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The 6 Best High Yield Savings Accounts for 2023

The 6 Best High Yield Savings Accounts for 2023

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Let's dive into the world of savings accounts — those trusty companions that help you stash away your money for both rainy days and sunny getaways. A savings account is like a cozy haven for your funds, whether you're squirreling away cash for unexpected emergencies or dreamy vacations. You can conveniently access and manage your money by depositing checks, utilizing mobile banking apps, or setting up direct deposits. Additionally, many savings accounts let you shuffle funds in and out, making it a breeze to transfer money within the same bank or across different financial institutions.

online banks

A savings account offered by an FDIC-insured bank, comes with a safety net. This insurance covers up to $250,000 per depositor, within specific account ownership categories, ensuring your hard-earned money is well-guarded.

In the past, regulations dictated a limit of six withdrawals per month from non-transaction accounts (like savings accounts) under the Federal Reserve's Regulation D. However, recent shifts have given financial institutions the flexibility to determine whether withdrawal limits apply. While there might still be a fee for excessive withdrawals beyond this limit, some transactions might not count towards it.

ATM withdrawal

Now, picture this: you're on a journey to build your emergency fund or save up for that big dream, like finally securing a down payment for your very own home. Now, here's a tip that could make all the difference: consider parking your money in a high-yield savings account. It's like giving your goals a turbo boost, propelling you towards success in no time.

Now, what makes these high-yield savings accounts so special? Well, they're not your ordinary piggy banks. They shower you with a higher interest rate, and the magic ingredient is compound interest. Imagine earning interest on your interest – that's where the real growth happens. The secret sauce? A higher Annual Percentage Yield (APY) that gets your money multiplying faster than you can say "financial savvy." In fact, the regular savings accounts you find at traditional banks pale in comparison, with the national average APY barely scraping 0.42% according to the Federal Deposit Insurance Corporation (FDIC).

Now, let's talk about the game-changers – those best high-yield savings accounts flaunting APYs of 4% or even more, about 10 times the national average. And here's the kicker: as the Federal Reserve raises interest rates, banks are sweetening the deal with even juicier APYs.

Online banking

So, how do you pinpoint the high-yield savings account that's your perfect match? My 15 year banking experience and I, we've got you covered. I dove deep into the sea of options, comparing online and brick-and-mortar banks, both big and small. And here's what I uncovered: while online banks might not have a physical branch, they shine in the APY, low fees, and overall benefits department. Think of it as a win-win for you – convenience and a fatter wallet. When crafting my top six picks, I factored in all the essentials: APY, user-friendliness, account access, monthly fees, and those pesky minimum balance requirements. The champions? Accounts that deliver above-average APYs, no maintenance fees, low (or zero) minimum balances, and the cherry on top – FDIC insurance. It's like money management meets smart shopping. So, why wait? Let your money do the heavy lifting and see your savings soar like never before. Let's start!

Ally bank high yield savings account

Known for its competitive interest rates, no monthly fees, and user-friendly interface. Ally offers various banking products, including savings accounts, checking accounts, and CDs. The Ally High Yield Savings Account emerges as an excellent choice for individuals seeking effective savings tools tailored to specific financial objectives or those who prioritize fee-free banking. With the potential to earn an attractive 4.25% APY, this account stands out due to its simplicity – no complicated requirements for earning interest.

Discover a streamlined approach to managing savings without the complexity of juggling multiple bank accounts or diving into intricate calculations. The concept of savings buckets introduces an innovative way to allocate your funds, all within a single account. These digital compartments serve as designated spaces for your financial goals or aspirations. Watch your progress unfold while your total balance continues to accrue interest. Extend this systematic approach to your spending by exploring their spending buckets.

Lastly, with Ally you can also effortlessly monitor your spending accounts, as they round up transactions to the nearest dollar. Once your round ups accumulate to at least $5, they smoothly transfer the sum to your savings, further enhancing your financial organization.

Check out their offer HERE

CIT bank high yield savings account

For those seeking a reliable avenue to protect their funds, the CIT Bank Savings Connect account emerges as an excellent choice. With a favorable 4.65% APY interest rate and the added advantage of no monthly service fees, it presents an enticing opportunity for those looking to grow their savings. The account's accessibility comes with a minimum requirement of funding it with at least $100 during the account opening process. In case you can deposit $5,000 or more you can enjoy the CIT Bank Platinum Savings account with a mind boggling APY of 5.05%.

The CIT Bank Savings Connect account holds appeal for a wide range of individuals who are comfortable with the world of online banking and have an appetite for earning interest on their savings. The CIT Bank mobile app enables users to make remote check deposits and conduct transfers, enhancing convenience. With daily compounding interest, the potential for higher earnings is maximized. Additionally, there are no account opening or maintenance fees associated with this financial tool, and deposits are safeguarded by FDIC insurance. Check out their offer HERE

discover bank high yield savings account

Introducing the Discover Bank Online Savings Account, where an impressive 4.30% APY awaits. This interest rate is proudly highlighted by the bank as more than five times the national savings average, showing it's a standout option. While you might find slightly higher rates elsewhere, Discover's offer is still among the best online savings accounts, surpassing the current national average savings interest rate of 0.42% as of July 17, 2023.

Let's dive into the details a bit. While some banks might ask for a certain balance to get the best rates or only offer higher rates for a portion of your balance, Discover keeps things straightforward. With the Discover savings account, that appealing interest rate applies to every dollar in your account, without any hoops to jump through or tiers to deal with. It's a level playing field where all your money gets a chance to grow and earn. So, consider the Discover Bank Online Savings Account as a welcoming home for your money to thrive and prosper.

Having a savings account is a key part of your financial plan, even if you're also exploring more complex investments and different types of accounts. While those can be important, a savings account is like the foundation of your financial picture. By saving money consistently and managing your savings account well, you're setting yourself up for future rewards for you and your family. Check out their offer HERE

Betterment Cash reserve high yield savings account

Explore the financial prowess of the Betterment Cash Reserve – a true game-changer in the realm of high-yield cash accounts that serves as a contemporary take on traditional savings. With an impressive current annual percentage yield (APY) of 4.75% and 5.50% for first time clients, this account effortlessly outshines the national average, as per the insightful FDIC data. A shining example of innovation, the Cash Reserve by Betterment casts aside monthly maintenance fees and the cumbersome shackles of minimum balance requirements, offering a liberating banking experience. The cherry on top? The option to open joint Cash Reserve accounts, enabling you to embark on your financial journey together.

Dive even deeper into the wonders of Betterment as it empowers you to designate your savings into distinct goals, sculpting your financial path with precision. And the brilliance doesn't stop there – why not harness the power of automation by setting up automatic deposit rules? It's like having your own financial assistant. Let's talk security – your deposits in Betterment's Cash Reserve are not only in good hands, but they're also FDIC insured up to an impressive $1 million, providing you with that essential peace of mind.

For those with joint accounts, the coverage extends even further, enveloping you in protection up to $2 million. A world of financial possibilities awaits within the Betterment Cash Reserve – a beacon of modern banking excellence. Check out their offer HERE

Capital One 360 high yield savings account

Looking to secure your savings in style? The Capital One 360 Performance Savings account might be just the ticket. If you're on the hunt for an online savings account that comes with a user-friendly mobile app, you're in for a treat. While there's no upfront bonus for signing up, you can enjoy a generous 4.30% APY on your savings. And the cherry on top? You won't have to worry about pesky monthly fees, and there's no minimum deposit required to get started.

You can facilitate seamless financial transactions with convenient account transfers, allowing you to shift funds effortlessly between interconnected Capital One accounts or external bank accounts, all while capitalizing on attractive high-yield rates. On top of that, foster consistent growth within your personal online savings account through the implementation of automatic transfers, ensuring a steady increase in your savings balance and embrace the versatility of multiple Performance Savings accounts tailored to distinct financial objectives, enabling the creation of a dedicated account for each goal. For added convenience, leverage the mobile check deposit feature, enabling check deposits from virtually anywhere at any time. All things considered, the Capital One 360 Performance Savings account is a pretty sweet deal for those aiming to save, especially in these uncertain times. Check out their offer HERE

synchrony bank high yield bank account

If you're on the lookout for a top-tier high-yield savings account, look no further than the Synchrony High-Yield Savings Account. Offering a compelling interest rate, an inviting feature is the $0 minimum deposit required to open the account, coupled with the added perk of zero monthly service fees – truly a standout among the options available.

What truly sets this account apart is its distinctive inclusion of an ATM card, a feature that's not often found in the realm of regular savings accounts. This nifty card grants you swift access to your savings, which becomes especially crucial considering Synchrony doesn't offer a checking account. So, when those instances arise where you need swift access to funds, that trusty ATM card has got your back.

Discover Synchrony Bank's award-winning options, acknowledged as NerdWallet's Best Savings Account. Utilize the savings goal calculator HERE to determine the necessary amount for achieving your financial objectives. The convenience of online banking with Synchrony Bank ensures accessibility anytime, anywhere. Manage your online savings account effortlessly through the Synchrony Bank app and access funds with the provided ATM card. Compare our rates to your existing bank's account and calculate your potential earnings with Synchrony Bank's High Yield Savings account.

Check out their offer HERE


And the winner of my personal banking Oscar is... CIT Bank! "But why?" you might wonder. Allow me to shed some light from a banker's perspective (with 15 years of banking experience under my belt). CIT Bank signifies a revolutionary change in banking, firmly handing over the reins of financial management into your capable hands.With its modern approach, elevated interest rates, fee transparency, and a suite of user-friendly features, in my opinion CIT Bank emerges as a remarkable solution for anyone seeking an online banking partner. Your financial journey deserves a partner that understands your needs and empowers you to realize your aspirations. I hope that in CIT Bank, you'll find a trustworthy companion on the path to financial freedom and success, like I did.

It's important, however, to keep in mind that different banks come with their own set of features, perks, and terms for their accounts. So, it's a good idea to do some thorough digging. Take your time to research each option really well. Look into what they offer, how much they charge for various services, and what their customers are saying about them. This way, you can make a smart choice that fits your money goals and what you like.

Don't rush this process. Take the time to compare different banks. Look closely at what they provide, like special services or ways to save money. Pay attention to the fees they might charge for things like using ATMs or having a low balance. And it's a good call to see what other people have experienced with these banks. By doing this kind of careful homework, you can find the bank that's just right for what you want to achieve with your finances and how you like to manage your money.

With love and financial empowerment,


*The information contained on this Website and the resources available for download through this website is not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained on this Website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. Read more on our policies HERE*


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