Best High Yield Savings Account Interest Rates for December 2023
Updated December 5, 2023
Savers who want to earn the most interest on their money should look at the best high yield savings accounts. With interest rates on the rise, savers are earning higher rates in HYSA than they have in more than a decade.
These accounts offer the functionality of traditional savings accounts but receive a much higher interest rate to grow your balances. Many of these accounts have no opening balance or minimum balance requirements, so they are open to every type of saver. Learn more about how to choose your savings account, how they work and the best type of account based on your goals.
Featured partner
Discover Online Savings Member FDIC
View OfferFeatured partner
Discover Online Savings Member FDIC
APY*4.35%Min. deposit$0Min. balance to earn APY$0.01Monthly fee$0
Best high yield savings accounts compared 2023
| Account | APY* | Min. deposit | Min. balance to earn APY | Monthly fee |
|---|---|---|---|---|
| Popular Direct High Yield Savings | 5.40% | $100 | $0.01 | $0 |
| My Banking Direct High Yield Savings | 5.35% | $500 | $1 | $0 |
| Customers Bank High Yield Savings | 5.30% | $1 | $1 | $0 |
| Columbia Bank High Yield Savings | 5.27% | $1 | $1 | $1 |
| Western Alliance High Yield Savings | 5.26% | $1 | $0.01 | $0 |
| Valley Direct High Yield Savings | 5.25% | $1 | $0.01 | $0 |
| Bread High Yield Savings | 5.15% | $100 | $0.01 | $0 |
| Bask Bank Savings | 5.10% | $0 | $0.01 | $0 |
| CIT Platinum Savings | 5.05% | $100 | $5,000 | $0 |
| Sofi Savings | 4.60% | $0 | $0.01 | $0 |
| Quontic High Yield Savings | 4.50% | $100 | $0.01 | $0 |
| Live Oak Personal Savings | 4.40% | $0 | $0.01 | $0 |
Our recommendations for the best HYSA
1. Popular Direct Bank
Popular Direct High Yield Savings
Popular Direct High Yield Savings
APY*5.40%Min. deposit$100Min. balance to earn APY$0.01Monthly fee$0
Popular Direct Bank offers one of the highest APYs on the market and requires only a $100 deposit to open an account. Additionally, there are no monthly maintenance fees, and you have 24/7 access to your account through a mobile app and website. Online resources are thorough and helpful.
2. My Banking Direct
My Banking Direct High Yield Savings
My Banking Direct High Yield Savings
APY*5.35%Min. deposit$500Min. balance to earn APY$1Monthly fee$0
My Banking Direct is an excellent option for those seeking a high yield savings account with added functionality. It offers a savings/checking combo that allows you to transfer money between accounts easily and instantly. Additionally, it offers a competitive savings interest rate of 5.35% APY* and doesn’t charge monthly maintenance fees. A $500 minimum deposit opens an account.
3. Customers Bank
Customers Bank High Yield Savings
Customers Bank High Yield Savings
APY*5.30%Min. deposit$1Min. balance to earn APY$1Monthly fee$0
Customers Bank is an excellent high yield savings account with a low ($1) opening deposit and minimum balance with no monthly fees. Interest is compounded daily and credited monthly. Customers Bank offers 24/7 online access to funds and uniquely gives back to schools and organizations in local communities.
4. Columbia Bank
Columbia Bank High Yield Savings
Columbia Bank High Yield Savings
APY*5.27%Min. deposit$1Min. balance to earn APY$1Monthly fee$1
Columbia Bank is a good option for those looking for a high yield savings account with 24/7 access to funds. It offers competitive interest rates and doesn’t require a minimum balance to open an account. Additionally, it provides an ATM card to withdraw cash and has no monthly maintenance fees.
5. Western Alliance Bank
Western Alliance High Yield Savings
Western Alliance High Yield Savings
APY*5.26%Min. deposit$1Min. balance to earn APY$0.01Monthly fee$0
Western Alliance Bank is a solid option for high yield savings accounts with no monthly maintenance fees. It offers competitive interest rates and requires a minimum balance of $0.01 to open an account. Additionally, it has no monthly maintenance fees and offers 24/7 online access to your account.
6. Valley Direct High Yield Savings Account
Valley Direct High Yield Savings
View Offer
Valley Direct High Yield Savings
APY*5.25%Min. deposit$1Min. balance to earn APY$0.01Monthly fee$0
For savers who haven’t found the time to open an online savings account, the Valley Direct High Yield Savings has you covered. New customers can open an account and start saving towards their goals in less than five minutes. This account offers one of the highest annual percentage yields available, with an annual percentage yield of 5.25%* and and a minimum balance of $1to open. There are no monthly maintenance charges, and you can start saving with as little as $0.01.
7. Bread Savings
Bread High Yield Savings
Bread High Yield Savings
APY*5.15%Min. deposit$100Min. balance to earn APY$0.01Monthly fee$0
Bread Savings is a great option if you want a high yield savings account that focuses on financial wellness. It offers competitive interest rates and doesn’t require a minimum balance to open an account. Additionally, it provides tools and resources to help you save money and improve your financial well-being.
8. Bask Interest Savings
Bask Bank Savings
View Offer
Bask Bank Savings
APY*5.10%Min. deposit$0Min. balance to earn APY$0.01Monthly fee$0
The Bask Interest Savings Account offers a high rate with $0 monthly account fees and $0.01 minimum account balance to earn APY*. And Bask Bank is a standout for service. Customers can call the support line between 7 am and 7 pm CST Monday through Friday, and on Saturdays between 9 am and 4 pm. There’s also information online and on the Bask app. The account doesn’t provide an ATM or debit card, however. It is important to note that while there does not appear to be a minimum opening deposit required, any account with no balance will be closed after 15 days.
9. CIT Platinum Savings
CIT Platinum Savings
View Offer
CIT Platinum Savings
APY*5.05%Min. deposit$5,000Min. balance to earn APY$5,000Monthly fee$0
CIT Bank’s Platinum Savings Account is an excellent choice for those seeking a high yield savings product. The bank’s rate stands out in the market, providing customers a competitive edge in growing their savings. Currently, the CIT Bank’s Platinum Savings Account offers a 5.05% APY* with a balance of $5,000 or more, but you can start with as little as $100 with 0.25% APY. What makes CIT Bank particularly intriguing are its unique promotions, which typically offer substantial bonuses or even higher interest rates for new deposits or accounts.
While the bank operates primarily online, its user-friendly interface and top-notch customer service make banking a breeze. Security is also paramount at CIT Bank, ensuring your funds are safe and protected. However, keep in mind that this savings account may not be the best choice for those who prefer traditional, brick-and-mortar banking, or for those who frequently need to withdraw funds, as it might come with certain limitations. In summary, the CIT Bank’s Platinum Savings Account, with its high APY* and attractive promotions, is an excellent option for customers looking to maximize their savings potential.
10. Sofi Savings & Checking
Sofi Savings
View Offer
Sofi Savings
APY*4.60%Min. deposit$0Min. balance to earn APY$0.01Monthly fee$0
If you want to earn a welcome bonus for opening a high yield savings account, consider Sofi Savings & Checking. New customers can earn up to $250 when they open a new account and set up direct deposit. Plus, the account earns a high interest rate with no account fees.
11. Quontic High Yield Savings
Quontic High Yield Savings
View Offer
Quontic High Yield Savings
APY*4.50%Min. deposit$100Min. balance to earn APY$0.01Monthly fee$0
Quontic stands out for the many ways you can increase the earning potential of your cash. In addition to their high yield savings account growing your money at a high rate, Quontic also offers certificates of deposit and money market accounts.
12. Live Oak Personal Savings
Live Oak Personal Savings
View Offer
Live Oak Personal Savings
APY*4.40%Min. deposit$0Min. balance to earn APY$0.01Monthly fee$0
Customers can quickly open an online savings account with Live Oak to receive a competitive interest rate with no monthly fees or minimum balance requirements. Two features that set it apart are the ability to initiate wire transfers from your savings account and to connect with QuickBooks. These features make it an ideal savings account for entrepreneurs and small business owners. While there are no minimum deposit or balance requirements, if your account balance is less than $10.01 for 24 consecutive months, the bank will close your account and charge a dormant account fee equal to your remaining balance.
More High Yield Savings Accounts
What is a high yield savings account?
A high yield savings account is a traditional savings account but with a higher interest rate. Just like savings accounts, they are liquid, so you can add or withdraw money at any time. Additionally, they are guaranteed up to $250,000 by the FDIC.
How do high yield savings accounts work?
High yield savings accounts offer much higher rates of interest than traditional savings accounts. They work the same way as traditional savings accounts, but many are online-only accounts that cannot be opened in a traditional brick-and-mortar branch. These accounts must also follow Regulation D, which limits the number of certain types of withdrawals each month.
Many high yield savings accounts are offered by online banks and have reduced fees and balance requirements. In some cases, there are no minimum balance requirements to open or maintain an account. Plus, many eliminate monthly service charges, so there are costs to keep your account open.
However, some high yield savings accounts require larger balances to avoid fees or earn the best savings account interest rates. Banks may implement tiered interest rates that offer the best rates to certain types of customers.
How to choose your high yield savings account
When comparing the best savings accounts, customers should focus on fees, interest rates and the functionality of the accounts. Here are a few features that matter most when choosing your account.
- Opening balance requirement. How much do you need to deposit when opening your account? Many accounts allow customers to open an account with no minimum balance or as little as one dollar.
- Monthly fees. Most banks waive the monthly fees when you maintain a minimum balance. Some banks waive fees entirely.
- Monthly minimum balance. Some high yield savings accounts require customers to meet a minimum balance to earn the best savings account rates.
- Interest rate. The amount of interest you’ll earn based on your balance is advertised so you know how much your money will make.
- Interest rate tiers. Does the bank offer different interest rates based on your balance? Some banks reserve the highest rates for larger customers, while others cap the balances that can earn the best savings rates. For example, CIT Platinum Savings pays a higher rate on balances of $5,000 or more.
- Compounding. When your interest compounds, the accrued interest is added to your balance, and the new, higher balance then also earns interest. Ideally, your interest should compound at least monthly.
- Access to account. How easy is it to access your funds, and how long does it take? Some high yield savings accounts also offer an ATM card to withdraw cash.
Frequently asked questions (FAQs)
What do you need to open a high yield savings account?
To open a high yield savings account, you’ll need to provide your name, contact information, Social Security Number and date of birth. Additionally, you should be prepared to make an initial deposit to fund your account and start earning interest. It is wise to have existing bank account information so you can link your accounts for future transfers.
Are high yield savings rates increasing?
Yes, high yield savings rates have increased as the Federal Reserve has raised rates to combat inflation. Customers with money in their savings accounts benefit from these rising rates by earning more interest.
How do banks determine APYs for high yield savings accounts?
Savings account interest rates are represented as annual percentage yield (APY) to factor in compounding interest. APY is based on the account’s interest rate and the number of times the bank pays interest each year. The APY formula is 100 [(1 + Interest/Principal)(365/Days in term) – 1], but most people use a calculator instead of figuring it out by hand.
What is a good APY for a high yield savings account?
A good APY depends on the current market, economic conditions and the available alternative options. In today’s savings account interest rate environment, you should aim for an account that earns at least 3.50%, with the best savings accounts offering upwards of 4.5%. Many banks offer interest rates at this level or higher without charging monthly fees or requiring large balances.
Can you lose money in a high yield savings account?
Bank accounts are insured for up to $250,000 per person at each bank. If you keep your balances below this level, you will not lose money, even if the bank goes out of business.
How often do savings rates change?
Unlike CD rates, banks change savings account interest rates on a regular basis. They adjust rates based on market conditions, what competitors are doing and how much they need deposits. If your bank’s interest rates are not competitive, consider opening a new high yield savings account.
*APY as of Dec. 2, 2023. APYs vary, so check with your financial institution to get the most up-to-date information.
** Withdrawals on CDs before maturity date are subject to penalties. Money market funds are limited to 6 withdrawals per statement cycle. High-interest checking accounts require 10 debit card point of sale transactions of $10 or more per statement cycle to earn the maximum APY per account balance tier. If the qualifying activity requirement is NOT fulfilled, the interest rate paid on the entire balance will be 0.10% APY. APY stands for Annual Percentage Yield.