Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The high rate environment in the US right now means good news for savers: the best high-yield savings account rates are higher than they’ve been in long time.Â
We monitor savings accounts from nearly three dozen banks and credit unions daily to help you feel confident before you open a savings account. Here are the top high-yield savings account rates on Monday, August 28.
Leading High-Yield Savings Account Rates
Remember that high-yield savings account rates are variable, so they will change over time. An account offering 5% today may offer 5.25% six months from now — or 4.5%. However, you are allowed to have multiple savings accounts at different banks, and to move your money in search of the highest APY. Here are the accounts offering the best savings rates today:
Featured High-Yield Savings Account Rates
Western Alliance Bank High Yield Savings Account
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Fees
no monthly service fee
Western Alliance Bank High Yield Savings Account
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Fees
no monthly service fee
Raisin, FDIC or NCUA Insured Accounts
Western Alliance Bank High Yield Savings Account
Raisin is a great option if your ultimate goal is to earn the best savings account, money market account, and CD rates out there. It’s a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
Fees
no monthly service fee
UFB (Axos Bank), Member FDIC
UFB High Yield Savings
UFB Direct is an excellent option if you’re searching for a competitive interest rate on a money market account or savings account. If you’d also like a checking account or CD, you might consider other institutions because UFB Direct doesn’t have these accounts.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
CIT Bank Platinum Savings
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
Minimum Deposit Amount
$100
Fees
$0 monthly service fees
CIT Bank Platinum Savings
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
Minimum Deposit Amount
$100
Fees
$0 monthly service fees
CIT Bank Platinum Savings
Details
Fees
$0 monthly service fees
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
0.25% APY on balances under $5,000
Show more
Minimum Deposit Amount
$100
Barclays Online Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Barclays Online Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Barclays Bank, Member FDIC
Barclays Online Savings Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
American Express® High Yield Savings Account
Annual Percentage Yield (APY)
4.25% APY as of 8/18/23
Minimum Deposit Amount
$0
Fees
no monthly service fee
American Express® High Yield Savings Account
Annual Percentage Yield (APY)
4.25% APY as of 8/18/23
Minimum Deposit Amount
$0
Fees
no monthly service fee
American Express, Member FDIC
American Express® High Yield Savings Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25% APY as of 8/18/23
Minimum Deposit Amount
$0
About High-Yield Accounts
High-yield savings accounts aren’t the only accounts paying favorable rates right now. You’ll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick and mortar presence. This is normal; online banks have lower overhead cost and are willing to pay high rates to attract new customers.
High-Yield Savings Accounts
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union — not invested through a brokerage account — and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.Â
High-Yield Checking Accounts
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today’s rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it’s typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
Money Market Accounts
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
Cash Management Accounts
A cash management account is also like a savings/checking hybrid. You’ll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn’t. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
Certificates of Deposit
The best CD rates may outpace any of the other accounts we’ve described above. That’s because a certificate of deposit requires you to “lock in” your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you’ll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you’ll let the bank hold your money, the higher rate you’ll get. CD rates aren’t variable; the rate you get upon depositing your money is the rate you’ll get for the length of your term.
Products in this post: Betterment Cash Reserve Account, Western Alliance Bank High Yield Savings Account, UFB High Yield Savings, Milli Savings Account, Newtek Bank Personal High Yield Savings Account
SoFi Checking and Savings
Eligible customers can earn up to $250 with direct deposit through 12/31/2023. Plus, earn up to 4.50% APY on savings accounts with qualifying activities.
Related Post
Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The high rate environment in the US right now means good news for savers: the best high-yield savings account rates are higher than they’ve been in long time.Â
We monitor savings accounts from nearly three dozen banks and credit unions daily to help you feel confident before you open a savings account. Here are the top high-yield savings account rates on Monday, August 28.
Leading High-Yield Savings Account Rates
Remember that high-yield savings account rates are variable, so they will change over time. An account offering 5% today may offer 5.25% six months from now — or 4.5%. However, you are allowed to have multiple savings accounts at different banks, and to move your money in search of the highest APY. Here are the accounts offering the best savings rates today:
Featured High-Yield Savings Account Rates
Western Alliance Bank High Yield Savings Account
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Fees
no monthly service fee
Western Alliance Bank High Yield Savings Account
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Fees
no monthly service fee
Raisin, FDIC or NCUA Insured Accounts
Western Alliance Bank High Yield Savings Account
Raisin is a great option if your ultimate goal is to earn the best savings account, money market account, and CD rates out there. It’s a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25%
Minimum Deposit Amount
$1
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
Fees
no monthly service fee
UFB (Axos Bank), Member FDIC
UFB High Yield Savings
UFB Direct is an excellent option if you’re searching for a competitive interest rate on a money market account or savings account. If you’d also like a checking account or CD, you might consider other institutions because UFB Direct doesn’t have these accounts.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.25% (as of 08/11/2023)
Minimum Deposit Amount
$0
CIT Bank Platinum Savings
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
Minimum Deposit Amount
$100
Fees
$0 monthly service fees
CIT Bank Platinum Savings
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
Minimum Deposit Amount
$100
Fees
$0 monthly service fees
CIT Bank Platinum Savings
Details
Fees
$0 monthly service fees
Annual Percentage Yield (APY)
5.05% (with $5,000 minimum balance)
0.25% APY on balances under $5,000
Show more
Minimum Deposit Amount
$100
Barclays Online Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Barclays Online Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Fees
no monthly service fee
Barclays Bank, Member FDIC
Barclays Online Savings Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
American Express® High Yield Savings Account
Annual Percentage Yield (APY)
4.25% APY as of 8/18/23
Minimum Deposit Amount
$0
Fees
no monthly service fee
American Express® High Yield Savings Account
Annual Percentage Yield (APY)
4.25% APY as of 8/18/23
Minimum Deposit Amount
$0
Fees
no monthly service fee
American Express, Member FDIC
American Express® High Yield Savings Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.25% APY as of 8/18/23
Minimum Deposit Amount
$0
About High-Yield Accounts
High-yield savings accounts aren’t the only accounts paying favorable rates right now. You’ll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick and mortar presence. This is normal; online banks have lower overhead cost and are willing to pay high rates to attract new customers.
High-Yield Savings Accounts
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union — not invested through a brokerage account — and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.Â
High-Yield Checking Accounts
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today’s rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it’s typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
Money Market Accounts
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
Cash Management Accounts
A cash management account is also like a savings/checking hybrid. You’ll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn’t. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
Certificates of Deposit
The best CD rates may outpace any of the other accounts we’ve described above. That’s because a certificate of deposit requires you to “lock in” your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you’ll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you’ll let the bank hold your money, the higher rate you’ll get. CD rates aren’t variable; the rate you get upon depositing your money is the rate you’ll get for the length of your term.
Products in this post: Betterment Cash Reserve Account, Western Alliance Bank High Yield Savings Account, UFB High Yield Savings, Milli Savings Account, Newtek Bank Personal High Yield Savings Account
SoFi Checking and Savings
Eligible customers can earn up to $250 with direct deposit through 12/31/2023. Plus, earn up to 4.50% APY on savings accounts with qualifying activities.
