5 Best High-Yield Online Savings Accounts of February 2023
Our list of the best high-interest savings accounts.
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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.
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 around 3%. That is many times more than the national average of 0.35%.
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.
APYs shown are current as of Feb. 21, 2023. All other information is current as of Feb. 1, 2023.
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.
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 around 3%. That is many times more than the national average of 0.35%.
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.
APYs shown are current as of Feb. 21, 2023. All other information is current as of Feb. 1, 2023.
So far, the Federal Reserve has continued to raise rates in 2023, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.
Best High-Yield Online Savings Accounts From Our Partners
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 Barclays Online Savings Account Learn more at Barclays, Member FDIC | 3.60% With $0 min. balance for APY | N/A | Learn more at Barclays, Member FDIC | |
 Discover Bank Online Savings Learn more at Discover Bank, Member FDIC | 3.50% With $0 min. balance for APY | $200 Requirements to qualify | Learn more at Discover Bank, Member FDIC | |
 Marcus by Goldman Sachs Online Savings Account Learn more at Marcus by Goldman Sachs, Member FDIC | 3.75% With $0 min. balance for APY | N/A | Learn more at Marcus by Goldman Sachs, Member FDIC | |
 American Express® High Yield Savings Account Learn more at American Express National Bank, Member FDIC | 3.50% With $1 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC | |
 Citi® Accelerate Savings Learn more at Citibank, N.A. | 3.85% With $1 min. balance for APY | N/A | Learn more at Citibank, N.A. | |
 Citizens Online Savings Account Learn more at Citizens, Member FDIC | 3.75% With $0.01 min. balance for APY | N/A | Learn more at Citizens, Member FDIC |
APY
3.60%
With $0 min. balance for APY
Bonus
N/A
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.
APY
3.50%
With $0 min. balance for APY
Bonus
$200
Requirements to qualify
Why We Like It
Discover Bank's APY is strong and its website is easy to navigate. Both the iOS and Android apps receive high ratings. There is one branch in Delaware and customer support is available by phone 24/7. Discover also offers a $150 or $200 bonus for opening your first Discover Online Savings Account (expires 03/15/2023).
Bonus offer details from Discover: "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 NW323 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 03/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice."
APY
3.75%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
Marcus by Goldman Sachs does not charge monthly fees, and there is no minimum balance required to earn interest. You'll be able to access your account through a mobile app, along with several other options. Be advised that the bank doesn’t offer a checking account.
APY
3.50%
With $1 min. balance for APY
Bonus
N/A
Why We Like It
The well-known credit card company offers a savings account with no monthly fees or minimum balance requirements. But the company does not offer ATM cards or checks.
APY
3.85%
With $1 min. balance for APY
Bonus
N/A
Why We Like It
Citibank’s Accelerate Savings account earns a 3.85% APY. There’s a $4.50 monthly fee if you open your Citi Accelerate Savings account in the Access, Basic or Elevate package, which can be waived by having an average monthly balance of at least $500. There’s no minimum deposit required to open the online account, which is available in most states.
APY
3.75%
With $0.01 min. balance for APY
Bonus
N/A
Why We Like It
Citizens has a savings account that offers a 3.75% APY. You need $0.01 to open an account and there are no monthly fees.
More 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 around 3% APY. By comparison, the national savings average is 0.35% APY.
» Looking for the top overall online-only banks? Check out NerdWallet's picks for best online banks
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 3% APY, a savings balance of $10,000 would earn a bit more than $300 after a year. It may not make you rich, but the earnings are much better than an account with a 0.30% APY, which would earn about $30 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
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.
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
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.”
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. | 3.50%. | No minimum to open account. |
Ally, Member FDIC. | 5.0. | 3.40%. | No minimum to open account. |
American Express, Member FDIC. | 4.5. | 3.50% APY (annual percentage yield) as of 02/16/2023. | No minimum to open account. |
Bank7, Member FDIC. | 3.5. | 3.30%. | $100 minimum to open account. |
Barclays, Member FDIC. | 4.5. | 3.60%. | No minimum to open account. |
Bask Bank, Member FDIC. | 4.5. | 4.25%. | No minimum to open account. |
Bread Savings, funds insured by FDIC. | 4.5. | 4.25%. Bread Savings disclosure | $100 minimum to open account. |
Capital One 360, Member FDIC. | 4.5. | 3.40%. | No minimum to open account. |
CIBC U.S., Member FDIC. | 3.5. | 4.01%. | $1,000 minimum to open account. |
CIT Bank, Member FDIC. | 4.0. | 4.05%. | $100 minimum to open account. |
Citibank, Member FDIC. | 4.0. | 3.85%. | No minimum to open account. |
Citizens, Member FDIC. | 4.5. | 3.75%. | $1 minimum to open account. |
ConnectOne Bank, Member FDIC. | 3.5. | 3.90%. | $2,500 minimum to open account. |
Discover Bank, Member FDIC. | 5.0. | 3.50%. | No minimum to open account. |
E*TRADE, Member FDIC. | 4.0. | 3.50%. | No minimum to open account. |
First Foundation Bank, Member FDIC. | 3.5. | 4.20%. | $1,000 minimum to open account. |
FNBO Direct, Member FDIC. | 4.5. | 3.45%. | $1 minimum to open account. |
LendingClub, Member FDIC. | 4.5. | 4.00%. | $100 minimum to open account. |
Live Oak Bank, Member FDIC. | 4.0. | 3.50%. | No minimum to open account. |
Marcus by Goldman Sachs, Member FDIC. | 5.0. | 3.75%. | No minimum to open account. |
Popular Direct, Member FDIC. | 4.0. | 4.40%. | $5,000 minimum to open account. |
Quontic Bank, Member FDIC. | 4.5. | 3.70%. | $100 minimum to open account. |
Salem Five Direct, Member FDIC. | 4.0. | 4.10%. | $10 minimum to open account. |
Sallie Mae Bank, Member FDIC. | 4.0. | 3.40%. | No minimum to open account. |
SoFi, Member FDIC. | 4.5. | 3.75%. | No minimum to open account. |
Synchrony Bank, Member FDIC. | 5.0. | 3.75%. | No minimum to open account. |
TAB Bank, Member FDIC. | 4.0. | 4.06%. | No minimum to open account. |
TIAA Bank, Member FDIC. | 4.5. | 3.60%. | $25 minimum to open account. |
UFB Direct, Member FDIC. | 4.5. | 4.55%. | No minimum to open account. |
Upgrade, funds insured by FDIC. | 4.0. | 4.13%. | No minimum to open account. |
Varo, Member FDIC. | 4.5. | 3.00%. | 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.
February 2023 | January 2023 | December 2022 | November 2022 | October 2022 | September 2022 | |
|---|---|---|---|---|---|---|
Online institutions | ||||||
Ally, Member FDIC. | 3.40% APY. | 3.30% APY. | 3.30% APY. | 3.00% APY. | 2.35% APY. | 1.85% APY. |
CIT Bank, Member FDIC. | 4.05% APY. | 4.05% APY. | 3.85% APY. | 3.60% APY. | 3.00% APY. | 2.10% APY. |
LendingClub, Member FDIC. | 4.00% APY. | 4.00% APY. | 3.60% APY. | 3.25% APY. | 3.12% APY. | 2.07% 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. |
Chase Bank, Member FDIC. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. | 0.01% APY. |
Last updated on February 21, 2023
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People often identify opening a checking account as their next money move.
SoFi Checking and Savings
Monthly fee
APY
With $0 min. balance for APY
Bonus
Earn up to $250 with direct deposit. Terms apply.
Consumers Credit Union Free Rewards Checking
Monthly fee
APY
With $0 min. balance for APY
at Consumers Credit Union, Federally insured by NCUA
Citi Priority Account
Monthly fee
Waived with $30,000 minimum balance
Bonus
Requirements to qualify
at Citibank, N.A.
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, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City 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, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial 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, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service 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, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best High-Yield Online Savings Accounts of February 2023
- Barclays Online Savings Account: 3.60% APY
- Discover Bank Online Savings: 3.50% APY
- Marcus by Goldman Sachs Online Savings Account: 3.75% APY
- American Express® High Yield Savings Account: 3.50% APY
- Citi® Accelerate Savings: 3.85% APY
- Citizens Online Savings Account: 3.75% APY
Frequently asked questions
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. This means that if a provider were to fail and go out of business, you would not lose the money you have in the account, up to the insured amount.
High-interest 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 don't have the cost of maintaining branches and are able to pass the savings on to customers with better returns.
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.
Institutions typically don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see some rates remain unchanged for several months.
It’s important to note, however, that rates are variable and theoretically can change at any time. In addition, many providers will change their rates based on what their competitors are doing. You will often see groups of financial institutions increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates,.
To get the best yield for your money, check out the best rates on a regular basis.
No, rates are variable and can change over time. The accounts featured in this article are among those with the consistently highest rates.
Financial institutions usually limit the number of certain kinds of withdrawals 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 of these transactions each statement cycle, your provider may levy an excess withdrawal fee each time you go over the limit. 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 has not done so, keep in mind that withdrawing cash from an ATM does not count toward the limit. Read more in our primer on Regulation D.
