It can be difficult to choose a high-yield savings account, especially since there are so many options out there and rates change over time. Right now, the national average APY on savings accounts is currently 0.33% as of February 16, 2023, according to the Federal Deposit Insurance Corporation (FDIC).
So which one should you choose? According to our research, the best high-yield savings account in January 2023, is offered by MySavingsDirect, where you can earn an APY of 4.35%, more than 13 times the national average.
However, APY is not the only factor by which to choose an account that meets your needs. The Fortune Recommends editorial team curated a list of the top 10 high-yield savings accounts based on APY, account fees, minimum deposits and balances, and customer support options. In addition, all accounts listed below are insured by the FDIC. (Read here for our full methodology.)
Best high-yield savings accounts for February
- Primis Bank: 4.92% APY
- UFB Direct: 4.21% APY
- My Savings Direct: 4.35% APY
- Bask Bank: 4.25% APY: 4.25% APY
- BMO Harris: 4.20 APY
- Salem Five Direct: 4.10% APY
- Tab Bank: 4.06% APY
- Upgrade: 4.13% APY
- CIBC Bank: 4.01% APY
- Prime Alliance Bank: 4.05% APY
Current top 10 high-yield savings accounts
The high-yield savings account you choose can make a huge difference in how much you’re able to save in a given time and how quickly you’ll hit your bigger financial goals. (Note: APYs are up to date as of February 16, 2023, but are subject to change.)
1. Primis Bank: For the saver who wants the latest and greatest APY
About: Primis Bank is a tech-first financial institution with all of the security and insurance of a big bank and the digital-first approach of a tech company. It currently offers a personal checking account, savings account, and CDs, as well as business checking and savings options.
Key numbers
APY: 5.03%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $1
Customer support offered: Customer support representatives are available 24/7/365 via phone, chat, and email.
Why we picked it
Primis Bank’s personal savings account took the top spot on our list for its 5.03% APY, more than 15 times the national average. Savers can take advantage of this sky-high APY by opening an account with just $1. This account doesn’t charge any service fees, incoming wire fees, and there are no transaction limits. Interest on your balance is compounded monthly. Beware: This account isn’t available for savers who are located in Puerto Rico or other US territories.
2. UFB Direct: For the saver who wants all the customer support options
About: UFB Direct is a division of Axos Bank. While it is an online bank, customers have access to free ATM withdrawals at approximately 91,000 locations across the nation. Account holders can also make unlimited external bank transfers.
Key numbers
APY: 4.21%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: UFB Direct offers 24/7 live support via phone, plus mail, email, and chat support.
Why we picked it
UFB Direct’s high-yield savings account earns a competitive APY of 4.21% with no fees or account minimums. This bank also offers expansive customer support features—beyond the traditional lines of communication, customers can use SMS messaging to access account features and information.
3. MySavingsDirect: For the no-frills saver who wants a high APY
About: MySavingsDirect is an online banking division of Emigrant Bank. This online-only bank offers a high-yield savings account as well as CDs that range from 12-month terms to 5-year terms. Accounts are accessible online but this bank does not offer ATM access, debit card privileges, a mobile app, or any physical locations.
Key numbers
APY: 4.35%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Customers can contact a customer service representative via telephone seven days a week, between 8:00 AM and 11:30 PM ET. You can also request assistance via mail and email.
Why we picked it
MySavingsDirect took a spot on our list this month for its 4.35% APY. On top of its lucrative savings rate, the account doesn’t require a minimum deposit to open and you won’t be charged monthly fees to maintain your account or keep it open. A few cons to beware of: MySavingsDirect has a slimmed down online presence and no mobile application. Savers looking for an online account with all of the bells and whistles may want to explore other options.
4. Bask Bank: For the saver who prefers a human touch
About: Bask Bank is an online-only division of Texas Capital Bank, an established FDIC-insured bank headquartered in Dallas. The bank does not provide savings account holders with an ATM card or debit card. To withdraw or move funds you’ll need to send money via ACH transfer to an external bank account. Bask Bank offers two types of savings accounts: One is a high-yield savings account; the other is a partnership with American Airlines that offers account holders the opportunity to earn Airlines AAdvantage® miles.
Key numbers
APY: 4.25%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Bask Bank offers its customers support via telephone or email. Representatives are available Monday through Friday from 7:00 a.m. to 7:00 p.m. CST and Saturday from 9:00 a.m. to 4:00 p.m. CST.
Why we picked it
The Bask Bank high-yield savings account offers a competitive rate at 4.25%—just over 12 times the national average. Despite its lack of ATMs and physical branches, customers can contact customer service representatives, even later than normal business hours and on weekends. Account holders are not required to pay any fees or meet minimum balance requirements, though they must fund their account within the first 15 days of opening their account.
5. BMO Harris: For savers who want a big bank without big fees
About: BMO Harris is the 8th largest bank in North America by assets and currently serves more than 12 million customers. Its products and services include checking accounts, savings accounts, money market accounts, CDs, retirement accounts, credit cards, and more. It also offers business and commercial banking products, as well as wealth management services. Customers also have access to a network of over 40,000 fee-free ATMs.
Key numbers
APY: 4.20%
Fees: $0
Minimum amount needed to earn APY: $0.01
Minimum opening deposit required: $0
Customer support offered: BMO Harris representatives are available to assist you via telephone from 7:00 a.m. to 10:00 p.m. CT on weekdays and 8 a.m. to 8 p.m. on Saturdays and Sundays. The bank also offers a contact form for email support on its website.
Why we picked it
BMO Harris’ savings account made our list for its high APY and $0 service fees or opening deposit requirement. This account boasts a 4.20% APY, more than 12 times the national average. Although, this rate does fluctuate depending on your state. You will not receive this APY if you reside in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, or Wisconsin.
6. Salem Five Direct: For savers who prefer around-the-clock service
About: Salem Five Direct is a subsidiary of Salem Five Bank, based in Salem, Mass., and has local branches across Boston. For online customers hoping to access their funds, Salem Five offers fee-free ATM access at 55,000 Allpoint ATMs worldwide. It offers checking accounts, savings accounts, money market accounts, and more.
Key numbers
APY: 4.10%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $10
Customer support offered: Salem Five Direct customers can contact a customer service representative via telephone 24 hours a day, 365 days a year, or via chat or email.
Why we picked it
Salem Five’s high-yield savings account boasts a competitive APY at 4.10% and zero monthly fees. There is a minimum deposit of $10 required to open an account, but after that there is no minimum balance requirement to start benefiting from the high APY. While physical branches are limited, Salem Five offers a wide range of customer service options with 24/7 service.
7. TAB Bank: For the saver who cares more about a high APY than ATM fees
About: TAB Bank is an online bank headquartered in Utah that offers a number of banking products, including savings, checking, money market, and certificates of deposit (CDs) accounts. TAB Bank doesn’t offer any free ATM access, and customers will have to pay a fee for using an out-of-network ATM if that’s how they choose to withdraw funds from their savings account.
Key numbers
APY: 4.06%
Fees: $0
Minimum amount needed to earn APY: $1
Minimum opening deposit required: $0
Customer support offered: TAB Bank offers phone, chat, and email support to its customers. The customer service hours of operation are 6 a.m. to 7 p.m. MST, Monday through Friday, and 9 a.m. to 3 p.m. MST on Saturday. Federal holidays are excluded.
Why we picked it
The TAB Bank high-yield savings account offers a higher APY than many other high-yield savings accounts without tacking on numerous fees. With no balance caps or minimums on how much of your money you can earn interest on, this is a decent option for big savers, as well as those who are just getting started. Interest on these accounts compounds daily, meaning that you’ll start earning interest on the first dollar you deposit—and the earnings will grow from there.
8. Upgrade: For savers who prefer a fintech with all of the big bank perks
About: Upgrade is a younger fintech company that was founded in the late 2010s and offers consumer credit cards, checking and savings options, personal loans, credit monitoring and education tools, and more.
Key numbers
APY: 4.13%
Fees: $0
Minimum amount needed to earn APY: $1,000
Minimum opening deposit required: $0
Customer support offered: Upgrade customer support representatives are available via phone, email, and an upcoming live chat feature on weekdays from 5:00 a.m. to 7:00 p.m. PT, and weekends from 6:00 a.m. to 5:00 p.m. PT.
Why we picked it
Upgrade’s Premier Savings account made our list for its stellar customer service avenues and its competitive 4.13% APY on balances of $1,000 or more. This account also spares savers from monthly service fees and transfer fees that could make it harder to hit their savings goals. This fintech also has an average mobile app rating of 4.7 on the App Store and Google Play, making it a solid option for mobile-first savers.
9. CIBC: For the saver who doesn’t make regular trips to the ATM
About: CIBC has its U.S. headquarters in Chicago and offers commercial, wealth management, personal, and small business financial solutions, among other products and services. CIBC currently has ATMs only in three U.S. states, but customers can still deposit checks, transfer funds, automate bill payments and more, all from their computer or mobile device.
Key numbers
APY: 4.01%
Fees: $0
Minimum amount needed to earn APY: $0.01
Minimum opening deposit required: $1,000
Customer support offered: CIBC offers customer support 24/7 via telephone and chat 24/7, as well as email support.
Why we picked it
CIBC’s high-yield savings account made our list for its lack of fees, although it did fall lower on our list for its high minimum opening deposit. At $1,000 to open an account, this is one of the higher requirements on our list. However, once savers open their account, they can benefit from the 4.01% APY with as little as a penny in their account. Interest on your account balance is compounded and credited to your account on a monthly basis.
10. Prime Alliance Bank: For the saver who doesn’t make frequent calls to customer service
About: Founded in 2004, Prime Alliance Bank is a Utah-based bank that offers a number of financial products, including personal checking, savings, money market accounts, certificates of deposit (CD), and retirement accounts. While Prime Alliance does have a location in Utah, customers across the nation can do their banking online or via mobile app. Prime Alliance also gives customers access to a surcharge-free network of ATMs through the MoneyPass or Allpoint ATM networks.
Key numbers
APY: 4.05%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Prime Alliance Bank’s phone line is open Monday through Friday from 8:30 a.m. to 5:00 p.m. (MT). You can also contact the bank via email by filling out a contact form on Prime Alliance’s website.
Why we picked it
Prime Alliance’s high-yield savings account took the final spot on our list for its competitive APY and zero account fees or minimum balance requirements. At 4.05%, the APY on this account is over 12 times the national average. What’s more—interest on your balance is compounded daily and paid out quarterly which means that your money has even more opportunities to grow and work for you.
What is a high-yield savings account?
High-yield savings accounts work in the same way as traditional savings accounts. It’s a deposit account at a credit union or bank that you can use for saving and earning interest on your money.
The main difference between a high-yield savings account and a traditional savings account is that the high-yield savings account will offer a much higher yield—known as the annual percentage yield (APY)—on the money you keep in your account.
The most recent rates from the Federal Deposit Insurance Corporation (FDIC) puts the national savings APY average at 0.33%, while most high-yield savings accounts offer 1.00% APY or higher.
The APY on your account can and likely will fluctuate any time the Fed raises or decreases the federal funds rate. That’s the interest rate banks charge one another to borrow money, and your bank may be inclined to raise or lower rates on their financial products based on these changes.
So how does a high-yield savings account actually work? Your money will grow thanks to the magic of compound interest. This means you’ll earn interest on the principal balance in your account, as well any interest you earned previously. For example, if you deposited $100 in your account and earned $10 in interest over the past few months, you will earn interest on the entire $110.
The rate at which your interest compounds (daily, weekly, monthly, annually) will depend on the financial institution.
How to pick a high-yield savings account
Choosing the right high-yield savings account will require you to think carefully about your financial habits, preferences, and goals so that you can select the account that best suits your needs.
- Shop around for a lucrative APY. Your APY is the interest you can expect to earn on the money you keep in your account over the course of a year. While this percentage may fluctuate depending on your bank and the health of the economy, you’ll want to give your savings the greatest chance of growing and earning as much compound interest as possible. The FDIC regularly publishes average national rates for various accounts, including high-yield savings accounts so this is a good resource to use when shopping around for rates. Ideally a lucrative high-yield savings account will offer a savings rate that is 10x that rate—if not more.Another key stat to pay attention to: Compounding frequency, which is the rate at which interest is earned and added to your balance. Ideally you want an account that compounds more frequently.
- Consider the requirements for opening an account. Many, but not all, high-yield savings accounts require a minimum deposit to open your account. This figure can vary widely across financial institutions, with some requiring no minimum deposit and others requiring a minimum deposit well into the thousands. If you’re a new saver, you may not be in a position to opt for an account that requires a higher minimum deposit.
- Read the fine print on fees. Certain accounts may charge fees for maintaining your account, transferring funds, and more. An excessive fee structure can eat into your balance if you’re not keeping close tabs on your account. Weigh the different fees you could become responsible for and determine if the perks that come with the account outweigh potential penalties down the line.
- Ask yourself how important it is to have access to your funds. Not all high-yield savings accounts will come with physical branch access or a large ATM network. If you’re on the hunt for an account that will provide you with face-to-face support and easy access to your funds, double check that the financial institution you’re considering banking with has locations and ATMs in your area.
- Review online and mobile platforms for usability. If you prefer to do your banking on your desktop or phone, spend some time exploring the online and mobile platforms for each account you’re considering. Read Apple App Store and Google Play reviews to learn more about the digital platforms and tools that may be available to you and what kinds of features and services are available on those platforms.
- Weigh available customer service options. Lastly, it’s important to know how you’d get in contact with a representative should you have any questions or issues related to your account. Some financial institutions take a digital-first approach and don’t offer easy access to a real human. Others prefer a phone call over chat or email options, make sure your account aligns with the route you usually take when an issue crops up.
6 factors to look for when choosing a high-yield savings account
Every high-yield savings account comes with its own unique features and requirements necessary to open and maintain your account. When choosing the right account to help you meet your savings goals, you’ll first need to consider a few different factors.
- APY: The interest you can expect to earn on your account balance over the course of a year.
- Compounding frequency: This is the rate at which interest is earned and added to your balance. For example, interest can compound daily or monthly. A greater compounding frequency translates to more opportunities for your money to grow.
- Minimum deposit: Some high-yield savings accounts will require you to deposit a certain amount of money to open your account. This can range anywhere from $0 to thousands of dollars depending on the financial institution.
- Minimum balance: This is the amount of money you’ll need to keep in your account at all times to avoid any penalties and keep your account open.
- Minimum balance to earn the highest APY rate: Some banks require you to have a certain amount of money in your account before it will offer the higher APY rate.
- Account fees: Many high-yield savings accounts waive fees, but this isn’t the case across the board. Depending on your account, you may incur some fees for opening your account, monthly maintenance, failing to maintain a certain balance, or exceeding the number of withdrawals you’re allowed to make within a certain time period.
More frequently asked questions
What is a high-yield savings account?
High-yield savings accounts work in the same way as traditional savings accounts. It’s a deposit account at a credit union or bank that you can use for saving and earning interest on your money.
How to choose the best high-yield savings account
Every high-yield savings account comes with its own unique features and requirements necessary to open and maintain your account. When choosing the right account to help you meet your savings goals, you’ll first need to consider a few different factors: APY; how often interest compounds (daily, monthly); minimum deposit required; minimum balance to open and/or maintain the account; minimum balance needed to earn the highest APY rate; and account fees.
Are high-yield savings accounts safe?
Yes, if it’s offered by a bank or credit union insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA) respectively. The FDIC insures banks up to $250,000 per depositor, per bank, for each account ownership category. Credit unions are insured by the NCUA which offers coverage up to $250,000 per share owner, per insured credit union, for each account ownership category.
How are savings rates set?
Savings rates are set by individual banks and are loosely based on the federal funds rate, which is the interest rate that banks charge other banks when they lend one another money, usually overnight or for a few days. When the Fed hikes rates, this can raise the cost of borrowing and motivate banks to raise their APYs to attract new customers.
How often do high savings rates change?
Savings rates can change at any time. It’s important to remember that the rate information provided on the day you open the account is not a fixed rate. Banks and credit unions can, and likely will, adjust rates based on changes in the economy and interest rate increases or decreases by the Fed.
How often can I withdraw money from a high-yield savings account?
According to federal law, high-yield savings accounts allow you to make withdrawals or transfer funds out of your account up to six times per month without paying any fees. However, this rule was loosened in 2020 during the coronavirus outbreak, and customers can now make an unlimited number of transfers and withdrawals from their savings account.
Our methodology
To bring you our top picks for the best high-yield savings accounts, the Fortune Recommends™ team compared 53 online savings accounts from a mix of traditional brick-and-mortar banks, online banks, and credit unions.
All the accounts on our list are available to customers in the U.S. no matter where you’re located, subject to the terms of each account. The savings accounts featured on this list offer an APY at least 10 times the national average.
We ranked each account in these five core categories:
- APY (50%): This number represents the real rate of return on your balance; the higher the APY, the better.
- Monthly fees (15%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.
- Minimum amount to earn APY (15%): In order to earn the high APY, some banks require that you maintain a certain dollar amount in the account, which we view as a limiting factor.
- Minimum opening deposit (15%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.
- Customer support (5%): Top picks offer customers various ways to get in contact: chat support, by phone, or even email—phone support was most highly rated by our team.
The rates and fee structure of high-yield savings accounts are available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the bank accounts and credit unions on this list are insured by the FDIC and NCUA respectively. To open an account, financial institutions, including banks and credit unions, require a deposit of new money, so you may not be able to transfer money you already had in an account at that bank.
