Whether you’re setting aside money for a long-term goal or a short-term need, the right savings account can help you save in the best way possible.
Maybe you’re looking for a high interest rate or prefer help and incentives for meeting your goals. Or perhaps you want a low-maintenance account with zero fees.
Whatever individual services you need, there’s an account for you. We’ve searched high and low for the best savings accounts available in 2023. Read on to find the one that best fits your needs.
Best High-Yield Savings Accounts
When you need to keep your cash accessible but still want to earn as much interest as possible, a high-yield savings account is likely what you’re looking for.
While most banks only offer a fraction of a percentage point as interest, a few financial institutions are willing to pay more for the privilege of holding your account. Have a look at our top picks for the best high-yield savings accounts.
Chime
Chime® is an excellent option for anyone looking for an online-only savings account. There are no monthly maintenance fees or overdraft fees, and you can easily manage your account with the bank’s mobile app.
CIT Bank
CIT Bank’s Savings Connect currently offers a 4.20% APY, and the interest compounds daily to maximize your earning potential. To open the account, the minimum opening deposit is $100.
Quontic Bank

Quontic Bank’s online savings account offers one of the highest APYs in the market, currently at 4.05%. This is over 14 times the national average.
American Express
The American Express National Bank offers a 3.75% APY on FDIC-insured online savings accounts for American Express cardholders. You can also open a rewards checking account with a high interest rate.
Discover
The Discover Online Savings account is an excellent option for those looking for a high-yield savings account with added benefits. With a 3.50% APY, customers can earn more on their savings.
Marcus by Goldman Sachs
With most high-yield savings accounts, you’re also looking at high minimum balances and other costs that can offset the interest you earn.
Synchrony
A Synchrony Bank high-yield savings account comes with an annual percentage yield (APY) of 4.00%. Additionally, there is no need to maintain a minimum daily balance.
Ally

Ally is a great choice for savers at all balance levels. That’s because as a customer, you receive a 3.60% APY on your online savings account regardless of how large (or small) your balance is.
Barclays
A Barclays online savings account has one of the best interest rates on the market today. Currently, you can open a savings account with a 3.60% APY.
Citizens Access
If you’re looking for a way to grow your money while also avoiding market risk, the High-Interest Online Savings account at Citizens Access Bank is a great option.
HSBC
What goes better with a great growth rate than a hefty opening bonus? With HSBC’s Direct Savings account you get 3.65% APY.
SmartyPig
SmartyPig offers super-specific savings goals and the ability to track your progress.

Best Sign-Up Bonus
There’s nothing to get you saving compared to free cash that can help pad your savings account. And a few banks offer seasonal sign-up bonuses to give you the nudge you need to open an account and save.
You’ll have to meet a few minimum requirements but once you do, you’ll have a tidy sum deposited into your account just for being a new customer.
SoFi
The SoFi Checking and Savings account is a great option for those looking for a combination of checking and savings.
TD Bank
The TD Signature Savings account offer is available for customers in select states, including CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA.
Alliant Credit Union
The Ultimate Opportunity Savings account from Alliant Credit Union is a great option for those looking to build their savings.
What is a Savings Account and Why You Need One
A savings account is a deposit account that allows you to earn interest and have convenient access to your funds. With a savings account, you can effectively manage your finances and create a safety net for unexpected expenses.
Types of Savings Accounts
When it comes to putting your money into savings, you have various options to choose from. Here are the most popular types of savings accounts:
- Traditional savings accounts: These are your basic savings accounts readily available at banks and credit unions. They provide a simple solution for people who prefer a straightforward approach and desire quick access to their money.
- High-yield savings accounts: A high-yield savings account offers a higher interest rate compared to traditional savings accounts. It’s a great option for anyone who wants to maximize their returns with minimal hassle.
- Online savings accounts: The key advantage of these accounts is that they are offered by online-only financial institutions, which generally have lower overhead costs compared to traditional brick-and-mortar banks. As a result, they can offer significantly higher savings account interest rates, helping your money grow faster.
- Money market accounts: A money market account typically has a higher interest rate than and require larger minimum balance than a traditional savings accounts. They’re Ideal for people with substantial savings.
- Certificates of deposit (CDs): A certificate of deposit (CD) is a type of savings account that lets you deposit money for a set period of time, usually several months to a few years. In return, you’ll earn a higher interest rate. However, you can’t access your money until the CD matures without paying a penalty. They’re ideal for those who want to save for a specific goal but won’t need to access the money for a while.
How to Choose the Best Savings Account
When choosing a high-yield savings account, there are several features to consider to make sure it meets your specific needs and goals. These include:
- Annual percentage yield (APY): APY is the total amount of interest earned on an account over the course of a year, based on the interest rate and frequency of compounding. Use it to compare the returns offered by different high-yield savings accounts.
- Minimum balance requirements: Some savings accounts may require you to keep a minimum balance to avoid fees. Make sure to check for this when comparing accounts.
- Fees: Maintenance and withdrawal fees are examples of fees that some savings accounts may have. Review and compare these fees among different accounts to understand the costs.
- Accessibility: Consider the ease of managing your account and accessing your funds through online and mobile banking, ATM access, and local branches.
By taking into account these crucial features, you can find the savings account that meets your financial goals and makes managing your money a breeze.
Bottom Line
To summarize, there are numerous savings accounts to choose from, each with its own distinct characteristics and advantages. It’s imperative to compare your options to determine the best savings account that aligns with your needs and aspirations.
In this article, we have spotlighted the best savings accounts of 2023. However, it’s worth noting that savings account interest rates and conditions may fluctuate. Hence, it’s advisable to frequently re-evaluate and modify your savings account choices to ensure optimal returns on your savings.
When selecting a high-yield savings account, bear in mind factors such as interest rate, annual percentage yield, minimum balance demands, fees, and ease of access. By conducting proper research and making an informed comparison, you can make a wise decision that will aid you in achieving your savings objectives.
Best Savings Accounts FAQs
Which banks offers the best savings account rates?
Savings rates can fluctuate greatly, depending on the state of the economy and the level of competition between financial institutions. To secure the best savings rates, it’s recommended to perform a thorough comparison of rates from multiple banks.
It’s worth noting that online banks often have more competitive rates compared to traditional banks, due to lower operational expenses. However, it’s important to keep an eye on the market, as the most favorable rates may shift frequently.
How do savings accounts differ from checking accounts?
Savings accounts typically have lower withdrawal limits and may have higher interest rates than checking accounts. Checking accounts are designed for more frequent transactions, such as paying bills and making purchases, while savings accounts are intended for long-term savings.
What is an interest rate on a savings account?
Savings accounts are usually restricted by lower withdrawal limits and offer higher interest rates compared to checking accounts. While checking accounts are created for daily transactions such as paying bills and making purchases, high-yield savings accounts serve the purpose of building long-term savings.
It’s essential to understand the differences between the two, to make an informed decision on where to best store your funds.
What are the benefits of having a savings account?
A savings account can play a crucial role in managing your finances, by assisting with budgeting and fostering a habit of regular savings. Not only does it provide a safe haven for emergency funds, but it also instills discipline in your spending habits. Moreover, it offers quick and convenient access to your funds during unexpected events, without the need to disturb other investments.
What is the minimum amount required to open a savings account?
The minimum deposit needed to open a savings account may differ among financial institutions. Some banks and credit unions may impose a minimum deposit requirement, while others may not have any such restrictions. It’s wise to compare the policies of different banks and credit unions before opening an account.
Can I access my savings account through online or mobile banking?
In the modern digital era, the majority of savings accounts come equipped with the convenience of mobile and online banking. This innovative feature enables you to keep an eye on your account information and make transactions effortlessly, anytime, anywhere. Whether you’re at home, work, or on the go, you have the flexibility to manage your savings with ease.
Is my money safe in an online savings account?
Yes, when you deposit your money in a reputable online savings account, you can rest assured that your funds are secure. The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage of up to $250,000 per depositor for savings accounts offered by banks. So, even in the unlikely event of a bank failure, your savings are protected.
Credit unions also offer savings accounts that are insured by the National Credit Union Administration (NCUA), with the same coverage amount.
What characteristics do the best savings accounts share?
When searching for best savings accounts, there are a few key features to keep in mind. A high interest rate of 3% or more is an important factor, as well as no monthly fees, easy accessibility, and a favorable annual percentage yield (APY).
You might also want to consider an account that provides a comprehensive suite of features, such as mobile banking, ATMs, and online account management. Ideally, you would choose a savings account that is backed by a well-established bank or credit union and is insured by either the FDIC or NCUA.
Some savings accounts might even offer bonuses or rewards for meeting certain requirements or for signing up, which can be an added perk.
What monthly fees do savings accounts have?
The best savings accounts are often those that don’t impose a monthly fee. This allows you to securely deposit your funds and watch your balance increase with earned interest, without any additional expenses hindering your progress.
As a result, you can optimize your returns, achieve your savings objectives at a quicker pace, and avoid any unpleasant surprises in the form of unexpected fees.
Is savings account interest taxable?
Yes, savings account interest is generally taxable as income at the federal and state level in the United States. However, there are some exceptions, such as certain types of tax-advantaged accounts, such as Roth IRA and 401(k) accounts, that are taxed differently.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November, 17th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.