Best Savings Accounts of 2023
Best Savings Accounts
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Your Financial Well-Being Comes First.
We believe everyone should have free access to the right information to make smart financial decisions. Although our site doesn’t showcase every financial institution and its products available we're confident in our recommendations to help guide you on your financial journey. Free of charge for you.
Instead of charging you money, we're compensated by our partners and third-party advertisers. This compensation, along with our proprietary algorithms, may, at times, influence the products we decide to review, discuss, and their position on our site or the order in which they appear. Trust that these actions are taken to benefit you the consumer ultimately make the right decision for you.
- National Savings Rate Avg.*: 0.33%
- See 10x & higher rates from our partners
Compare savings accounts with ease, find the right one for you, and open your account in minutes.
Open your new account with confidence. Each of our recommendations is FDIC insured up to $250,000 per depositor.
Fund your new account & take advantage of the power of compound interest today!
APY
4.75%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.75% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Bank with Assets Greater Than $50 Billion in 2021
- Exclusive Offer Powered by The SaveBetter Platform
- See Site for Details
On SaveBetter's Secure Site for Western Alliance Bank,
FDIC Insured
APY
3.75%
- High Yield Savings Account
- Min. to Earn APY: $1
- Min. Initial Deposit: $0
- 3.75% APY
- APY as of March 29, 2023
- Interest Compounded Daily
- No Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National Bank's Secure Site, Member FDIC
APY
0.01%
Chase Bank Details
- Savings Account
- 0.01% APY
- Min. Balance to Avoid Service Fee: $300
- Monthly Service Fees: up to $5
- Limit 6 Withdrawals per Monthly Statement Period
- Withdrawal Overage Fees: up to $15 per month
- Other Miscellaneous Fees Apply
Not Recommended.
Shown For Comparison Purposes Only.
APY
3.60%
- High Yield Savings Account
- Min. balance for APY: $0
- Min. Initial Deposit: $0
- 3.60% APY
- 5x National Savings Avg*
- Mobile Check Deposit
- No Monthly Fees
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
APY
3.25%
- High Yield Money Market Account
- Min. initial deposit: $1
- 3.25% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 7.4x National Avg. APY
- Interest Compounded Daily
- See Site for Details
On SaveBetter's Secure Site for Ponce Bank,
FDIC Insured
APY
4.20%
- High Yield Savings Account
- Min. initial deposit: $100
- 4.20% APY
- No Monthly Service Fees
- No Minimum Monthly Balances
- 12x National Avg. APY
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
Compare With

APY
Wells Fargo Details
- Savings Account
- No Fee Min. Balance: $300
- 0.15%
- Monthly Maintenance Fee of $5. If Below Min. Balance
Not Recommended.
Shown For Comparison Purposes Only.
APY
4.35%
- High Yield Money Market Account
- Min. initial deposit: $1
- 4.35% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 9.4x National Avg. APY
- Interest Compounded Daily
- An Independent Community Bank Since 1921
- See Site for Details
On SaveBetter's Secure Site for Idabel National Bank,
FDIC Insured
APY
4.15%
- High-Yield Savings Account
- Min. initial deposit: $1
- 4.15% APY
- 12.1x National Avg. APY
- No Monthly Fees
- Founded in 1889
- FDIC Insured up to $250,000
- Strong History of Serving Communities Across America
- See Site for Details
On SaveBetter's Secure Site for Liberty Bank,
Member FDIC
Compare With

APY
Bank of America Details
- Savings Account
- No Fee Min. Balance: $500
- 0.01% APY
- Monthly Maintenance Fee of $8. If Below Min. Balance
Not Recommended.
Shown For Comparison Purposes Only.
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
Ponce Bank® Money Market Account: 3.25% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
APY
4.50%
12 Month CD
- High Yield CD
- Term: 12 Months
- Min. Initial Deposit: $2,500
- 4.50% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
What to Look for in a 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.
Frequently Asked Questions About The Best Savings Accounts
What is a Savings Account?
A savings account is a type of bank account that offers a higher Annual Percentage Yield (APY) than a checking account.
A checking account is used for money that needs to be moved quickly such as to pay bills or use for everyday spending.
Whereas a savings account is a better option for money that doesn’t need to be used right away, for example, your emergency fund.
How to Find The Best Savings Account?
Arguably the best way to find the best savings accounts is right here on compareaccounts.com. Although we don’t showcase every single savings account available, we stand by our recommendations as the highest tier of the best accounts in America.
Why are Online Savings Accounts Better Than Traditional Ones?
Traditional banks offer low rates on savings accounts. This is because they’re managing insanely large amounts of money and need to manage their risk profile. The less “guaranteed returns” they provide, the less risky their overall portfolio becomes. As a result, traditional banks only offer about .01-.10% interest on their savings accounts. A high yield account offers up to 4.25% interest on your savings. Which is much higher than 10x the national average. Now you know why so many people are switching to a high-yield savings account.
Is My Money Safe?
Yes! Savings accounts listed on this page are protected by the Federal Deposit Insurance Corporation (FDIC). The Federal Deposit Insurance Corporation insures Bank and thrift deposits of up to $250,000.
How Do I Open a Savings Account?
Easy. Decide which savings account is best for you, then simply click on the “open account” button above. Once you arrive at our partner’s site, you’ll be able to open your new savings account safely and securely.
*National Savings Rate Average as published by FDIC
Best Savings Accounts of 2023
Best Savings Accounts
![]() |
|
Your Financial Well-Being Comes First.
We believe everyone should have free access to the right information to make smart financial decisions. Although our site doesn’t showcase every financial institution and its products available we're confident in our recommendations to help guide you on your financial journey. Free of charge for you.
Instead of charging you money, we're compensated by our partners and third-party advertisers. This compensation, along with our proprietary algorithms, may, at times, influence the products we decide to review, discuss, and their position on our site or the order in which they appear. Trust that these actions are taken to benefit you the consumer ultimately make the right decision for you.
- National Savings Rate Avg.*: 0.33%
- See 10x & higher rates from our partners
Compare savings accounts with ease, find the right one for you, and open your account in minutes.
Open your new account with confidence. Each of our recommendations is FDIC insured up to $250,000 per depositor.
Fund your new account & take advantage of the power of compound interest today!
To summuarize our recommendations.
Best Savings Accounts According To CompareAccounts™
Discover® Bank Online Savings Account: 3.60% APY
American Express® High Yield Savings Account: 3.75% APY as of March 29, 2023
Ponce Bank® Money Market Account: 3.25% APY
APY
3.60%
- High Yield Savings Account
- Min. balance for APY: $0
- Min. Initial Deposit: $0
- 3.60% APY
- 5x National Savings Avg*
- Mobile Check Deposit
- No Monthly Fees
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
APY
3.75%
- High Yield Savings Account
- Min. to Earn APY: $1
- Min. Initial Deposit: $0
- 3.75% APY
- APY as of March 29, 2023
- Interest Compounded Daily
- No Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National Bank's Secure Site, Member FDIC
APY
0.01%
Chase Bank Details
- Savings Account
- 0.01% APY
- Min. Balance to Avoid Service Fee: $300
- Monthly Service Fees: up to $5
- Limit 6 Withdrawals per Monthly Statement Period
- Withdrawal Overage Fees: up to $15 per month
- Other Miscellaneous Fees Apply
Not Recommended.
Shown For Comparison Purposes Only.
APY
4.75%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.75% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Bank with Assets Greater Than $50 Billion in 2021
- Exclusive Offer Powered by The SaveBetter Platform
- See Site for Details
On SaveBetter's Secure Site for Western Alliance Bank,
FDIC Insured
APY
4.20%
- High Yield Savings Account
- Min. initial deposit: $100
- 4.20% APY
- No Monthly Service Fees
- No Minimum Monthly Balances
- 12x National Avg. APY
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
3.25%
- High Yield Money Market Account
- Min. initial deposit: $1
- 3.25% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 7.4x National Avg. APY
- Interest Compounded Daily
- See Site for Details
On SaveBetter's Secure Site for Ponce Bank,
FDIC Insured
Compare With

APY
Wells Fargo Details
- Savings Account
- No Fee Min. Balance: $300
- 0.15%
- Monthly Maintenance Fee of $5. If Below Min. Balance
Not Recommended.
Shown For Comparison Purposes Only.
APY
4.40%
- High Yield Savings Account
- Balance for APY: $5,000
- 4.40% APY
- No Monthly Service Fees
- Earn a Higher APY with a Higher Min. Balance
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.35%
- High Yield Money Market Account
- Min. initial deposit: $1
- 4.35% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 9.4x National Avg. APY
- Interest Compounded Daily
- An Independent Community Bank Since 1921
- See Site for Details
On SaveBetter's Secure Site for Idabel National Bank,
FDIC Insured
APY
4.15%
- High-Yield Savings Account
- Min. initial deposit: $1
- 4.15% APY
- 12.1x National Avg. APY
- No Monthly Fees
- Founded in 1889
- FDIC Insured up to $250,000
- Strong History of Serving Communities Across America
- See Site for Details
On SaveBetter's Secure Site for Liberty Bank,
Member FDIC
Compare With

APY
Bank of America Details
- Savings Account
- No Fee Min. Balance: $500
- 0.01% APY
- Monthly Maintenance Fee of $8. If Below Min. Balance
Not Recommended.
Shown For Comparison Purposes Only.
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
Ponce Bank® Money Market Account: 3.25% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
APY
4.50%
12 Month CD
- High Yield CD
- Term: 12 Months
- Min. Initial Deposit: $2,500
- 4.50% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
What to Look for in a 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.
Frequently Asked Questions About The Best Savings Accounts
What is a Savings Account?
A savings account is a type of bank account that offers a higher Annual Percentage Yield (APY) than a checking account.
A checking account is used for money that needs to be moved quickly such as to pay bills or use for everyday spending.
Whereas a savings account is a better option for money that doesn’t need to be used right away, for example, your emergency fund.
How to Find The Best Savings Account?
Arguably the best way to find the best savings accounts is right here on compareaccounts.com. Although we don’t showcase every single savings account available, we stand by our recommendations as the highest tier of the best accounts in America.
Why are Online Savings Accounts Better Than Traditional Ones?
Traditional banks offer low rates on savings accounts. This is because they’re managing insanely large amounts of money and need to manage their risk profile. The less “guaranteed returns” they provide, the less risky their overall portfolio becomes. As a result, traditional banks only offer about .01-.10% interest on their savings accounts. A high yield account offers up to 4.25% interest on your savings. Which is much higher than 10x the national average. Now you know why so many people are switching to a high-yield savings account.
Is My Money Safe?
Yes! Savings accounts listed on this page are protected by the Federal Deposit Insurance Corporation (FDIC). The Federal Deposit Insurance Corporation insures Bank and thrift deposits of up to $250,000.
How Do I Open a Savings Account?
Easy. Decide which savings account is best for you, then simply click on the “open account” button above. Once you arrive at our partner’s site, you’ll be able to open your new savings account safely and securely.
*National Savings Rate Average as published by FDIC
Don't Miss This High Yield Savings Account
American Express® Savings
APY as of March 29, 2023
3.75%
On American Express National Bank's Secure Site, Member FDIC