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Best High Yield Savings Accounts 2023 (APY Rates & Online Accounts)

Discover the best high yield savings accounts and the top interest rates for 2023.

Lauren Bedford - Finance Writer
Written by
Finance Writer
Derek Sall - Personal Finance Expert
Reviewed by
Personal Finance Expert
17 min
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If you’re tired of living off ramen noodles, stealing fast food condiments at restaurants, or “accidentally” forgetting about your sister’s birthday—it’s time to find better ways to save a buck.

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Whether you’re stashing the cash for retirement, or determined to “remember” birthday gifts this year—a high yield savings account can help you tighten your belt with some extra cash thrown in for your efforts.

This article will tell you

  • Our top picks for the best high yield savings accounts. 
  • How high yield savings accounts work. 
  • Which account is the best choice for you.
  • Our simple steps to open a high yield account.
  • What the average APY is on a savings account. 

Best High Yield Savings Accounts 2023

  • Lending Club—Best overall pick 
  • CIT Bank—Best for money management 
  • UFB—Best for no fees 
  • SoFi—Best for checking and savings
  • Synchrony—Best for online savings 
  • Wealthfront—Best for long term saving
  • Bask Bank—Best for airline miles 
  • Vio—Best for large deposits 
  • Varo—Best for automated saving
  • M1—Best for M1 Plus members 

Check out more top banking accounts: 

Best High Yield Savings Accounts—Summary

Broker  Best for: Rating APY Min deposit Welcome bonus*  Learn more 
Lending Club Overall 5/5 4.00% $100 $150 with a $15,000 deposit 
CIT Bank  Money management  4.9/5 4.20% $100 $300 with a $50,000 deposit 
UFB  No fees 4.9/5 4.11% $0 $150 with a $15,000 deposit 
SoFi Checking and savings 4.9/5 3.75% $0 $250 bonus with a $5,000 deposit 
Synchrony Online savings 4.8/5 3.75% $0 $150 with a $15,000 deposit 
Wealthfront Long-term saving 4.7/5 3.80% $0 N/A
Bask Bank  Airline miles 4.7/5 4.15% $0 1,000 AAdvantage miles for new customers
Vio Large deposits  4.6/5 4.01% $100 N/A
Varo Automated saving 4.6/5 3.00%–5.00% $0 $30 referral bonus
M1 M1 Plus members 4.5/5 4.50% $0 $250 with a deposit up to $249,999

*Welcome bonuses can change and expire—so check the bank’s website for more details

Overall Pick—Lending Club 

Broker  Best for: Rating APY Min deposit Welcome bonus Learn more 
Lending Club Overall 5/5 4.00% $100 $150 with a $15,000 deposit 

Why we picked it 

Nobody enjoys being told you can’t eat any of the pies at the buffet, or touch the extra-shiny rock at the museum.

So you’ll be happy to hear that Lending Club gives you the freedom to do what you want—when you want. Lending Club lets you step up your saving game with a bunch of personal finance tools (like spending trackers, trend analysis, and budget templates).

Once you’re ready to go—you can easily link all your external accounts and make free transfers. Lending Club also offers an ATM card with your savings account, along with online and mobile banking. Leaving no stone unturned, you can also open a CD and checking account with direct deposits.


  • Free internal and external transfers. 
  • Personal financial management tools. 
  • 265-bit encryption to protect your data. 


  • $100 minimum deposit for a savings account.
  • $2,500 minimum deposit to open a CD. 

Best for Money Management—CIT Bank

Broker  Best for: Rating APY Min deposit Welcome bonus Learn more 
CIT Bank Money management  4.9/5 4.20% $100 $300 with a $50,000 deposit 

Why we picked it 

All those schooldays spent learning to draw an apple or climb a rope—when you should have learned how to save and manage your money.

CIT Banksonline banking helps you to manage your account, create bank reports, set up alerts, and make transfers. With their app, you can also deposit checks remotely.

And CIT Bank isn’t just offering lessons on savings—their checking and money market accounts also come with a 1.55% APY and no monthly fees


  • FDIC-insured with advanced security and fraud monitoring.
  • Debit card access. 
  • No monthly fees.


  • $100 minimum deposit. 
  • No free ATM network.

Best for No Fees—UFB Best Savings

Broker  Best for: Rating APY Min deposit Welcome bonus  Learn more 
UFB No fees 4.9/5 4.11% $0 $150 with a $15,000 deposit 

Why we picked it 

Banks love to brag about how their APY is better than the rest. Sure, the banks on our list all offer solid APYs—but UFB (a division of Axos Bank) can stand tall knowing that their APY really is one of the best.

They didn’t name it the “best savings account” for nothing—they offer an APY of 4.11% and no monthly fees or minimum deposits to prove it. They’ve even thrown in a complimentary ATM card—with access to over 90,000 free ATMs all over the country.

If you ever find yourself strapped for cash in a town that you can’t even pronounce—not only do you have plenty of ATMs to choose from, but you can also use their online banking to deposit checks anywhere in the world


  • SMS banking when you have no Wi-Fi access. 
  • Free transfers between direct deposit accounts.
  • Over 90,000 free ATMs.


  • No checking account. 
  • No CD account. 

Best for Checking and Savings—SoFi

Broker  Best for: Rating APY Min deposit Welcome bonus Learn more 
SoFi Overall 4.9/5 3.75% $0 $250 bonus with a $5,000 deposit 

Why we picked it 

Why go to ten different stores for Thanksgiving when you can just get everything from Walmart? If you prefer having everything in one placeSoFi could be your one-stop store for savings.

And just because SoFi offers a bunch of features, it doesn’t mean they’re skimping on saving tools. Their Roundup feature rounds all your debit card purchases to the nearest dollar and sends them to your Savings Vault for safekeeping. You can keep tabs on everything with their mobile app—where you can deposit checks and transfer funds.

But SoFi doesn't stop there—you can also get your hands on a checking account. It comes with a nice 2.50% APY after setting up a direct deposit. (You can also get a cash bonus of $50 to $250 depending on your direct deposit amount.) 


  • All-in-one banking solution. 
  • Over 55,000 free Allpoint ATMs.
  • Early direct deposits. 


  • Purchases are declined when your overdraw over $50.
  • Cash deposits cost up to $4.95.

Best for Online Savings—Synchrony 

Broker  Best for: Rating APY Min deposit Welcome bonus  Learn more 
Synchrony Online savings  4.8/5 3.75% $0 $150 with a $15,000 deposit 

Why we picked it 

Variety is great, but sometimes you want what you came for—no distractions and no extras. Synchrony is one of the best online savings accounts because you don’t need to synchronize dozens of different tools and features in your head—saving is the top priority.

And to prove they take it seriously, they have a 3.75% APY and no monthly fees.  While Synchrony doesn’t offer many fancy budgeting tools—you get the perks of a debit card that lets you take out cash for free from any ATM with a Plus or Accel logo. You’ll also get a flat cashback rate of 2% on everything.

To ramp up your savings, Synchrony offers some awesome CD rates with an APY of 4.30%. Their Money Market account also comes with a 1.75% APYfree from monthly fees or minimum balances. 


  • No monthly fees or minimum deposit.
  • ATM fee reimbursements. 
  • High APY rate.


  • No checking account.
  •  $25 fee for an outgoing wire transfer to other US banks.

Best for Long-Term Saving—Wealthfront

Broker  Best for: Rating APY Min deposit Welcome bonus  Learn more 
Wealthfront Long-term saving  4.7/5 3.80% $0 N/A

Why we picked it 

We live in a world where making plans with friends means delaying until you run out of excuses. If you’re someone who thinks ahead and actually sticks to it—this one’s for you.

Even if you’re not a planner, Wealthfront is here to give you a little push. It’s one of the best long term savings accounts as it offers a bunch of tools that deposit cash towards money-saving goals to invest in your future. Wealthfront also lets you keep up to $10,000 stashed away for emergencies and up to $1,000 a month for a down payment.

If you’re keen to invest your cash, you can instantly transfer to your Wealthfront Investment Account or an external account for free. With all that money saved up—you can no longer use the “no money excuse” for not showing up.


  • Free withdrawals from over 19,000 ATMs.
  • Two-day early direct deposit for paychecks.
  • Unlimited free transfers. 


  • No cash deposits. 
  • No chat support for customer service. 

Best for Airline Miles—Bask Bank 

Broker  Best for: Rating APY Min deposit Welcome bonus  Learn more 
Bask Bank  Airline miles 4.7/5 4.15% $0 1,000 AAdvantage miles for new customers

Why we picked it 

Travel isn’t usually synonymous with saving money—but with Bask Bank you can feel a little less guilty about splashing out on those all-inclusive tickets to sunny Spain.

Alongside their standard high interest savings account, you can try out their Bask Mileage account. For those craving vitamin sea, you can earn two American Airlines AAdvantage miles for every dollar saved annually. And after you end up spending way too much on tapas and sangria—you can withdraw from your Bask Savings or Bask Mileage account at any time.

Bask Bank offers some air-mazing CD rates, ranging from six months to two years. You can easily manage everything online—where you can schedule deposits and make transfers up to $300,000 (more than enough to cover another ten rounds of tapas). 


  • No account fees. 
  • American Airlines partnership. 
  • Extended phone support after 5 p.m. 


  • No checking account.
  • No ATM or debit card. 

Best for Large Deposits—Vio Bank

Broker  Best for: Rating APY Min deposit Welcome bonus Learn more 
Vio Large deposits  4.6/5 4.01% $100 N/A

Why we picked it 

Living in the city is fun until the sound of cars beeping, babies yelling, and the thought of slow walkers on the subway starts keeping you awake all night.

So, if the suburbs are calling to you—Vio Bank is for those serious about saving. Whether you’re saving for a house or moving as far away as possible—Vio Bank lets you deposit $25,000 per day and $100,000 through checks.

And if you have that sort of cash—why not fork out the $500 minimum deposit for CDs with term lengths going up to ten years? (Plenty of time to save for that 4-bedroom house with the white picket fence.) Aside from the high interest savings account and CDs—you can also open a money market account for just $100


  • High daily deposits. 
  • CD rates up to 3.60%.
  • Instant transfers between Vio accounts. 


  • External bank transfers can take up to 5 working days.
  • No debit card.

Best for Automated Saving—Varo

Broker  Best for: Rating APY Min deposit Welcome bonus  Learn more 
Varo Automated saving 4.6/5 3.00%–5.00% $0 $30 referral bonus

Why we picked it 

Time flies by, especially when you’re working extra hours, raising kids, and trying to finish the Netflix series you started a year ago—saving doesn’t exactly make it on the list of top priorities.

But Varo is here to help you out with its automatic saving tools. Their “Save Your Pay” feature takes a percentage of your direct deposits and puts them into your savings. They also have a “Save the Change” tool where they’ll round up all your transactions to the nearest dollar and transfer to your savings account.

You can also earn a competition-smashing 5.00% APY, but there’s a catch—you’ll need to receive direct deposits of $1,000 or more and finish the month with a positive balance in your standard Varo account and savings. 


  • Checking account with a debit card. 
  • Chance to earn a high APY. 
  • Online and mobile transfers. 


  • Limits and fees for cash deposits. 
  • Low base APY of 3.00%.

Best for M1 Plus Members—M1

Broker  Best for: Rating APY Min deposit Welcome bonus Learn more 
M1 M1 Plus Members  4.5/5 4.50% $0 $250 with a deposit up to $249,999

Why we picked it

We’re finishing with one of the best APY savings accounts on our list—an impressive 4.50%. Watch out, though—first, this rate is only for M1 members, and second—this account isn’t available yet. (But, with an APY that high—we had to mention it on our list.)

M1 plans to get their exclusive high interest savings account up and running around early 2023. While the details are still pretty hush-hush, we know that there’s no minimum deposit, and your savings will be FDIC-insured.

If the $125 annual membership is putting you off, hear us out—not only do you get an industry-leading APY, but you’ll also have access to brokerage accounts, crypto trading, margin loans, a rewards credit card, and a 3-month free trial if you need to test the waters before diving in.


  • High 4.50% APY. 
  • Access to a range of banking tools. 
  • 3-month free trial.


  • Annual membership fee.
  • Still in development. 


Saving money isn’t easy—there always seems to be a pizza joint, a new iPhone, or an overpriced Starbucks coffee calling your name. 

We've searched far and wide for the best high-yield accounts to help you make your savings stretch.

To narrow it down to our top ten, we considered some key factors:

  • APY rates
  • Extra fees 
  • Account types 
  • Special features and perks 
  • Customer reviews

We’ve included something for everyone—but if you want more options, check out our picks for the best savings accounts.

What Is a High Yield Savings Account?

High-yield savings accounts give money-savers a chance to earn higher interest (known as APY—annual percentage yield) on the cash they save up. These accounts offer over 20 times more than the national average APY of 0.24%.

Most high-yield savings account rates are over 3.50% and can reach up to 5.83% in 2023 to keep up with the competition.

How do high-yield savings accounts work?

Here’s how high yield savings accounts work— Imagine you have $10,000 in savings. With the national average of 0.24% APY, you’ll only earn $24 over the year.

However, in a high yield account with a 4.00% APY, that $10,000 will see returns of $400 in a year. (Enough for a well-deserved spa getaway. Um, of course, I meant a beefed-up emergency fund.) You can check out this high yield savings account calculator to see exactly how much interest you’ll be earning. 

How To Choose a High Interest Savings Account?

Consider these key factors when searching for the best high-yield savings account for you


If you’ve already made the rounds looking through different accounts, you’ve probably seen the not-so-subtle “best APY savings account” scattered over the internet.

The Annual Percentage Yield is the interest you earn on the money you save—and it’s something to keep an eye on if you want to make the most out of your savings. If you’re set on a high-yield account, you’ll want to get your hands on an APY that’s 3.50% or higher.

High yield savings accounts are also among the best compound interest accounts—which essentially let you earn interest on top of your previous year’s interest. (After all, if you’ve turned down a summer vacation to Europe in favor of a “staycation” in a tent—you deserve to be rewarded for your willpower.) 


So, you’ve found the best savings account for you—it has a great APY, cool features, and an ATM card thrown in. But before you sign on the figurative dotted line—don’t forget to read the fine print. Fees can come in all shapes and sizes, such as—

  • Monthly fees 
  • Minimum deposits 
  • Annual membership costs 
  • Internal and external transfer fees 
  • Cash deposit charges 
  • ATM costs 

Sometimes, the impressive APY can justify the extra fees—but it can’t hurt to weigh up the competition to make sure you’re getting a good deal. 

Account types 

Saving is all well and good—but at some point, you might need to splash out and fix that old tap that won’t stop dripping. That’s why opting for a bank that also offers a checking account is a handy all-in-one solution (even better if they add an ATM card into the mix).

And what about a high yield savings account vs a money market account

High yield savings account vs money market account

If you’re a seasoned saver, a money market account can give you both checking and saving abilities—but with a capped amount of transfers and purchases.)

If you can resist the urge to dip in and out of your savings, many banks also include CD (certificate of deposit) accounts—where you can put down a lump sum of money for a fixed period in return for some generous interest rates. 

Extra features 

Are you the type of person who remembers your 9 a.m. dentist appointment at 11 a.m. (two weeks later)? If this sounds familiar, look out for saving tools that can keep you up to speed. (You can opt for scheduled deposits, budget planners, and automated savings—so you never skip a beat.)

If you prefer to keep it simple—there are many basic perks that you can benefit from. Having access to a range of ATMs can be handy if you need cash fast, as well as transfers to and from external accounts—especially if it’s all free of charge

How to Open a High Yield Savings Account 

To open a high yield savings account, follow these three simple steps—

1. Calculate your savings goals 

Having a goal will help you figure out how much you need to put away each month and what type of account you’ll need to achieve your targets. 

2. Apply online 

To apply online, just follow the link on the website and enter some personal details, such as—

  • Your name 
  • Date of birth
  • Place of residence 
  • Social security number 
  • Phone number, or email address 

If you’re opening a joint account, you’ll also need to give the same information for the other account holder.

3. Build up your savings 

To get started, submit the amount you want to deposit into your new savings account. You’ll also need to provide your bank account and routing number to link to your bank accounts.

What is a Good APY on a High Yield Savings Account? 

APYs change all the time—but a good rate for a high-yield savings account is typically anything above 3.50%. With plenty of high rates going around, this figure might not seem like anything special—but it’s still way above the average savings APY of 0.24%.

Lower APYs are usually limited to saving accounts for kids or brick-and-mortar banks that keep it more old-school—but at least they offer a real-life person to chat with (unlike the robots you have to deal with online). 

What Are the Pros and Cons of a High Yield Savings Account?

There are perks as well as drawbacks to opening a savings account—


Stashing your dollar bills in a box under your bed is fine—until your kid mistakes it for coloring paper. Keeping your cash in a savings account is the best way to keep your money safe. Most banks have advanced security measures, insurance to protect your funds, and no curious children on the prowl.

One of the best things about a high-yield savings account is the interest rates you can earn—even going up to $500 a year. Some banks also offer welcome bonuses and reward schemes to help you out (and keep you coming back for more).

Ultimately, having the best savings account for your preferences will give you some peace of mind. If you ever need a weekend break, a new place to live, or that top-notch air fryer—it’s nice to have some money there when you need it.


High APYs are usually enough to suck you in—but beware of any hidden fees lurking about. Extra expenses can include monthly, membership, or transfer fees—which can all add up in the long run.

Having physical cash might not be the safest option—but it gives you plenty of freedom. While online banks try to be flexible, some can restrict the amount you transfer or withdraw—so make sure you check the fine print before you seal the deal.

Whether you have a touch of technophobia or just like keeping things traditional—unfortunately, almost all high-yield accounts are online. You can still deposit checks and make withdrawals—but you’ll have to get up to speed with all the tools and features if you want to take advantage of everything on offer.

Is a High Yield Savings Account Worth It?

The impressive high yield savings account interest rates mean they are perfect for anyone serious about saving. When it comes to money, every cent counts—and you can earn an extra $400 a year

Since most high-yield accounts are strictly online—they might not be the best choice for people who like good, old-fashioned human interaction.

But with everything going digital, there’s no time like the present to get started—it's a great place to park excess money and earn interest on a savings account without getting locked into anything. 


What are the best savings account interest rates? 

For a high-yield savings account, anything above 3.50% is considered a good APY. Some go up to 5.00%—just keep an eye out for hidden fees or tricky requirements. 

What is the average savings account interest? 

The average APY on a savings account is 0.24%—but this can go up or down depending on the economic climate. 

Which banks have high-yield savings accounts? 

Banks with high-yield savings accounts include Lending Club, SoFi, CIT Bank, and UFB.


See all

National Rates and Rate Caps. (n.d.). Retrieved March 16, 2023, from https://www.fdic.gov/resources/bankers/national-rates/index.html

Savings Rates Forecast 2023 – Forbes Advisor. (n.d.). Retrieved March 16, 2023, from https://www.forbes.com/advisor/banking/savings/savings-rates-forecast/

Editorial team

Meet the team
Lauren Bedford - Finance Writer

Finance Writer

Lauren is a published content writer who is passionate about helping and informing others through her content. In the last 5 years, Lauren has written about a range of subjects, including business, technology and finance.

Kacper Kozicki - Editor


Editor, copywriter, and multilingual translator with expertise in producing tailored content for global online brands. When not editing articles for LifeAndMyFinances.com, he enjoys rummaging through paper dictionaries, walking in nature, and making travel plans.

Derek Sall - Personal Finance Expert

Personal Finance Expert

Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially—one email, one article, one person at a time.

Deepti Nickam - Finance Writer

Finance Writer

Content writing and marketing professional with 4+ years of experience in the B2B and B2C sectors. Deepti has written about several subjects, including finance, project management, human resources, and more.

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