about the card, buddy! It’s essential! Withdraw cash anytime, anywhere! Just swipe that card! 💳💸
Snap and deposit checks with your phone! Just click, snap a photo, and voila! Deposit your checks on the fly, no need to go to the bank! 📸💵
Checking accounts? Nope, not our thing, mate. Sorry, we don’t offer those kinds of accounts at the moment. Best of luck in your search! 🙅‍♂️
Fixed deposits? No way, amigo! Nope, not something we offer either. Keep your tracks on Spotify, my friend! 📀

High-Yield Savings Account Valley Direct: 5.25% APY

Opening deposit: Just $1
Ongoing balance: Any amount works!
Monthly fee: Nada, zilch, none!
ATM card: Nope, not available.
Mobile check deposit: Yes, you can do that!
Checking accounts: Sorry, not available.
CDs: Yes, we’ve got ’em!

High-Yield Online Savings at Evergreen Bank Group with 5.25% APY

Startin’ cash: Just a hundred bucks, dude!
Keepin’ balance: Whatever you want, no minimum required!
Monthly charge: Nah, none of that.
ATM card: Yep, you’ll totally get one!
Snap check deposit: Easy peasy lemon squeezy with your phone!
Checking accounts: Absolutely available, my friend!
CDs: Yep, we’ve got those too, man!

5.25% APY savings account provided by Cornerstone Money Market and Vio Bank

Deposit to get started: Just $100!
Keep as much as you want: No minimum balance required.
No monthly charges: Zip, zero, nada!
Forgot about the ATM card: Not included in this package.
Snap and deposit: You can deposit checks using your phone!
Not a checking account: Sorry, not this time.
Interested in CDs? Absolutely available!

Note: Despite the term “money market” in the account name, this account functions more like a savings account and does not grant check writing privileges.

Get 5.20% APY on Popular Direct and Select Savings.

Opening deposit: Just $100, no big deal!
Ongoing balance: Any amount, you’ve got this!
Monthly fee: Zilch, zero, nada!
ATM card: Nope, not included.
Mobile check deposit: Yup, you can do it all from your phone!
Checking accounts: Sorry, not available.
CDs: Yes, we’ve got ’em! Time to save some moolah!

5.20% APY on a high-yield money market account at CFG Bank

Minimum opening 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: 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.

5.15% APY is offered by FNBO Direct, an online savings account.

Minimum opening deposit: $1
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: No

The maximum interest savings for RBMAX is 5.15% APY.

Minimum opening deposit: $10
Minimum ongoing balance: Any amount
Monthly fee: None with electronic statements; otherwise, $4
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: No

Western State Bank offers an Online Money Market Account with a 5.15% APY.

Minimum opening deposit: $5,000
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: No
Mobile check deposit: No
Checking accounts available: Yes
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.

Jovia Financial Credit Union offers an online savings account with a 5.15% APY.

Minimum opening deposit: $5
Minimum ongoing balance: $5
Monthly fee: None
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes
Membership: Anyone can join Jovia by agreeing to a free membership in the affiliated CrossState Foundation and keeping at least $5 in a savings account.

BMO Alto offers an online savings account with a 5.10% APY.

Minimum opening deposit: $0
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: No
Mobile check deposit: No
Checking accounts available: No
CDs available: Yes

Bank5 Connect offers Jumbo Savings with a 5.10% APY.

Minimum opening deposit: $25,000
Minimum ongoing balance: $25,000 to earn interest
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes

Primis Bank’s savings account has an APY of 5.07%.

Minimum opening deposit: $1
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes

Upgrade to Premier Savings and enjoy a 5.07% APY increase.

Minimum opening deposit: $0
Minimum ongoing balance: $1,000 to earn the stated APY
Monthly fee: None
ATM card: No
Mobile check deposit: No
Checking accounts available: Yes
CDs available: No

High-Yield Savings Account Pros and Cons

Higher interest rate than regular savings accounts
ability to take money out or put money in at any time
Very safe, with almost no risk at all
Great way to save money for an emergency or for a big goal.
When interest rates go up, your APY may go up.

To get the best return, you may have to open an account with a new bank.
Some accounts only let you take out six times a month.
Since savings are easy to get to, it can be tempting to use them.
There could be a fee or a minimum balance on the account.
When rates go down, your APY might go down.

Who Should Get a High-Interest Savings Account Online?

A high-yield savings account is good for anyone with extra money in the bank. If you have more money in the bank than you need in your checking account, you can save some of it in an online high-yield savings account to get more interest. High-yield savings accounts are also best for people who are comfortable with online banking, since you usually have to move money in and out of them online or through a mobile banking app.

Other options besides high-interest savings accounts

High-yield savings accounts are one way to put your money away, and they often pay the highest annual percentage yields (APYs). But there are other ways to keep your money safe until you need it.

Checking account vs. high-yield savings account

Your checking account is the best place to keep extra money. Even though this choice is the most convenient, there are two big problems with it. First, it’s easy to spend money that’s in your regular checking account. This makes it hard to set money aside as savings and leave it alone. Second, most checking accounts don’t pay interest, and if they do, the rate is usually very low. With a high-yield savings account, you can not only earn interest on your money, but also make a lot more than that.

Transfers between different institutions can take anywhere from one to three days, so keep enough cash in your checking account or a linked savings account at the same institution so that you won’t be in trouble if you can’t get money from your high-yield account for a few days.

Choosing between a high-yield savings account and a regular savings account

There are two main kinds of savings accounts: traditional ones that pay a fairly low interest rate and high-yield ones that pay an interest rate that is much higher than the national average. There is no official definition of what a “high yield” rate needs to be, though. In short, it’s up to each bank to decide what to call their savings accounts.

Most traditional banks and credit unions have traditional savings accounts, while online banks often have high-yield savings accounts. But again, these differences are general and not set in stone.

Money market account vs. high-yield savings account

A money market account works a lot like a savings account, except that you can write checks on it. In the past, you had to keep a lot of money in a money market account, but it paid more than a savings account. In recent years, however, this has changed. Both savings accounts and money market accounts now have a range of required minimum balances, including some with no minimum balance. Also, the rates on high-yield savings accounts are often better than those on money markets.

Certificate of Deposit vs. High-Yield Savings Account (CD)

With a certificate of deposit, you may be able to earn a higher rate if you can put some of your savings away and not touch it for a while. CDs require you to keep your money on deposit for a certain number of months or years. If you want to take your money out before the CD’s maturity date, you will be charged a fee. But in exchange, your interest rate is locked and won’t change, even if the Fed lowers rates.

I Bonds vs. High-Yield Savings Accounts

The U.S. Treasury sells I Series savings bonds, which are also called “I bonds.” The interest rate on I bonds is tied to the rate of inflation. Even though I bonds sometimes have very good interest rates, you can’t be sure what your return will be because the interest rate is recalculated every May and November. I bonds have other benefits, like tax flexibility, but you have to keep your money locked up for the first 12 months, no matter what. I bonds pay interest that builds up over time, just like a savings, money market, or CD account.

Treasuries vs. High-Yield Savings Accounts

You can also get interest on your money by lending it to the U.S. government. This can be done by buying a T-bill, which is a short-term Treasury note with a life of one year or less. Treasury bonds are thought to be one of the safest investments in the world, but their rates are not always as high as the best high-yield bank accounts.

Bond funds vs. high-yield savings accounts

Even though it’s hard to learn everything you need to know about each corporate or municipal bond, you can put your money in a bond ETF, which is a group of different bonds. Even though it’s easy to buy and sell a bond ETF, there’s no guarantee that it will give you a good return. If the value of the bond goes down, your initial investment could be lost.

Money Market Fund or Cash Reserve Account vs. High-Yield Savings Account

You can keep some of your cash in a money market fund or a cash reserve account if you have a brokerage account. Just make sure to look into the yields, because many of these options give you a much lower return than putting your money in a high-yield savings account would. It is also easy to link a high-yield savings account to your brokerage account so that you can move money in and out of it.

How to Pick a Savings Account With a High Interest Rate

Once you’ve decided to open a new high-yield savings account, you’ll want to do your research to make sure you pick the best one for your needs. When looking for a high-yield savings account, it’s a good idea to start by looking for the best annual percentage yield (APY). You’ll want to earn a competitive rate.

But besides the interest rate, you’ll also want to make sure the account doesn’t have a minimum balance requirement or that the one it does have is one you’re sure you can meet every month. Also, check to see if you need to keep a certain amount in the account to get the best APY.

You should also look at the account’s rules, such as how many withdrawals you can make in a month and whether you’ll be charged a monthly maintenance fee. Last, make sure the bank is FDIC-insured or an NCUA member if it’s a credit union. This way, if the bank or credit union fails, your money will be protected by the government.

How to Set Up a High-Yield Savings Account

After figuring out which is the best high-yield savings account by comparing them, you can open the account online. The bank or credit union will ask you for a number of personal details, including your social security number, because the IRS will want to know about your interest earnings. The process of opening a bank account will also include security checks to make sure you are who you say you are.

You will also be given one or more ways to add money to your account. The most common way is through an ACH transfer from another bank, and you will be told how to set this up. You may also be able to make your first deposit with a debit or credit card, or you may be able to send a paper check.