15 Best High Yield Savings Accounts of January 2023 (up to 5.00% APY)

Everyone needs a high interest savings account. It doesn’t matter if you’re in the middle class or very wealthy – you need a place to store your emergency fund or short-term savings.

A high yield savings account allows your money to make money until you need it. They pay a much higher annual percentage rate than average (the average savings account pays just 0.10% APY) and don’t have early withdrawal penalties like CDs have.

So don’t stash your cash under a mattress earning nothing, put your money to work with the best high yield savings accounts listed below.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Before Savings Accounts, Consider I Bonds

Before we begin I’d be remiss not to mention I Bonds, which are savings bonds issued by the U.S. Department of the Treasury and fully backed by the full faith and credit of the U.S. government.

Currently, I Bonds are paying an incredible 6.89% APY. Interest rates are determined by inflation, which as you know has been sky-high lately. While inflation is bad for the economy, it’s great for I Bonds.

Keep in mind you can only buy up to $10,000 per calendar year and I Bonds have a minimum one year holding period, they make a great option for a short to medium-term emergency fund or a place to park your cash.

13 Best High Yield Savings Accounts in 2022

The following savings accounts offer the best interest rates with no fees. All accounts listed are also FDIC insured, so if you’re looking for a bank account that earns you the highest yield without the fuss, these are it.

There are other savings accounts with interest rates as high as 5.00% APY that we list in the second section, but they have additional things you need to consider. Still, take a look at them before making a decision on which account to open.

1. UFB Direct – 4.21% APY

UFB Direct, an online division of Axos Bank, offers a savings account called UFB Best Savings. This account is geared towards savers and offers an exceptional rate of 4.21% APY on all balances.

This savings account features no monthly maintenance or service fees, no minimum deposit requirement, and a complimentary ATM card for convenient access to your money. FDIC insurance is covered through their parent bank, Axos Bank.

UFB Direct’s superb interest rates are due to its digital banking model that allows them to keep their overhead costs down and pass the savings along to customers.

2. Bask Bank – 4.15% APY

Earn a phenomenal 4.15% APY with the Bask Interest Savings Account – one of the best savings rate currently available.

With no minimum balance and no monthly maintenance fees, the Bask Interest Savings Account is a great place to put your savings. You can access your account at anytime through Bask Bank’s website or using their app available on Apple and Android.

What’s really interesting about this bank is that you can also open a Bask Mileage Savings Account and earn 2 American Airlines AAdvantage® miles for every $1 saved. As your priorities shifts, you can seamlessly transfer your money between the Bask Interest Savings Account and the Bask Mileage Account at any time.

3. Upgrade Premier Savings – 4.13% APY

Upgrade is a financial technology company that offers a savings account called Premier Savings, which earns an outstanding 4.13% APY on balances of $1,000 or more. In addition to no monthly account fees, Premier Savings has a generous online transfer limit of $100,000 to and from other banks.

I became a customer several months ago when I opened the Upgrade Rewards Checking account, as the $400 welcome bonus was too good to pass up.

4. CIT Bank – 4.05% APY

CIT is a division of First Citizens Bank that currently offers a 4.05% APY on the CIT Bank Savings Connect account. Benefits of this FDIC-insured savings account include:

  • Earn over 12x the national savings account average with a 4.05% APY
  • Access to your account with online banking and the CIT Bank mobile app
  • Deposit checks and make transfers remotely with the mobile app

The minimum deposit is $100 and you can transfer funds with an electronic transfer, mail-in check, or wire transfer. There are no monthly service fees to worry about.

5. SkyOne Credit Union – 3.75% APY

SkyOne is a credit union that anyone can join, and currently customers can enjoy a high rate of 3.75% APY with the SkyOne Money Market Deposit Account.

  • Interest compounded daily, credited monthly
  • Minimum opening deposit of $1
  • FDIC-insured by NCUA

You can withdraw or add funds whenever you like – there are no penalties or restrictions. This is an exclusive rate offered via SkyOne’s partnership with SaveBetter.com.

6. Enzo – 4.03% APY

Enzo is an online financial technology company that just increased the interest rate offered on their Enzo Deposit Account to 4.03% APY.

A neat feature of the Enzo account is the cashback rewards program. Your account earns the following cash back rates when you use the Enzo debit card to make a purchase:

  • Uber = 10%
  • DoorDash = 5%
  • Everything Else: 1%

Total cash back is capped at $2,500 a year.

Similar to other banks listed here, such as UFB Direct and Bask Bank, there are no account maintenance or monthly account fee. Enzo also doesn’t have an account minimum balance or charge any domestic ATM fees (international ATM occurs a 1% transaction fee).

7. Bread Savings – 4.00% APY

Bread Savings (formerly Comenity Direct) provides a high yield savings account of Comenity Capital Bank, an FDIC insured bank that gives you a straightforward high yield savings rate of 3.50% APY, more than 16x the national average.

Like others on this list, Bread Savings is an online-only account with no brick-and-mortar locations. This is the main reason that these banks and fintech companies can offer such a high rate compared to banks with branches.

They can offer very competitive interest rates because their operational costs are much lower; no buildings to lease, no branch staff to pay, and no utility bills to cover.

Bread Savings requires just a $100 deposit to open an account.

8. BrioDirect High Yield Savings – 3.75% APY

BrioDirect offers a very competitive high-yield savings account. They consistently offer one of the best rates available and besides opening the free savings account, there are no other requirements to enjoy that advertised interest rate.

This is the online brand of Webster Bank and is FDIC insured up to $250,000 per depositor through the parent company.

With no monthly fees and a low opening deposit minimum of $25, the BrioDirect High-Yield Savings Account is best for consumers looking for an online bank that offers an extremely competitive yield.

9. Quontic Bank – 3.50% APY

Quontic is a national, digital bank that offers savings, checking, and CD accounts with some of the best APYs in banking. All their accounts feature:

  • No Overdraft Fees
  • No Wire Transfer Fees
  • No Monthly Service Fees
  • 90,000+ Fee-Free ATMs
  • U.S.-based Customer Service Team

Right now you can get a 3.50% annual percentage yield when you open a Quontic Online Savings account. This high yield savings account compounds interest daily and gets credited to your account monthly.

The minimum deposit is $100 and you can make your initial deposit from an external account via ACH or using Plaid’s technology.

5 Other High Interest Savings Account Options

While the savings accounts listed here can give you interest rates as high as 5.00% APY, they do come with specific requirements or limitations.

For example, the interest rate may be capped at a certain amount or you may need to have a direct deposit on a regular basis to enjoy the rate.

1. SoFi Checking and Savings – up to 3.75% APY + $275 Bonus

SoFi is offering up to a $275 welcome bonus when you open a new SoFi Checking and Savings account and set up a direct deposit. This is also valid for existing customers that haven’t previously made a direct deposit into their account.

You’ll get a $25 bonus once you open an account and deposit $10. Plus, receive another checking bonus up to $200 based on your total direct deposit amount. The more you deposit, the bigger your sign-up bonus:

Deposit AmountBonus
$1,000 – $4,999$50
$5,000+$200

Additionally, earn a 3.75% APY on money in your savings account, which is 14x the national average checking rate. All customers earn a 1.20% APY, while customers that have a direct deposit (even if it’s just $0.01) will earn a 3.75% APY instead.

See this SoFi Promotions post for more details or open an account now with the link below to get the bonus offer.

2. Current.com Checking – 4.00% APY + $50 Bonus

Current.com offers a 4.00% APY on account balances of up to $6,000. Plus, get a $50 bonus when you open a checking account with referral code GLWWNT964 and make a direct deposit of $200 or more.

Current, launched in 2017, is a mobile-only financial technology company that offers banking services. Your deposits are FDIC insured up to $250,000 through Choice Financial Group (FDIC #9423).

This is a really superb interest rate for a bank account and is worth doing. See the Current.com Promotions post for more details or open an account with the button link below.

3. Juno – 5.00% APY + $10 Bonus

Juno is a fintech company that offers FDIC-insured banking services. The company launched in 2017 with headquarters in Singapore and offices in the US and India.

Their mission is to provide a top-notch platform with higher interest rates than traditional banks. You will earn 5.00% APY on balances of up to $25,000 with the Juno checking account (which can be further boosted to 5.50% APY). Customers can also get up to 10% cashback at popular brands with the Juno debit card.

Join now and receive a $10 welcome bonus + 500 JCOIN. Learn more about Juno promotions or use the link below to claim the offer.

4. T-Mobile MONEY – up to 4.00% APY

T-Mobile MONEY is an online bank account that everyone earns 2.25% APY on, but T-Mobile wireless customers can earn a crazy high 4.00% APY, just for being a customer.

Besides being a wireless customer, you need to make 10 qualifying purchases per month using the T-Mobile MONEY debit card in order to earn the higher rate.

The 4.00% APY is good for balances up to $3,000. Any amount over $3,000 will earn the standard 2.25% APY.

5. Marcus – up to 4.10% APY

Marcus by Goldman Sachs has a high-yield savings account product that currently earns a base rate of 3.30% APY, but can be boosted all the way up to 4.40% APY.

You earn a 1.00% APY bonus for three months when you open a Marcus Online Savings Account with an invitation link from an existing Marcus customer (here’s mine).

Plus, earn a permanent 0.10% APY bonus if you’re an AARP member, which you can join for free get paid to join with this Swagbucks promotion.

In total, you’ll earn a 4.40% APY. Keep this rate beyond the initial three months by inviting a friend or family to open a Marcus savings account using your referral link.

Frequently Asked Questions (FAQs)

What’s the best place to put money in for the long-term?

The short answer is the stock market. It’s the best place to accumulate wealth over the long-term, especially for those who are younger with many years left to invest.

But the right answer for you depends on your age, risk appetite, and money goals.

For people who want to grow their money risk free, I Bonds and high-yield savings accounts are the best options right now.

Which bank has the highest yield savings rate?

Currently, UFB Direct and Bask Bank offers the highest rate for a savings account with no balance limits at 4.21% APY and 4.15% APY, respectively.

Which high yield savings account is the best?

The best accounts are UFB Savings, Bask Bank, and Western Alliance. All offer a high interest rate with no monthly account fees.

Should I open more than one savings account?

You should open at least two savings accounts. One should be a “hub” for your money that has high transfer limits and fast transfer times. I recommend SoFi, Ally Bank, or Fidelity. These financial institutions allow a daily transfer amount of at least $100,000. Compare that to most banks that have a limit of $5,000 or $10,000 per day.

The second one should be a bank account that earns you the best interest rate for your money. That could be any of the high-yield savings accounts listed here that best fits your needs.

What else should I know before opening a bank account?

Check to see if there are any account fees as that could eat up the interest you’ve earned. Make sure the bank is FDIC insured (all the banks and fintech companies in this post are).

As you narrow down on which bank account to open, check to see if there’s a bank bonus. Some banks offer a sign-up bonus for opening an account as an incentive to try them out.

The Bottom Line

Interest rates on savings accounts fluctuate over time so we’ll constantly update this list of the best high yield savings accounts.

While I always advise people to move their money to a bank account with the highest interest rates, the process of “rate chasing” can be time-consuming. Personally, I opened five bank accounts with the best rates and then transfer back and forth between them as the rates adjust.

There’s an advantage to sticking with a few banks that have a consistent track record of giving good interest rates since some of the top rates might be bait-and-switch. They reel you in with a high rate and then lower it hoping you don’t make the effort to switch (or even notice).

Banks like Ally, American Express, CIT Bank, Ponce Bank, and UFB Direct have been known to offer competitive interest rates for many years. Their rates will also fluctuate, but they will likely always be a good rate.

9 thoughts on “15 Best High Yield Savings Accounts of January 2023 (up to 5.00% APY)”

    • UFB Direct and Bask Bank update their rates often and are consistently at the highest rates. I do have more savings accounts (opening bank accounts doesn’t affect your credit score) and transfer money when it’s worth it.

      It’s real easy to move money back and forth in some cases. For example, the rates offered by American First Credit Union, Blue FCU, and SkyOne CU are all under the SaveBetter marketplace so you can seamlessly switch between all the financial institutions.

      Reply
  1. Is it concerning that if I go to American First CU site directly, I can’t get this 4% MM rate, but can only get it by going through SaveBetter, a third party? This feels like an extra security risk to add a “middle man” so to speak. What are your thoughts?

    Reply
    • Hey Jessica, thanks for your question. SaveBetter is an online savings marketplace where most banks and credit unions offer better rates as they have to compete against one another. I think the extra interest is worth it. Personally, I opened a few CDs and a couple of savings accounts through them with no issues.

      I wouldn’t worry about the security – they have been around for a long time with a great reputation. You’ll find many major financial institutions partner with them (e.g. Sallie Mae). Additionally, all your funds are FDIC insured at banks and NCUA insured at credit unions.

      Reply
  2. Thank you for the I Bond tip! I’m going to put $10k into these bonds and looking over this post, I plan on moving my cash over to a HYSA or MM. Which account should I choose for about $50k investment?

    Reply
    • If a High-Yield Savings Account (HYSA), Certificate of Deposit (CD), and Money Market (MM) are equivalent (e.g. no service or monthly fees and no early withdrawal penalties) then you should be indifferent and take the one that offers the highest rate.

      Reply

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