Best High-Yield Savings Accounts for May 2023

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Minimum initial deposit: $1,000
Minimum ongoing balance: $1,000 to earn stated APY
Monthly fee: None with $1,000 ongoing balance; otherwise, $10/month
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Minimum initial deposit: $0
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: No
Mobile check deposit: No
Checking accounts available: No
CDs available: Yes

Minimum initial deposit: $500
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes

Minimum initial deposit: $25,000
Minimum ongoing balance: $2,500 to earn stated APY
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes

Note: TotalDirectBank is available to customers nationwide except for Florida residents.

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Minimum initial deposit: $1
Minimum ongoing balance: None
Monthly fee: None
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes

Minimum initial deposit: $100
Minimum ongoing balance: None
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes

Note: Although this account has "money market" in its name, it offers no check-writing privileges and instead operates like a savings account.

Minimum initial deposit: $1,000
Minimum ongoing balance: None
Monthly fee: None
ATM card: Yes (upon request)
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes

Minimum initial deposit: $5,000
Minimum ongoing balance: None
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes

Minimum initial deposit: $100
Minimum ongoing balance: $5,000 to earn stated APY
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes

Minimum initial deposit: None
Minimum ongoing balance: None
Monthly fee: None
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: No
CDs available: No

Minimum initial deposit: Any amount
Minimum ongoing balance: $1,000 to earn the stated APY
Monthly fee: None
ATM card: No
Mobile check deposit: No
Checking accounts available: Yes
CDs available: No

Minimum initial deposit: Any amount
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: No

Minimum initial deposit: $25
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: No

Minimum initial deposit: $2,500
Minimum ongoing balance: $2,500 to earn stated APY
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes

Minimum initial deposit: Any amount
Minimum ongoing balance: One penny
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes

Frequently Asked Questions (FAQs)

What Is a High-Yield Savings Account?

As the name implies, high-yield savings accounts pay much higher interest rates than traditional ones. Typically offered online, whether by an 伟民配资_在线配资炒股:internet-only bank or a 伟民配资_在线配资炒股:brick-and-mortar institution, they're based on the idea that it's smart to hold your savings wherever it can earn a competitively high yield, even if that's a different bank than where you hold your checking account.

The difference in interest rates can be dramatic, with the top savings accounts in the country typically paying over 10 times the national average rate. You can still keep your checking account where it is because it's simple to link a high-yield savings account to your primary account for easy transfers.

Is My Money Safe in an Online Savings Account?

The vast majority of banks, whether physical or online, carry 伟民配资_在线配资炒股:FDIC insurance, which protects banking customers by insuring up to $250,000 of their deposits per institution if the bank fails. The U.S. government similarly backs credit union customers up to $250,000 by providing NCUA insurance to the vast majority of credit institutions.

So whether your institution has branches or is an internet-only bank, your deposits are equally safe and protected. Just be sure to check for the FDIC or NCUA logo before you begin doing business with any new financial institution.

What Is the Difference Between a High-Interest Savings Account and a Money Market Account?

Savings accounts and money market accounts are close cousins. Both allow you to move money in and out at your convenience, with their main function being to provide an option for you to sock away savings while earning interest on your balance. In addition, the federal regulation that 伟民配资_在线配资炒股:limits savings account withdrawals to six per month is applied to both types of accounts.

Traditionally, what differs between savings and money market accounts is that money market accounts include the option to write checks on the account. In contrast, savings accounts typically only allow fund withdrawals via electronic transfer, ATM cards (when offered), or in-branch visits.

How Often Do Savings Rates Change?

The APY that a savings account pays on the day you make your initial deposit is not guaranteed. In fact, the account’s rate can change at any time.

Whether the rate goes up or down, and how often it changes, is largely influenced by the Federal Reserve. When it adjusts the 伟民配资_在线配资炒股:federal funds rate, banks and credit unions often follow suit in the same direction.

That said, rate changes among savings accounts are not typically a daily or weekly event. Barring recent moves by the Fed, rates often remain at the same level for weeks or months at a time.

Methodology

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer savings accounts to customers nationwide. We determine daily rankings of the top-paying savings accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the savings account's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best high-yield savings accounts, 伟民配资_在线配资炒股:read our full methodology.

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