By: Conor Keenan   Last updated on March 22, 2023
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.

Right now, banks are offering some of the highest APYs in decades. It’s your time to cash in on these returns.

Check out the best high yield savings accounts recommended by our experts below, open your new account today and start taking advantage of compound interest now.

American Express® High Yield Savings Account

Best For: Competitive APY From An Online Bank

American Express is best known for their suite of incredibly rewarding credit cards. They also offer a high yield savings account with a competitive Annual Percentage Yield (APY) of 3.75% as of March 29, 2023.

Other benefits of this account include no monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.

To top it off, American Express ranked #1 in Customer Satisfaction with Online Only Savings Accounts from Direct Banks according to the J.D. Power 2022 U.S. Direct Banking Satisfaction Study.ⓘ

See American Express National Bank's Secure Site For More Details.

Western Alliance Bank® High Yield Savings Account

Best For: High APY Interest Rates

Western Alliance Bank offers 4.75% APY exclusively through the SaveBetter Platform.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.

In addition to this high APY, Western Alliance offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.

Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

See SaveBetter's Secure Site for Western Alliance Bank For More Details.

Chase Bank Savings Account

Not Recommended. Shown For Comparison Purposes Only.

Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.01% APY on their savings account.

In fact, if you're not careful and perform enough qualifying activies, having a savings account with them can actually cost you money.

The average minimum balance to avoid a monthly service fee is $300. Monthly service fees can be up to $5 per month. They limit withdrawals to 6 per monthly statement period. If you go over this number, you'll be hit with an overage fee up to $15 per month.

Other miscellaneous fees may apply as well. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Chase Bank.

Discover® Bank High Yield Online Savings Account

Best For: Online Banking Experience + No Fees

Discover Bank offers 3.60% APY with no monthly fees and $0 initial deposit.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.

If you're looking for a competitive APY with "No. Fees. Period." this account is for you.

See Discover Bank's Secure Site For More Details.

CIT Bank® High Yield Savings Connect Account

Best For: High APY Interest Rates + Mobile App

CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.

They currently offer 4.20% APY on their high yield savings connect account with no monthly fees.

CIT Bank’s mobile app give you 24/7 access to your savings account. It also lets you deposit checks remotely & make transfers easily. The mobile app is available for both IOS & Andriod devices.

You can open a CIT Bank savings connect account with as little as $100 and it only takes about 5 minutes to complete the sign-up process.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.

See CIT Bank's Secure Site For More Details.

Wells Fargo Savings Account

Not Recommended. Shown For Comparison Purposes Only.

Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their savings accounts.

They currently offer a sad 0.15% Way2Save Savings Account.

They require a minimum opening deposit of $25 and also force people to jump through hoops to avoid their monthly fees. You can avoid the fee with a $300 minimum daily balance, qualified transfers from a linked Wells Checking account and vice versa or if the primary account holder is 24 years old or under.

However, other fees may still apply. See terms for full details.

Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Wells Fargo.

CIT Bank® Platinum Savings Details

Best For: Customer Experience + High APY Interest Rates

CIT Bank ranked #1 in the nation for humanizing the customer experience in a recent survey conducted by American Banker of more than 5,000 consumers covering 50 financial institutions.

CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.

They currently offer 4.40% APY on their high yield savings account with no monthly fees. Minimum Balance for this APY is $5,000.

You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.

See CIT Bank's Secure Site For More Details.

Ponce Bank® High Yield Money Market Account

Best For: Above Average Yield + Community Focus

Ponce Bank was born in The Bronx in 1960 and has earned the title of a Certified Community Development Financial Institution (CDFI).

They earned CDFI status by investing more than 80% of their assets in low and moderate income communities.

They currently offer 3.25% APY on their high yield money market account with no monthly fees and a minimum initial deposit of $1.00.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.

When you invest your savings with Ponce Bank you're helping underserved communities in America.

See Ponce Bank's Secure Site For More Details.

Bank of America® Savings Account

Not Recommended. Shown For Comparison Purposes Only.

Bank of America, another large bank that offers nearly nothing on their savings accounts.

They currently offer a regretful 0.01% APY on their Advantage Savings Account.

Bank of America will charge you a $8 monthly maintence fee unless one of the following conditions is met.

Minumum daily balance of $500, if you are a Bank of America Preferred Rewards client, if you link your Savings account to your Bank of America Advantage Relationship Banking® account, are under the age of 18 or if you're under the age of 25 and can qualify as a student.

Other miscellanerous fees may apply as well, such as $5 for statement copies. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Bank of America.

Idabel Nation Bank High Yield Money Market Account

Best For: Above Average Yield + Employee Focus

Idabel National Bank has been an independent community bank since 1921.

They currently offer an above average rate of 4.35% APY exclusively through the SaveBetter platform on their high yield money market account with no monthly fees and a minimum initial deposit of $1.00.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.

Idabel National Bank wants to help savers nationwide and their local employees. Full-time staffers of the bank own a share of Idabel National Bank through their retirement plans.

See Idabel National Bank's Secure Site For More Details.

Liberty Bank High Yield Savings Account

Best For: High APY Interest Rates + Proven Track Record

Founded in 1889, Liberty Savings Bank is a family-owned community bank and has served its customers well for over 130 years.

Liberty Bank offers 4.15% APY on their high yield savings account with no monthly fees.

Deposits are insured by the FDIC for up to $250,000 per depositor and interest compounds daily.

You can open your account online quickly and with as little as $1.00.

Liberty Bank has a strong history of serving communities across America and supports Habitat for Humanity and its mission of building homes for people in need.

See Liberty Bank's Secure Site For More Details.

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

American Express® High Yield Savings Account: 3.75% APY as of March 29, 2023

Discover® Bank Online Savings Account: 3.60% APY

Western Alliance Bank® High Yield Savings Account: 4.75% APY

CIT Bank® High Yield Savings Connect Account: 4.20% APY

Liberty Savings Bank™ High-Yield Savings Account: 4.15% APY

CIT Bank® Platinum High Yield Savings Account: 4.40% APY

Idabel National Bank Money Market Account: 4.35% APY

Ponce Bank® Money Market Account: 3.25% APY

Customers Also Viewed: High-Yield Certificate of Deposit Accounts

What to Look for in a High-Yield Savings Account

It’s always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in savings.

Here are the top features to look for and compare:

1. Interest Rate

The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.

Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.

2. Monthly Fees

Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.

3. Required Initial Deposit

Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.

Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.

4. Minimum Balance Required

Minimum balance required to maintain your account is another feature to keep a close eye on.

Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.

The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.

5. Accessing Your Money

Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.

Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.

We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.

Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.