Best High Yield Savings Accounts of 2023

When’s the last time you waited more than 15 minutes for something? Waiting for food to be delivered? On hold with comcast? Whatever it was, I think we can all agree - waiting is the worst.

And when it comes to building wealth, who has time to wait?

Here’s a tool that can help you achieve your financial goals even faster: high-yield saving accounts.

What is a High-Yield Savings Account? (And Why Should You Have One?)

Unlike a traditional savings account, a high-yield savings account gives you a higher interest rate (called an annual percentage yield or APY), allowing the money that’s sitting in your account to grow faster and earn interest instead of gathering dust like it would in a traditional savings account.

The national average APY on traditional savings accounts is just 0.33%. The highest yielding savings accounts offer interest rates more than 12 times that!

Plus, as the Fed continues to raise interest rates to combat inflation, high yield online banks are responding by paying even higher APYs to their customers. So now is a prime time to open a high-yield savings account.

How to Find a Good High-Yield Savings Account

I’m going to give you my recommendations for the best high-yield accounts in a minute, but first, let me explain what you should look for when picking the best high-yield savings account for you:

APY (Annual Percentage Yield)

The APY or annual percentage yield is the interest rate that your money will get from this account, and will determine how quickly your money will grow.

As you’re comparing different banks, look at the APY to determine how valuable this account could be to you. The higher the APY, the more interest you’ll earn on your money, but a difference of .5% won’t make a huge difference, so there are other things to consider.

Monthly fees

Monthly fees will eat into your savings, and there are plenty of great high-yield savings accounts that don’t have any fees, so make sure you find an account with zero fees.

Withdrawal or transfer fees/limits

Some accounts will charge fees for transferring money between accounts or only allow a certain number of withdrawals per statement cycle.

This isn’t necessarily a bad thing; after all, the goal is primarily to leave your money alone so it can grow. But it is something to pay attention to when considering your options.

Minimum deposit/balance

Some banks require you to deposit a certain amount in order to open a savings account or maintain a certain balance. Again, this isn’t necessarily a negative thing, but it’s something to be aware of. You’ll need to figure out what works for you and your situation.

Now I’m going to highlight the best high-yield savings accounts of 2023.

The Best High Yield Savings Accounts of 2023

Quick note - I’m going to share the APYs for these accounts as of the time of publishing this article, but APYs can change frequently, so please double check their current offer before you choose one!

All right, here are the best high-yield savings accounts of 2023.

1) LendingClub High-Yield Savings

The LendingClub High-Yield Savings offers a 4% APY. There is a minimum deposit of $100 but no required balance to maintain an account and no monthly service fees.

2) Popular Direct

With Popular Direct High-Rise Savings, you earn a 4.40% APY. It does require a minimum deposit of $5,000, although there’s no minimum balance. There are also no monthly fees.

3) UFB Preferred Savings

UFB Preferred Savings offers a 4.55% APY with no maintenance or service fees. There’s also no minimum deposit requirement. Plus, they provide digital tools for seamless remote banking and free transfers between direct deposit accounts.

4) Bask Bank Interest Savings Account

A Bask Bank Interest Savings Account offers 4.25% APY with up to 6 free withdrawals or transfers per statement cycle. There are no monthly fee or minimum balance.

Bonus: you can earn American Airlines miles for your savings – 2 miles per $1 saved per year — and you can use those miles to book flights or upgrade your seat. Great option if you love to travel!

5) SoFi High-Yield Savings Account

No only does a SoFi High-Yield Savings Account offer a 3.75% APY, but there are no account fees or minimum balance. Plus, they offer easy-to-use auto-save tools and provide a $50-250 bonus depending on your direct deposit amount.

And finally, my favorite climate-focused ethical option…

6) Atmos Bank

Atmos Bank provides a 2.4% APY and there are no account fees or minimum balance. Plus, 100% of your money is used to fund innovative technologies and infrastructure that combats the global climate crisis.

Want to take your wealth-building to the next level?

Whatever option you choose, you can’t go wrong.

Opening a high-yield savings account is an easy, hands-off way to earn a bit more bang for your buck, so don’t delay - you can open one of these account in less than a minute online.

And if you want to learn NEXT-level tools for managing your money effectively and effortlessly, then check out our free masterclass, Think Like an Investor.

In it, Laurie-Anne and I teach you our signature Aligned Money Method – the money management system that thousands of women have used to pay off debt, save for retirement, invest for the first time, and FINALLY achieve the financial goals that always seemed too far out of reach.

I would love to see you there!

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