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The Top Interest Savings Accounts for 2023

4 minute read

By Editorial Staff

The beginning of a new year is a great time to reexamine your finances and think about how you can optimize them. A high-yield savings account is a foundational step for long-term financial growth and freedom. If you already have one – wonderful! However, it’s always good to be on the lookout for an institution with a better option than your current bank or credit union.

Financial savviness often requires jumping on a new opportunity, even if it means stepping into new territory. It’s also possible you’re looking to divide funds. Or maybe you finally have enough extra money to put some into savings for the first time in your life. All are exciting prospects!

We want to help you take this next step in your quest to save more. This is a quick list of the top interest savings accounts in the U.S. right now. We’re not just basing that on Annual Percentage Yield (APY), either. While the APY is important, it’s not the only important factor when you entrust you money with a bank. When compiling this list, we also considered additional factors, including other services, FDIC insurance, online reviews, and minimum balance requirements.

Please keep in mind that since APYs can change any time. However, these numbers are pulled from top financial institutions as of May 2023.

Shutterstock: Sutthiphong Chandaeng

American Express Savings HYSA

APY: 3.9%
Minimum Balance: $0

American Express’s personal savings option gives the stability of a large, trusted brand with an APY of 3.9%.1 Since American Express is established, they have more to invest in resources so you’ll find many articles on good financial strategies on their website. They also have 24/7 support.

Another fantastic benefit is that AmEx allows up to nine withdrawals per month whereas most financial institutions only allow six withdrawals from a savings account. That can sometimes make it difficult to budget out money in smaller portions or pay for an unexpected expense.

While AmEx is a great option for personal savings and credit, they don’t really have a functional checking option. That’s a bit of a downside if you wanted a one stop shop for your banking. They do offer prepaid debit cards, but don’t confuse those with debit cards that are linked directly to a checking account. If you rely on your debit card a lot, you’ll likely need to double up with another provider.

Ally Bank HYSA

APY: 3.85%
Minimum Balance: $0

Ally Bank2 may be lesser known, but offers significant benefits such as user-friendliness and no hidden fees or monthly minimums, making it easy for you to store, grow, and access your funds. An APY of 3.85% is highly competitive with many of the larger institutions on this list. Even better, you can open an account and start depositing 100% remotely. Ally Bank also offers Amazon Alexa integration, allowing you to move money between accounts just by asking your Alexa suite device. They also offer CDs, checking accounts, IRA savings options, and 24/7 remote support.

The only drawback is that Ally Bank has no physical locations, so you cannot deposit money at an ATM or visit a branch. You’ll need to arrange a wire transfer from another institution, direct deposit from your employer, or mail a physical check to their offices in Philadelphia.

Marcus by Goldman Sachs Online Savings Account

APY: 4.15%
Minimum Balance: $0

Marcus is the banking arm of well-known investment firm Goldman Sachs.3 They offer a savings account with a 4.15% APY, which is slightly above to the previous two entries on this list and about 10x higher than the current national average APY of 0.33%.4 Marcus also has CDs and loan options.

However, like Amex, you’ll be hard pressed to find a checking option. While Marcus does make it easy to link to other financial institutions, this option might be best suited if you are opening a second savings account. This account is great if you are unlikely to need access to your money for day-to-day purchases.

Webster Bank Market Savings Account

APY: 8.96% – 9.06% APY

Minimum Balance: $0

Save Market Savings Accounts are insured by Webster Bank, and aim to deliver between 8.96% and 9.06% APY for customers willing to commit to a longer term.6 Cashing in on this impressive interest rate is as simple as signing up online, choosing a deposit amount, selecting a term length, and picking an investment portfolio.

Your deposit is never at risk, but you’ll still get market driven yields that pay out at the end of your pre-established investment term. It’s a novel concept that pairs both the benefits of an investment account and the safety of a savings account.

LandMark Credit Union Premium Account

APY: 7.50% APY up to $500

Minimum Balance: $0

Landmark Credit Union is a growing online bank that offers some impressive interest rates.5 Landmark offers both online and mobile banking, and provides each member with a VISA debit card. They’re also equipped to offer home equity loans, student loans, auto loans, and personal loans.

Right now they’re offering new customers a staggering 7.50% on their first $500 deposit, though there are some stipulations. New customers must set up a qualifying direct deposit of $250 or more. There’s a $100 penalty for closing the account before 90 days too. Still, 7.50% APY is nothing to complain about!

Our Top Choice: Axos Bank

APY: 0.61%
Minimum Balance: $0

Axos Bank is the second fully online banking experience on our list.7 Axos’s High Yield Savings Account has an average APY of 0.61%, which is lower than many accounts on this list. However, they don’t require a minimum deposit in order to open an account so you can start saving immediately. They also have checking accounts at up to 3.3% APY and business accounts. Overall, that makes them a better option for anyone who prefers to get all their online banking done in one place.

They don’t have any physical locations. That has both benefits and drawbacks. But with a great APY and convenient, forward-thinking features that put digital natives first, Axos easily claims the top spot on our list.

Editorial Staff



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