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You are here: Home / Banking / Best Savings Accounts (Updated February 2023)

Best Savings Accounts (Updated February 2023)

January 31, 2023 by Rob Berger

We’ve tracked savings accounts for the past 15 years. During that time rates have changed dramatically, while fees have come down. Today, rates are low, but on the rise. Here are our latest findings of the best savings accounts based on rates and fees.

What follows is an extensive list of the online savings accounts that pay the best rates. I’ve included information on monthly fees and any signup bonuses these accounts offer.

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List of the Best Savings Accounts by APY

Here is a complete list of savings accounts from our database:

Primis Bank
Savings
APY
5.03%
Min. Dep.
$1
Western Alliance Bank
High Yield Savings Account via SaveBetter
APY
4.35%
Min. Dep.
$1
MySavingsDirect
MySavings Account
APY
4.35%
Min. Dep.
-
Popular Direct
High-Rise Savings
APY
4.26%
Min. Dep.
$5,000
Bask Bank
Interest Savings Account
APY
4.25%
Min. Dep.
-
FitnessBank
Savings Account
APY
4.25%
Min. Dep.
$100
Adda Bank
High Yield Savings Account via SaveBetter
APY
4.25%
Min. Dep.
$1
Ivy Bank
High-Yield Savings Account
APY
4.25%
Min. Dep.
$2,500
UFB Direct
High Rate Savings
APY
4.21%
Min. Dep.
-
First Foundation Bank
Online Savings
APY
4.20%
Min. Dep.
$1,000
State Exchange Bank
High Yield Savings via SaveBetter
APY
4.20%
Min. Dep.
$1
Upgrade
Premier Savings
APY
4.13%
Min. Dep.
$1,000
Salem Five Direct
eOne Savings
APY
4.10%
Min. Dep.
$10
TAB Bank
High Yield Savings Account
APY
4.06%
Min. Dep.
$1
Wealthfront
Cash Account
APY
4.05%
Min. Dep.
$1
CIT Bank
Savings Connect
APY
4.05%
Min. Dep.
$100
CIBC Bank USA
Agility Online Savings Account
APY
4.01%
Min. Dep.
$1,000
Liberty Savings Bank
High-Yield Savings Account via SaveBetter
APY
4.00%
Min. Dep.
$1
Bread Bank
High-Yield Savings
APY
4.00%
Min. Dep.
$100
LendingClub Bank, N.A.
High-Yielding Savings
APY
4.00%
Min. Dep.
$100
Current
Savings account
APY
4.00%
Min. Dep.
-
Personal Capital
Cash account
APY
3.85%
Min. Dep.
$1
Synchrony Bank
High Yield Savings
APY
3.75%
Min. Dep.
$1
Nationwide by Axos Bank
Business Premium Savings account
APY
3.75%
Min. Dep.
$25,000
SoFi Bank, N.A
Checking and Savings
APY
3.75%
Min. Dep.
-
Betterment
Cash Reserve
APY
3.75%
Min. Dep.
$10
Continental Bank
High Yield Savings Account via SaveBetter
APY
3.65%
Min. Dep.
$1
TIAA Bank
Basic Savings Account
APY
3.60%
Min. Dep.
$25
Quontic Bank
High Yield Savings Account
APY
3.50%
Min. Dep.
$100
Morgan Stanley Private Bank
Premium Savings Account
APY
3.50%
Min. Dep.
-
Rising Bank
High-Yield Savings Account
APY
3.50%
Min. Dep.
$1,000
DollarSavingsDirect
High Interest Savings Account 
APY
3.50%
Min. Dep.
-
Barclays Bank
Online Savings
APY
3.40%
Min. Dep.
-
Capital One Bank
360 Performance Savings
APY
3.40%
Min. Dep.
-
Ally Bank
Online Savings Account
APY
3.40%
Min. Dep.
-
Marcus by Goldman Sachs
Online Savings Account
APY
3.30%
Min. Dep.
-
Discover Bank
Online Savings Account
APY
3.30%
Min. Dep.
-
American Express Bank
High Yield Savings
APY
3.30%
Min. Dep.
-
Colorado Federal Savings Bank
Premier Savings
APY
3.05%
Min. Dep.
$50,000
Varo Bank
Savings Account
APY
3.00%
Min. Dep.
-
Colorado Federal Savings Bank
High-Yield Savings Account
APY
3.00%
Min. Dep.
$1
Chime
Savings Account
APY
2.00%
Min. Dep.
-
Vio Bank
Online Savings Account
APY
1.10%
Min. Dep.
$100
CIT Bank
Savings Builder
APY
1.00%
Min. Dep.
$100
First Internet Bank
Free Savings Account
APY
0.80%
Min. Dep.
$25
Chevron Federal Credit Union
Primary Share Savings
APY
0.75%
Min. Dep.
$25
Axos Bank
High Yield Savings
APY
0.61%
Min. Dep.
$250
Yotta
Prize-Linked Savings
APY
0.20%
Min. Dep.
$5
Axos Bank
Business Savings
APY
0.20%
Min. Dep.
$1,000
TD Bank
Signature Savings
APY
0.01%
Min. Dep.
-

Saving Account Rates February 2023 Update

With inflation at 6.5%, rates on savings and money market accounts are nudging upward. The banks are still stingy, but at least we are moving in the right direction. In some cases, banks are offering cash bonuses to attract new customers.

Here are the APY changes we’ve tracked over the past 30 days:

12/22/2022
High Yield Savings
Old APY
3.74%
New APY
3.75%
12/22/2022
Primary Share Savings
Old APY
0.60%
New APY
0.75%
12/19/2022
High Yield Savings Account
Old APY
3.20%
New APY
3.50%
12/16/2022
High Yield Savings Account via SaveBetter
Old APY
3.70%
New APY
4.13%
12/01/2022
Savings Account
Old APY
2.00%
New APY
3.00%
12/19/2022
Cash Reserve
Old APY
3.20%
New APY
3.75%
12/21/2022
Online Savings Account
Old APY
3.00%
New APY
3.30%
12/15/2022
Online Savings
Old APY
3.00%
New APY
3.40%
12/20/2022
Cash account
Old APY
3.35%
New APY
3.85%
12/09/2022
High-Yield Savings Account
Old APY
3.25%
New APY
3.50%
12/23/2022
Premier Savings
Old APY
4.00%
New APY
4.13%
12/23/2022
High Yield Savings Account
Old APY
3.55%
New APY
4.05%
12/20/2022
High-Yield Savings Account
Old APY
2.80%
New APY
3.00%
12/20/2022
Premier Savings
Old APY
2.85%
New APY
3.05%
12/13/2022
Online Savings Account
Old APY
1.00%
New APY
1.10%
12/22/2022
High Yield Savings
Old APY
3.00%
New APY
3.30%
11/07/2022
Savings Plus
Old APY
2.80%
New APY
3.75%
11/03/2022
Premium Savings Account
Old APY
2.53%
New APY
3.56%
10/25/2022
Savings Account
Old APY
1.50%
New APY
2.00%
09/16/2022
High-Yield Savings Account
Old APY
2.50%
New APY
2.75%
09/22/2022
Savings Builder
Old APY
0.85%
New APY
1.00%
05/09/2022
Business Savings
Old APY
3%
New APY
4%
02/02/2023
Agility Online Savings Account
Old APY
3.77%
New APY
4.01%
02/03/2023
High Yield Savings Account via SaveBetter
Old APY
4.23%
New APY
4.35%
02/03/2023
Interest Savings Account
Old APY
4.15%
New APY
4.25%
02/01/2023
Basic Savings Account
Old APY
3.50%
New APY
3.60%
02/02/2023
360 Performance Savings
Old APY
3.30%
New APY
3.40%
02/03/2023
Cash Account
Old APY
3.80%
New APY
4.05%
02/01/2023
Online Savings Account
Old APY
3.30%
New APY
3.40%
01/18/2023
High Rate Savings
Old APY
4.11%
New APY
4.21%
01/06/2023
High-Yield Savings
Old APY
3.50%
New APY
4.00%
01/12/2023
High-Yielding Savings
Old APY
3.60%
New APY
4.00%
01/31/2023
Savings Account
Old APY
4.00%
New APY
4.25%
01/20/2023
Online Savings Account
Old APY
3.00%
New APY
3.30%
01/30/2023
Online Savings
Old APY
4.00%
New APY
4.20%
01/25/2023
High Yield Savings Account
Old APY
3.64%
New APY
4.06%
01/31/2023
High-Yield Savings Account
Old APY
4.05%
New APY
4.25%
01/09/2023
High Yield Savings via SaveBetter
Old APY
4.00%
New APY
4.20%
01/06/2023
Savings Connect
Old APY
3.85%
New APY
4.05%

Resource: If you are looking for a savings account with a signup bonus, check out our list here.

FAQs

How many withdraws can I make from a savings account each month?

Savings accounts are limited by federal regulation to 6 withdrawals per month. If you exceed this amount, your bank could charge you a fee or close your account. Note that making a withdrawal through a teller does not count toward this limit.

Are online savings accounts FDIC insured?

Yes. The banks in our list are all FDIC insured.

Are online savings accounts safe?

Yes. As noted above, online savings accounts are FDIC insured. In addition, online banks use the same internet security protocols as brick and mortar banks use for their online access.

What bank has the highest interest on savings account?

As of January 31, 2023, the highest interest rate we can find on an FDIC-insured savings account is 5.03% from Primis Bank. You will, however, find higher rates on certain checking accounts or savings accounts with savings caps and/or other requirements. These may include setting up direct deposit of a certain amount or use of a debit card.

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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Featured High Yield Bank Accounts

27-month CD via SaveBetter
APY: 5.00%
14-month No Penalty CD via SaveBetter
APY: 4.40%

High Rate Savings
APY: 4.21%

 

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Rob Berger founded allcards.com in 2008 to help consumers make data-driven decisions about credit cards and banking. A retired trial attorney, he’s written about credit cards, banking and personal finance since 2007, and is the author of Retire Before Mom and Dad.

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