Best Savings Account Rates of 2023

Compare savings account rates 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 insured up to $250,000 per depositor.

Fund your new account & take advantage of the power of compound interest today!

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

American Express® High Yield Savings Account: 4.30% APY as of December 04, 2023

Customers Bank High Yield Savings Account: 5.30% APY

Discover® Bank Online Savings Account: 4.35% APY

CIT Bank® Platinum High Yield Savings Account: 5.05% APY

Upgrade High-Yield Premier Savings Account: 5.07% APY

CIT Bank® High Yield Savings Connect Account: 4.65% APY

Idabel National Bank Money Market Account: 4.35% APY

Customers Also Viewed: High-Yield Certificate of Deposit Accounts

U.S. Bank® 7 Month CD Details

Best For: Shorter Term + Branch Access

Term: 7 Months

U.S. Bank offers a 7 month CD with up to 4.20% APY with no monthly fees and $1,000 initial deposit.

Rates vary by state & zip code.

U.S. Bank has over 2,000 branch locations in more than half of U.S. states.

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.

Interest compounds daily so lock in your 7 Month CD rate today & start earning guaranteed interest now.

See U.S. Bank's Secure Site For More Details.

Discover® Bank 12 Month CD Details

Best For: Online Banking Experience + Customer Service

Term: 12 Months

Discover Bank offers 5.20% APY with no monthly fees and $2,500 initial deposit on their 12 Month CD.

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

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Interest compounds daily so lock in your 12 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

Frequently Asked Questions About 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 ever day 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 4.40% interest on your savings. Which is nearly 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 up to $250,000.

How Do I Open a Savings Account?

Easy. Simply click on the “view details” button above of your selected finanicial instution. Once you arrive at our partners site, you’ll be able to open your new savings account safely and securely.

What Determines Savings Account Interest Rates?

Savings account interest rates are typically determined by a variety of factors, including the supply and demand for funds in the financial system, the overall level of interest rates in the economy, and the policies of the financial institution that is offering the savings account. In general, savings account interest rates tend to be lower than rates on other types of financial products, such as loans, because they involve a lower level of risk for the lender. However, the specific interest rate that a financial institution offers on a savings account can vary based on a number of factors, such as the type of account, the balance of the account, and the length of time the funds are deposited.

One other factor that can affect savings account interest rates is the level of competition among financial institutions. In a market with many banks and credit unions offering savings accounts, the institutions may need to offer higher interest rates in order to attract customers. On the other hand, in a market with fewer options for savings accounts, financial institutions may be able to offer lower interest rates and still attract depositors. Additionally, some financial institutions may offer higher interest rates on certain types of accounts, such as online-only accounts or accounts with higher minimum balance requirements, in order to differentiate their products and attract certain types of customers.

What is the Lowest Interest Rate Available?

The lowest interest rate on a savings account can vary depending on the financial institution and the specific terms of the account. Some financial institutions may offer very low interest rates on their savings accounts, like some of the banks above who only offer 0.01% APY.

Although interest rate is one of the most important factors, other factors, such as fees, minimum balance requirements, and the convenience of the institution’s locations and services, may also be important to consider. It may be a good idea to shop around on compareaccounts.com and compare the terms and conditions of different savings accounts in order to find the one that best meets your needs.

What is the Federal Reserves Role in Setting Interest Rates?

The Federal Reserve, or the “Fed,” is the central bank of the United States and is responsible for implementing monetary policy in the country. One of the main tools the Fed uses to influence monetary policy is setting the target range for the federal funds rate, which is the interest rate at which banks lend money to each other overnight. The Fed uses this tool to help achieve its goals of maximum employment, stable prices, and moderate long-term interest rates.

The Fed adjusts the federal funds rate by buying and selling securities, such as government bonds, in the open market. When the Fed wants to increase the federal funds rate, it will sell securities and take money out of circulation, which reduces the supply of funds available for lending and pushes up interest rates. Conversely, when the Fed wants to lower the federal funds rate, it will buy securities and add money to circulation, which increases the supply of funds available for lending and pushes down interest rates.

The federal funds rate is a benchmark for many other interest rates in the economy, including the prime rate, which is the rate at which banks lend to their most creditworthy customers. As a result, changes in the federal funds rate can affect the interest rates that individuals and businesses pay on loans, as well as the returns they earn on investments such as savings accounts and certificates of deposit.

One thing to note is that the Federal Reserve’s ability to influence interest rates is not unlimited. If the Fed tries to set the federal funds rate at a level that is significantly higher or lower than the level that the market would dictate based on supply and demand, it could lead to distortions in the financial system and disrupt the normal functioning of credit markets. Therefore, the Fed typically seeks to align its target for the federal funds rate with the “neutral” rate, which is the level of the federal funds rate that is consistent with sustainable economic growth and low and stable inflation over the long run.

It is also worth noting that the Federal Reserve’s ability to set the federal funds rate is not the only factor that determines interest rates in the economy. Other factors, such as the level of risk associated with a particular type of loan or the level of competition among lenders, can also affect the interest rates that are offered to borrowers. Additionally, the Federal Reserve’s monetary policy decisions can be influenced by a variety of economic and financial conditions, both within the United States and around the world.

*National Savings Rate Average as published by FDIC