The Top High-Yield Savings Accounts of 2023

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High-yield savings accounts help you grow your money faster, offering interest rates above what you usually find through brick-and-mortar banks or credit unions. Plus, they provide many of the same features and protections, including insuring up to $250,000 through the FDIC or NCUA.

Many people prefer high-yield savings accounts because of the higher interest rates, but it’s critical to understand that not all high-yield savings accounts are created equal. If you’re looking to join the 71% of Americans with a savings account or are looking for a better deal than your current savings account provides, here’s a quick look at the top high-yield savings accounts of 2023.


SoFi offers high-yield savings accounts with an annual percentage yield (APY) of 4% (as of April 2023), which is nearly 11 times the national average of 0.37% (as of April 2023). Plus, you can earn a bonus of up to $250, depending on your direct deposit amount. There’s no minimum balance, making the account versatile. Plus, you won’t encounter any monthly maintenance fees.

If you have a SoFi checking account, you can also take advantage of Roundups. With Roundups, every debit card purchase is rounded up to the next dollar, and that extra change is automatically redirected to your savings account.

Marcus by Goldman Sachs

With Marcus by Goldman Sachs, the online savings account comes with an APY of 3.75% (as of April 2023). Additionally, there are no minimum deposit requirements or monthly fees. You can also get same-day transfers of up to $100,000, keeping your money accessible.

Opening an account is simple, and the provided Marcus app is straightforward and comprehensive. You can see how much interest you’ve earned during a year, schedule transfers in advance, and review transactions, all with a few taps.

American Express

The high-yield savings account from American Express comes with an APY of 3.75% (as of April 2023). There are no monthly fees and no minimum balance requirements. Plus, interest is based on daily compounding, though it’s deposited on a monthly basis.

Typically, you can open an account in just a few minutes, though it can take up to two days to link an external account. You also get access to a mobile app for easier money management, as well as 24/7 customer service for support.

CIT Bank

With CIT Bank, you can get an APY of 4.5% (as of April 2023). You do need to make a minimum deposit of $100 to get started, which many savers will feel is manageable. Plus, there are no account opening or monthly service fees.

Opening the account is straightforward, and you get access to a mobile app for account management. Remote check deposit and transfer services are both available, as are online statements and transaction logs.

Discover Online Savings

The Discover Online Savings account comes with an APY of 3.6% (as of April 2023). There’s no minimum deposit required, and you don’t have to contend with monthly fees or excessive withdrawal fees. Plus, interest is compounded daily, though it’s delivered to your account on a monthly basis.

Getting an account is simple, and you don’t have to make a deposit right away if you prefer to wait. Customer service is available 24/7, and you get access to an app to make managing deposits, withdrawals, and transfers a breeze.