Best High Interest Rate Savings Accounts - Our research shows that the best high-yield savings account is with UFB Direct, which currently offers 5.25% APY with no minimum deposit, down payment or minimum balance required to get this impressive rate.
But no matter what you're looking for in a savings account, the Recommendations editorial team has your back. find out
Best High Interest Rate Savings Accounts
Our picks for this month's best high-interest savings accounts are the complete package. Each account is offered by the FDIC Insurance Agency. The Federal Deposit Insurance Corporation insures up to $250,000 per depositor, giving your savings an extra sense of security.
Best High Yield Savings Accounts Of August 2023
Before choosing an account, be sure to consider more than just high interest rates. Compare the best high-yield savings accounts for ATM access, online and mobile banking, and other features. This will ensure that your bank account meets your needs
Note: The APYs in our list below are current as of August 28, 2023, but are subject to change.
About: UFB Direct is an online bank and a division of the popular Access Bank. Help you grow your savings and track your progress.
UFB Direct customers can contact a customer service representative 24 hours a day, 365 days a year or via secure messaging in the mobile banking app.
How Does Interest Work On A Savings Account?
UFB Direct has the best-in-terms yield of any financial institution we've reviewed with a standard APY of 5.25% and in all the right places (no minimum deposit, balance, or account fees), anyone with a high level of savings Price seekers can stop their search here.
UFB Direct Savings Account is perfect for those who want higher yield than others as UFB does not issue cheques, it is your primary bank account but also your best UFB Savings Account with fast cash and digital The device comes with a free ATM card for remote banking.
About: Founded in 2009, Ali Bank is an online bank that offers checking, savings, mortgages, auto products and more. While the bank has no physical branches, you can access its network of 43,000 ATMs for free. You are refunded up to $10 per statement for any fees charged at out-of-network ATMs. Annoyed by ATM fees? yes please.
If you're looking to get more bang for your buck, Ali Bank's High Yield Savings Account is ready to boost your savings – especially if you have sufficient balances in other savings accounts. The 4.40% APY may be a little lower than other banks, but the up to $500 welcome bonus may make up for the lower yield.
How To Use Multiple Savings Accounts To Save More
Summary: American Express Bank is part of the popular credit card brand and offers customers a wide range of financial products beyond lines of credit. You can choose from savings and checking products, and get competitive rates on certificates of deposit (CDs). What's more, they offer two key products for conservative savers in retirement: the CD IRA and the IRA High Yield Savings Account - both with competitive APYs.
American Express National Bank customers have access to customer service 24/7 through options such as phone, online chat and email.
When we think convenience, we think integration, which is why American Express National Bank is at the top of our list for convenience savers — especially those with an American Express card. A respectable 4.25% APY only sweetens a sweet deal that includes a top-notch mobile banking experience and easy access to your savings and spending under one roof.
With minimal to no monthly fees, you can join or expand with American Express in a flash and earn your money in the process.
No Fee High Yield Savings Rates August 2023
Summary: CIT Bank is a branch of Citizens Bank, but a branchless bank that keeps things strictly online. But their online presence doesn't mean a thin set of products and services From multiple checking, savings and CD options to business banking and mortgages, you'll find everything under the sun at CIT to organize your financial life.
You can always reach a CIT representative by phone Monday through Friday from 9:00 a.m. to 9:00 p.m. ET, Saturday from 10:00 a.m. to 6:00 p.m. ET Bank offers 24/7 automated phone support at 855-462-2652 as well as a secure email option on the mobile app.
If account security is your number one priority – even above the APY – don't worry. With CIT Bank, you don't have to leave to get one with protection features across the board and their 1-year CD at 5.05 With % APY, you are ready to get the best of both worlds. Their site and account access security features a trifecta of features: multi-factor authentication, website encryption, and fraud protection that covers your cards and accounts. To increase your security when using your mobile app, remember to avoid public Wi-Fi and use a cellular signal or secure Wi-Fi connection.
About: SOFI Bank is the only online bank with a wide range of deposit, investment and lending services for its growing member list. They started their banking services as a new bank using another bank's charter but today, Sophie's has its own bank charter and is not only FDIC insured but one of the few banks they offer.
A Year In Interest? That's What $5,000 In Savings Gets
Flexibility means the ability to bank how you want to bank, and that's a promise that SoFi delivers on in every part of their product suite. When you open both Sofi checking and savings accounts and set up direct deposit, you'll earn 4.50 APY on your savings and an additional 0.50% on your checking balance. By setting up direct deposits, you will also be eligible for a welcome bonus of up to $250 based on your total direct deposits for 250 days.
Your Sofi Bank Savings Account Combo comes with a MasterCard brand debit card that you can use at 55,000 ATMs across the country. As a member, you can also earn exclusive rewards like up to 15% cash back at eligible local retailers. With additional features like overdraft protection, a stellar blog, and their built-in financial tool called Riley, you can monitor any of your accounts — even if it's not at SoFi.
Summary: CBI Bank's online-only banking platform, Agility Digital Banking, offers a small suite of services and products for those who appreciate a full-service, online-only banking experience. By choosing only high-yield savings and CDs, you can get yields and long customer service hours that work with your schedule.
With customer service hours in Central Time, this bank bridges the gap between coastal time zones and welcomes you Monday through Friday, 8 a.m. to 7 p.m., and on Saturdays from 8 a.m. to 1 a.m
See Interest Rates Over The Last 100 Years
CIBC offers a balance of customer service hours that meet the nation's competitive APY. If you like a personal touch, this bank might be a good fit, you know, a real person to talk to about your money from time to time and sometimes, that personal touch at the end of a long day when you want to Ask a simple question about your money
Today, the best high-yield savings accounts earn more than 5%, and nine banks now offer 5%+ APY.
Note: The APYs listed below are current as of August 1, 2023, but are subject to change. Four banks offering 5%+ APY made our top list, plus five additional banks with sky-high rates:
Of the nine accounts with the highest APYs on the market today, the minimum balance required to earn 5% is $5,000. This means that keeping $10,000 in one of these accounts will give you the best returns.
Chase Savings Account Interest Rates
In addition to the banks mentioned, many others offer interest rates in the 4% range, which is more competitive than the national average.
A high-yield savings account works the same as a traditional savings account—it's a deposit account at a credit union or bank where you can save and earn money on your own.
The main difference between a high-yield savings account and a traditional savings account is that a high-yield savings account will offer a higher yield—known as the annual percentage yield (APY)—on the money you keep in your account.
The most recent FDIC rates put the national savings APY at an average of 0.43%, while high-yield savings accounts offer 1.00% APY or more.
Best Savings Account Interest Rates For August 2023 (up To 5.75%)
Some financial institutions charge a monthly fee to cover the administrative costs of offering a savings account. This requirement can often be waived by meeting certain requirements, such as maintaining a minimum balance or linking a checking account.
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