Best High Yield Accounts for July 2023: Earn up to 5.92% APY

List of Best High Yield Accounts

If you’re not investing your money, then high yield accounts are the nest option to look at. You want your money to grow and earn the best rate possible. Most financial planners recommend storing money for emergencies and short-term goals in high-yield savings accounts. There’s zero risk of losing money as far as the accounts are FDIC insured and it’s easily accessible.

Just keep in mind that interest rates are not fixed forever. They’re subject to change at any time, depending on the government’s interest-rate benchmark. So it’s a good idea to continuously check your accounts and the interest rate you are earning. Sometimes when rates are going up, some banks will not automatically increase rates for current customers. In that case you might need to call in and ask for it. Plus you should check this list continuously to see if you can do better at another bank.

Best High Yield Savings Accounts for July 2023

Here’s the list of the best interest rates available for savings accounts that don’t really have many requirements to get the rate. There’s often better rates out there, with a cap on deposits and monthly requirements such as purchases or direct deposits. That could work better for those who don’t have huge amounts to deposit and don’t mind doing the work.

These are savings accounts, money market and no-penalty CDs, listed by APY:

• 5.30% – All AmericaBank Rewards Checking (Max $15K, debit purchases required)
• 5.30% – All AmericaBank Money Market (Max $75K, debit purchases required)
• 5.21% – Republic Bank
• 5.20% – Western Alliance Bank (through SaveBetter.com)

• 5.17% – CFG Bank 

• 5.16% – GreenState Credit Union (through SaveBetter.com)
• 5.15% – Vio Bank

• 5.06% – UFB Direct

• 5.05% – CIT Bank (Min $5K)
• 5.05% – Popular Direct (Popular Bank)
• 5.01% – Salem Five Direct
• 5.00% – Newtek Bank
• 5.00% – Valley Bank
• 4.90% – Bread Savings
• 4.90% – CIT Bank 11-Month No-Penalty CD
• 4.90% – FVC Bank 12-Month No-Penalty CD (through SaveBetter.com)
• 4.85% – Bask Bank
• 4.85% – First Foundation Bank
• 4.81% – Upgrade (Min $1K)
• 4.80% – Ivy Bank (Min $2,500) 
• 4.75% – Bank Purely
• 4.60% – CIT Bank (Min $1K)
• 4.50% – Citizens Bank
• 4.40% – TAB Bank
• 4.38% – MyBanking Direct (New York Community Bank)
• 4.37% – CIBC Bank USA
• 4.35% – My Savings Direct (Emigrant Bank)
• 4.25% – Ally Bank 11-Month No-Penalty CD
• 4.25% – Lending Club
• 4.20% – SoFi Checking and Savings ($250 bonus)
• 4.17% – Ivy Bank Indexed Savings Account (Min $2,500) 
• 4.15% – Apple Card Savings Account
• 4.15% – Synchrony Bank
• 4.10% – Synchrony Bank 11-Month No-Penalty CD
• 4.00% – Barclays
• 4.00% – PNC Bank (select markets)
• 4.00% – Ally Bank Money Market
• 3.90% – Marcus by Goldman Sachs
• 3.75% – American Express Savings
• 3.75% – Discover Savings
• 3.75% – Capital One 360 

Other High Yield Options

You should also look into CDs if you don’t mind having your money tied up for a while. CDs usually offer a better rate than savings accounts. There are also Treasury bills which currently have great rates. Here are some of the best options available:

• 1-11 Months
  • 5.75% – Andrews FCU 9-Month CD
  • 5.65% – NASA FCU 9-Month CD
  • 5.60% – Northern Bank Direct 11-Month CD
  • 5.25% – Bask Bank 6-Month CD
  • 5.10% – Brilliant Bank 9-Month CD
  • 5.00% – CIT Bank 6-Month CD
• 12-24 Months
  • 5.92% – Merchants Bank of Indiana 12/24-Month CD
  • 5.65% – Workers FCU 24-Month Flex CD
  • 5.45% – NASA FCU 15-Month CD
  • 5.38% – Popular Direct 12-Month CD ($10K min)
  • 5.30% – Bread Savings 12-Month CD
  • 5.25% – BrioDirect 12-Month CD
  • 5.20% – Charles Schwab 10-18 Month CD
  • 5.20% – Forbright Bank 12-Month CD
  • 5.15% – Alliant Credit Union 18-Month CD
  • 5.15% – Synchrony Bank 14-Month CD
  • 5.13% – Workers FCU 24-Month Flex CD
  • 5.05% – CFG Bank 12-Month CD
  • 5.00% – Valley Bank 12-Month CD
• 25+ Months
  • 5.92% – Merchants Bank of Indiana 36-Month CD
  • 5.91% – Workers FCU 36-Month Flex CD
  • 5.35% – Valley Bank 36-Month Variable CD

What Else Matters Besides APY?

Besides the interest rate, there are other options to consider for each bank. Here’s some things to keep in mind when looking for the best high-yield account for yourself:

• Make sure it’s FDIC insured
• Customer Service
• Monthly fees
• Number of free withdrawals (often limited to 6 per month)
• Minimum opening deposit requirement
• Mobile check deposits
• Website and app design
• If you prefer physical branches, make sure they have one in your area.

Guru’s Wrap-up

You should periodically reevaluate your accounts and see if you are maximizing your returns. Besides high-yield savings accounts (HYSA), you should also check out bank bonuses which give you an even better return for a short period of time. There are also smaller credit unions that offer great rates for smaller amounts, sometimes as high as 10% APY.

Let me know of any other bank accounts that should be listed above!

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