Banks with the Highest Yield Savings Accounts for 2023

Are you working hard to build robust savings? The answer is simple: open a high-yield savings account with one of the top banks.

Unfortunately, the national average APY on a standard savings account is a mere 0.30%, according to the Federal Deposit Insurance Corporation (FDIC). But better options are available.

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In this piece, we’ll discuss the top 10 banks with the highest yield savings accounts, so you are equipped with the knowledge to get the most out of your money. Consumers have numerous things to consider in a savings account, including:

  • The growth rate of your money
  • Withdrawal restrictions
  • Stability of APYs (based on account age, balance, etc.)
  • ATM access
  • Transfer times

Consumers enjoy high-yield savings accounts from top banks because of their features and ability to help lessen the adverse effects of inflation on hard-earned dollars. So, let’s dig into some of the best options in the market. Bank online open accounts.

Savings Accounts from Bask Bank

Boasting an APY of 4.03% as of Q4 2022, Bask Bank has savings accounts with nearly 15x the national average yield. The two savings vehicles available from Bask Bank are the Mileage Savings Account & Interest Savings accounts.

Customers who open an Interest Savings Account can take advantage of a competitive rate, no minimum balance limitations, and no monthly maintenance fees. One consideration is keeping the account open requires an initial deposit within 60 days.

In addition, Bask Bank has a Mileage Savings Account that, depending on the monthly value, enables account holders to gain American Airlines miles. Another benefit is free transfers or withdrawals up to six times each statement cycle.

Those comfortable with tech-first solutions will be glad to see this online-only top bank on our list.

Citizens Bank Online Savings Account

Earning 12.5x the .30% national average APY will please customers looking to grow their savings. A 3.75% annual yield with the Citizens Online Savings Account will help grow your money for an emergency fund, down payment, or whatever you choose. Citizens is a strong competitor as a top bank to host your savings with that high APY and no fees. 

Customers can open and manage savings accounts entirely online. This account carries no service fees or minimum amounts to open. In addition, FDIC protection means your money is insured to at least $250,000 for all deposit types held at the bank.

People who won’t need a brick-and-mortar option or checking account will appreciate this.

Lending Club Bank

Consistently earn one of the nation’s best rates of 3.60% APY on your entire balance with Lending Club Bank. In addition, after the startup deposit of $100, this high-yield savings account has no minimum balance requirements. 

The convenience factor associated with mobile and online banking allows an effortless experience for members who opt for this high-yield savings account. You have complete control over your funds from anywhere, anytime, making it possible to deposit money instantly or withdraw whenever necessary – even when managing cash. 

Plus, Lending Club offers competitive rates on savings accounts as well as certificates of deposit. Customers also have the option to make simple cash deposits at some ATMs.

The online savings account at LendingClub Bank doesn’t charge a monthly service fee and supports high-interest rates on your money. Clients receive an ATM card for depositing or withdrawing money. These features have found this top bank home on our list.

CIT Bank Savings Connect Account

3.85% APY with a Savings Connect account from CIT bank means your savings will have a healthy growth rate. In about five minutes, you can create an account online for free. Competitive rates and no monthly fees mean keeping more of your money while it grows.

In addition, a Savings Connect account allows quick transfers and check deposits using the CIT Bank mobile app. As a customer of CIT Bank, you can take advantage of their high-yield savings account from the comfort of your home. Additionally, service value to those who bank with them has consistently held a high rating among customers who choose the CIT Bank Savings Connect Account. 

SoFi Savings Account

For customers, the SoFi Savings Account offers competitive interest rates of 3.50% APY 

with direct deposit. A more modest 1.20% APY is available on all balances if you don’t have direct deposit. In addition, the account includes free overdraft coverage and no monthly fees when you meet the requirement.

Users can access more than 55,000 Allpoint ATMs and may receive payments two days early when using direct deposit. Potential users should know cash deposits are only available from independent merchants and can cost up to $4.95.

UFB Direct

While UFB Direct offers additional products such as mortgages, the 4.11% APY UFB Best Savings account is the financial product that is gaining attention. 

No minimum deposits are required, no monthly maintenance fees and unlimited transfers mean a more straightforward savings experience. So, no matter how much money you deposit, you’ll get the same high return. UFB Direct is an online-only bank that is a part of Axos Bank. This online presence works well for younger savers and those who are tech-friendly. Customers also receive an ATM card for 24/7 access. 

The bank also offers a variety of additional products and services, such as mortgages and money market accounts. UFB Direct is always looking for ways to provide financial instruments to its customers. Growing wealth and reaching money goals certainly requires bold financial solutions.

With UFB Direct’s high-yield savings accounts, you can earn more on your hard-earned money while keeping it safe and secure, thanks to FDIC insurance. UFB Direct is another top bank to make our list for those looking to get more out of their savings.

Cornerstone Money Market Savings Account from Vio Bank

The Cornerstone Money Market Savings Account from Vio Bank provides favorable yields at 4.01% APY. There are no monthly fees, a minimum deposit requirement of $100, and all balances earn the same yield. No minimum balance is terrific if you start small and don’t meet the minimum balance of some other high-yield savings accounts. 

Vio Bank is a worthwhile contender for customers who are comfortable banking online and looking to earn competitive returns on savings accounts. Customers should know there is a $5 monthly fee if they opt for paper statements and no peer-to-peer pay tool.

The Vio Bank mobile app offers standard digital banking functions, including mobile check deposit, account alerts, and statement access. Still, it needs to include more advanced capabilities like Zelle-type peer-to-peer payments.

The software receives a favorable rating in the Apple App Store. However, Google Play ratings from Android users are less optimistic. Customers of Vio Bank can contact a bank representative Monday through Friday from 7 a.m. to 9 p.m. Central time, Saturday from 8 a.m. to 6 p.m., also on Sunday from noon to 4. 

eOne Savings from Salem Five District Bank

Salem Five District Bank provides competitive annual percentage yields (APYs) on its eOne Savings Account. However, eligibility is limited to consumers who apply online and who don’t have an existing checking or savings account with Salem Five Bank at the time of the application.

With an APY of 4.10% on daily balances of $0.01–$1,000,000, you are at the higher end of top banks with high-yield savings accounts. However, there is a minimum opening deposit of $10.

Fortunately, this account carries no fees and no minimum balance. 

As a result, Salem Five District Bank is another highly capable choice for savers looking for one of the top banks offering high-yield savings accounts.

Discover Online Savings with Discover Bank

Discover Banks Online Savings Account provides reliable high-yield savings account with a 3.30% APY. The fact that Discover is an online-only institution is a challenge for some customers. However, Discover makes up for it with its extensive network of more than 60,000 ATMs across all 50 states. 

On top of that, customers can enjoy their paychecks up to two days earlier with direct deposit. Some may also be considering the certificates of deposit from Discover Bank, which carry a 4.15% APY. Discover Bank is a balanced option for those looking for a high-yield savings account at one of the top banks with high-rated customer service as well.

Marcus: by Goldman Sachs

One of the heavyweights in the category of high-yield savings accounts is Marcus: by Goldman Sachs. Sporting a 3.30% APY gives it an edge over your standard savings account. In addition, there are no minimum balance requirements or monthly service charges for savings accounts.

No hidden fees lurking in the wings with this account. Even their certificates of deposit have a modest minimum deposit of $500.

This account also provides Marcus Insights, which helps users track and optimize their finances. Mobile and online access mean your money is within reach 24/7. A round-the-clock customer support line is another draw for this high-yield savings account.

According to Marcus’ website, there are no costs associated with wire transfers into and out of your bank account.

For online and automated clearing house transfers, the bank has a limit of $125,000 for external payments. The maximum wire transfer amount per statement cycle is $50,000.

With a top bank like Marcus offering such competitive rates, it is easier than ever to take advantage of these opportunities. Not only will you earn higher interest on your balance, but you’ll also be able to access your money anytime, with the ease of access and customer service numerous people enjoy. With all of its features in mind, Marcus by Goldman Sachs is another excellent choice for savings goals.


So, how much interest will you earn on $10,000 after a year? A $10,000 savings deposit would earn more than $400 after a year with a 4% APY. Your balance will increase more quickly without any more work on your end if your money is in an account earning a high rate.

This return may seem modest until you realize that an account paying the national average of 0.30% APY would yield roughly $30. Therefore, it is essential to research and compare offers from each bank to make an informed decision when selecting a high-yield savings account.

High-yield savings accounts tend to have lower fees and minimum balance requirements, making them more accessible for people with smaller balances. Additionally, high-yield savings accounts are FDIC-insured, providing security for savers. Overall, these accounts are an excellent choice for anyone looking to maximize their savings and earn more on their hard-earned money.


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