Best High Yield Savings Accounts of September 2023

Opening a high yield savings account is the #1 money tip I’ve been giving to my friends and family in 2023. I’ve been using one for years, and they’ve only gotten more attractive as savings account interest rates have skyrocketed lately.

Our recommendations below are the result of 100+ hours our team of experts spent researching, reviewing, and testing the best savings accounts on the market today.

Why can you trust us? Well, most of the high yield savings accounts we recommend on this page are used personally by our employees here at The Motley Fool, including myself (read our first-hand reviews here).

And unlike many other finance websites, we do NOT allow affiliate compensation to determine which products we list on this page.

If you're short on time, here's a quick list of 4 of our best high yield savings accounts:

• CIT Platinum Savings (Member FDIC): 5.05% APY for balances of $5,000 or more
• SoFi Checking and Savings (Member FDIC): up to $250 bonus and up to 4.50%
• Discover Online Savings (Member FDIC): 4.30% APY
• American Express National Bank (Member FDIC): 4.25% annual percentage yield (APY) as of September 25, 2023

All of the accounts above have APYs that are about 10x the national average savings account interest rate (nope, that's not a typo!), and all are FDIC insured up to $250,000.

Want to dive deeper? Jump to:

First-hand reviews of the best high yield savings accounts
How we picked the best high yield savings accounts
Why you can trust us

First-hand reviews of the best high yield savings accounts we use personally:

SoFi Checking and Savings

APY: up to 4.50%

Bonus: up to $250 (with direct deposit)

Why we picked it: Not only does this savings account offer a strong APY, but the linked checking account has a very impressive APY for a checking account too. Plus, there’s the opportunity for a $250 bonus – a very rare perk.

What we think you need to know about SoFi Checking and Savings:

For those that are planning to set up direct deposit with their new account, we think SoFi Checking and Savings is hard to beat. The savings account offers a high APY of up to 4.50% with direct deposit, which is very competitive with other accounts on our list (though others don’t require direct deposit). You can also earn the maximum APY by depositing $5,000 or more every 30 days.

Meanwhile, the linked checking account offers a 0.50% APY. Frankly, it’s the kind of combo that could make it worthwhile to switch banking relationships.

Another unique feature of this offer is the bonus: users can earn a $250 cash bonus when they set up direct deposit, and when qualifying direct deposits within 25 days total $5,000 or more (the bonus drops to $50 if direct deposits in 25 days are at a lower level of $1,000.00 - $4,999.99)

First-hand review from one of our employees, who uses SoFi personally:

"I was interested in an online bank since I’d seen that a lot of them offered higher APYs than traditional banks. We chose to go with SoFi because they offered some of the highest rates and had good reviews. Overall, they have been a good fit for us. Transfers are seamless and the app is easy to navigate and keep track of activity with. My only complaint so far has been that the first time I tried to deposit a check (an insurance reimbursement), they temporarily locked our account due to not recognizing the check issuer, and the process of getting it unlocked with customer service was frustrating. Since then I have had no issues."

-Liz Wilson, Software Developer here at The Ascent, a Motley Fool Service

Pros:

• One of the rare accounts to offer a bonus (with direct deposit)
• Competitive APY on both savings and checking (with direct deposit)
• No account fees
• Baseline FDIC insurance of up to $250,000, and they also offer the SoFi Insured Deposit Program which allows for FDIC insurance on deposits up to $2 million (opt-in required)

Cons:

• Direct deposit is required for the bonus
• Direct deposit or large monthly deposits are required for the higher APY

Click here to open an account: SoFi Checking and Savings

American Express National Bank

APY: 4.25%

Why we picked it: We think you can feel good about stashing your money at American Express National Bank – a high yield savings account with a strong APY and a trustworthy, safe brand.

What we think you need to know: While it may not be the highest APY on our best savings accounts list, American Express still sports a well-above-average rate and a strong brand. We can’t fault people that may not want to squeeze every last penny out of their interest rate, and would rather opt for a company like American Express with a strong reputation and one that is likely not going to play games with your APY. Further, this account sports no monthly fees and 24/7 customer support.

In terms of what could be improved, as an online bank it offers no ATM card; funds can be withdrawn or transferred through its website or mobile app.

First-hand review of American Express? High Yield Savings from one of our employees, who uses the account personally:
"I’ve personally been using my American Express savings account for over 3 years. I chose Amex because of their competitive rates coupled with the strength of a well known brand. Their online portal easily links between credit and bank accounts making it simple to track everything in one place."

–Employee here at The Ascent, A Motley Fool Service

Pros:

• Extra safety of a rock-solid brand and reputation
• Competitive APY
• No monthly fees
• No limit on number or amount of withdrawals
• FDIC insured up to $250,000

Cons:

• Slightly higher APY is available elsewhere, though those accounts may have less rate stability
• No ATM card

Click here to open an account: American Express? High Yield Savings

Discover Online Savings

APY: 4.30%

Bonus: Up to $200 with qualifying deposits

Why we picked it: While it may not be the highest APY on this list, Discover Online Savings features an excellent rate and we think this account excels pretty much everywhere else too.

What we think you need to know: we think Discover Online Savings is a great pick for anyone who wants an account with a high APY that they don't need to think about. While it's not exactly the highest rate at every point in time, you can feel good that you’ll be earning a near-top-of-market rate for a while to come. You’ll also avoid many common bank fees and despite it being an online bank, you have plenty of deposit and withdraw options.

Discover has a limit of 6 withdrawals and transfers per month, which is pretty good, and they are not even enforcing that rule right now.

For a limited time, earn $150 when you open your first Discover Online Savings account and deposit at least $15,000 within 30 days of the account open date. You can earn $200 with a similarly qualifying deposit of at least $25,000. Enter offer code TMF923 when applying. This offer ends 12/14/23. See Discover's web site for details.

First-hand review of Discover Online Savings from one of our employees, who uses the account personally:

"I chose Discover Online Savings first and foremost because of its high APY. However, I am also a Discover Credit Card & Checking account-holder, so having everything in one easy-to-use mobile app makes it extremely easy to manage my finances. That being said, I've recently noticed other online savings accounts with slightly higher APYs."

–Ethan Mellin, Senior Performance Marketing Manager here at The Ascent, A Motley Fool service

Pros:

• Extra safety of a rock-solid brand and reputation
• High APY
• No monthly fees
• FDIC insured up to $250,000

Cons:

• Slightly higher APY is available elsewhere, though those accounts may have less rate stability
• No ATM card

Click here to open an account: Discover Online Savings

CIT Platinum Savings and CIT Savings Connect:

APY:

• CIT Platinum Savings: 5.05% APY for balances of $5,000 or more
• CIT Savings Connect: 4.65% APY

Why we picked it: These are no-frills high-interest savings accounts offering some of the highest APY’s on the market today.

Important note: CIT offers two high-yield savings accounts: the CIT Platinum Savings account with a higher APY but with a deposit requirement of $5,000, and the CIT Savings Connect account with a slightly lower APY but only requiring $100 to open the account. So those depositing over $5,000 should go with CIT Platinum Savings, and those depositing under $5,000 should go with CIT Savings Connect.

My first-hand review:

I have personally been using CIT Bank savings accounts for years, and I’ve had a good experience with the company overall. The high APY (annual percentage yield) is what attracted me to the account originally, and I’m still earning a very competitive rate there. This is also the main reason our experts included it on this list of our best high yield savings accounts.

My first-hand experience with the platform and its features has been good, though it is important to note that the features are relatively simple and you shouldn’t expect all the bells and whistles of a larger bank (the screenshot above that I took shows what the platform looks like). For me, this is worth the trade-off for the higher interest rate. I’ve found that it is easy to wire money in and out of the platform.

My only real negative thing I’ve experienced with CIT is that they lowered the APY on my account out of the blue last summer. This happened when they created a new account, the Savings Connect account you see here, which became the CIT account with the highest rate. It was easy enough for me to switch over to Savings Connect to earn the higher APY, but I didn’t appreciate them not auto-enrolling me in this new account. This isn’t a deal-breaker for me as this hasn’t happened again, CIT has been good otherwise, and the APY is strong. But if you open an account just make sure to keep an eye on it so you’re earning the highest APY.

Pros:

• High APY
• No account fees
• Unlimited transfers and withdrawals ($250k limit per day)
• FDIC insured up to $250,000

Cons:

• Past history of APYs for existing accounts not always being increased when new accounts with higher APYs are launched (though this has not been an issue lately)
• There is a minimum deposit required to open an account, though it’s just $100

Capital One 360 Performance Savings

APY: 4.30%

Why we like it: Like the other accounts on this list, Capital One 360 Performance Savings sports a strong APY. But what sets it apart from many others is branch locations and full-service banking support.

What we think you need to know: Capital One 360 Performance Savings is a great high yield savings account option for anyone looking for a strong brand, easy-to-use platform, and a plethora of branch locations (if you live near one). It offers a highly competitive interest rate, though not always fully at the top of the market.

In terms of negatives, while you can take advantage of Capital One branches if you live near one, if you don’t then it could be tricky to access your funds in person (though you can transfer money to a Capital One 360 Checking account for easier access.)

First-hand review of Capital One 360 Performance Savings from one of our employees, who uses the account personally:

"My family and I have enjoyed the convenience of banking with Capital One overall. The accounts are easy to use, the interface is simple, money moves quickly, and while savings rates aren't top of the market, they're much higher than mainline banks."

–Matt Koppenheffer, General Manager here at The Ascent, a Motley Fool Service

Pros:

• Branch access if you live near one
• Extra safety of a rock-solid brand and reputation
• No monthly fees
• FDIC insured up to $250,000

Cons:

• Slightly higher APY is available elsewhere, though those accounts may have less rate stability
• No direct ATM access if you don’t live near a branch

Click here to open an account: Capital One 360 Performance Savings

Marcus by Goldman Sachs Online Savings Account

APY: 4.30%

Why we picked it: We think Marcus is a strong option for anyone wanting a high APY, robust platform, and all backed by a big name bank (Goldman Sachs).

What we think you need to know:

There’s a reason Marcus won our award for Best Online Savings Account. It features a high APY, no monthly maintenance fees, and excellent U.S. based customer support (during business hours). There is no minimum balance requirement to open an account and like all accounts on this list, it is FDIC insured for at least $250,000 per depositor.

One negative of Marcus is that it does not offer direct ATM card access, so if that’s important to you then we think it’s best to look elsewhere on this list.

First-hand review from one of our employees, who uses Marcus by Goldman Sachs personally:

"I love the competitive rates at Marcus and they update the return account holders see on a regular basis. Transfers to and from Marcus are pretty simple and help you avoid wire transfer fees that you may experience with other banks. The referral benefits are great for existing account holders, which can be a pretty sweet deal if you want to help your family and friends out, too."

–Johnnie Weathersby III, Senior BI Data Analyst/Architect here at The Motley Fool

Pros:

• Won our award for Best Online Savings Account
• Competitive APY
• No maintenance fees
• FDIC insured up to $250,000

Cons:

• Slightly higher APY is available elsewhere, though those accounts may have less rate stability
• No ATM card

How we picked the best high-yield savings accounts

We used a comprehensive process for reviewing and researching the top saving accounts, which added up to well over 100 hours of our experts’ time. There are obvious things we look for first: these accounts need to have a high APY, be FDIC insured, have low or no fees, low account minimums, and a strong brand reputation. We also read the fine print to make sure things like transfer and withdrawal limits are acceptable -- after all, what good is a high yield savings account if you can't get your money out when you need it?

Additionally, we personally use most of the accounts recommended here so we are deeply familiar with the ins-and-outs of them, and feel as comfortable recommending them to you as we do our friends and family.

Why you can trust us

Here at The Motley Fool, we’ve been helping people grow their wealth since 1993. Our philosophy is to provide useful, unbiased, jargon-free guidance that’s easy for people to understand and implement. Unlike many other websites, we do not allow companies to buy their way onto this page. The products you see here are what our experts believe are the best online savings accounts, whether we get compensated for them or not. After all, there’s a reason The Economist calls us “An ethical oasis” and Time Magazine says “Even millionaires get ideas from The Motley Fool”.

About me: I’m the Managing Director of The Ascent, the Motley Fool’s personal finance service (the site you’re reading here). I have over a decade of experience in finance and have appeared on CNBC, Fox, Yahoo Finance, and more. I personally use many of the products we recommend here at The Ascent including the products featured as our best savings accounts, credit cards, stock brokerages, and more.

What is a savings account and how do they work?

See our video explaining how a savings account works:

To recap, here are our best high yield savings account rates of September 2023

Savings accounts help you grow your wealth safely, while keeping your money easy to access. You can open one with most banks and credit unions, but always compare interest rates between banks before you open an account.

If you're not sure where to start looking for an online savings account, check our list above to find out which banks we believe offer the best online savings accounts.

Our industry banking experts have weighed in below for how they’d personally recommend leveraging and choosing the right savings account for you!

To open a savings account, fill out an online application form or visit a branch (if your chosen bank has them).

Requirements to open a savings account

This process should be similar whether you open a savings account online or at a brick-and-mortar bank. You will need to provide some personal information, including:

• Your address
• Your Social Security number
• A government-issued ID, like a driver's license or a passport

If you are opening a joint savings account, both parties will need to provide this information.

With a savings account, your bank pays you interest on your money -- usually every month. How much interest you earn is determined by the account's annual percentage yield (APY). You'll earn more interest with an account that has a high APY.

The best online savings accounts offer both convenience and high interest rates. A larger balance or a higher savings account interest rate results in more interest.

It's always good to compare savings account interest rates before opening an account. The best savings account interest rates can add a nice bump in your funds without much effort on your part.

A savings account is a great place to keep your emergency fund, as well as funds for any short-term savings goals (like a vacation or a down payment on a home).

Here's what the experts we spoke with had to say about how much you should have in savings:

There are advantages and disadvantages that come along with savings accounts. It's important to consider these factors when you're looking for the best savings account for your lifestyle.

Online vs. traditional banks

If you don't want to open a savings account online, don't worry -- you can get a high interest savings account at a brick-and-mortar bank too. You might just need to look around a little more, since high interest savings accounts are more rare at brick-and-mortar institutions.

Savings accounts at online banks are slightly different from savings accounts at traditional banks. Here are some of the key differences between savings accounts at online and brick-and-mortar banks: