Best High-Yield Online Savings Accounts of September 2023
Our list of the best high-interest savings accounts.
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Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
APY research methodology: The APYs shown are current as of the publication date of this page. Each weekday, we review account rates to make sure we have the most up-to-date APYs.
The best high-yield savings accounts help you grow funds faster than average accounts. The products featured on this page have annual percentage yields, or APYs, of up to 5% or more. That is many times more than the national average of 0.45%.
Because of the recent Federal Reserve rate increases, APYs are going up, making now a good time to open a high-yield savings account. The accounts featured below can help you boost your emergency fund or save up for big purchases. Check the bottom of the page for more information about how these financial products work.
APYs shown are current as of September 18, 2023. All other information is current as of August 31, 2023.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
APY research methodology: The APYs shown are current as of the publication date of this page. Each weekday, we review account rates to make sure we have the most up-to-date APYs.
The best high-yield savings accounts help you grow funds faster than average accounts. The products featured on this page have annual percentage yields, or APYs, of up to 5% or more. That is many times more than the national average of 0.45%.
Because of the recent Federal Reserve rate increases, APYs are going up, making now a good time to open a high-yield savings account. The accounts featured below can help you boost your emergency fund or save up for big purchases. Check the bottom of the page for more information about how these financial products work.
APYs shown are current as of September 18, 2023. All other information is current as of August 31, 2023.
The Federal Reserve raised rates to the highest levels in more than two decades, which is good news for your savings accounts. Take advantage of today’s high rates by opening a federally insured high-yield savings account.
Best High-Yield Online Savings Accounts From Our Partners
Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
---|---|---|---|---|
![]() SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for High-Yield Online Savings Accounts | 4.50% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | Learn more at SoFi Bank, N.A., Member FDIC |
![]() Citizens Access Savings Learn more at Citizens, Member FDIC | Best for High-Yield Online Savings Accounts | 4.50% With $0.01 min. balance for APY | N/A | Learn more at Citizens, Member FDIC |
![]() CIT Bank Platinum Savings Learn more at CIT Bank, Member FDIC | Best for High-Yield Online Savings Accounts | 5.05% With $5,000 min. balance for APY | N/A | Learn more at CIT Bank, Member FDIC |
![]() Upgrade Premier Savings Learn more at Upgrade, Deposits are FDIC Insured | Best for High-Yield Online Savings Accounts | 5.07% With $1,000 min. balance for APY | N/A | Learn more at Upgrade, Deposits are FDIC Insured |
![]() Barclays Online Savings Account Learn more at Barclays, Member FDIC | Best for High-Yield Online Savings Accounts | 4.35% With $0 min. balance for APY | N/A | Learn more at Barclays, Member FDIC |
Our pick for
High-Yield Online Savings Accounts
4.50%
$250
Why We Like It
SoFi Checking and Savings is a combination checking and savings account that earns a strong APY of 4.50% (variable and subject to change) on the money you keep in the savings portion of the account, but you'll need to do one of the following: Set up direct deposit in any amount, or make manual deposits of at least $5,000 every 30 days. Without either a direct deposit or the minimum manual deposit, you’ll earn 1.20% APY on your savings balance.
The money you keep in the checking portion of the account earns 0.50% APY with or without deposits (APY is variable and subject to change).
There’s no minimum deposit requirement to open an account and there is no monthly maintenance fee either.
4.50%
N/A
Why We Like It
Citizens, formerly Citizens Access, has a savings account that offers a 4.50%4.50% APY. You need only $0.01 to open an account and start earning the competitive rate. There’s no minimum balance to worry about as there are no monthly fees. Note that this bank, which is the online-only division of Citizens Bank, doesn’t offer a checking account.
5.05%
N/A
Why We Like It
CIT’s Platinum Savings account pays 5.05% APY on balances of $5,000 or more. If your balance dips below $5,000, it earns a paltry 0.25% APY. Despite the higher threshold to earn the high rate, the account’s minimum opening deposit is only $100. There is also no monthly fee.
5.07%
N/A
Why We Like It
Upgrade’s Premier Savings account earns a strong 5.07% APY, but only on balances of $1,000 or more (though there is no minimum deposit required to open the account). The account also has no monthly fee. The institution also offers a rewards checking account that earns cashback.
Note that Upgrade is a nonbank financial technology company, not a bank. Funds deposited with Upgrade are FDIC-insured through its banking partner, Cross River Bank.
4.35%
N/A
Why We Like It
Barclays’ savings account offers a solid interest rate, and there are no monthly fees or minimum balance requirements. The account also has a tool for setting savings goals.
Here is more information about high-yield savings accounts.
What is a high-yield savings account?
A high-yield savings account is a type of federally insured savings product that earns rates that are much better than the national average. They can earn around around 4% APY. By comparison, the national savings average is 0.45% APY.
» Looking for the top overall online-only banks? Check out NerdWallet's picks for best online banks
Why choose a high-yield savings account?
With a high-yield savings account, also known as a high-interest savings account, your balance can grow faster over time than it would in an average savings account. This is without additional effort on your part. Your money is working harder for you in a higher-rate account.
What is the difference between a high-yield savings account and a traditional savings account?
A high-yield savings account earns a much higher rate than a regular savings account. While some traditional savings accounts, particularly those at large national banks, earn rates as low as 0.01% APY, high-yield accounts earn many times more. Currently, rates at the best high-yield accounts earn around 4% APY.
Alternatives to high-yield savings accounts
High-yield savings account vs money market account
High-yield savings accounts and money market accounts are both types of savings accounts, but MMAs typically offer debit cards and checks, with the ability to make a few purchases each month. Both types of accounts generally let you link to other deposit accounts, such as checking accounts, to make electronic withdrawals and deposits. But with the added benefit of debit cards or checks, money market accounts give easier access to your funds. This can be helpful if you need fast access to your cash. However, some MMAs also charge monthly fees and have high minimum opening deposits.
» Want to explore more? See our list of the best money market accounts
High-yield savings account vs certificate of deposit (CD)
High-yield savings accounts and certificates of deposit are both federally insured deposit accounts, but CDs tend to have higher rates in return for locking in your money for a set time period. CDs are best for funds that can be put away for the entire CD term, which can typically range from a few months to five years or more. If you have a short-term savings goal for an item you’d like to purchase in a few years, consider opening a CD. Funds in high-yield savings accounts can generally be withdrawn at any time, though there may be a limit of six per month for certain types of withdrawals. Compared to a CD, a high-yield savings account is a better option for an emergency fund.
» Learn more about the best CD rates
High-yield savings account vs checking account
The difference between a high-yield savings account and a checking account is that a HYSA is used for building your account balance, while a checking account is used for everyday spending. Some checking accounts earn interest or offer cash-back rewards, but a high-yield savings account likely pays more interest, though it may also limit certain types of withdrawals to a maximum of six per month. » Looking for online checking? Read about the best online checking accounts
How much interest will I get on $10,000 after a year in a high-interest savings account?
If your money is in an account that earns a strong rate, your balance will grow faster without any additional effort on your part. With a 5% APY, a savings balance of $10,000 would earn a bit more than $500 after a year. It may not make you rich, but the earnings are much better than an account with a 0.40% APY, which would earn about $40 dollars.
How do I choose the best high-interest savings accounts?
Look for accounts that have high interest rates and low service charges. You want to make sure you don’t have to pay a fee each month. Some institutions don’t charge monthly fees, while others do but will waive them if you meet a balance minimum.
Be willing to look beyond the larger, well-known banks. Many smaller institutions — including online banks and apps — feature good rates and low deposit requirements.
» Want to explore checking accounts instead? Take a look at NerdWallet’s best checking accounts
High-yield savings accounts: Pros and cons
Here's a look at benefits and drawbacks of typical high-yield savings accounts compared with other ways to grow your funds.
High-yield savings account pros:
Earns higher rates than other savings accounts.
Is a deposit account, so it has federal insurance (unlike investments).
Typically can be opened online, without the need to leave your home.
High-yield savings account cons:
Sometimes requires a higher minimum opening balance compared with regular savings accounts.
While they can be opened online (a pro), some are online-only, so face-to-face customer service is not an option.
The highest APY savings accounts are easy to access
With online banking, you can access your account securely day or night. Online banks, credit unions and nonbank providers offer some of the best savings rates on the market while charging fewer fees than traditional banks. They also often offer good websites and mobile apps that typically let customers deposit checks and pay bills.
How to open an account with the best interest rates
Depending on the type of financial institution, you can open an account either online or in person. You’ll need to provide your Social Security number and contact information, along with at least one form of identification, such as a driver’s license or a passport. (For a joint account, everyone wanting access to the account must provide this information and ID.) You will often be required to deposit money into the new account right away. You can do that by depositing cash or checks, or through a wire transfer.
» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts
What to do if you can’t open a high-interest savings account
Occasionally, your application to open an account may not be approved. This is likely because of issues with your previous banking history.
Unpaid bank fees and bounced checks can result in a negative file on ChexSystems, a consumer reporting agency that financial institutions use to evaluate a prospective customer’s banking history.
There are options for customers who have a ChexSystems file, including opportunities to open alternative accounts. For more information, read our primer on what to do if you have a ChexSystems record.
Are high-yield savings accounts safe?
In short, yes. High-yield savings accounts at banks and credit unions are federally insured up to $250,000 per depositor, and many nonbank providers partner with banks for insurance. Accounts at banks are backed by the Federal Deposit Insurance Corp., while credit union accounts are backed by the National Credit Union Administration. This means that even if the financial institution fails, the government makes sure your money is safe and accessible. Read NerdWallet's primer on FDIC insurance to learn more.
What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts?
When we describe a savings account that is offered by a bank, we note “Member FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the account is federally insured. If a financial technology company — not a bank — offers a savings account, it typically partners with a bank that is an FDIC member to hold the funds so deposits can be insured. In those cases, we note “funds insured by the FDIC.” Savings accounts at credit unions are federally insured by the National Credit Union Administration, so we note “funds insured by the NCUA.”
High-yield savings account terminology
Here’s a look at some important savings terms to know.
Savings account: A deposit account from a financial institution that earns interest.
Money market account: A type of savings account that often offers higher interest rates in return for a steep minimum deposit. (Think $5,000 or more.)
Interest: Money a financial institution pays into an account over time.
Compound interest: Compound interest is the interest you earn on both your original money and on the interest you keep accumulating. In an account that pays compound interest, the return is added to the original principal at the end of every compounding period, typically daily or monthly. Each time interest is calculated and added to the account, the larger balance earns more interest.
Annual percentage yield: The APY, or annual percentage yield, is the amount of compound interest an account earns in a year. The calculation is based on the account's interest rate and the number of times interest is paid during the year. A savings account with the highest APY grows faster than an account with a lower yield.
» Read more about 10 essential banking terms you need to know
Full list of editorial picks: best high-yield online savings accounts
When selecting the best high-yield online savings accounts, NerdWallet uses multiple data points, including monthly fees, minimum balance requirements, APY, mobile app ratings and customer service availability. Click the financial institution’s name in the table below to read a full review.
Financial Institution | NerdWallet Overall Institution Rating | APY | Minimum balance to open |
---|---|---|---|
Affirm, funds insured by FDIC. | 3.5. | 4.35%. | No minimum to open account. |
Ally, Member FDIC. | 5.0. | 4.25%. | No minimum to open account. |
American Express, Member FDIC. | 4.5. | 4.25% APY (annual percentage yield) as of 08/18/2023. | No minimum to open account. |
Barclays, Member FDIC. | 4.5. | 4.35%. | No minimum to open account. |
Bask Bank, Member FDIC. | 4.5. | 5.00%. | No minimum to open account. |
Bread Savings, funds insured by FDIC. | 4.5. | 5.00%. Bread Savings disclosure | $100 minimum to open account. |
Capital One 360, Member FDIC. | 4.5. | 4.30%. | No minimum to open account. |
CIBC U.S., Member FDIC. | 3.5. | 4.76%. | $1,000 minimum to open account. |
CIT Bank, Member FDIC. | 4.0. | 5.05%. | $100 minimum to open account. |
Citibank, Member FDIC. | 4.0. | 4.35%. | No minimum to open account. |
Citizens, Member FDIC. | 4.5. | 4.50%. | $1 minimum to open account. |
ConnectOne Bank, Member FDIC. | 3.5. | 4.25%. | $2,500 minimum to open account. |
Discover Bank, Member FDIC. | 5.0. | 4.30%. | No minimum to open account. |
E*TRADE, Member FDIC. | 4.0. | 4.25%. | No minimum to open account. |
EverBank (formerly TIAA Bank), Member FDIC. | 4.5. | 5.00%. | No minimum to open account. |
First Foundation Bank, Member FDIC. | 3.5. | 5.00%. | $1,000 minimum to open account. |
LendingClub, Member FDIC. | 4.5. | 4.50%. | $100 minimum to open account. |
Live Oak Bank, Member FDIC. | 4.0. | 4.15%. | No minimum to open account. |
Marcus by Goldman Sachs, Member FDIC. | 5.0. | 4.40%. | No minimum to open account. |
Popular Direct, Member FDIC. | 4.0. | 5.20%. | $100 minimum to open. |
Quontic Bank, Member FDIC. | 4.5. | 4.50%. | $100 minimum to open account. |
Salem Five Direct, Member FDIC. | 4.0. | 5.01%. | $10 minimum to open account. |
Sallie Mae Bank, Member FDIC. | 4.0. | 4.50%. | No minimum to open account. |
SoFi, Member FDIC. | 4.5. | 4.50%. | No minimum to open account. |
Synchrony Bank, Member FDIC. | 5.0. | 4.75%. | No minimum to open account. |
TAB Bank, Member FDIC. | 4.0. | 5.02%. | No minimum to open account. |
UFB Direct, Member FDIC. | 4.5. Editor's note: | 5.25%. | No minimum to open account. |
Upgrade, funds insured by FDIC. | 4.0. | 5.07%. | No minimum to open account. |
Varo, Member FDIC. | 4.5. | 3.00% (5.00% if certain requirements are met.) | No minimum to open account. |
» Interested in getting money from banks? See NerdWallet's best bank account promotions and bonuses
Historical savings rates
The table below shows movement that some financial institutions have seen with savings rates over the last few months. We chose a few online institutions and two national banks to compare.
Note: Rates are accessed at the beginning of the month unless otherwise noted. Current rates may change at any time.
September 2023 | August 2023 | July 2023 | June 2023 | May 2023 | April 2023 | March 2023 | February 2023 | January 2023 | December 2022 | November 2022 | October 2022 | September 2022 | August 2022 | July 2022 | June 2022 | May 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Online institutions | |||||||||||||||||
Ally, Member FDIC. | 4.25% APY. | 4.25% APY. | 4.00% APY. | 3.85% APY. | 3.75% APY. | 3.75% APY. | 3.40% APY. | 3.40% APY. | 3.30% APY. | 3.30% APY. | 3.00% APY. | 2.35% APY. | 1.85% APY. | 1.85% APY. | 1.25% APY. | 1.00% APY. | 0.60% APY. |
CIT Bank, Member FDIC. | 5.05% APY. | 5.05% APY. | 4.95% APY. | 4.85% APY. | 4.75% APY. | 4.50% APY. | 4.05% APY. | 4.05% APY. | 4.05% APY. | 3.85% APY. | 3.60% APY. | 3.00% APY. | 2.10% APY. | 2.10% APY. | 1.90% APY. | 1.20% APY. | 0.90% APY. |
LendingClub, Member FDIC. | 4.50% APY. | 4.50% APY. | 4.25% APY. | 4.25% APY. | 4.25% APY. | 4.25% APY. | 4.00% APY. | 4.00% APY. | 4.00% APY. | 3.60% APY. | 3.25% APY. | 3.12% APY. | 2.07% APY. | 2.07% APY. | 2.07% APY. | 1.26% APY. | 0.85% APY. |
National brick-and-mortar banks | |||||||||||||||||
Bank of America, Member FDIC. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. |
Chase Bank, Member FDIC. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. |
Last updated on September 18, 2023
Methodology
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank),Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best High-Yield Online Savings Accounts of September 2023
- SoFi Checking and Savings: Best for High-Yield Online Savings Accounts, 4.50% APY
- Citizens Access Savings: Best for High-Yield Online Savings Accounts, 4.50% APY
- CIT Bank Platinum Savings: Best for High-Yield Online Savings Accounts, 5.05% APY
- Upgrade Premier Savings: Best for High-Yield Online Savings Accounts, 5.07% APY
- Barclays Online Savings Account: Best for High-Yield Online Savings Accounts, 4.35% APY
Frequently asked questions
In short, yes, online accounts are safe. Most online financial institutions are federally insured by the Federal Deposit Insurance Corp., up to $250,000 per depositor. If the account is with a credit union, the account will likely be insured through the National Credit Union Administration, also for $250,000 per depositor. So if a provider fails and goes out of business, you will not lose the money in the account up to the insured amount.
High-yield savings accounts are deposit accounts from financial institutions that earn above-average yields. Typically, the rates are also better than those offered by checking accounts. Some of the best savings interest rates come from online banks and providers. They can provide greater returns to customers because they don’t have to pay for operating branches and can pass the savings along.
Money market accounts are a type of savings account. They generally come with high APYs, high minimum deposit requirements and some check-writing privileges. NerdWallet’s guide on money market accounts can help you learn more about these products and help you decide if a money market account is a good place to stash your funds.
A high-interest savings account, on the other hand, typically does not come with checks, though it will still offer a strong APY.
Institutions typically don’t change savings rates hourly, daily or even weekly. It’s common to see some rates remain unchanged for several months.
However, it’s important to note that rates are variable and can theoretically change at any time. In addition, many providers will adjust their rates based on their competitors’ actions. As a result, you will often see groups of financial institutions increase or decrease their APYs around the same time, especially if the Federal Reserve recently hiked or cut rates.
Check out the best rates regularly to get the best yield for your money.
No, rates are variable and can change over time. The accounts featured in this article are among those with the consistently highest rates.
Financial institutions usually limit the number of certain kinds of withdrawals from any type of savings account to a maximum of six per month. These include online withdrawals, overdraft protection transfers and transfers initiated by telephone. If you have more than six transactions per statement cycle, your provider may levy an excess withdrawal fee each time you exceed the limit. However, on April 24, 2020, the Federal Reserve allowed providers to eliminate this cap. Contact your financial institution’s customer service line to find out if it has eased restrictions. If it hasn’t, keep in mind that withdrawing cash from an ATM does not count toward the limit. Read more in our primer on Regulation D.