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 March 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:

• 5.02% – UFB Direct

  • Minimum balance: None
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes

• 5.02% – CFG Bank (Min $1K) 

  • Minimum balance: $1,000
  • Monthly fee: $10 if you don’t keep $1K balance
  • ATM card: No
  • Mobile check deposit: Yes

• More options:

• 4.80% – FVC Bank 12-Month No-Penatly CD
• 4.80% – All AmericaBank Money Market (Max $75K)
• 4.80% – All AmericaBank Rewards Checking (Max $15K)
• 4.75% – Ally Bank 11-Month No-Penalty CD
• 4.75% – Ivy Bank Indexed Savings Account (Min $2,500) 
• 4.60% – Republic Bank
• 4.50% – Vio Bank
• 4.50% – Bread Savings
• 4.50% – First Foundation Bank
• 4.45% – Bank Purely
• 4.45% – Bask Bank
• 4.40% – Popular Direct (Popular Bank)
• 4.40% – CIT Bank (Min $5K)
• 4.38% – Upgrade (Min $1K)
• 4.38% – MyBanking Direct (New York Community Bank)
• 4.35% – My Savings Direct (Emigrant Bank)
• 4.35% – Primis
• 4.25% – Ivy Bank (Min $2,500) 
• 4.20% – CIT Bank (Min $1K)
• 4.15% – CIT Bank 11-Month No-Penalty CD
• 4.10% – Salem Five Direct
• 4.06% – TAB Bank
• 4.05% – Customers Bank
• 4.00% – BMO Bank
• 4.00% – Lending Club
• 4.00% – PNC Bank (select markets)
• 3.77% – CIBC Bank USA
• 3.75% – SoFi Checking and Savings ($250 bonus)
• 3.75% – Citizens Bank
• 3.75% – Synchrony Bank
• 3.75% – Marcus by Goldman Sachs
• 3.60% – Discover Savings
• 3.50% – Dollar Savings Direct 
• 3.40% – Ally Bank Savings
• 3.40% – Barclays
• 3.40% – Capital One 360 
• 3.40% – Citi Accelerate Savings (select markets)
• 3.30% – American Express Savings

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:

• Charles Schwab: 7-9 Month CDs at $5.34% APY
• Forbright Bank: 12-Month CD at 5.25% APY ($1K min)
• CFG Bank: 12-Month CD at 5.15% APY
• Bread Savings: 12-Month CD at 5.05% APY
• Capital One: 11-Month CD at 5.00% APY ($1K-$100K)
• Popular Direct: 12-Month CD at 5.00% APY ($10K min)
• Treasury Bills: Up to 4.85% 
• CIT Bank: 13-Month CD at 4.65% APY

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.

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