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Best Savings Account Interest Rates

Our Top-Ranked High-Yield Savings Accounts

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A savings account is a good place to keep money safe and liquid, but it’s not a great place to earn money, right? Not necessarily. Some banks and credit unions offer savings accounts with respectable interest rates that rival the rates earned with CDs—but without the restrictions.   

We review more than 150 banks and credit unions every weekday to find the best savings rates and deals. These high-interest savings accounts are available to customers nationwide, and your funds are federally insured up to $250,000 per depositor per institution. We start by finding the highest rates, and we favor accounts with low minimum deposit requirements and friendly fee structures.

We also include money market accounts if they function like savings accounts. That means if an account pays a high yield and doesn’t allow you to write checks, it’s in the mix.

We evaluate savings accounts that are widely available throughout the U.S. to identify the best high-interest savings accounts. For this round-up, we primarily look at the annual percentage yield (APY) offered, but to help you compare options, we also consider factors like how quickly interest compounds, how easily you can make deposits, and customer service availability.

Best High-Yield Savings Accounts

Bank or Credit Union APY Requirements
CFG Bank 5.17% $1,000 to open and earn stated APY
TotalDirectBank 5.07% $25,000 to open and earn stated APY
Popular Direct 5.05% $5,000 to open and $0 to earn stated APY
Vio Bank 5.02% $100 to open and earn stated APY
Salem Five Direct 5.01% $10 to open and $0 to earn stated APY
DollarSavingsDirect 5.00% $0 to open and earn stated APY
Newtek Bank 5.00% $0 to open and earn stated APY
Evergreen Bank Group 5.00% $100 to open and $0 to earn stated APY
VirtualBank 5.00% $100 to open and $0 to earn stated APY
My Banking Direct 5.00% $500 to open and $1 to earn stated APY

We partnered with the following banks to bring you the savings account offers in the table below. Under that, you'll find additional details on our editors' picks for the best high-interest savings accounts and rates as of June 30, 2023. All of the banks and credit unions listed are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).

CFG High Yield Money Market Account

CFG Bank, founded in 1927, pays its best APY in the Online CFG High Yield Money Market Account. The website is not as functional or informative as some of the largest online banks, but if you prioritize high rates over the user experience, CFG might deliver what you need. The account requires $1,000 to open and avoid a monthly fee, but you must maintain a minimum daily balance of at least $25,000. Interest compounds daily and is credited monthly.

  • Competitive CD rates complement the savings account

  • Website has limited information and features


TotalDirectBank is a division of City National Bank of Florida, which was founded more than 70 years ago. TotalDirectBank keeps the product lineup simple, with money market accounts and CDs with terms of up to five years. Anyone in the U.S. (except those in Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and U.S. Virgin Islands) can open a money market or CD account.

  • Good interest rates

  • No maintenance fees

  • No physical locations

Popular Direct Ultimate Savings

Popular Direct is a subsidiary of Popular, Inc., a full-service U.S. bank also located in Puerto Rico and the Caribbean. It’s backed by 122 years of history. Popular Direct is primarily an online institution focused on savings and CD accounts only. You’ll need to deposit a minimum of $5,000 to open the savings account. Interest compounds daily and is credited to your account monthly.

Vio Bank High Yield Online Savings

Vio Bank is the online division of MidFirst Bank. The High Yield Online Savings account requires $100 to open. There are no monthly fees if you use online statements, and customer service is available into the evening hours (as late as 9 p.m. Central on weekdays). If you need to spend your money, your account balance can fall to zero, and you still don’t pay monthly fees. Interest is compounded daily and credited monthly.

  • Customer service by phone seven days per week

  • No monthly fees, regardless of balance

  • No checking accounts available

Salem Five Direct eOne Savings

Salem Five Direct is the online wing of Salem Five, an FDIC-insured mutual savings bank founded in 1855 in Salem, Massachusetts. It offers CDs, a checking account, and a high-yield savings account. The savings account comes with a minimum deposit of $100 and no ongoing balance requirement. Interest is compounded and credited monthly.

  • No ongoing balance requirements

  • Mobile account tools

  • Earn similar interest at other banks

DollarSavingsDirect Dollar Savings

DollarSavingsDirect is an online banking division of Emigrant Bank, which was founded in 1850 and grew to become the largest savings bank in the nation by the 1920s. Today, the bank offers CDs alongside a savings account with no minimum deposit, minimum ongoing balance, or monthly fees. Interest is compounded daily and credited monthly.

  • No minimums or fees

  • Ability to automatically link the savings account with a designated checking account

  • Limited banking services—CDs are the only other offering

  • Ability to earn more interest at other banks

Newtek Bank

Newtek Bank, a subsidiary of NewtekOne, has been in business for more than 20 years. The bank is focused on business checking and savings accounts, but also offers personal high-yield savings accounts and certificates of deposit. 

Opening an account with Newtek Bank is a straightforward online process.

  • 24/7 Customer service

  • High interest rates

  • No branches for in-person banking

Evergreen Bank Group

Evergreen Bank Group was founded in 2006 in Oak Brook, Illinois. It has grown to have three Chicagoland branches, over $1.4 billion in assets, and a robust online banking business. They offer all standard banking products, including high-yield savings and CD accounts; home, business, and personal loans; and credit cards. Joining Evergreen Bank group is free and can be accomplished in minutes online.

  • Online and mobile banking

  • No monthly fees

  • Few in-person locations

VirtualBank eMoney Market Account

VirtualBank is a division of IBERIABANK, a commercial bank founded in New Iberia, Louisiana in 1887. You can currently open eCDs along with the eMoney Market account online, both of which come with free online and mobile banking. You’ll need to deposit $100 to open the money market account, which you’ll also need to maintain to avoid a monthly fee. Interest on the account is compounded and credited monthly.

  • Mobile account tools, including deposits

  • Website offers various calculators to track the growth of your deposits

  • Monthly fee if your daily balance drops below a certain amount

My Banking Direct High Yield Savings Account

My Banking Direct is an online product offering from New York Community Bank, an institution founded in 1859. The bank holds $59.5 billion in assets, offers a considerable slate of banking products, and often wins awards for its customer service. To open an account, simply fill out an online application and deposit $500.

What We Like
  • No monthly fees

  • Mobile account tools, including check deposit

  • Wide range of products offered

What We Don't Like
  • No in-person branches.

Frequently Asked Questions

What Is a High-Interest Savings Account?

A high-interest savings account, also known as a high-yield savings account, helps you grow your money while keeping it accessible. Savings accounts often pay interest on your deposits, but interest rates vary from bank to bank. What makes high-interest accounts unique is a relatively high rate on your balance: Top rates on these accounts are often 20 or more times the national average savings rate, multiplying your earnings.

As you earn interest on your savings, you can leave the money in your account and allow the funds to compound. Put another way, you earn interest on the interest payments you received in previous months. The higher your rate, the faster your money grows.

What Should You Look for in a High-Yield Savings Account?

The interest rate is the feature that most people pay attention to when shopping for a high-yield savings account. Compare banks and pick a competitive rate, but don’t ignore other critical features.

  • Low fees are crucial: If you’re paying monthly maintenance fees, you might wipe out any earnings in your account (or even see your account balance fall each month).
  • Verify that your money will be safe: Banks should be FDIC-insured, and the safest credit unions provide NCUSIF coverage.
  • Select a bank that will be convenient to work with. Evaluate how you’ll use the account, and find a bank that fits your needs. For example, if you want to deposit checks frequently, make sure the bank offers mobile deposit. If you withdraw cash regularly, choose a bank with a convenient ATM network or ATM rebates.

Why Do Savings Account Rates Change?

The interest rate on your savings account changes over time. In some cases, the rate remains the same over extended periods. But when rates in the broad economy change, banks typically move in sync with those changes. If the Fed cuts rates, there’s a good chance that your savings account rates will remain stagnant or fall. When rates rise, banks tend to increase rates, but not necessarily as quickly as you’d like.

Why Are Some Bank Interest Rates Higher Than Others?

How much interest you earn can vary quite a bit, but interest rates tend to be lower at big brick-and-mortar banks and higher at online banks.

Banks raise rates when they want to gather money. If they need to get deposits in the door, a high rate on savings accounts attracts customers. If, on the other hand, they don’t need cash, they can keep rates lower.

Banks have different approaches to earning money. Some take deposits and lend them out, while others take a more varied approach (earning revenue and fees from other services like credit cards and ancillary business).

Organizational structure is also important. Some banks have shareholders demanding that the bank grow (and/or share income with the shareholders), and those demands may make it harder to pay high rates to depositors. However, some banks are able to keep only what they need to pay the bills and share the rest of the revenue (from loans, ATM fees, etc.) with account holders. Small banks and credit unions are most likely to fit the latter model.

Is Savings Account Interest Taxable?

Interest you earn in your savings account is generally taxable as income. Your bank typically reports your earnings on Form 1099-INT, and you should provide that information to your tax preparer or include it with your tax filings.

With individual accounts, joint accounts, and other taxable accounts, you’ll pay tax on the interest you receive as income for the year. But if your account is part of a retirement account like an IRA, you may be able to postpone or avoid taxation on that interest. 

CDs enable you to lock in a rate that doesn’t change, but there are pros and cons of using CDs.

Keep an eye out for a 1099-INT in the mail during tax season. You may also be able to download the form through your online banking portal. Banks are not required to provide a 1099-INT unless you earn at least $10 during the year. However, interest income below $10 is still taxable and you must report all interest income to the IRS even if you didn't receive a 1099-INT.

Best Savings Account
Article Sources
  1. FDIC. "Deposit Insurance."

  2. Federal Deposit Insurance Corporation. "National Rates and Rate Caps."

  3. Internal Revenue Service. "Topic No. 403 Interest Received."

  4. Internal Revenue Service. "Topic No. 403 Interest Received."

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