The Full List Of Top Savings Account Options

We evaluate savings accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, locations available, and the terms and conditions of having the account. We may receive compensation from some or all of the companies listed below. Here are our recommendations of the best high yield savings accounts.

1. Western Alliance Bank - 4.23% APY

Western Alliance Bank is one of the largest commercial banks in the United States, and they are now offering an amazing personal savings account. In partnership with SaveBetter, you can open a high-yield savings account at Western Alliance Bank online.

This account has just a $1 minimum deposit to open and no monthly maintenance fees.

Right now, you can earn 4.23% APY on your deposits. And yes, it's FDIC insured!

Open an account at Western Alliance Bank here >>

2. American First Credit Union - 4.15% APY

American First Credit Union is a regional credit union located in California that offers one of the top yielding online savings accounts right now. In partnership with SaveBetter, you can open a high-yield savings account at American First Credit Union online.

This account has just a $1 minimum deposit to open and no monthly maintenance fees.

Right now, you can earn 4.15% APY on your deposits. And yes, it's NCUA insured!

Read our full American First Credit Union review here.

Open an American First account here >>

3. Third Coast Bank - 4.13% APY

Third Coast Bank is a Texas-based bank that has been around for just over 10 years. It's publicly traded, and recently started accepting online deposits through a partnership with Save Better. As a result, you can take advantage of this awesome interest rate on your savings!

Right now you can earn 4.13% APY on your savings.

The great thing is that you can earn this on your full balance, and there is only a $1 minimum to open an account.

Open an account here >>

4. Upgrade Premier Savings - 4.13% APY

Upgrade just launched their savings account to compliment their already popular free checking account. The Upgrade Premier Savings account is a top-yielding savings account with no monthly maintenance fees.

Right now, you can earn 4.13% APY on your account.

There is no minimum balance to open your account, but you will only earn the APY on days when the closing balance of your Premier Savings account is or exceeds $1,000. On days where the account closing balance drops below $1,000, the APY will be 0%.

It's important to remember that Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC.

Read our full Upgrade review here.

Open an Upgrade Premier Savings Account here >>

5. UFB Direct - 4.11% APY

Their savings account has no minimum deposit or balance required and $0 monthly maintenance fees.

Right now, they offer one of the highest rates at 4.11% APY! And, of course, it's FDIC Insured. 

Read the full UFB Direct review here.

Open a UFB Direct Account here >>

10. Discover Bank - 3.30% APY

Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards. In fact, Discover is an incredibly robust bank with a great high yield savings account as well!

Right now, you can earn 3.30% APY.

Their account has no minimum balance requirements, and no fees!

Bonus Offer: You can get a bonus of up to $200 when you apply for your first Discover Online Savings Account, online, by phone, or via the Discover App using the code TCI323. You must apply by March 15, 2023, fund the account within 30 days of opening it, and complete the qualifying activities within 30 days of opening. See advertiser website for full details.

To qualify, you must do the following to earn one of the bonus offers:

• $150 Bonus: Deposit into your account a total of at least $15,000
• $200 Bonus: Deposit a total of at least $25,000

Remember, deposit must be posted within 30 days of account open date. Maximum bonus eligibility is $200.

Open an Account here >>

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 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.

Read our full Discover Bank review here.

Open an account here >>

Earn up to a $200 bonus!

More Accounts To Consider

These accounts are still great choices to consider for your money, and as interest rates, fees, and minimums change, you might see them in our top ten choices!

Continental Bank

Continental Bank is a family-owned, FDIC-insured bank that's traditionally served the Salt Lake City area. However, in partnership with Save Better, you can now access some of the highest savings account rates online.

Right now you can earn 3.65% APY on your savings.

The great thing is that you can earn this on your full balance, and there is only a $1 minimum to open an account.

Read our full Continental Bank review here.

Open an account here >>

Barclays Bank

Capital One

Capital One is credit card company that has also become known for having top notch banking products. This includes having an extremely competitive online savings account.

Plus, if you already use Capital One 360 for other products, it could be an easy fit.

Right now you can earn 3.30% APY. 

They only have $0 minimum to open, and no monthly account maintenance fees.

Read our full Capital One 360 Bank Review here.

Marcus by Goldman Sachs

Marcus by Goldman Sachs is a great choice for people looking for a top notch high yield savings account. With consistently high interest rates, no fees, and no minimums, we love Marcus by Goldman Sachs.

They do have generous transfer limits to get money in and out of the account, but they don't offer mobile check deposit, which could make it difficult if you have an "old fashioned" check to deposit.

Right now you can earn 3.30% APY.

Otherwise, check out Marcus to earn top rates. Read out full Marcus by Goldman Sachs review here.

American Express

American Express is more than a credit card company. American Express has Amex Savings, which consistently pays a top rate. It may not always be the best on this list, but it consistently is near the top, and that doesn't change much.

Plus, if you already use American Express for other products, it could be an easy fit.

Right now you can earn 3.30% APY. 

They only have $1 minimum to open, and no monthly account maintenance fees.

Synchrony

HSBC

Citizens Access

CIBC

Ally

Bread Financial

Varo

What To Consider When Comparing Bank Savings Accounts?

There are a few important considerations when comparing high yield savings account options. You may not be thinking about these, but we look at them all the time when comparing the best options.

Interest Rate (Or Annual Percentage Yield - APY)

The interest rate (or APY) is typically the most common thing you're going to look at when shopping for a savings account. You want to find the account that pays the highest amount - right? 

In most cases, yes, a higher APY is always better. The higher the APY, the more interest you're going to earn on your deposits. However, if an account requires a high balance to earn the highest rate, and you can't meet that deposit level, you may want to consider another account where you can meet the requirements.

How Often Rates Change

Another factor to consider is how often interest rates change. The simple truth is, most of the banks on our list will move pretty consistently with each other. That could be up or down, depending on the Fed Funds Rate.

However, sometimes banks will change their rates because of their own needs, and that's what you want to avoid. We select banks on our list that are consistently at the top of the rate tables, so even if the rates are changing, you can typically find these banks among the best. 

How Consistent A Bank's Offering Is

Consistency is key when it comes to rates. Rates will change, but you want to find a bank that is consistently near the top.

What you don't want is a bank that offers an amazing introductory rate, then quickly drops it after 6 months. You will find that, overall, this will hurt your returns because the total annual APY will be lower than you'd get with a bank that is consistent.

So, when comparing high yield savings accounts, make sure you're looking for banks that offer consistency, not promotional rates.

Minimum Balance Requirements

When comparing savings account options, you'll quickly notice that there are banks with no minimum balance requirements, and those with high minimum balance requirements. Sometimes, to earn the highest interest rate on your savings account, you need to meet certain deposit minimums. And sometimes those minimums can be really high - upwards of $100,000! 

If you can't meet the minimum balance requirements or minimum opening deposit requirements to get the best APY, then you should consider an account where you can meet it. Yes, you might sacrifice a little bit of interest, but in the long run, you'll be better off!

Account Options

Finally, you'll want to look at the different account options available to you. What this means is:

• Does the bank offer physical branches or are they online only?
• How can you deposit cash?
• ATM access?
• How easy is it to get your money out of the account? Do they offer ACH or checks?
• How is the customer service? What are the customer service options - phone, chat, email, etc.?
• Do they have an online app?

These features aren't necessarily as important as the interest rate and balance requirements, but depending on your needs, they can make a big difference in how happy you are with your online savings account.

What is a savings account?

A savings account is a type of savings vehicle that is offered by banks, credit unions, and financial services firms (like brokerages). Savings accounts are federally insured, meaning your money is safe. These accounts also typically pay interest, more than you would earn keeping your money in other bank accounts, like a checking account. Savings accounts also typically limit how many withdrawals you can make each month, limiting their ability to be used other than for saving.

How does an online savings account work?

Online savings accounts work just like traditional brick and mortar bank accounts, except that everything is done online or via a mobile app. The benefit of this is that online accounts typically offer higher interest rates to savers - passing on the savings of not having a lot of branches.

What makes a savings account a high yield account?

The designation of a high yield savings account is for accounts that provide above average interest rates to their customers. In 2022, the top savings accounts provide over 3.50% APY, while the average interest rate is just 0.24% APY.

What is the best interest rate on a savings account?

The best interest rate on a savings account is over 4.00% APY, but that may be a promotional interest rate.

What are the fees charged to have a savings account?

The best savings account don't charge any type of monthly fees to use their account. However, some banks may charge monthly maintenance fees, unless specific balance requirements and/or deposit requirements are met.

How safe is my money in a savings account?

Money in a savings account is FDIC insured up to the FDIC insurance limits (typically $250,000 per person). Some banks may extend higher insurance limits on your account.

What is the limit on withdrawing money from a savings account?

Most savings accounts impose limits on withdrawals each month. Called Reg D, this is a federal rule that limits savings accounts withdrawals to just 6 per month. Some accounts avoid this by classifying themselves as a cash management account.

Can I lose money in a savings account?

In general, you cannot lose money in a savings account. As long as your balance is below the FDIC insurance limit, you cannot lose money. The exception is having money beyond the FDIC insurance limit, and the bank fails. In this rare scenario, you could lose money in a savings account.

How does a savings account compare to a CD?

A savings account is more liquid than a certificate of deposit, but typically provides slightly lower interest rates compared to the shortest duration CDs. With CDs, you must "lock--up" your money for a period of time, usually at least 3 months, but upwards of 6 years. In exchange for locking up your money, you get a higher interest rate than you would with a savings account. If you need the liquidity, then a savings account is the preferred savings vehicle.

What is the average interest rate on a savings account?

According to the FDIC, in 2022, the average savings account pays just 0.09% APY on a savings account.

How do the Fed interest rates affect savings accounts?

When the Fed raises or lowers interest rates, banks adjust their savings account interest rates accordingly. In rising rate environments, banks will offer higher interest rates, and in declining rate environments, banks will lower their interest rates offered on savings accounts.

What is a promotional APY?

A promotional APY is the interest rate you can earn for a specific duration exchange for taking some specific action. For example, many banks offer new customers a promotional APY on their savings account for the first 6 months or one year. Then, after the promotional period, your APY will drop back down to the standard rate offered.

Final Thoughts

A high yield savings account can be a great way to save your money. You typically earn higher interest rates, but there are some restrictions above and beyond what you usually find for normal savings accounts. You can compare the differences between a savings account and money market here.

Just like any account, make sure you're opening the best savings account for your needs so you can reap the rewards.

Methodology

The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best savings account. We do this by providing unbiased reviews of the top banks and savings accounts for our readers, and then we aggregate those choices into this list.

We have picked savings accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best savings accounts in the marketplace for consumers.