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Right now, the U.S. national average interest rate on savings account balances is nowhere near enough to keep pace with inflation.
The good news is you can do better — a lot better — with one of the high-yield savings accounts featured here.
Best High-Yield Savings Accounts in January 2023
We evaluated dozens of online banks, traditional banks, and credit unions to find the 9 best high-yield savings accounts available right now.
All of these accounts yield multiple times the national savings account average. They’ll help build your emergency savings fund faster and fight back against inflation.
Each also does one thing better than any of the others — whether that’s paying the best yield, delivering the highest new account bonus, or effortlessly automating the savings process.
Best Overall: Barclays US Savings
Barclays US Savings earns a spot on this list for a very simple reason: Unlike many competing accounts, it requires no minimum balance to open or earn APY.
Plus, all balances deposited here earn 3.40% APY — consistently 5x greater than the national average. That makes Barclays US Savings a very rewarding account indeed.
Additional features:
- Enjoy secure, 24/7 online access to your funds
- Make easy online transfers to and from other banks
- Set up direct deposit to make saving simple and easy
- No monthly maintenance fees
- Take advantage of free tools to help you save
Best for High Yield: Upgrade Premier Savings
The Upgrade Premier Savings account offers one of the best yields of any bank account, period: 4.13% APY.
All you have to do to earn this yield is maintain a minimum daily balance of $1,000 or more. There’s no ongoing direct deposit requirement or any other hoops to jump through.
Additional features:
- No account fees, overdraft fees, or transfer fees
- Execute same-day online transfers up to $100,000 with no fees
- Access your money 24/7 with the Upgrade mobile app
- On days when your balance drops below $1,000, your interest rate is 0% for the day
The Annual Percentage Yield (“APY”) for the Premier Savings account is variable and may change at any time. There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premiere Savings account is or exceeds $1000. On days where the account closing balance drops below $1000, the APY will be 0%.
There are no account fees, overdraft fees, or transfer fees associated with Premier Savings accounts.
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Best Customer Support: American Express® Savings
American Express® Savings is the best high-yield savings account option for people seeking account help anytime, anywhere. That’s thanks to 24/7 live customer support by phone and a robust self-help portal with answers to most — if not all — questions that come up during the course of the typical online banking relationship.
Additional features:
- Earn up to 3.30% Annual Percentage Yield (APY) (as of December 22, 2022) on eligible balances
- Pair your account with a CD earning up to 4.25% Annual Percentage Yield (APY) on the 60 month CD as of November 17, 2022
- $0 fees
- $0 minimum balance to open
- $1 minimum balance to earn APY
- FDIC insurance up to $250,000 per account type
Best for Supplemental Savings Accounts: Alliant High-Rate Savings
If you’re a fan of goal-oriented saving, you’ll love the Alliant High-Rate Savings Account.
Set up as many as 19 supplemental savings accounts — you might call them “savings buckets” or “sub-accounts” — to fund and track specific savings goals, from short-term (your next weekend getaway) to long-term (the down payment on your first house).
Each supplemental savings account has the same great benefits and the same great interest rate (currently 2.70% APY¹) as your main account.
Additional features:
- Get access to over 80,000 in-network ATMs with Alliant
- No monthly fee with eStatements
- Open your account with as little as $25
- Bank anywhere, anytime with the Alliant mobile app
Insured by NCUA
¹For important additional disclosures, please refer to the corresponding footnote at the Apply Now link directly above.
Best for Cash Back Rewards: GO2Bank
As a GO2Bank account holder, you’ll earn up to 7% cash back on eGift Card purchases made in the app1. Amazon gift card purchases earn 3% cash back.
Plus, earn 2.50% APY2 on savings up to $5,000 and get paid up to two days early with ASAP Direct Deposit.TM 3
This offer is available nationwide.
Additional features:
- Avoid the $5 monthly fee with eligible direct deposit.
1Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change.
2GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 1% Annual Percentage Yield (APY) as of January 2021. APY may change before or after you open an account. Fees on your primary deposit account may reduce earnings on your savings account.
3Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or we will decline your deposit.
Best for Same-Day Money Transfers: Marcus Online Savings Account
The Marcus Online Savings Account is the best choice for anyone who needs to move large amounts of money fast.
Marcus allows same-day transfers up to $100,000. Just schedule your transfer by 12pm Eastern on a business day and the recipient should have the funds in hand by 5pm Eastern the same day.
Additional features:
- Earn 3.00% APY on eligible balances
- No account fees
- No minimum deposit requirement
Best for Overall Earning Potential: Tellus
Tellus is a nonbank financial institution. Its high-yield cash account isn’t a savings account, per se, but it’s an excellent savings option nonetheless — one built to maximize your savings returns without exposure to risky assets like stocks or crypto.
Instead, Tellus leverages the power of U.S. real estate to deliver yields better than just about any online bank. Earn base yields of 4.50% APY on Reserve Account balances up to $2,500 and Boost Account base yields of 3.85% on all balances.
Plus, earn up to 10% APY on Boost Account balances for short periods of time when you claim daily Boosts.
Don’t need your cash right away? Open a Vaults cash account to lock in a high interest rate for a set duration in exchange for keeping your money locked up for the same length of time. Choose from 6, 12, or 24-month durations, all with substantially higher APYs than the Boost Account’s base yield.
You can open a Vaults account with just $1,000. Talk about putting your savings to work.
Additional features:
- Automate your savings with recurring deposits on a schedule that works for you
- Sleep easy with bank-grade account security
- No fees
- No lockup period
- Interest paid daily
Tellus is not a bank. Tellus is not FDIC insured.
Best Mobile Experience: Capital One 360 Performance Savings
Prefer to do all your banking from your phone? Capital One 360 Performance Savings has you covered. This account’s clutch mobile features include:
- Easy transfers between linked Capital One or external accounts
- User-friendly automatic savings planning
- Multiple mobile-friendly accounts for specific savings goals
- Super simple mobile check deposit
Additional features:
- Earn 3.00% on all eligible balances
- No monthly or maintenance fees
- No minimum balance to open your account
- Access to checking accounts, credit cards, loans, and more (credit qualification may be required)
Best for Ease of Use: CIBC Agility Account
The CIBC Agility Account has a very high yield, currently 2.32% APY. But it really shines for its user-friendliness as part of a sophisticated, sleek digital banking ecosystem that makes it easy to transfer money from other CIBC (and non-CIBC) accounts and do just about everything you need to do with your funds on a regular basis.
Additional features:
- No monthly maintenance fee
- Open with as little as $1,000
- 24/7 online banking and mobile app access
- FDIC insured to the maximum allowed by law
Best for Low Fees: Discover Bank Online Savings
Your Discover Bank Online Savings Account has no monthly maintenance fee or minimum balance requirement, ever. It also has no fees for excessive withdrawals, no overdraft or NSF fees, and no fees for bank checks.
Additional features:
- Earn 3.30% APY on all eligible balances (rate current as of Dec. 21, 2022)
- Earn $150 as a welcome bonus after you open your first Discover savings account by March 15, 2023, and deposit at least $15,000 within 30 days of your account open date, OR
- Earn $200 as a welcome bonus after you open your first Discover savings account by March 15, 2023, and deposit at least $25,000 within 30 days of your account open date
This offer is available nationwide. See advertiser website for complete details.
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code MC323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends March 15, 2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
Best Checking and Savings Combo: Aspiration Spend & Save Account
Use your combined Aspiration Spend & Save Account to seamlessly manage checking and savings balances. Plus, earn up to 5% cash back at Conscience Coalition merchants and up to 10% cash back after you upgrade to Aspiration Plus.
Additional features:
- Earn up to 5.00% APY* on Save account balances after you upgrade to Aspiration Plus
- Enjoy complimentary cell phone insurance, subject to policy limits and deductibles
- Get higher-than-usual FDIC insurance on deposits
This offer is available nationwide.
* The Annual Percentage Yield (“APY”) associated with the Aspiration Spend & Save Account is available only to customers enrolled in Aspiration Plus. APY is variable and accurate as of [current date]. Rates may be changed from time to time without notice. To earn 5.00% APY interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must be enrolled in Aspiration Plus and spend $1,000 or more, monthly, with their Aspiration debit card. Balances over $10,000.00 will earn 0.10% APY. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. Balances over $10,000.00 will earn 0.10% APY. Minimum deposit required to open an Aspiration Save Account is $10.00. Enrollment fee and Pay What Is Fair fees debited directly from the Aspiration Save Account could reduce earnings. Customers not enrolled in Aspiration Plus will not earn interest. For more information, click here.
Best for Savings Automation: Chime
Automate your savings in two different ways with Chime. First, automatically set aside 10% of every paycheck with When I Get Paid. Second, automatically round up debit card purchases to the nearest $1 and save the difference with Save When You Spend.
Additional features:
Earn 2.00 APY* on all eligible savings balances
This offer is available nationwide.
*The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of October 25, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Best ATM Network: Citi® Accelerate Savings
Citi® Accelerate Savings has one of the best ATM networks of any savings account — more than 65,000 fee-free ATMs nationwide.
Plus, this account earns up to 1.40% APY on all balances of at least $1 (in select markets). That’s 12 times the national savings account interest rate.1
Additional features:
- Automate your savings with Citi’s Auto Save feature to build your emergency fund faster.
- No minimum opening deposit, ever.
- Opt into overdraft protection through Citi’s Safety Check feature.
- Link your Accelerate Savings account to a qualifying Citi checking account to earn ThankYou Rewards points redeemable for gift cards, cash, and more.
The Citi® Accelerate Savings account is available to customers in AA, AE, AL, AK, AZ, AR, AS, CO, DE, GA, GU, HI, ID, IN, IA, KS, KY, LA, ME, MA, MI, MN, MP, MO, MS, MT, NE, NH, NM, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WV, WI, WY, and select markets in Florida and Illinois.
1Rate is current as of May 19, 2022
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired or changed.
Best Conditional Yield: Varo
The Varo Bank Account is an easy-to-use online checking account with no monthly banking fees and no minimum deposit or balance requirements.
When you open a Varo Savings Account and meet Varo’s two easy requirements**, you can earn 5.00% Annual Percentage Yield (APY)* on balances of $5,000 or less. That’s one of the best yields in the business. You’ll earn 3.00% APY* on any amounts about $5,000.
Simply do the following:
- Receive qualifying total direct deposits of $1,000 or more each qualifying period**
- Keep your bank and savings account balances greater than or equal to $0.00 at the close of the month
Otherwise, you’ll earn 3.00% APY* on your whole Varo Savings Account balance.
Additional features:
- Get early direct deposit if your payer files to the Federal Reserve to start the direct deposit process^
- No minimum deposit or balance requirement
- No monthly maintenance fees
- No foreign transaction fees
*Annual Percentage Yields (APY) are accurate as of December 1, 2022. Rates may change at any time without prior notice, before or after the account is opened.
**The Qualifying Period begins on the first calendar day of the month and ends at close of business (4:25 pm MST/ 3:25 pm MDT) on the last business day of the month. Meet the requirements in the current month to qualify to earn 5.00% APY for the following month.
Your eligibility is determined separately each month. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency. Person-to- Person payments (such as Venmo) are not considered a direct deposit. Funds deposited using a Varo Money routing number are not considered a direct deposit.
^ Early access to direct deposit funds depends on the timing of the payer’s submission of deposits. Varo generally posts such deposits on the day they’re received, which may be up to two days earlier than the payer’s scheduled payment date.
Bank Account Services provided by Varo Bank, N.A. Member FDIC. Visa® Debit Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.
Best High-Yield Savings Account Alternatives
Don’t see what you came for yet? Consider our top 2 HYSA alternatives for people who want something a little different.
Best Rewards Checking Account: Discover Bank Cashback Debit Account
The Discover Bank Cashback Debit Account delivers 1% cash back on the first $3,000 in eligible debit card purchases each month. There’s no minimum balance or transaction requirement to earn cash back either.
Additional features:
- No monthly maintenance fee
- No hidden account fees
- Freeze and unfreeze your account from the Discover mobile app
This offer is available nationwide.
Best High-Yield Checking Account: Quontic High Interest Checking
Make 10 or more qualifying Quontic High Interest Checking debit card point-of-sale transactions valued at $10 or more in a statement cycle. You’ll earn:
- 1.10% APY on balances up to $150,000
- Complete qualifying activities to earn 1.10% APY on balances between $100,000.01 and $1,000,000
Additional features:
- Pay no ATM fees at ATMs in the AllPoint®, MoneyPass®, and SUM® networks or at participating Citibank® ATMs
This offer is available nationwide.
Methodology: How We Select the Best High-Yield Savings Accounts
We evaluate high-yield savings accounts on 8 key metrics that can make or break your experience as an account holder. For each metric, we select the account that surpasses all other competitors — giving you the confidence you need to choose the product that works best for you.
High Yield (High APY)
“What’s the interest rate?” is probably the first question you ask yourself when evaluating a savings account. A higher interest rate, or yield, means your money grows faster. When inflation runs hot, yield is your best defense against falling buying power.
Low Fees
Account fees are your enemy. The best high-yield savings accounts don’t charge monthly maintenance or minimum balance fees. They should have low or no overdraft fees and no fees for P2P transfers either.
Account Opening Bonus
It’s harder to find new account opening bonuses on savings accounts than checking accounts, but they’re around if you know where to look. See our list of the best new bank account promotions for alternatives to the standout PNC Virtual Wallet offer featured here.
Checking and Savings Combo
Many banks offer checking and savings accounts under the same roof, but only a few do both well. Our top pick, the Aspiration Spend & Save Account, promises a category-leading yield (1.00% APY when you upgrade to Aspiration Plus) and up to 10% cash back on select checking purchases.
Savings Automation
You have enough to worry about. Choose a bank that saves more of what you earn without waiting for your say-so. That might mean rounding up the change on debit card purchases, automatically setting aside a portion of each paycheck, using an algorithm to figure out how much you can safely save each week — or all of the above.
Mobile Experience
Your bank’s mobile app should do everything its desktop banking portal does: accept mobile check deposits, execute (free) P2P funds transfers, pay your bills, manage your savings plan, and more. And it should look good on a small screen.
Tax-Advantaged Account Options
Many banks don’t bother to offer savings IRAs. Those that do help risk-averse savers preserve and grow their nest eggs. And the real standouts, like Ally Bank, offer the same great rates on tax-advantaged savings as they do on taxable savings.
Deposit Insurance Coverage
Deposit insurance protects your savings if your bank fails. (It’s rare, but it happens.) The standard limit for FDIC insurance is $250,000 per account type, per institution, but some banks go above and beyond. Standouts like SoFi Checking and Savings offer $1 million or more in deposit insurance coverage.
Become a Savings Account Expert: Your HYSA Questions Answered
You have questions about high-yield savings accounts. We have answers.
How Do High-Yield Savings Accounts Calculate Interest? (And What Is Compounding)
Your savings account’s yield — how much its balance grows each year — is a function of its interest rate and compounding frequency.
You already know that a higher interest rate means faster growth. But what role does compounding frequency play?
Think of compounding as earning interest on interest. Compounding frequency describes how often your account adds the interest it’s earned to the original (principal) balance. The higher the compounding frequency, the longer each extra bit of interest has to earn interest on itself.
Don’t get too excited. In percentage terms, compounding frequency has a negligible impact on growth. And when interest rates are near zero, “negligible” is too generous. You have to squint to see the difference.
Here’s an illustration.
Imagine two seemingly identical savings accounts. Both earn 0.50% interest. The only difference: Account A compounds annually and Account B compounds daily.
You seed both accounts with $10,000 and make no further deposits. The interest rate remains level at 0.50%. By Year 10, how much bigger is Account B’s balance?
| Account A | Account B | |
| Year 1 | $10,050.00 | $10,050.12 |
| Year 2 | $10,100.25 | $10,100.50 |
| Year 5 | $10,252.51 | $10,253.15 |
| Year 10 | $10,511.40 | $10,512.71 |
A whopping $1.31, that’s how much. After accounting for inflation, the difference is even smaller.
Can You Lose Funds Held in a High-Yield Savings Account?
Federal deposit insurance (FDIC coverage) protects savings balances held with member FDIC institutions up to at least $250,000. This protection kicks in if the member bank fails.
Always, always, always make sure your bank is FDIC-insured. Otherwise, there’s no guarantee you’ll get your money back if it closes its doors.
FDIC insurance doesn’t cover everything that can go wrong at your bank. It might not reimburse you if your account is hacked and drained without your consent or if you fall victim to a financial scam.
Do Banks Still Charge Excess Withdrawal Fees for High-Yield Savings Accounts?
Some banks continue to charge excess withdrawal fees. But a growing number of financial institutions — including several on this list — now choose to waive them.
That’s because of a long-overdue change to a Federal Reserve bylaw known as Regulation D (Reg D). For years, Reg D limited withdrawals or payments from savings and money market accounts to 6 per statement period. Banks and credit unions imposed steep fees for withdrawals in excess of this limit — often $10 or more per occurrence. Repeat offenders risked account closure.
In April 2020, the Federal Reserve announced that deposit institutions were no longer bound by the strict monthly withdrawal limit. But it didn’t require banks to make the change, so some still have excess withdrawal fees on their books.
Fun Facts About High-Yield Savings Accounts
- The world’s first modern savings bank appeared in Brumath, France, in 1765. The first in the U.S., the awkwardly named Provident Institution for Savings in the Town of Boston, opened in 1816.
- The average yield on a 3-month CD hit 18.6% APY in 1981. Today, the typical 3-month CD yields less than 0.5% APY.
- When the FDIC opened for business in 1934, it insured deposits up to $2,500. That’s about $51,000 in today’s dollars.
- In the early 20th century, “Christmas club” accounts were popular with holiday savers. You’d make small deposits each week throughout the year, earning interest over time. Around Thanksgiving, the bank would unlock your funds — just in time for the holiday shopping season.
Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser, and have not been reviewed, approved, or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.