Best High Interest Savings Accounts for May 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.
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 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. 

Synchrony Bank - High Yield Savings

The Deal: Earn 4.25% APY, no monthly maintenance fee, no required minimum balance. Comes with an ATM card.

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 4.5%, APY, no service fees

Bask Bank - Interest Savings Account

The Deal: Earn 4.75% 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 4.20% APY on your savings account and 1.2% 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 $50 for every person who opens an account.

The Rules: 

• Must have direct deposit to maintain the 4.20% APY. Otherwise, the interest goes down to 1.2%
• Not an ideal account for independent contractors or people without direct deposit
• There is no minimum amount to direct deposit
• 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.

PNC- High Yield Savings

The Deal: earn 4.30%, 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 4.15% 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.

Citi Accelerate Savings Account

The Deal: 3.85% APY, no minimum to open an account

The Rules:

• The Citi Accelerate Savings account must be opened as part of a Citi Account Package. There’s a $4.50 monthly service fee and a $2.50 non-Citibank ATM fee, which can be waived by having an average monthly balance of at least $500.
• The account is available in most states, but not all (select markets).

Wealthfront - Cash Account

The Deal: Earn 4.55% APY. No monthly maintenance fee. No minimum balance 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. 

The Rules: 

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

Marcus - Online Savings Account

The Deal: Earn 3.90%, no monthly maintenance fee, same day transfer and no monthly minimum. 

Capital One - 360 Performance Savings Account

The Deal: Earn 3.75%, 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 3.75% APY, no monthly maintenance fee, no minimum balance.

Barclays - Online Savings 

The Deal: Earn 4.0%, no monthly maintenance fee, no minimum balance, no limit to the amount of transfers

UFB Premier Savings (associated with Axos bank)

The Deal: Earn 4.81% APY, no monthly maintenance fee, no minimum balance

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.

 This list is for educational purposes only. Beyond The Green Coaching claims no responsibility to any person or entity for any liability, loss, or damage caused or alleged to be caused directly or indirectly as a result of the use, application, or interpretation of the information presented herein. Beyond The Green, Coaching assumes no responsibility to claim no responsibility to any person or entity for any liability, loss, or damage caused or alleged to be caused directly or indirectly as a result of the use, application, or interpretation of the information presented herein.