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Interest rates are a hot topic these days. Inflation is high, and when that happens, the Federal Reserve Board of Governors often raises the primary interest rate to slow it down.

When the Fed raises rates, banks often follow. This doesn’t mean that your savings account that’s now paying 0.15% APY will increase rates dramatically by the end of the year, but banks could raise rates a bit to stay competitive. In the meantime, opening one of the best high-yield savings accounts now will get you started making money on your money. 

The Best High-Yield Savings Accounts looked at the savings accounts that pay the highest interest rates. We compared rates, minimum opening balances, fees and other features or restrictions. Here are some of the best high-yield savings accounts to consider:

  • TAB Bank High Yield Savings Account
  • CIBC Agility Online Savings Account
  • American Express® High Yield Savings Account
  • Marcus Online Savings Account
  • Synchrony Bank High Yield Savings Account
  • Capital One 360 Performance Savings Account
  • FNBO Direct High-Yield Online Savings Account
  • CIT Bank Savings Connect Account

Take a look at some of the best high-yield savings accounts available.

TAB Bank High Yield Savings Account

  • APY
  • No minimum opening balance
  • No monthly service fees

TAB Bank offers an online-only high-yield savings account with no minimum — or maximum — deposit requirements.

CIBC Agility Online Savings Account

  • APY
  • No monthly account maintenance fees
  • $1,000 minimum opening balance

The CIBC Agility Online Savings Account is an online-only account, but CIBC Bank USA has some brick-and-mortar locations for personal banking in Illinois, Michigan, Missouri and Wisconsin. The bank also has commercial banking locations in 17 states.

American Express High Yield Savings Account

  • annual percentage yield (APY)
  • No monthly fees
  • No minimum balance 

On the High Yield Savings Account from American Express National Bank, Member FDIC, there is a limit of nine withdrawals or debits per statement cycle — higher than many banks that limit you to six withdrawals a month.

All information about American Express High Yield Savings offers has been collected independently by and has not been reviewed or approved by American Express. American Express High Yield Savings is not available through

Marcus Online Savings Account

  • annual percentage yield (APY) as of Nov. 8, 2023
  • No fees
  • No minimum deposit

With the Online Savings Account from Marcus by Goldman Sachs, Member FDIC, you can transfer money the same day to or from other banks, up to $100,000.

Synchrony Bank High Yield Savings Account

  • APY
  • No minimum balance
  • No monthly fees  

With a Synchrony Bank High Yield Savings account, you can request an ATM card so you can access your funds from an ATM. Synchrony does not charge ATM fees, and it refunds up to $5 per month in other banks’ ATM fees.

Capital One 360 Performance Savings Account

  • APY
  • No minimum balance
  • No monthly or maintenance fees

Capital One has brick-and-mortar locations and ATMs, but you can also open your account online. Through this account, you can set up an automatic savings plan to help you hit your financial goals on schedule.

FNBO Direct High-Yield Online Savings Account 

  • APY
  • $1 minimum to open
  • No monthly maintenance fees

FNBO Direct makes it easy to start saving with this account, which features a low minimum opening deposit requirement.

CIT Bank Savings Connect Account

  • APY
  • $100 minimum to open
  • No monthly maintenance fees

CIT Bank’s Savings Connect requires a higher minimum opening deposit but offers one of the most competitive rates. 

What Is a High-Yield Savings Account?

A high-yield savings account is a savings account that pays higher interest rates than standard savings accounts offer. Whereas the national savings rate — the average rate paid by insured banks and credit unions — is just 0.46% as of Nov. 8, the best high-yield accounts pay 5.00% or more.

High-Yield Savings Account vs. Standard Savings Account: What’s the Difference?

The primary difference between a high-yield account and a traditional savings account is the interest rate — high-yield accounts pay more. In return for the higher rate, a high-yield account might require a higher minimum deposit to open the account, and the bank might limit the number of withdrawals and transfers you can make.

Another difference is in the type of financial institution that’s likely to offer high-yield accounts. You’ll usually find them at online banks and at credit unions.

Why Should You Consider a High-Yield Savings Account?

Because it pays higher interest than a standard savings account, a high-yield account grows your money faster. Whereas a $1,000 balance earning the average 0.46% would increase by $23.21 after five years, the same balance earning 4.00% would grow by $216.65.

Which Is the Highest-Paying Savings Account in the US?

The APYs attached to savings accounts fluctuate. But as of this writing in November 2023, some of the highest-paying savings accounts are available through UFB Direct, FNBO Direct and BMO Alto. When it is time for you to open an account, it’s best to shop around to find the top interest rate.

Is It Safe To Keep Your Money in a High-Yield Savings Account?

Yes. As long as the bank or credit union is FDIC- or NCUA-insured, and you don’t keep a higher balance than $250,000 in savings accounts at the same bank, high-yield savings accounts are one of the safest places to keep your money. Unlike investments like stocks or bonds, whose value is constantly in flux, your savings account is always worth its face value, although inflation can rob some of its spending power over time.

Pros and Cons of High-Yield Savings Accounts

As enticing as their high rates are, they don’t tell the whole story about high-yield savings accounts. It’s important to understand not just the benefits but the drawbacks as well.


  • High rates
  • Easy access to funds


  • May have to switch banks or join a credit union to get one
  • Withdrawals might be limited to six per month

How Do High-Yield Savings Accounts Compare to Other Types of Accounts?

A high-yield savings account is a no-risk way to earn interest on your savings, but it’s not your only option. Other types of accounts might better meet your needs.

Checking Accounts vs. High-Yield Savings Accounts

Whereas savings accounts safeguard and grow money you’ve put aside for the future, checking accounts are meant to be used for your day-to-day expenses. Because of that, checking accounts give you more ways to access your money — writing checks or using your debit card at an ATM or at the register — and have few restrictions on how much or how often you make withdrawals. Some high-yield checking accounts pay interest rates that rival high-yield savings account rates on at least a portion of the account balance, but you might have to maintain a high balance and pay a monthly fee to qualify.

CDs vs. High-Yield Savings Accounts

A certificate of deposit is a type of deposit account that pays you a fixed interest rate in exchange for leaving the money untouched for the term of the CD, which can be anywhere from one month to 10 years. CDs often pay higher rates than savings accounts — even high-yield accounts — but only with certain terms, such as 12 months.

CDs make sense if you worry that interest rates are going to fall because your rate will be locked in, whereas a high-yield savings account rate is variable and could fall. Otherwise, CDs offer no benefits over high-yield savings accounts, especially since you’ll likely be penalized if you withdraw your money early.

Money Market Accounts vs. High-Yield Savings Accounts

A money market account is technically a savings account, and it often has higher rates than a traditional savings account. Most have check-writing privileges and come with a debit card. They sometimes have higher minimum opening deposits, however, and you might not earn interest unless your balance reaches a certain amount.

If you only write an occasional check and want to consolidate your accounts, a money market account could be a good choice if the rate and minimum deposit requirements are comparable to those of a high-yield savings account.

How To Open a High-Yield Savings Account

Generally, the highest interest rates are paid by online banks and by credit unions. Online banks don’t have the expenses of brick-and-mortar banks, so they can pay higher interest. Opening an online savings account is a little different than walking into your neighborhood bank to open an account, but it’s not difficult. Here’s what you need to know.

You Need Identification

You’ll be asked to provide your name, address, email address, Social Security number and phone number. You may also be asked for the name and address of your employer. You’ll need a government ID — most people use a driver’s license, but if you don’t have one, you can use a state-issued ID or a passport.

Deposit Funds

Once you’ve provided all the required information, you’ll need to deposit some money into the account in order to earn interest. To do this, you’ll have to move money from somewhere else, so you’ll need the information for the account you’re moving the funds from. You’ll link this other account, which can be a checking, savings or other account at the same or another bank, to your new savings account.

Once you’ve linked your accounts, you can move funds from one to the other whenever you want. If you’ve linked a checking account into which you have your paycheck direct deposited, you can set up a recurring transfer to put a little money into savings each time you get paid. Then watch your money grow!


High-yield savings accounts offer the best return on your money. While rising interest rates usually mean that savings account interest rates will also go up, there’s no guarantee. And most high-yield savings accounts have a provision in the account agreement that says the bank can change the rate at any time. So watch your statement so you’ll know how much you’re earning.

High-Yield Savings Account FAQ

Here are the answers to some of the most frequently asked questions regarding high-yield savings accounts.
  • Do any banks have high-yield savings accounts?
    • Yes, many banks offer high-yield savings accounts. In general, online banks tend to offer better yields than traditional brick-and-mortar banks. Online banks can offer higher rates due to lower overhead costs.
  • Which bank pays the highest interest rate?
    • As of this writing, the highest savings account interest rate found is offered by TAB Bank, which offers 5.27% APY.
  • Who offers the best high-yield savings account?
    • Some of the top high-yield savings accounts are available through Capital One and TAB Bank. The best option for you will vary based on your financial situation.
  • Is a high-yield savings account worth it?
    • If you are looking for a safe place to park some money, either for the short or long term, then a high-yield savings account is a good way to go. You will get access to your money anytime you want it, unlike a CD, which typically has a penalty if you withdraw money before the term is up, or an investment account, which could lose money if your investments decline in value. Just be sure you’re not paying fees that will erode the interest that you earn.
  • Can you lose money in a high-yield savings account?
    • As long as your account is in a bank or a credit union that’s insured, you won’t lose your money. Savings account deposits in banks are insured by the Federal Deposit Insurance Corp., and those in credit unions are insured by the National Credit Union Administration for up to $250,000 per depositor.
  • How much interest can I earn on $1,000 in a year in a savings account?
    • Savings account interest rates are described as an annual percentage yield. This is the amount that your account will earn in a year, based on the interest rate and how often it is compounded. To figure out how much you will earn, multiply the amount of your deposit by the APY.
    • For example, if you deposit $1,000 in an account that pays 0.50% APY, at the end of a year, your account will be worth $1,005 ($1,000 × 0.005 = $5). If you leave the money in the account without adding any more, at the end of year two, you’ll have $1,010.05 with compound interest.
  • What is the downside of a high-yield savings account?
    • The biggest downside to a high-yield savings account is convenience. The best rates are often from online-only banks. Withdrawals and deposits may be limited to electronic transfers or ATMs since there are usually no brick-and-mortar branches available.
  • Where can I get 6% or more interest on my money?
    • Digital Federal Credit Union and Mango Money are two options that offer APYs in that range. However, each account comes with its rules and restrictions.

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Daria Uhlig, Sarah Sharkey, Cynthia Measom and Cynthia Bowman contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 8, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through

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