Since March 2020, the Federal Reserve has increased its target rate 11 times—and banks have followed suit. That’s great news for savers, as savings account interest rates are reaching new heights every day.
That said, not all savings accounts are created equal, and interest rates are just one piece of the puzzle. You also want to put your money where you won’t incur any unnecessary fees or have to maintain a huge balance to earn the advertised rate.
So if you’re looking for the right place to keep your savings but aren’t sure where to start, don’t worry: we’ve got your back. The Fortune Recommends team regularly reviews more than 50 high-yield savings accounts to bring you our top picks based on annual percentage yield (APY), deposit requirements, fees, and more.
You can read our full methodology here.
Best savings account rates
- Popular Direct: 5.40%
- APY Cloudbank 24/7: 5.26%
- APY Western Alliance Bank: 5.26%
- Evergreen Bank Group: 5.25% APY
- Milli: 5.25% APY Newtek Bank: 5.25% APY
- UFB Direct: 5.25% APY
- Valley Direct: 5.25%
- FNBO Direct: 5.15% APY
- Bread Savings: 5.15% APY
*Last updated October 18, 2023
10 savings accounts with the highest yields today
- Popular Direct APY: 5.40% Minimum opening deposit: $100 Monthly fee: $0
Popular Direct is an online banking platform offered by Popular Bank, a subsidiary of Popular, Inc., a national full-service bank that has been serving customers for over 120 years. Popular Direct offers a variety of deposit products, including high-yield savings accounts and CDs to customers across the U.S., Puerto Rico, and the Caribbean.
The high-yield savings account from Popular Direct has the highest rate among the banks on our list with 5.40% APY. You’ll need at least $100 to open an account.
- Cloudbank 24/7 APY: 5.26% Minimum opening deposit: $1 Monthly fee: $0
You may have never heard of Cloudbank 24/7 before, but rest assured that they’re a legitimate financial institution offering some of the most competitive online deposit accounts today. Cloudbank 24/7 is a digital bank that’s backed by Third Coast Bank SSB, a community bank that operates in Texas. It specializes in providing online banking products with competitive interest rates.
The high-yield savings account from Cloudbank 24/7 offers a market-leading 5.26% APY. It’s accessible through Raisin, a free digital savings marketplace that connects individuals to banks and credit unions offering their best digital-only rates and products. In other words, you’ll need to open an account with Raisin to secure this great rate, and Raisin will handle everything from deposits and withdrawals, statements, and customer service.
- Western Alliance Bank APY: 5.26% Minimum opening deposit: $1 Monthly fee: $0
Western Alliance Bank is a regional bank headquartered in Phoenix, Arizona. It primarily offers commercial banking products and services. It operates in key markets across the U.S. and offers services such as commercial loans, treasury management, international banking, and more.
That said, Western Alliance Bank also offers an opportunity for individuals nationwide to take advantage of its high-yield savings account through the Raisin platform. It offers a whopping 5.25% APY and a minimum opening deposit of only $1. In order to open this savings account, you must create a Raisin account.
- Evergreen Bank Group APY: 5.25% Minimum opening deposit: $100 Monthly fee: $0
Founded in 2006, Evergreen Bank Group is a locally owned and managed, full-service commercial bank with over $1 billion in assets. It operates three branches in the Chicago suburbs of Evergreen Park, Oak Brook, and Hinsdale. Even so, you can take advantage of the bank’s high-yield savings account from anywhere in the country.
The online savings account from Evergreen Bank Group requires just $100 to open and earns a competitive 5.25% APY, with no monthly fees. Accounts can be managed online and through mobile banking.
- Milli APY: 5.25% Minimum opening deposit: $0 Monthly fee: $0
Milli is a mobile-only bank, meaning managing your Milli accounts is done from a mobile device. Milli is a division of the First National Bank of Omaha (FNBO), a subsidiary of First National of Nebraska and one of the largest privately-owned banks in the country.
Milli’s high-yielding savings account comes with zero fees or minimum deposit requirements and pays an impressive 5.25% APY. To help you better manage your savings, Milli also offers a “jars” feature, which lets you separate out your savings by goal.
- Newtek Bank APY: 5.25% Minimum opening deposit: $0 Monthly fee: $0
Newtek Bank might sound like a futuristic business, but this financial institution was originally established more than six decades ago. It’s a subsidiary of NewtekOne, a leading provider of financial and business solutions. However, Newtek Bank specializes in providing savings and CD accounts to individuals. It operates exclusively online, which means customers manage their accounts from their computers and mobile devices.
The personal high-yield savings account from Newtek Bank offers an impressive 5.25% APY. There is no minimum deposit required to open an account or earn the advertised rate, and there are no monthly fees. Accounts can be opened in as little as two minutes.
- UFB Direct APY: 5.25% Minimum opening deposit: $0 Monthly fee: $0
UFB Direct is the online banking division of San Diego-based Axos Bank. It’s known for offering competitive interest rates and fee structures due to lower overhead costs compared to traditional brick-and-mortar banks. UFB Direct offers a handful of banking products, including high-yield deposit accounts and mortgages.
You can earn an impressive 5.25% APY with the Priority Savings account from UFB Direct. The account boasts no fees or minimum deposit requirements and comes with a complimentary ATM card.
- Valley Direct APY: 5.25% Minimum opening deposit: $1 Monthly fee: $0
Valley Direct was launched in 2020 as the online division of Valley Bank, a regional bank headquartered in Wayne, New Jersey, established in 1927. Valley Direct offers high-yield savings and CD accounts available nationwide. Valley Direct accounts are opened and managed online.
It only takes $1 to open the high-yield savings account from Valley Direct, which offers a competitive 5.25% APY. There are no monthly fees and no minimum balance requirement. However, accounts may be closed if the balance remains at $0 for 60 days or more.
- FNBO Direct APY: 5.15% Minimum opening deposit: $1 Monthly fee: $0
FNBO Direct is an online-only division of the First National Bank of Omaha. It provides customers with the convenience of online banking, combined with the reputation and reliability of a well-established financial institution. FNBO Direct offers two deposit account options: a checking account and a savings account, both of which are available nationwide.
The high-yield savings account from FNBO Direct offers a competitive 5.15% APY and can be opened with as little as $1. There are no monthly fees or minimum balance requirements.
- Bread Savings APY: 5.15% Minimum opening deposit: $100 Monthly fee: $0
Bread Savings is another relative newcomer to the online banking scene. It stands out among the competition for its simple but lucrative bank account offerings. Bread Savings is a product of Comenity Capital Bank, part of Bread Financial, a digital financial services company.
The high-yield savings account from Bread Savings currently offers an impressive 5.15% APY with no monthly fees and just $100 required to open. Deposits are insured by the FDIC up to federal limits.
Our picks for high-yield savings accounts in October 2023
When evaluating the best high-interest savings accounts available today, we considered which ones offer high interest rates, low (or no) fees, ATM access, online and mobile banking, and more. Further, each account is backed by the Federal Deposit Insurance Corporation (FDIC) and insured up to $250,000 per depositor, per account, giving you peace of mind that your savings are protected no matter what.
Note: APYs in our list below are up to date as of October 18, 2023, but are subject to change.
Western Alliance Bank: Best overall APY: 5.26% Minimum balance required to earn APY: $0 Minimum opening deposit: None Monthly maintenance fee: None Customer support: The customer service team at Raisin can be reached by email at firstname.lastname@example.org.
Western Alliance Bank is one of the top commercial banks in the U.S. This savings account, however, is available to individuals exclusively through Raisin, a free digital platform that connects savers with high-yield online accounts available nationwide.
The high-yield savings account from Western Alliance Bank won best overall savings account thanks, in part, to its impressive rate of 5.26% APY. There are also no minimum deposit or minimum balance requirements to get this rate and no monthly maintenance fees associated with the account.
To open this high-yield savings account, you’ll need to first sign up for Raisin, which handles all aspects of account management.
Ally Bank: Best for maximizing savings APY: 4.25% + up to $500 welcome bonus Minimum balance required to earn APY: $0 Minimum opening deposit: None Monthly maintenance fee: None Customer support: Ally Bank offers 24/7 phone, chat, and email support.
Ally Bank is the direct banking subsidiary of Ally Financial Inc., a leading digital financial services company. It offers a wide variety of banking products, including checking and savings accounts, loans, and more.
Ally Bank’s high-yield savings account ranked best for maximizing savings because it offers plenty of value beyond the impressive 4.25% APY. There are no account minimums or fees. Plus, if you open a new account by October 26, 2023 and fund it with at least $1,000 from a non-Ally account by November 4, 2023, you’ll be eligible for a welcome bonus. You must keep your funds on deposit through January 15, 2024. And on February 15, 2024, you’ll receive a bonus of 1% on the cash you funded your account with, up to a maximum of $500.
Ally also belongs to a network of more than 43,000 surcharge-free ATMs and offers reimbursements for out-of-network ATM fees.
UFB Direct: Best for convenience APY: 5.25% Minimum balance required to earn APY: $0 Minimum opening deposit: None Monthly maintenance fee: None Customer support: Customers can contact a customer service representative via telephone 24 hours a day, 365 days a year, or via secure messaging in their mobile banking app.
UFB Direct is a division of Axos Bank that specializes in providing high-yield, low-cost banking products, including savings accounts, money market accounts, and mortgages.
The high-yield savings account from UFB Direct ranks as best when it comes to convenience. For one, it includes a complimentary ATM card and a huge ATM network that allows you to access your money across the country. UFB Direct also provides 24/7 phone support, as well as a highly rated mobile app and robust digital tools.
FNBO Direct: Best for security features APY: 5.15% Minimum balance required to earn APY: $1 Minimum opening deposit: $1 Monthly maintenance fee: None Customer support: Phone support is available 24/7. Customers can also contact a representative via email.
FNBO Direct is an online-only bank and division of First National Bank of Omaha, which has been around for more than 165 years. It specializes in offering fee-free high-yield checking and savings accounts.
The high-yield savings account from FNBO Direct came in first in our rankings for the best security features. As an online bank, it leads the pack in terms of its security. With FNBO Direct, you can rest assured that your money and identity are protected by robust security features, including fraud protection measures, multi-factor authentication, website encryption, and more. Oh, and it comes with an impressive 5.15% APY.
SoFi Bank: Best for flexibility APY: 4.50% + up to $250 bonus when you set up direct deposit Minimum balance required to earn APY: $0 Minimum opening deposit: None Monthly maintenance fee: None Customer support: Customer service representatives are available 24/7 via phone, chat, and email.
SoFi is an online bank that offers a wide variety of banking, lending, and investing products and services to its members. In addition to being FDIC-insured, SoFi is one of the few banks offering extra FDIC coverage of up to $2 million per depositor at no additional cost.
Banking with SoFi means banking on your terms, whether you want the flexibility to boost your earnings or let the occasional overdraft slip through without fearing excessive fees. That’s why it came in first place in our rankings for flexibility.
SoFi offers a whopping 4.50% APY on your savings—plus an additional 0.50% APY on your checking balance—when you open both a SoFi checking and savings account and set up direct deposit. Setting up direct deposit also makes you eligible for a welcome bonus of up to $250.
CIBC Bank Agility Digital Banking: Best for customer service APY: 4.76% Minimum balance required to earn APY: $0.01 Minimum opening deposit: $1,000 Monthly maintenance fee: None Customer support: Representatives are available Monday through Friday, 8 a.m. to 7 p.m. CT, and on Saturdays from 8 a.m. to 1 p.m. CT