7 Best High-Yield Savings Accounts of 2023

Here are the Best High-Yield Savings Accounts in 2023. With countless options available and interest rates constantly in flux, selecting a high-yield savings account can be a daunting task. As of February 16, 2023, the Federal Deposit Insurance Corporation reports that the national average APY on savings accounts stands at a meager 0.33%.

So how can you make the best choice for your money? Our extensive research has revealed that Primis Bank currently offers the most attractive high-yield savings account, boasting an impressive APY of 4.35%, which is over thirteen times the national average.

However, APY is just one of the factors that should be considered when selecting a savings account that is tailored to your specific needs. The Fortune Recommends editorial team has meticulously curated a list of the top 10 high-yield savings accounts, taking into account variables such as account fees, minimum deposits and balances, and customer support options, all while ensuring that each account is fully insured by the FDIC.

The 7 Best High-Yield Savings Accounts

The savings account you select can have a significant impact on your ability to save in a given period and your progress towards achieving your financial objectives. (Disclaimer: The APYs provided were accurate as of February 16, 2023, but are subject to fluctuation.)

1. Primis Bank: For the saver who wants a competitive APY without hidden costs or fees

Looking for a high-yield savings account that is transparent and hassle-free? Look no further than Primis Bank. As a tech-first financial institution, it combines the security and insurance of a traditional bank with the modern, digital-first approach of a tech company. Its suite of financial products includes personal checking and savings accounts, CDs, and business banking options.

APY: 4.35%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $1
Customer support: Available 24/7/365 via phone, chat, and email.

Our editorial team picked Primis Bank as the top choice for its industry-leading APY, which is over thirteen times the national average. You can earn this impressive rate by opening an account with just $1, without worrying about any service or incoming wire fees. Plus, there are no transaction limits and interest on your balance is compounded monthly. The only caveat is that this account isn’t currently available for savers residing in Puerto Rico or other US territories.

2. UFB Direct: For the saver who wants all the customer support options

Looking for a high-yield savings account that comes with outstanding customer support? UFB Direct, a division of Axos Bank, might just be the right choice for you. Although it’s an online bank, UFB Direct provides access to over 91,000 ATMs nationwide where customers can make free withdrawals. Moreover, account holders can make unlimited external bank transfers.

APY: 4.21%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support: Available 24/7 via phone, mail, email, and chat, with SMS messaging as an added feature.

Our editorial team picked UFB Direct as one of the top high-yield savings accounts for its competitive APY and extensive customer support features. With a 4.21% APY and no fees or account minimums, this account makes saving simple and rewarding. But what really sets UFB Direct apart is its innovative use of SMS messaging to provide customers with easy access to their accounts and important information.

3. MySavingsDirect: For the no-frills saver who wants a high APY

MySavingsDirect: For the uncomplicated saver who values a high APY About: MySavingsDirect, a division of Emigrant Bank, is a no-frills online banking platform that offers a high-yield savings account and CDs with varying term lengths. Though it lacks physical locations and ATM access, it compensates with competitive rates and ease of use.

Key numbers APY: 4.35%
Fees: $0 Minimum amount needed to earn
APY: $0
Minimum opening deposit required: $0
Customer support offered: MySavingsDirect offers customer support via phone, email, and mail, 7 days a week from 8:00 AM to 11:30 PM ET.

Why we picked it MySavingsDirect secured a place on our list due to its 4.35% APY and no-strings-attached approach. The account doesn’t require a minimum deposit or charge monthly fees, making it ideal for those who want to start saving without jumping through hoops. However, it’s worth noting that the bank has limited online capabilities and no mobile app. If you prefer an all-in-one banking experience, other options may suit you better.

4. Bask Bank: For the saver who prefers a human touch

Looking for a personal touch? Bask Bank may be the online bank for you. With roots in Texas Capital Bank, a well-established and FDIC-insured bank, Bask Bank offers a high-yield savings account with a 4.25% APY, which is more than 12 times the national average.

APY: 4.25%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Bask Bank offers its customers support via telephone or email. Representatives are available Monday through Friday from 7:00 a.m. to 7:00 p.m. CST and Saturday from 9:00 a.m. to 4:00 p.m. CST.

Plus, account holders have the unique opportunity to earn American Airlines AAdvantage® miles. Though Bask Bank does not offer ATM or debit card privileges, their customer service is available through phone or email, even on weekends. With no fees or minimum balance requirements, the only requirement is funding your account within the first 15 days.

5. BMO Harris: For savers who want a big bank without big fees

Looking for a big bank experience without the big fees? Look no further than BMO Harris. As the 8th largest bank in North America, BMO Harris offers a wide range of financial products and services, including savings accounts, checking accounts, credit cards, and retirement accounts.

APY: 4.20%
Fees: $0
Minimum amount needed to earn APY: $0.01
Minimum opening deposit required: $0
Customer support offered: BMO Harris representatives are available to assist you via telephone from 7:00 a.m. to 10:00 p.m. CT on weekdays and 8 a.m. to 8 p.m. on Saturdays and Sundays. The bank also offers a contact form for email support on its website.

With over 40,000 fee-free ATMs, customers can easily access their funds without worrying about additional charges. Plus, with a competitive APY of 4.20% and no minimum deposit required to open an account, BMO Harris’ savings account is a top pick for savvy savers. Need assistance? BMO Harris offers customer support via phone and email, with extended hours available on weekends. Just note that the APY may vary depending on your state of residence.

6. Salem Five Direct: For savers who prefer around-the-clock service

Looking for a bank that never sleeps? Look no further than Salem Five Direct! As the online division of Salem Five Bank, this financial institution is available to customers around the clock, 365 days a year. While their physical branches are based in Boston, customers can enjoy fee-free ATM access at over 55,000 locations worldwide.

APY: 4.10%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $10
Customer support offered: Salem Five Direct customers can contact a customer service representative via telephone 24 hours a day, 365 days a year, or via chat or email.

The high-yield savings account offers a competitive APY of 4.10%, with no minimum balance requirement after the initial deposit of $10. Plus, with a range of customer service options available including 24/7 phone, chat, and email support, Salem Five Direct makes banking easy and accessible anytime, anywhere.

7. TAB Bank: For the saver who cares more about a high APY than ATM fees

TAB Bank is an online bank based in Utah that caters to customers looking for a high APY on their savings account. They offer a variety of banking products including savings, checking, money market, and certificates of deposit (CDs). While they don’t offer free ATM access, customers can still benefit from a 4.06% APY on their savings account.

APY: 4.06%
Fees: $0
Minimum amount needed to earn APY: $1
Minimum opening deposit required: $0
Customer support offered: TAB Bank offers phone, chat, and email support to its customers. The customer service hours of operation are 6 a.m. to 7 p.m. MST, Monday through Friday, and 9 a.m. to 3 p.m. MST on Saturday. Federal holidays are excluded.

The best part? There are no fees or minimum balances required to open an account. TAB Bank’s customer support team is available via phone, chat, and email during convenient hours, making it easy for customers to get the help they need. With daily interest compounding, this account is a great choice for savers who want to see their money grow quickly.

Our methodology

Welcome to EarnPace™! Our team has meticulously analyzed 53 online savings accounts from a variety of sources, including traditional brick-and-mortar banks, online banks, and credit unions, to bring you our top picks for the best high-yield savings accounts.

Our list features accounts that are available to customers throughout the United States, subject to the terms of each account, and offer an APY at least 10 times the national average. We understand that not all savings accounts are created equal, so we have ranked each account in five core categories:

Firstly, we consider the APY (50%), which is a true indicator of the real rate of return on your balance. The higher the APY, the better it is for your wallet.
Secondly, we examine the monthly fees (15%) that some banks charge. We understand that paying a monthly maintenance fee can be a nuisance, so we ranked banks with lower (or zero) monthly fees higher on the list.
Thirdly, we consider the minimum amount required to earn the APY (15%). Some banks have restrictions in place to earn high APY, which we see as a limiting factor.
Fourthly, we evaluate the minimum opening deposit (15%) that some financial institutions require. A higher opening deposit is less attractive to us, and we rate it accordingly.
Finally, we assess the customer support (5%) that each bank offers. We believe that top picks offer customers various ways to get in contact, such as chat support, by phone, or even email, but we find phone support the most highly rated by our team.

We would like to remind you that the rates and fee structure of high-yield savings accounts are subject to change, which could impact how much interest you earn. However, all the bank accounts and credit unions on this list are insured by the FDIC and NCUA, respectively. Please note that financial institutions, including banks and credit unions, require a deposit of new money to open an account, so you may not be able to transfer money you already had in an account at that bank. We hope our methodology helps you make an informed decision about your next high-yield savings account.

What is a high-yield savings account?

High-yield savings accounts are a type of deposit account offered by banks and credit unions to help customers save money and earn interest on their deposits. Unlike traditional savings accounts, high-yield savings accounts offer significantly higher interest rates, also known as annual percentage yield (APY), that enable your money to grow faster.

According to the Federal Deposit Insurance Corporation (FDIC), the national savings APY average is a mere 0.33%, while most high-yield savings accounts offer APYs of 1.00% or higher. Additionally, the APY on these accounts can change depending on the fluctuations in the federal funds rate, which is the interest rate banks charge one another to borrow money.

High-yield savings accounts use compound interest to help your money grow, meaning you earn interest on both the principal balance and the interest earned previously. For instance, if you deposited $100 and earned $10 in interest, you’ll earn interest on the total balance of $110. The frequency at which your interest compounds, whether daily, weekly, monthly or annually, will depend on the financial institution.

How to pick a high-yield savings account

When it comes to selecting a high-yield savings account, the process can feel overwhelming. But fear not, with a little research and consideration, you can pick the account that will be the best fit for your financial goals and lifestyle. Here are some tips to keep in mind:

Look for a juicy APY. The annual percentage yield (APY) is the interest rate you will earn on the money in your account. You want to find an account with a high APY so that your money has the best chance to grow and earn compound interest. Don’t settle for just any rate, aim for an account that offers at least 10 times the national average. And pay attention to the compounding frequency, too. The more frequently your interest is compounded, the faster your balance will grow.
Check the account requirements. Some high-yield savings accounts have minimum deposit requirements. Make sure you choose an account that you can afford to open, and that won’t penalize you for being a new saver.
Review the fee structure. Be aware of any fees that may come with your account, such as maintenance fees or transfer fees. These can add up over time and eat away at your balance. Determine if the account’s benefits outweigh the fees you may have to pay.
Consider accessibility. If you prefer the convenience of being able to visit a physical branch or use ATMs, make sure the account you choose offers those services in your area.
Evaluate the digital experience. If you prefer to do your banking online or through a mobile app, make sure the account’s online and mobile platforms are user-friendly and offer the features you need. Check app store reviews to get an idea of what other customers think about the platform.
Check customer service options. Finally, consider how you prefer to interact with customer service representatives. Do you prefer phone support, chat, or email? Make sure the account offers the level of customer service that you are comfortable with.

6 factors to look for when choosing a high-yield savings account

If you’re searching for a high-yield savings account that fits your financial needs, it’s important to evaluate several factors before making a decision. Here are six key factors to consider:

Annual Percentage Yield (APY): Your account’s APY determines how much interest you will earn on your balance over the course of a year. When comparing high-yield savings accounts, look for one that offers a competitive APY rate to maximize your savings.
Compounding frequency: The frequency at which your interest is compounded can significantly impact your account balance over time. Some accounts may compound interest daily, while others may compound monthly or quarterly.
Minimum deposit: Many high-yield savings accounts require a minimum deposit to open the account. Be sure to review the minimum deposit requirements of each account you are considering and choose an option that aligns with your financial situation.
Minimum balance: To avoid fees and keep your account open, some accounts require you to maintain a certain minimum balance. Be sure to review this requirement and choose an account that aligns with your savings goals.
Minimum balance to earn the highest APY rate: Some accounts offer a higher APY rate for balances above a certain amount. Review these minimum balance requirements and choose an account that aligns with your savings goals.
Account fees: While many high-yield savings accounts are fee-free, some may charge fees for various reasons, such as account maintenance or exceeding a certain number of withdrawals. Be sure to review the fee structure of each account you are considering and choose an option that aligns with your financial needs.

How much more money can I earn with a high-yield savings account compared to a low-interest account?

With a high-yield savings account earning a 3% APY, a balance of $10,000 would earn over $300 after a year. In contrast, a 0.30% APY account would only earn about $30. While it may not make you rich overnight, it’s important to choose an account with a competitive rate to make your money work harder for you.

What factors should I consider when choosing a high-yield savings account?

When selecting a high-yield savings account, look for low service charges and high interest rates. Avoid accounts with monthly fees if possible, and consider smaller institutions beyond traditional banks. Online banks and apps often offer better rates and features like easy account access and mobile deposits.

Is it easy to open a high-yield savings account?

Depending on the financial institution, you can usually open a high-yield savings account either online or in-person. You will need to provide your Social Security number, identification, and contact information. Many accounts require an initial deposit, which can be made through cash, checks, or wire transfers.

What if I have a negative banking history and can’t open a high-yield savings account?

If you have a negative banking history due to unpaid fees or bounced checks, you may have trouble opening a high-yield savings account. In this case, look for alternative accounts or read our primer on what to do if you have a ChexSystems record.

Are high-yield savings accounts safe?

Yes, high-yield savings accounts at banks and credit unions are federally insured up to $250,000 per depositor. Non-bank providers often partner with banks for insurance, and accounts at banks are backed by the Federal Deposit Insurance Corp., while credit union accounts are backed by the National Credit Union Administration. This ensures that even if the financial institution fails, your money is safe and accessible.

Conclusion

In conclusion, our team at EarnPace™ thoroughly evaluated and compared 53 high-yield savings accounts from a mix of traditional brick-and-mortar banks, online banks, and credit unions to bring you our top picks. All the accounts on our list are available to customers in the U.S. and offer an APY at least 10 times the national average.

We used a comprehensive methodology that ranked each account based on its APY, monthly fees, minimum amount to earn APY, minimum opening deposit, and customer support. By providing this information, we hope to help you make an informed decision when choosing a high-yield savings account that best suits your needs.

It’s important to keep in mind that the rates and fee structure of these accounts are subject to change, and it’s always a good idea to read the terms and conditions carefully before opening an account. Nonetheless, we are confident that our top picks will offer you competitive interest rates and reliable customer support to help you reach your savings goals.