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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
MySavingsDirect 4.35% $0 to open and earn stated APY
Popular Direct 4.16% $5,000 to open and $0 to earn stated APY
Bask Bank 4.15% $0 to open and earn stated APY
CFG Bank 4.15% $1,000 to open and earn stated APY
UFB Direct 4.11% $0 to open and earn stated APY
Salem Five Direct 4.10% $100 to open and $0 to earn stated APY
MutualOne Bank 4.07% $20,000 to open and earn stated APY
Customers Bank 4.05% $0 to open and earn stated APY
CIT Bank 4.05% $100 to open and $0 to earn stated APY
My Banking Direct 4.05% $100 to open and $0 to earn stated APY
Ivy Bank 4.05% $2,500 to open and 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 Jan. 13, 2023. All of the banks and credit unions listed are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).


MySavingsDirect 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

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.

Bask Bank

Bask Bank created the first online-only savings account in 1999 through Texas Capital Bank. Today, it offers two savings accounts—its high-yield Interest Savings Account and its Mileage Savings Account. The Interest Savings Account earns an industry-leading 3.85% APY with no minimum deposit or monthly fees. Interest is compounded daily. The Mileage Savings Account presents a unique opportunity to earn airline miles simply by saving; you can earn 1 American Airlines AAdvantage mile for every $1 you save annually. Customer support is available by phone and email.

  • No monthly maintenance fees

  • No minimum deposit requirement

  • No branches for in-person banking

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

UFB Direct High Yield Savings

UFB Direct is a subsidiary of Axos Bank, itself an online-only institution. UFB Direct offers savings account and money market accounts. If you’re looking to borrow, the bank offers mortgages through its parent. There’s no minimum to open this account. Interest is compounded daily and credited monthly.

  • Mobile account tools including check deposit

  • Money market account for payments

  • Limited banking services

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

MutualOne Bank Online Savings

MutualOne Bank is an old bank, dating back to 1889 when it began as Framingham Co-operative Bank. It’s based out of Massachusetts but allows anyone to join regardless of where you live. Keep in mind that it only has three ATM locations—all located in Massachusetts—so unless you live in the state you may want to consider another bank if you plan on using an ATM with another account type.

The bank offers a full suite of bank accounts and loans, including an Online Savings Account that requires a minimum deposit of $500 and no ongoing balance requirement. Interest on the account is compounded and credited monthly.

  • No ongoing balance requirements

  • Mobile account tools

  • Earn similar interest at other banks

Customers Bank Ascent Money Market Savings Account

Customers Bank was formed in 2009. Its personal account offerings include checking, savings, and money market accounts, as well as loans. The Money Market Savings Account is available online (but not in Alaska, Arizona, Hawaii, or New Mexico), and with no monthly fees. But the account requires at least $25,000 to open, and you stop earning interest if your balance drops below that amount. Interest compounds and is credited monthly.

  • Competitive rates with no monthly fees

  • No interest earnings if your balance falls below $25,000

  • Lower minimums available elsewhere

CIT Bank Savings Connect

CIT Bank was founded in 1908, and started out providing financing to businesses in St. Louis, Missouri. There are no monthly fees, and you can open this account with as little as $100. In addition to this savings account, CIT Bank has CDs, interest checking, and money market accounts.

  • Competitive no-penalty CD available

  • Mobile banking with check deposits

  • Earn the same or more at other banks with fewer requirements

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.

Ivy Bank

Ivy Bank is an online bank backed by Cambridge Savings Bank, which has been in business since 1834 and has $5 billion in assets. They offer online banking and a highly rated mobile app. The opening deposit required is $2,500.

  • Accounts are simple to set up online or via the app

  • Offers mobile deposit

  • No branches for in-person banking

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. Bask Bank. "Start Earning 20x the National Average Annual Percentage Yield."

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

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

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

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