There’s still plenty of opportunities to take advantage of great rates on a high-yield savings account. These accounts offer annual percentage yields that have remained consistent with competitive highs during the week ending May 19. In fact, a newcomer to the list — Newtek Bank — offers a 5.00% APY that applies to all balances without charging monthly fees. Today’s economic environment continues to benefit savers by offering rates not available in the US since 2009.
The April Consumer Price Index report shows that inflation has continued to dip ever so slightly. The latest CPI report explains that today’s 12-month inflation rate of 4.9% represents the smallest one-year increase since the period ending April 2021. As inflation retreats, experts believe it’s the last rate hike we’ll see for a while. That means some banks may leave savings rates where they are until the next FOMC meeting in June.
What is a high-yield savings account?
A high-yield savings account is simply a savings account that provides the highest interest rate on your money, meaning you receive more back on your savings each month.
Interest rates for savings accounts are measured based on APY, which is how much money you’ll earn, including compound interest, on your savings in a year. The best high-yield savings accounts with APYs at, or approaching, 5.00%, often come from online-only banks that don’t have physical branches. Online banks tend to have fewer overhead costs, so the bank’s savings can be passed on to you in the form of a higher APY on your savings.
Compared with traditional savings accounts that offer APYs as low as 0.01%, most of the high-yield savings accounts on this list have APYs well above 4.00%. That’s much higher than the Federal Deposit Insurance Corporation’s national average of 0.40%. In some cases, you may need to deposit a higher minimum amount in order to be eligible for the higher APY.
Read more: Types of Savings Accounts Compared
Compare the best high-yield savings accounts
Below is our latest list of top-yielding high yield savings accounts to help you park your savings in the right spot while rates go up.
| Bank | Annual percentage yield (APY) | Minimum deposit | First year earnings on $5,000 | First year earnings on $10,000 |
| Newtek Bank | 5.00% | $0 | $256 | $512 |
| UFB Direct | 4.81% | $0 | $256 | $492 |
| Panacea Financial | 4.80% | $25 | $245 | $491 |
| Laurel Road | 4.80% | $0 | $245 | $491 |
| TAB Bank | 4.76% | $0 | $244 | $487 |
| Bask Bank | 4.75% | $0 | $243 | $485 |
| Bread Savings | 4.65% | $100 | $238 | $475 |
| Citizens Access | 4.50% | $0.01 | $230 | $459 |
| My Banking Direct | 4.38% | $500 | $223 | $447 |
| Quontic Bank | 4.25% | $100 | $217 | $433 |
| Apple Card’s Saving | 4.15% | $0 | $211 | $423 |
| Synchrony Bank | 4.15% | $0 | $211 | $423 |
| Varo | 3.00% to 5.00% | $0 | $256 | $304 |
We’ll keep this list updated regularly. Read on to determine which high-yield savings account is best for you.
- APY
- 5.00%
- Min. deposit to open
- $0
Newtek Bank is the online-only arm of Newtek One. The 5.00% APY applies to all balance levels, but you’ll be limited to six withdrawals per statement cycle. This account doesn’t offer an ATM card. Cash access is available through linked accounts. You can open as many personal banking accounts as needed, all of which can be managed through an online banking account or mobile app. If you don’t want to manage your account online, or find yourself needing to make more than six withdrawals a month, it’s best to consider other options.
- APY
- 4.81%
- Min. deposit to open
- $0
UFB Direct’s savings rate — 4.81% APY — ranks at the top of the accounts we reviewed for this week.
That APY applies to all balances, and there’s no minimum deposit or balance requirements. Unlike other high-yield savings accounts, UFB Direct’s savings account comes with a free ATM card. The account has a limit of six withdrawals a month, but that doesn’t apply to ATM cards. You’ll have mobile banking, which comes with mobile deposit and transfers.
UFB Direct is an online bank that also offers its own base savings and checking accounts, but you won’t earn as high of a yield with these accounts. However, you still can earn a competitive rate with UFB Direct’s Preferred Money Market account.
- APY
- 4.80
- Min. deposit to open
- $25
Panacea Financial, created by doctors for doctors, has a high-yield savings account that’s open to everyone. There’s no need to study medicine to open a personal or business checking and savings account. However, the loan products were developed for those in the healthcare industry. The competitive APY applies to all balance levels. Plus, you’ll have 24/7 live customer support by calling 833-472-6223.
There’s an added benefit that’s sure to come in handy for those with larger balances: The PLUS Insured Cash Sweep that offers expanded insurance for balances of over $250,000 up to $125 million per tax ID.
- APY
- 4.80
- Min. deposit to open
- $0
Laurel Road’s savings account doesn’t require a minimum deposit or balance to earn its competitive 4.80% APY. Laurel Road is the digital arm of KeyBank, but it doesn’t accept cash deposits. For that, you’ll need to transfer funds and manage your account online.
Laurel Road began as a student loan originator in 2013. As of 2019, it was acquired by KeyBank and now offers checking, savings and loan products primarily geared toward healthcare and business professionals nationwide. Its digital platform merges technology with banking services to offer a high-yield rate that applies to the entire balance, one that’s FDIC-insured for up to $250,000.
- APY
- 4.76%
- Min. deposit to open
- $0
We like that TAB Bank’s high-yield savings account is pretty straightforward. No monthly maintenance fees, no minimum deposit or balance requirements, and an APY of 4.76% put TAB Bank squarely on the list of best high-yield savings accounts.
TAB Bank is an online-only bank that offers, checking, savings, money market and CD accounts. TAB Bank lets you earn cash-back rewards on your purchases with its checking account option and special bank accounts are available for truckers. We also like that TAB also has extended customer service hours, including Saturdays, by calling 800-355-3063.
- APY
- 4.75%
- Min. deposit to open
- $0
Bask Bank is an online-only bank that offers two savings products — a mileage account that gives American Airlines AAdvantage miles for your savings, and an interest savings account that currently offers one of the highest APYs on our list.
Even better, there are no monthly fees, no minimum balance requirements and no minimum initial deposit at Bask Bank, though it reserves the right to close your account if it sits unfunded for 60 days. Bask Bank allows six withdrawals from your account per month, but does not provide any check requests. Outgoing wire transfers cost $35.
- APY
- 4.65%
- Min. deposit to open
- $100
Formerly Comenity Direct, Bread Financial offers two savings options — certificates of deposit and a high-yield savings account. The high-yield savings account offers a 4.65% APY, but requires a minimum deposit of $100 to get that high rate.
There are no monthly maintenance fees and you’ll have unlimited free deposits via mobile check, ACH transfer and wire transfer.
- APY
- 4.50%
- Min. deposit to open
- $0
Citizens Access is an online banking option that passes savings to customers with a strong 4.50% APY and no hidden fees. Like many other savings accounts, you can make direct deposits and recurring transfers. However, you won’t be able to deposit cash.
Citizens Access is the digital banking arm of Citizens Bank, a traditional bank that’s now officially Citizens Financial Group. However, Citizens Access operates only online. And it mostly provides home loans, student loan refinancing and a high-yield savings account. No checking or money market accounts are available.
- APY
- 4.38%
- Min. deposit to open
- $500
There’s more than one bank offering over 4% on your savings — My Banking Direct provides a hefty 4.38% APY on its high-yield savings account, with no maintenance fees, no minimum balance requirements and interest provided on all balances above $1. My Banking Direct is a subsidiary of New York Community Bank.
My Banking Direct doesn’t advertise information about wire transfer fees on its website and in its official account disclosures.
- APY
- 4.25%
- Min. deposit to open
- $100
Quontic Bank is keeping pace with competitors by adjusting its savings account rate to 4.25% APY — the rate applied to all balances. Quontic has no monthly maintenance fees or minimum balance requirements, though it requires $100 to open a high-yield savings account.
Quontic compounds interest daily and pays it out monthly. It charges $25 for a domestic wire transfer out and $35 for an international wire transfer. All ACH transfers and incoming wire deposits are free.
- APY
- 4.15%
- Min. deposit to open
- $0
Apple unveiled its Apple Card’s Savings account on April 17, available for iPhone users running iOS 16.4 or later versions. The Savings account, backed by Goldman Sachs, has made a splash with no fees, no minimum deposits and no minimum balance requirements. You’ll earn a competitive APY on Daily Cash rewards and savings deposited directly into your Wallet app.
You must, however, have the Apple Card, a credit card, before opening an Apple Card Savings account, and be age 18 or older. The credit card, also issued by Goldman Sachs, is set up to work with Apple Pay.
- APY
- 4.15%
- Min. deposit to open
- $0
Synchrony Bank is one of the best online banks we feature at CNET. We like that it offers competitive APYs and has extended customer service hours. Its high-yield savings provide a competitive APY of 4.15% with no monthly fees or minimum balance requirements.
While there’s no option of a complementary checking account at Synchrony, savings accounts at Synchrony have debit cards that can withdraw money from ATMs. Synchrony doesn’t charge for non-network ATMs and gives $5 back per month for other banks’ ATM fees. However, no cash deposits are accepted.
Other savings options are available, including money market accounts, CDs and a few retirement options.
- APY
- 3.00%-5.00%
- Min. deposit to open
- $0
There’s always a wild card — Varo provides the only notable banking innovation on our list, with a tiered savings rate that encourages low balances. Varo will give you 5.00% APY back if your daily balance never goes over $5,000 during an entire monthly billing cycle. If it gets above $5,000, you’ll get 3.00% APY on the entire balance for that month.
To qualify for any interest at all, you’ll need to have $1,000 in direct deposits every month and end each month with a positive balance in both your Varo Bank and Savings account. While Varo presents a tempting APY for those with lower balances, once your account balance exceeds $5,000, you’ll drop down to the lower APY.
Aside from its high-yield savings account, Varo is an online bank that has a checking account with a few sweet perks. You can earn cash back and get your paycheck two days sooner. Keep in mind that no physical branches are available to manage your account.
FAQs
A high-yield savings account is a great place to put unexpected windfalls, such as a tax refund or an inheritance, while you decide on how to invest the money over a long-term period. It’s also a great place to park your emergency fund so you have easy access when you need it, plus have the power to regularly make contributions while earning interest. A high-yield savings account is also a good place to put money for a short-term savings goal, such as a vacation or a down payment on a car.
Although banks may modify APYs slightly from time to time, high-yield savings accounts are less volatile than stocks or mutual funds, plus you can expect to get a fairly standard rate of interest back over a short period of time. What’s more, you won’t lose any money you deposit if there’s a bank failure as all of the accounts listed above are federally insured by the FDIC, for up to $250,000 per person, per institution.
While each bank has a proprietary methodology for establishing APYs, many accounts are loosely connected to the federal funds rate — the interest rate at which banks lend to each other. To help counter soaring inflation, the Federal Reserve has hiked the federal funds rate from zero to more than 5% since March 2022, It currently resides in the range of 5.00% to 5.25%.
As a result, APYs for deposit accounts such as savings accounts and CDs have also risen over the past few months. The average interest rate for savings accounts has only grown to 0.24% during this period, according to CNET’s sister site Bankrate. But many banks — particularly those offering online services only — will pass along that increased value of lending money to you with APYs up to 5.00%
The Fed rate hikes generally trickle down to consumer deposit accounts, but it can take a while to see the effects. After May’s latest round of rate hikes, more banks may push APYs on high-yield savings accounts closer to 5.00%.
Despite the Fed rate increases, the major national banks such as Wells Fargo, Bank of America and Chase seem unwilling to budge so far, and are still offering savings accounts with very low interest between 0.01% and 0.15%.
Our approach
CNET reviews high-yield savings accounts based on the latest information posted on bank, credit union and neobank websites. We evaluated APYs, minimum deposits, monthly maintenance fees, minimum balances and other terms and conditions for saving accounts from more than 50 organizations. We selected the savings accounts with the highest APYs and the best terms for banking consumers.
The banks, credit unions and neobanks we reviewed include: Affirm Savings, Alliant Credit Union, Ally, America First Credit Union, American Express High Yield Savings Account, Axos High Yield Savings, Bank of America Advantage Savings, Bank of the West, Bank5 Connect, Barclays, Bask Bank, Bread Savings, BrioDirect High-Yield Savings, Capital One 360 Checking, Charles Schwab, Chase Premier Savings, Chime, Citibank, Citizens Online Savings Account, Colorado Federal Savings Bank, Consumers Credit Union, Discover, First Internet Bank of Indiana, LendingClub, Live Oak Bank, M&T Bank, Marcus, My Banking Direct, Nationwide My Savings, Navy Federal Credit Union, NBKC, OneUnited Bank, PenFed CU, PNC, Popular Direct Select Savings, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sally Mae Smarty Pig, Santander Bank, Synchrony, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Varo, Vio and Wells Fargo.
