Best online high-yield savings accounts 2023
High inflation not only makes everyday purchases more expensive; it can also mean that your cash effectively loses value faster. However, as the Federal Reserve has raised the federal funds rate to try to control inflation, that has coincided with many banks raising the interest rates they provide to customers.
Still, getting a good return on your savings requires some shopping around. Many banks have kept rates low — the national average is only 0.40% for savings accounts, according to the FDIC — but you can also find some that offer more than 12 times the average.
In particular, online banks often offer high interest rates, in part because they can sometimes pass on the savings from not having brick-and-mortar locations.
That said, it's important to find a bank you trust and that meets your overall needs, rather than jumping into opening an account with whichever institution advertises a high rate. Interest rates are subject to change, and if you don't pay attention to areas like account fees and minimums, you might end up further behind than if you went with a more well-rounded bank. The good news is that many online savings accounts also offer advantages like no maintenance fees and a smooth customer experience. Below, we'll break down some of the best online high-yield savings accounts currently available.
Best online high-yield savings accounts 2023
Here are five of the best online high-yield savings accounts, broken down into five categories.
- Best for yield/interest rate: Bask Bank
- Best for maintenance fees: CIT Bank
- Best for minimum deposit: Synchrony Bank
- Best for flexibility: Ally Bank
- Best for reviews: SoFi
Best for yield/interest rate: Bask Bank
Bask Bank, a division of Texas Capital Bank, provides one of the best high-yield online savings accounts. As of mid-June, 2023, Bask Bank offers a 4.85% Annual Percentage Yield (APY), with no monthly account fees or minimum account balance requirement. While you might find a few banks offering slightly higher rates at around 5% APY, some of these institutions have more rate volatility or require more hoops to jump through to get the top rate while avoiding fees.
So, a high-yield savings account at Bask Bank seems to offer a good balance between high rates and ease of use.
Best for maintenance fees: CIT Bank
Another great high-yield savings account can be found at CIT Bank, a division of First-Citizens Bank & Trust Company. In particular, CIT Bank's Platinum Savings product offers a highly competitive yield — 4.85% on balances of $5,000 or more, as of June 9, 2023 — and it has no account opening or maintenance fees.
While there are other online savings accounts with $0 maintenance fees, CIT Bank stands out among the best high-yield accounts for also minimizing high-yield savings account fees in other areas, like wire transfers. CIT Bank savings accounts have no fees for incoming wire transfers and outgoing wires are free for accounts with $25,000 or more ($10 for those with lower balances).
Best for minimum deposit: Synchrony Bank
If you want to open a high-yield savings account without having to meet any minimums, Synchrony Bank can be a great choice.
Their online savings account has no minimum deposit, nor do you need a minimum balance to reach their high-yield rate of 4.30% APY, as of mid-June, 2023. Like many other banks, though, you can't necessarily leave the account inactive for too long. Accounts with a $0 balance for more than 60 days may be subject to closure.
Loyalty can also pay off here. If you're a customer for 5+ years or have a $250,000-plus balance, you can be eligible for Synchrony Bank's Diamond rewards tier, which means you can get unlimited domestic ATM fee refunds when accessing the money in your high-yield savings account.
Best for flexibility: Ally Bank
If you're looking for an online savings account that has a good balance between factors like high yields, low (or no) fees, and ease of use, Ally Bank can be a great choice.
This well-rounded online bank offers a savings account that consistently has high yields (4.00% APY for all balances as of mid-June, 2023), as well as no monthly maintenance or overdraft fees, no minimum balances and live customer support 24/7.
Ally is also flexible in the sense that the online bank offers many savings tools, like the ability to create savings buckets within your high-yield savings account. Doing so can make it easier for you to save for specific goals, like planning a vacation while building an emergency fund.
Best for reviews: SoFi
In terms of high-yield savings accounts with great reviews, consider SoFi. This innovative finance company has many attractive factors, including a 4.30% APY (as of mid-June, 2023) on savings balances for those who set up direct deposit. They also have no overdraft, maintenance or minimum balance fees, and SoFi offers a program that lets you get up to $2 million in FDIC insurance. On Trustpilot, SoFi has nearly 6,000 reviews with an Excellent rating of 4.6/5.
How to open a high-yield savings account now
As these examples show, you can get a lot of great features and earn high interest with certain online savings accounts. The process to open a high-yield savings account can be very easy too.
In many cases, you can open an account in a few minutes by filling out an application with details like your name and Social Security number, and possibly providing a copy of your driver's license or another form of ID. You can then fund the account such as by making an online ACH transfer from one bank to another or depositing a check via a mobile app. If you follow these steps, you can be on your way to potentially earning higher interest while getting better overall service from your bank.
