According to the FDIC<\/a>, the national average savings rate is paltry 0.42%. That means that the best high-interest savings accounts today are paying close to 20 times the national average!<\/strong> <\/p>\n<\/blockquote>\n Thanks to the low-rate environment, it\u2019s not a surprise that for the past several years, my clients have been griping about how their savings accounts pay next to nothing, even from the best high-interest banks.<\/p>\n As painful as the interest situation is, switching to a top high-interest savings account to stash away some cash for a future financial goal<\/a> or an unexpected emergency is a high-leverage money move you should make today.<\/p>\n Sneak Peek: Our Top 2 Best Online High Yield Savings Accounts<\/strong><\/p>\n There are plenty of online banks that offer excellent terms. Don\u2019t let your money sit in a savings account that\u2019s going to be eaten by annual fees. You shouldn\u2019t have to pay to let your money sit.<\/p>\n All the banks on my list are great places to stash<\/a> your cash. Each can provide different benefits, covered below.<\/p>\n Ready to see current rates?<\/strong> Use our \u201clive rates\u201d tool for the absolute best rates in your area.<\/p>\n 1. Discover\u00a0\u00a0\u2013<\/strong>\u00a0Best Overall<\/strong><\/p>\n<\/p>\n 2. CIT Bank Savings\u00a0\u2013 Great Ongoing Rates<\/strong><\/p>\n<\/p>\n 3. Ally Bank\u00a0\u2013 Best User Experience<\/strong><\/p>\n<\/p>\n 4. BBVA Bank\u00a0\u2013 Best Variety of Products<\/strong><\/p>\n<\/p>\n 5. HSBC\u00a0\u2013 Consistently High Rates<\/strong><\/p>\n<\/p>\n 6. USAA\u00a0\u2013 Best for Military<\/strong><\/p>\n<\/p>\n 7. Capital One 360 \u2013 Best for Trustworthiness<\/strong><\/p>\n<\/p>\n 8. Honorable Mentions<\/p>\n Get Started<\/a><\/p>\n<\/div>\n Turn Your Savings Into Something<\/p>\n<\/div>\n<\/div>\n<\/div>\n If you\u2019re looking for a bank to invest your savings in to earn very high interest rates, check out Discover Bank, Member, FDIC. The account requires no minimum balance to open and charges no monthly maintenance fees. <\/p>\n It also comes with 24\/7 online access to your funds, online transfers to and from other banks, and direct deposits.<\/p>\n As is the case with savings accounts and money markets with all banks, withdrawals and outgoing transfers are limited to no more than six per monthly statement cycle.<\/p>\n Get Started<\/a><\/p>\n<\/div>\n Make The Smart Choice For Your Savings<\/p>\n<\/div>\n<\/div>\n<\/div>\n CIT Bank\u00a0is a great choice if you are looking for a bank to store some of your cash for a rainy day.<\/p>\n CIT Bank is in the upper tier of interest rates and is currently ahead of just about everyone else.<\/p>\n On top of their high-interest rate, they also offer a bonus rate<\/a> tier for customers that have more than $5,000 saved with them.<\/p>\n CIT is also great because of its easy deposits. You can fund your account or add additional deposits via easy online transfer from your current bank, mailing in a check, or wire transfer.\u00a0Read our full review.<\/strong><\/p>\n Get Started<\/a><\/p>\n<\/div>\n Save Smarter, Faster Than Ever<\/p>\n<\/div>\n<\/div>\n<\/div>\n Ally Bank was built on the premise of getting rid of all the crazy fees that normal banks charge while giving customers great rates and great customer service.<\/p>\n<\/blockquote>\n I mean, seriously? How can you not love that? A bank that is fighting to end banks gouging customers will get my vote every time.<\/p>\n Ally also offers a robust set of products ranging from checking and savings to CDs<\/a>, IRAs, and other investment options.<\/p>\n Get Started<\/a><\/p>\n<\/div>\n Creating Opportunities<\/p>\n<\/div>\n<\/div>\n<\/div>\n PNC (formerly BBVA) offers a wide variety of products and services, everything from small business loans<\/a> to online savings accounts<\/a> (because that\u2019s why you are here, right?).<\/p>\n BBVA isn\u2019t the most well-known bank on our list; however, they are one of the largest U.S. commercial banks based on deposit market share.<\/p>\n If you haven\u2019t heard of PNC, you should take the time to familiarize yourself with their variety of products.<\/p>\n Get Started<\/a><\/p>\n<\/div>\n The World\u2019s Local Bank<\/p>\n<\/div>\n<\/div>\n<\/div>\n HSBC offers consistently high-interest rates on its savings accounts. They also offer\u00a0checking accounts<\/a>,\u00a0 loans and mortgages<\/a>, investment and retirement accounts<\/a>, and insurance<\/a>.<\/p>\n Here\u2019s what you get with an HSBC high-yield online savings account:<\/strong><\/p>\n Get Started<\/a><\/p>\n<\/div>\n We Know What It Means To Serve<\/p>\n<\/div>\n<\/div>\n<\/div>\n *You must have a family member who is serving\/has served in a branch of the military.<\/p>\n<\/blockquote>\n Aside from being an exceptionally reputable organization, as an online savings account, USAA offers several unique benefits that the other banks on this list don\u2019t. You can get a HUGE variety of different products with USAA. <\/p>\n They offer just about any financial or insurance product you could ever need, and having all of your accounts and products in one place is an impressive advantage.<\/p>\n Here\u2019s what you get with a USAA online savings account:<\/strong><\/p>\n If you have a family member who has ever served in the military, it\u2019s worth checking out an online savings account with USAA.<\/p>\n Get Started<\/a><\/p>\n<\/div>\n What\u2019s In Your Wallet?<\/p>\n<\/div>\n<\/div>\n<\/div>\n I\u2019ve had an account with Capital One 360 Savings longer than I have with Ally. That\u2019s because Capital One 360 (formerly ING Direct) was one of the first reputable online banks to exist. <\/p>\n Capital One 360 is easy to use and secure, and you can connect your account to your other accounts, including your Capital One Investing account.<\/p>\n Here\u2019s What You Get With Capital One 360:<\/strong><\/p>\n So you can have a main Savings Account but have mini-accounts for Vacation Fund, Emergency Fund, and so on.<\/li>\n<\/ul>\n Another interesting savings option is Digit.co (Digit.co was acquired by Oportun in 2021)<\/p>\n This is a bank that uses an algorithm to determine how much money to transfer from your checking account into savings every few days. By tracking your income and spending habits, Oportun can determine how much extra money<\/a> should be going into savings.<\/p>\n Oportun promises that its automatic transfers won\u2019t overdraw your account. The interest paid is very small, but it does exist. This is an account for people who want to save without needing to think about it.<\/p>\n Getting access to your money is easy; it\u2019s all done through text. You text simple commands to change how much you save<\/a>, to check your balance, and to withdraw to your own account.<\/p>\nDiscover<\/a><\/h3>\n<\/div>\n
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SAVE BETTER (by raisin)<\/a><\/h3>\n<\/div>\n
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Table of Contents<\/h3>\n<\/div>\n
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The 7 Best High-Interest Savings Accounts in 2023<\/h2>\n
1. Discover Savings \u2013 Best Overall (Member, FDIC<\/strong>)<\/h3>\n
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2. CIT Bank Savings \u2013 Great Ongoing Interest Rates<\/h3>\n
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3. Ally Bank \u2013 Best User Experience<\/h3>\n
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4. PNC Bank \u2013 Best Variety of Products<\/h3>\n
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5. HSBC \u2013 High-Interest Rates, Low Minimums<\/h3>\n
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6. USAA \u2013 Best for Military<\/h3>\n
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7. Capital One 360 Savings Account \u2013 Trustworthy<\/h3>\n
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High-Interest Online Savings Accounts \u2013 Honorable Mentions<\/h2>\n
Oportun (Formerly Digit.co) \u2013 A New Option<\/h3>\n
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