Best High Interest Savings Accounts for August 2023

How to use this List

1. This List is a guide and resource for finding the perfect account for you quickly with little additional research. But when signing up for an account, ensure you FULLY understand all the rules and regulations. This is your money, and you are responsible for its success. 
2. All the banks are backed by the FDIC, meaning your money is protected up to a certain amount. Make sure to look at the bank you are choosing to see their regulations. Typically a bank is ensured up to $250,000. 
3. APYs are subject to change at any time. They fluctuate with inflation and interest rates. Experts say they should continue to rise over the next few years.
4. Some of these accounts have strict rules on receiving the full APY, but you will not lose money for not complying with their rules.
5. It is not worth opening and closing accounts within a calendar year to chase the best offer. Stick with one account, and after 12 months, reassess if you want a new one.
6. A high-interest savings account is not a place to put the money you need for day to day expenses. Be careful of pulling out money more than six times in a month.
7. You can have multiple accounts if it serves your short and mid-term goals. 

UFB Premier Savings (associated with Axos bank)

The Deal: Earn 5.25% APY, no monthly maintenance fee, no monthly minimum balance

BMO ALTO - Online Savings Account

The Deal: Earn 4.75% APY on your savings account. No minimum to open and no monthly maintenance fee. 

The Rules:

• If the account has been opened for 90 days without any money, the account will automatically be closed. 

Bask Bank - Interest Savings Account

The Deal: Earn 5% APY, no monthly maintenance fee, no minimum balance requirement

The Rules:

• If the account is empty for 15 business days, Bask has the right to close the account

Sofi Checking And Savings Account

The Deal: Earn 4.50% APY on your savings account and .5% on your checking account. Earn $250 with qualifying by setting up a direct deposit and deposit at least $5000 in direct deposits within 25 days of opening the account. Great referral program, offering $75 for every person who opens an account. FDIC ensured up to $2 million.

The Rules: 

• Must have direct deposit to maintain the 4.40% APY. Otherwise, the interest goes down to .5%. Once you've hit the $5000 in direct deposits in the first 25 days, you can deposit as little as you want.
• Not an ideal account for people without direct deposit
• There is no minimum amount to direct deposit after the first $5000 in the first 25 days.
• Overdraft Coverage is limited to $50 on debit card purchases only and is available to customers with monthly direct deposits of $1,000 or more. 

Synchrony Bank - High Yield Savings

The Deal: Earn 4.50% APY, no monthly maintenance fee, no required minimum balance. Comes with an ATM card.

Lending Club - High Yield Savings

The Deal: Earn 4.50% APY, no monthly maintenance fee, no monthly minimum balance, comes with ATM card.

The Rules:

• Must open with $100

Ally Bank - Savings Accounts

The Deal: Earn 4.4% and have as many accounts as you'd like. No monthly maintenance fee, no minimum balance, $10 ATM reimbursement per month. 

Varo Savings 

The Deal: Earn 5% on $5000 and 3% on everything else. No minimum balance

The Rules: 

• Must have $1000 in direct deposits per month
• Must end the month in a positive balance 

Alliant Credit Union - High Rate Savings

The Deal: Earn 3.1% APY plus $100 bonus if you contribute $100 a month for the first 12 months. No monthly maintenance fee. Can set up 19 additional savings accounts

The Rules: 

• Must keep $5 in the account to stay active. To earn interest, you must maintain a daily average minimum balance of $100
• Only eligible for new Alliant customers 
• Offer available until December 31, 2023
• To qualify for the bonus, you must keep a minimum balance of $100 in your savings account, and have $1,200 (or more) in your account at the end of the 12-month period.
• There is free overdraft protection, but you must opt-in

Citizens Access Savings- Citizen’s Bank 

The Deal: Earn 4.50%, APY, no service fees

PNC- High Yield Savings

The Deal: earn 4.65%, no monthly maintenance fee, no minimum balance

The Rules:

• Only available online in California, New Mexico, Colorado, Texas, Arizona, and West Virginia
• Accounts remaining unfunded for a period of 180 days may be closed

Sallie Mae - High Yield Savings Account

The Deal: Earn 4.25% APY, no minimum balance, no monthly maintenance fee, free transfers. 

 The Rules:

• $19 insufficient fund charge 
• If you do not fund your account within forty (40) days of the account opening date, Sallie Mae reserves the right to close the account. If an account is dormant, with a balance of $100 or less with no activity for 12 months, Sallie Mae reserves the right to close the Account. 

Wealthfront - Cash Account

The Deal: Earn 4.80% No monthly maintenance fee. No minimum balance is required. Can act as a checking account as well, comes with a debit card. You can pay bills with this account. Can receive direct deposit two days earlier. Unlimited free transfers. Up to $5 million in FDIC insurance with partnering banks.

The Rules: 

• Wealthfront has 19,5000 ATMS worldwide but any ATM outside their network charges $2.50

Marcus - Online Savings Account

The Deal: Earn 4.30%, no monthly maintenance fee, same day transfer and no monthly minimum. 

Capital One - 360 Performance Savings Account

The Deal: Earn 4.30%, no monthly maintenance fee, no minimum to open account, can set up multiple accounts

The Rules:

• No overdraft protection

American Express - High Yield Savings Account

The Deal: Earn 4.25% APY, no monthly maintenance fee, no minimum balance.

Barclays - Online Savings 

The Deal: Earn 4.35%, no monthly maintenance fee, no minimum balance, no limit to the amount of transfers 

Apple Card- High Yield Savings Account

The Deal: Earn 4.15% APY, no service fees, no overdraft fees, no minimum balance 

The Rules:

• You MUST be an Apple Cardholder to access this account; if you don’t already have the Apple Card, there are plenty of other high-interest savings accounts available without needing to open a credit card. 
• The account automatically collects the Daily Cash earned by the Apple Card, and you can also transfer money into the account from a different bank.

Discover Online Savings Account

The Deal: Earn 4.30% APY, no service fees, no fees on insufficient funds or excessive withdrawals

The Rules: 

• You must maintain a balance of $500

*I noticed their marketing says, "no monthly minimum balance required," when you look at the fine print, it clearly states "is more than five times the national average APY for interest-bearing savings accounts with a balance of $500 as reported by Curinos as of 08/28/2023." This is why it's so important to read the fine print!

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