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Banking
Banking
Best High-Yield Online Savings Accounts of November 2023
Advertiser disclosure


YOU’RE OUR FIRST PRIORITY.
EVERY TIME.

We believe everyone should be able to make financial decisions with confidence.
And while our site doesn’t feature every company or financial product available
on the market, we’re proud that the guidance we offer, the information we
provide and the tools we create are objective, independent, straightforward —
and free.

So how do we make money? Our partners compensate us. This may influence which
products we review and write about (and where those products appear on the
site), but it in no way affects our recommendations or advice, which are
grounded in thousands of hours of research. Our partners cannot pay us to
guarantee favorable reviews of their products or services. Here is a list of our
partners.

BEST OF


BEST HIGH-YIELD ONLINE SAVINGS ACCOUNTS OF NOVEMBER 2023

Our list of the best high-interest savings accounts.

By Margarette Burnette 

Margarette Burnette
Senior Writer | Savings accounts, money market accounts, banking
Margarette Burnette is a NerdWallet authority on savings, who has been writing
about bank accounts since before the Great Recession. Her work has been featured
in The Associated Press, USA Today and other major newspapers. Before joining
NerdWallet, Margarette was a freelance journalist with bylines in magazines such
as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta,
Georgia.
Learn More
 
Nov 3, 2023
Edited by Tony Armstrong  

Tony Armstrong
Lead Assigning Editor | Banking
Tony Armstrong leads the banking team at NerdWallet. He has covered personal
finance for nearly a decade. Tony began his NerdWallet career as a writer and
worked his way up to assistant assigning editor and then to lead assigning
editor. His writing has been featured by the Los Angeles Times, MarketWatch,
Mashable, Nasdaq.com, USA Today and VentureBeat. Tony lives in Minneapolis,
Minnesota.
Learn More

Many or all of the products featured here are from our partners who compensate
us. This influences which products we write about and where and how the product
appears on a page. However, this does not influence our evaluations. Our
opinions are our own. Here is a list of our partners and here's how we make
money.

The best high-yield savings accounts help you grow funds faster than average
accounts. The products featured on this page have annual percentage yields, or
APYs, of up to 5% or more. That is many times more than the national average
rate of 0.46%.

Because of the recent Federal Reserve rate increases, APYs are going up, making
now a good time to open a high-yield savings account. The accounts featured
below can help you boost your emergency fund or save up for big purchases. Check
the bottom of the page for more information about how these financial products
work.

Why you can trust NerdWallet: Our writers and editors follow strict editorial
guidelines to ensure fairness and accuracy in our coverage to help you choose
the financial accounts that work best for you. See our criteria for evaluating
banks and credit unions.

APY research methodology: The APYs shown are current as of the publication date
of this page. Each weekday, we review account rates to make sure we have the
most up-to-date APYs.

The best high-yield savings accounts help you grow funds faster than average
accounts. The products featured on this page have annual percentage yields, or
APYs, of up to 5% or more. That is many times more than the national average
rate of 0.46%.

Because of the recent Federal Reserve rate increases, APYs are going up, making
now a good time to open a high-yield savings account. The accounts featured
below can help you boost your emergency fund or save up for big purchases. Check
the bottom of the page for more information about how these financial products
work.

Why you can trust NerdWallet: Our writers and editors follow strict editorial
guidelines to ensure fairness and accuracy in our coverage to help you choose
the financial accounts that work best for you. See our criteria for evaluating
banks and credit unions.

APY research methodology: The APYs shown are current as of the publication date
of this page. Each weekday, we review account rates to make sure we have the
most up-to-date APYs.

Show More

🤓Nerdy Tip

The Federal Reserve raised rates to the highest levels in more than two decades,
which is good news for your savings accounts. Take advantage of today’s high
rates by opening a federally insured high-yield savings account.

Discover the bank accounts that fit your financial goals
Just answer a few questions to compare bank accounts that meet your needs.
Get Started




BEST HIGH-YIELD ONLINE SAVINGS ACCOUNTS FROM OUR PARTNERS

Bank/institutionNerdWallet rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

APYBonusLearn more


SoFi Checking and Savings

Learn more

at SoFi Bank, N.A., Member FDIC

4.5

/5

Best for High-Yield Online Savings Accounts

4.60%

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during
the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on
savings balances (including Vaults) and 0.50% APY on checking balances. There is
no minimum Direct Deposit amount required to qualify for the stated interest
rate. Members without either Direct Deposit or Qualifying Deposits, during the
30-Day Evaluation Period will earn 1.20% APY on savings balances (including
Vaults) and 0.50% APY on checking balances. Interest rates are variable and
subject to change at any time. These rates are current as of 10/24/2023. There
is no minimum balance requirement. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.

With $0 min. balance for APY
$250
Earn up to $250 with direct deposit. Terms apply.
Learn more

at SoFi Bank, N.A., Member FDIC



Citizens Access Savings

Learn more

at Citizens, Member FDIC

4.5

/5

Best for High-Yield Online Savings Accounts

4.50%
With $0.01 min. balance for APY

N/A

Learn more

at Citizens, Member FDIC



CIT Bank Platinum Savings

Learn more

at CIT Bank, Member FDIC

4.5

/5

Best for High-Yield Online Savings Accounts

5.05%
With $5,000 min. balance for APY

N/A

Learn more

at CIT Bank, Member FDIC



Discover Bank Online Savings

Learn more

at Discover Bank, Member FDIC

4.5

/5

Best for High-Yield Online Savings Accounts

4.35%

Annual Percentage Yield (APY) is accurate as of 10/27/2023

With $0 min. balance for APY
$200

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online
Savings Account, online, in the Discover App or by phone. Enter Offer Code NW923
when applying. Deposit into your account a total of at least $15,000 to earn a
$150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit
must be posted to account within 30 days of account open date. Maximum bonus
eligibility is $200. What to know: Offer not valid for existing or prior
Discover savings customers or existing or prior customers with savings accounts
that are co-branded, or affinity accounts provided by Discover. Eligibility is
based on primary account owner. Account must be open when bonus is credited.
Bonus will be credited to the account within 60 days of the account qualifying
for the bonus. Bonus is interest and subject to reporting on Form 1099-INT.
Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without
notice.

Requirements to qualify
Learn more

at Discover Bank, Member FDIC



Upgrade Premier Savings

Learn more

at Upgrade, Deposits are FDIC Insured

4.5

/5

Best for High-Yield Online Savings Accounts

5.07%
With $1,000 min. balance for APY

N/A

Learn more

at Upgrade, Deposits are FDIC Insured



Barclays Online Savings Account

Learn more

at Barclays, Member FDIC

4.5

/5

Best for High-Yield Online Savings Accounts

4.35%
With $0 min. balance for APY

N/A

Learn more

at Barclays, Member FDIC



American Express® High Yield Savings Account

Learn more

at American Express National Bank, Member FDIC

4.0

/5

Best for High-Yield Online Savings Accounts

4.30%

4.30% APY (annual percentage yield) as of 09/27/2023

With $1 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC




Our pick for

High-Yield Online Savings Accounts




SOFI CHECKING AND SAVINGS

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at SoFi Bank, N.A., Member FDIC

APY

4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits
during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY)
on savings balances (including Vaults) and 0.50% APY on checking balances. There
is no minimum Direct Deposit amount required to qualify for the stated interest
rate. Members without either Direct Deposit or Qualifying Deposits, during the
30-Day Evaluation Period will earn 1.20% APY on savings balances (including
Vaults) and 0.50% APY on checking balances. Interest rates are variable and
subject to change at any time. These rates are current as of 10/24/2023. There
is no minimum balance requirement. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.



Bonus

$250



Our Take

Why We Like It

SoFi Checking and Savings is a combination checking and savings account that
earns a strong APY of 4.60% (variable and subject to change) on the money you
keep in the savings portion of the account. To earn that rate, you'll need to do
one of the following: Set up direct deposit in any amount, or make manual
deposits of at least $5,000 every 30 days. Without either a direct deposit or
the minimum manual deposit, you’ll earn 1.20% APY on your savings balance.

The money you keep in the checking portion of the account earns 0.50% APY with
or without deposits (APY is variable and subject to change).

There’s no minimum deposit requirement to open an account and there is no
monthly maintenance fee either.




CITIZENS ACCESS SAVINGS

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at Citizens, Member FDIC

APY

4.50%



Bonus

N/A



Our Take

Why We Like It

Citizens, formerly Citizens Access, has a savings account that offers a 4.50%
APY. You need only $0.01 to open an account and start earning the competitive
rate. There’s no minimum balance to worry about as there are no monthly fees.
Note that Citizens, which is the online-only division of Citizens Bank, doesn’t
offer a checking account.




CIT BANK PLATINUM SAVINGS

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at CIT Bank, Member FDIC

APY

5.05%



Bonus

N/A



Our Take

Why We Like It

CIT’s Platinum Savings account pays 5.05% APY on balances of $5,000 or more. If
your balance dips below $5,000, it earns a paltry 0.25% APY. Despite the higher
threshold to earn the high rate, the account’s minimum opening deposit is only
$100. There is also no monthly fee.




DISCOVER BANK ONLINE SAVINGS

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at Discover Bank, Member FDIC

APY

4.35%Annual Percentage Yield (APY) is accurate as of 10/27/2023



Bonus

$200To get your $150 or $200 Bonus: What to do: Apply for your first Discover
Online Savings Account, online, in the Discover App or by phone. Enter Offer
Code NW923 when applying. Deposit into your account a total of at least $15,000
to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200
Bonus. Deposit must be posted to account within 30 days of account open date.
Maximum bonus eligibility is $200. What to know: Offer not valid for existing or
prior Discover savings customers or existing or prior customers with savings
accounts that are co-branded, or affinity accounts provided by Discover.
Eligibility is based on primary account owner. Account must be open when bonus
is credited. Bonus will be credited to the account within 60 days of the account
qualifying for the bonus. Bonus is interest and subject to reporting on Form
1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn
without notice.



Our Take

Why We Like It

This savings account earns a competitive yield. Compared to the average national
savings rate, which is 0.46%, an account with a high yield helps your balance
grow faster over time.




UPGRADE PREMIER SAVINGS

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at Upgrade, Deposits are FDIC Insured

APY

5.07%



Bonus

N/A



Our Take

Why We Like It

Upgrade’s Premier Savings account earns a strong 5.07% APY, but only on balances
of $1,000 or more (though there is no minimum deposit required to open the
account). The account also has no monthly fee. The institution also offers a
rewards checking account that earns cashback.

Note that Upgrade is a nonbank financial technology company, not a bank. Funds
deposited with Upgrade are FDIC-insured through its banking partner, Cross River
Bank.




BARCLAYS ONLINE SAVINGS ACCOUNT

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at Barclays, Member FDIC

APY

4.35%



Bonus

N/A



Our Take

Why We Like It

Barclays’ savings account offers a solid interest rate, and there are no monthly
fees or minimum balance requirements. The account also has a tool for setting
savings goals.




AMERICAN EXPRESS® HIGH YIELD SAVINGS ACCOUNT

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.0

/5


Learn more

at American Express National Bank, Member FDIC

APY

4.30%4.30% APY (annual percentage yield) as of 09/27/2023



Bonus

N/A



Our Take

Why We Like It

The competitive yield on this savings account helps your money grow faster than
it would in a lower-rate account. You get a bigger bank balance without extra
effort on your part.

Here is more information about high-yield savings accounts.


WHAT IS A HIGH-YIELD SAVINGS ACCOUNT?

A high-yield savings account is a type of federally insured savings product that
earns rates that are much better than the national average. They can earn around
5%. By comparison, the national average rate is 0.46%.

» Looking for the top overall online-only banks? Check out NerdWallet's picks
for best online banks


WHY CHOOSE A HIGH-YIELD SAVINGS ACCOUNT?

With a high-yield savings account, also known as a high-interest savings
account, your balance can grow faster over time than it would in an average
savings account. This is without additional effort on your part. Your money is
working harder for you in a higher-rate account.


WHAT IS THE DIFFERENCE BETWEEN A HIGH-YIELD SAVINGS ACCOUNT AND A TRADITIONAL
SAVINGS ACCOUNT?

A high-yield savings account earns a much higher rate than a regular savings
account. While some traditional savings accounts, particularly those at large
national banks, earn rates as low as 0.01% APY, high-yield accounts earn many
times more. Currently, rates at the best high-yield accounts earn around 5% APY.


ALTERNATIVES TO HIGH-YIELD SAVINGS ACCOUNTS


HIGH-YIELD SAVINGS ACCOUNT VS MONEY MARKET ACCOUNT

High-yield savings accounts and money market accounts are both types of savings
accounts, but MMAs typically offer debit cards and checks, with the ability to
make a few purchases each month. Both types of accounts generally let you link
to other deposit accounts, such as checking accounts, to make electronic
withdrawals and deposits. But with the added benefit of debit cards or checks,
money market accounts give easier access to your funds. This can be helpful if
you need fast access to your cash. However, some MMAs also charge monthly fees
and have high minimum opening deposits.

» Want to explore more? See our list of the best money market accounts


HIGH-YIELD SAVINGS ACCOUNT VS CERTIFICATE OF DEPOSIT (CD)

High-yield savings accounts and certificates of deposit are both federally
insured deposit accounts, but CDs tend to have higher rates in return for
locking in your money for a set time period. CDs are best for funds that can be
put away for the entire CD term, which can typically range from a few months to
five years or more. If you have a short-term savings goal for an item you’d like
to purchase in a few years, consider opening a CD. Funds in high-yield savings
accounts can generally be withdrawn at any time, though there may be a limit of
six per month for certain types of withdrawals. Compared to a CD, a high-yield
savings account is a better option for an emergency fund.

» Learn more about the best CD rates


HIGH-YIELD SAVINGS ACCOUNT VS CHECKING ACCOUNT

The difference between a high-yield savings account and a checking account is
that a high-yield savings account is used for building your account balance,
while a checking account is used for everyday spending. Some checking accounts
earn interest or offer cash-back rewards, but a high-yield savings account
likely pays more interest, though it may also limit certain types of withdrawals
to a maximum of six per month. » Looking for online checking? Read about the
best online checking accounts


HOW MUCH INTEREST WILL I GET ON $10,000 AFTER A YEAR IN A HIGH-INTEREST SAVINGS
ACCOUNT?

If your money is in an account that earns a strong rate, your balance will grow
faster without any additional effort on your part. With a 5% APY, a savings
balance of $10,000 would earn a bit more than $500 after a year. It may not make
you rich, but the earnings are much better than an account with a 0.40% APY,
which would earn about $40 dollars.


HOW DO I CHOOSE THE BEST HIGH-INTEREST SAVINGS ACCOUNTS?

Look for accounts that have high interest rates and low service charges. You
want to make sure you don’t have to pay a fee each month. Some institutions
don’t charge monthly fees, while others do but will waive them if you meet a
balance minimum.

Be willing to look beyond the larger, well-known banks. Many smaller
institutions — including online banks and apps — feature good rates and low
deposit requirements.

» Want to explore checking accounts instead? Take a look at NerdWallet’s best
checking accounts


HIGH-YIELD SAVINGS ACCOUNTS: PROS AND CONS

Here's a look at benefits and drawbacks of typical high-yield savings accounts
compared with other ways to grow your funds.


HIGH-YIELD SAVINGS ACCOUNT PROS:

 * Earns higher rates than other savings accounts.

 * Is a deposit account, so it has federal insurance (unlike investments).

 * Typically can be opened online, without the need to leave your home.


HIGH-YIELD SAVINGS ACCOUNT CONS:

 * Sometimes requires a higher minimum opening balance compared with regular
   savings accounts.

 * While they can be opened online (a pro), some are online-only, so
   face-to-face customer service is not an option.


THE HIGHEST APY SAVINGS ACCOUNTS ARE EASY TO ACCESS

With online banking, you can access your account securely day or night. Online
banks, credit unions and nonbank providers offer some of the best savings rates
on the market while charging fewer fees than traditional banks. They also often
offer good websites and mobile apps that typically let customers deposit checks
and pay bills.


HOW TO OPEN AN ACCOUNT WITH THE BEST INTEREST RATES

Depending on the type of financial institution, you can open an account either
online or in person. You’ll need to provide your Social Security number and
contact information, along with at least one form of identification, such as a
driver’s license or a passport. (For a joint account, everyone wanting access to
the account must provide this information and ID.) You will often be required to
deposit money into the new account right away. You can do that by depositing
cash or checks, or through a wire transfer.

» Find high rates across checking, savings and other accounts in NerdWallet's
list of high-interest accounts


WHAT TO DO IF YOU CAN’T OPEN A HIGH-INTEREST SAVINGS ACCOUNT

Occasionally, your application to open an account may not be approved. This is
likely because of issues with your previous banking history.

Unpaid bank fees and bounced checks can result in a negative file on
ChexSystems, a consumer reporting agency that financial institutions use to
evaluate a prospective customer’s banking history.

There are options for customers who have a ChexSystems file, including
opportunities to open alternative accounts. For more information, read our
primer on what to do if you have a ChexSystems record.


ARE HIGH-YIELD SAVINGS ACCOUNTS SAFE?

In short, yes. High-yield savings accounts at banks and credit unions are
federally insured up to $250,000 per depositor, and many nonbank providers
partner with banks for insurance. Accounts at banks are backed by the Federal
Deposit Insurance Corp., while credit union accounts are backed by the National
Credit Union Administration. This means that even if the financial institution
fails, the government makes sure your money is safe and accessible. Read
NerdWallet's primer on FDIC insurance to learn more.


WHAT’S THE DIFFERENCE WHEN NERDWALLET NOTES “MEMBER FDIC” VS. “FUNDS INSURED BY
FDIC” ON SAVINGS ACCOUNTS?

When we describe a savings account that is offered by a bank, we note “Member
FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the
account is federally insured. If a financial technology company — not a bank —
offers a savings account, it typically partners with a bank that is an FDIC
member to hold the funds so deposits can be insured. In those cases, we note
“funds insured by the FDIC.” Savings accounts at credit unions are federally
insured by the National Credit Union Administration, so we note “funds insured
by the NCUA.”


HIGH-YIELD SAVINGS ACCOUNT TERMINOLOGY

Here’s a look at some important savings terms to know.

Savings account: A deposit account from a financial institution that earns
interest.

Money market account: A type of savings account that often offers higher
interest rates in return for a steep minimum deposit. (Think $5,000 or more.)

Interest: Money a financial institution pays into an account over time.

Compound interest: Compound interest is the interest you earn on both your
original money and on the interest you keep accumulating. In an account that
pays compound interest, the return is added to the original principal at the end
of every compounding period, typically daily or monthly. Each time interest is
calculated and added to the account, the larger balance earns more interest.

Annual percentage yield: The APY, or annual percentage yield, is the amount of
compound interest an account earns in a year. The calculation is based on the
account's interest rate and the number of times interest is paid during the
year. A savings account with the highest APY grows faster than an account with a
lower yield.

» Read more about 10 essential banking terms you need to know


FULL LIST OF EDITORIAL PICKS: BEST HIGH-YIELD ONLINE SAVINGS ACCOUNTS

When selecting the best high-yield online savings accounts, NerdWallet uses
multiple data points, including monthly fees, minimum balance requirements, APY,
mobile app ratings and customer service availability. Click the financial
institution’s name in the table below to read a full review.

Financial Institution

NerdWallet Overall Institution Rating

APY

Minimum balance to open

Affirm, funds insured by FDIC.

3.5.

4.35%.

No minimum to open account.

Ally, Member FDIC.

5.0.

4.25%.

No minimum to open account.

American Express, Member FDIC.

4.0.

4.30% APY (annual percentage yield) as of 09/27/2023.

Minimum to open = $0.

Barclays, Member FDIC.

4.0.

4.35%.

No minimum to open account.

Bask Bank, Member FDIC.

4.0.

5.10%.

No minimum to open account.

BMO Alto, Member FDIC.

4.5.

5.10%.

No minimum to open account.

Bread Savings, funds insured by FDIC.

4.5.

5.15%.

Bread Savings disclosure

Bread Savings adds: "All Bread Savings APYs are accurate as of 09/28/2023. APYs
are subject to change at any time without notice. Offers apply to personal
accounts only. Fees may reduce earnings. For high-yield savings accounts, a
minimum of $100 is required and must be deposited in a single transaction. For
high-yield savings accounts, the rate may change after the account is opened."

$100 minimum to open account.

Capital One 360, Member FDIC.

4.5.

4.30%.

No minimum to open account.

CIBC U.S., Member FDIC.

3.5.

5.01%.

$1,000 minimum to open account.

CIT Bank, Member FDIC.

4.0.

5.05%.

$100 minimum to open account.

Citibank, Member FDIC.

4.0.

4.35%.

No minimum to open account.

Citizens, Member FDIC.

4.0.

4.50%.

$1 minimum to open account.

ConnectOne Bank, Member FDIC.

3.5.

4.90%.

$2,500 minimum to open account.

Discover Bank, Member FDIC.

4.5.

4.35%.

No minimum to open account.

E*TRADE, Member FDIC.

4.0.

4.25%.

No minimum to open account.

EverBank (formerly TIAA Bank), Member FDIC.

4.5.

5.15%.

No minimum to open account.

First Foundation Bank, Member FDIC.

3.5.

5.00%.

$1,000 minimum to open account.

LendingClub, Member FDIC.

4.5.

4.50%.

$100 minimum to open account.

Live Oak Bank, Member FDIC.

4.0.

4.40%.

No minimum to open account.

Marcus by Goldman Sachs, Member FDIC.

4.5.

4.40%.

No minimum to open account.

Popular Direct, Member FDIC.

4.0.

5.40%.

$100 minimum to open.

Quontic Bank, Member FDIC.

4.0.

4.50%.

$100 minimum to open account.

Salem Five Direct, Member FDIC.

4.0.

5.01%.

$10 minimum to open account.

Sallie Mae Bank, Member FDIC.

4.0.

4.50%.

No minimum to open account.

SoFi, Member FDIC.

5.0.

4.60%.

No minimum to open account.

Synchrony Bank, Member FDIC.

4.5.

4.75%.

No minimum to open account.

TAB Bank, Member FDIC.

4.5.

5.27%.

No minimum to open account.

UFB Direct, Member FDIC.

4.5.

Editor's note:

Since November 2022, NerdWallet readers have described delays in getting issues
resolved through customer support. These complaints don't factor into UFB
Direct's star ratings. Please read the full review for more details.

5.25%.

No minimum to open account.

Upgrade, funds insured by FDIC.

4.5.

5.07%.

No minimum to open account.

Varo, Member FDIC.

4.5.

3.00% (5.00% if certain requirements are met.)

No minimum to open account.

» Interested in getting money from banks? See NerdWallet's best bank account
promotions and bonuses


HISTORICAL SAVINGS RATES

The table below shows movement that some financial institutions have seen with
savings rates over the last few months. We chose a few online institutions and
two national banks to compare.

Note: Rates are accessed at the beginning of the month unless otherwise noted.
Current rates may change at any time.

October 2023

September 2023

August 2023

July 2023

June 2023

May 2023

April 2023

March 2023

February 2023

January 2023

December 2022

November 2022

October 2022

September 2022

August 2022

July 2022

June 2022

May 2022

Online institutions

Ally, Member FDIC.

4.25% APY.

4.25% APY.

4.25% APY.

4.00% APY.

3.85% APY.

3.75% APY.

3.75% APY.

3.40% APY.

3.40% APY.

3.30% APY.

3.30% APY.

3.00% APY.

2.35% APY.

1.85% APY.

1.85% APY.

1.25% APY.

1.00% APY.

0.60% APY.

CIT Bank, Member FDIC.

5.05% APY.

5.05% APY.

5.05% APY.

4.95% APY.

4.85% APY.

4.75% APY.

4.50% APY.

4.05% APY.

4.05% APY.

4.05% APY.

3.85% APY.

3.60% APY.

3.00% APY.

2.10% APY.

2.10% APY.

1.90% APY.

1.20% APY.

0.90% APY.

LendingClub, Member FDIC.

4.50% APY.

4.50% APY.

4.50% APY.

4.25% APY.

4.25% APY.

4.25% APY.

4.25% APY.

4.00% APY.

4.00% APY.

4.00% APY.

3.60% APY.

3.25% APY.

3.12% APY.

2.07% APY.

2.07% APY.

2.07% APY.

1.26% APY.

0.85% APY.

National brick-and-mortar banks

Bank of America, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

Chase Bank, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

Historic APY data is current as of the day it is accessed

APY data for October 2023 accessed on October 2, 2023. APY data for September
2023 accessed on September 18, 2023. APY data for August 2023 accessed on August
1, 2023. APY data for July 2023 accessed on July 13, 2023. APY data for June
2023 accessed on June 1, 2023. APY data for May 2023 accessed on May 3, 2023.
APY data for April 2023 accessed on April 3, 2023. APY data for March 2023
accessed on March 3, 2023. APY data for February 2023 accessed on February 3,
2023. APY data for January 2023 accessed on January 17, 2023. APY data for
December 2022 accessed on December 20, 2022. APY data for November 2022 accessed
on November 30, 2022. APY data for October 2022 accessed on October 31, 2022.
APY data for September 2022 accessed on September 6, 2022. APY data for August
2022 accessed on August 30, 2022. APY data for July 2022 accessed on July 29,
2022. APY data for June 2022 accessed on June 29, 2022. APY data for May 2022
accessed on May 26, 2022.

Last updated on November 3, 2023


METHODOLOGY

We took a close look at over 90 financial institutions and financial service
providers, including the largest U.S. banks based on assets, internet search
traffic and other factors; the nation’s largest credit unions, based on assets
and membership; and other notable and/or emerging players in the industry. We
rated them on criteria including annual percentage yields, minimum balances,
fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm, Alaska USA Federal
Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated
Bank, America First Credit Union, American Express National Bank, Andrews
Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5
Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO
Alto, Boeing Employees Credit Union, Bread Savings, Capital One, Carver Federal
Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank,
Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank,
Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union,
Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank,
E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation,
First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO
Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington
Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union,
LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman
Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited
Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions
Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst
Federal Credit Union, Security Service Federal Credit Union, Securityplus
Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State
Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony
Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank,
Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

How we rate banks and credit unions

To recap our selections...


NERDWALLET'S BEST HIGH-YIELD ONLINE SAVINGS ACCOUNTS OF NOVEMBER 2023

 * SoFi Checking and Savings: Best for High-Yield Online Savings Accounts, 4.60%
   APY
 * Citizens Access Savings: Best for High-Yield Online Savings Accounts, 4.50%
   APY
 * CIT Bank Platinum Savings: Best for High-Yield Online Savings Accounts, 5.05%
   APY
 * Discover Bank Online Savings: Best for High-Yield Online Savings Accounts,
   4.35% APY
 * Upgrade Premier Savings: Best for High-Yield Online Savings Accounts, 5.07%
   APY
 * Barclays Online Savings Account: Best for High-Yield Online Savings Accounts,
   4.35% APY
 * American Express® High Yield Savings Account: Best for High-Yield Online
   Savings Accounts, 4.30% APY


FREQUENTLY ASKED QUESTIONS

Is my money safe in an online savings account?

In short, yes, online accounts are safe. Most online financial institutions are
federally insured by the Federal Deposit Insurance Corp., up to $250,000 per
depositor. If the account is with a credit union, the account will likely be
insured through the National Credit Union Administration, also for $250,000 per
depositor. So if a provider fails and goes out of business, you will not lose
the money in the account up to the insured amount.

What is a high-yield savings account?

High-yield savings accounts are deposit accounts from financial institutions
that earn above-average yields. Typically, the rates are also better than those
offered by checking accounts. Some of the best savings interest rates come from
online banks and providers. They can provide greater returns to customers
because they don’t have to pay for operating branches and can pass the savings
along.

What is the difference between a high-interest savings account and a money
market account?

Money market accounts are a type of savings account. They generally come with
high APYs, high minimum deposit requirements and some check-writing privileges.
NerdWallet’s guide on money market accounts can help you learn more about these
products and help you decide if a money market account is a good place to stash
your funds.

A high-interest savings account, on the other hand, typically does not come with
checks, though it will still offer a strong APY.

How often do high savings rates change?

Institutions typically don’t change savings rates hourly, daily or even weekly.
It’s common to see some rates remain unchanged for several months.

However, it’s important to note that rates are variable and can theoretically
change at any time. In addition, many providers will adjust their rates based on
their competitors’ actions. As a result, you will often see groups of financial
institutions increase or decrease their APYs around the same time, especially if
the Federal Reserve recently hiked or cut rates.

Check out the best rates regularly to get the best yield for your money.

Do the best online savings accounts have fixed rates?

No, rates are variable and can change over time. The accounts featured in this
article are among those with the consistently highest rates.

How often can I take money out of a high-yield savings account?

Financial institutions usually limit the number of certain kinds of withdrawals
from any type of savings account to a maximum of six per month. These include
online withdrawals, overdraft protection transfers and transfers initiated by
telephone. If you have more than six transactions per statement cycle, your
provider may levy an excess withdrawal fee each time you exceed the limit.
However, on April 24, 2020, the Federal Reserve allowed providers to eliminate
this cap. Contact your financial institution’s customer service line to find out
if it has eased restrictions. If it hasn’t, keep in mind that withdrawing cash
from an ATM does not count toward the limit. Read more in our primer on
Regulation D.


ABOUT THE AUTHOR

MARGARETTE BURNETTE

Margarette is a NerdWallet authority on savings. Her work has been featured in
USA Today and The Associated Press. Read more

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