Top 6 High-Yield Savings Accounts in 2023

4 min read

Posted on October 27, 2023

Are you tired of earning next to nothing in a traditional savings account? Well, a high-yield savings account (HYSA) could allow you to earn more interest, and therefore grow your savings faster. First, we’ll discuss how they work before we dive into our top recommendations.

How Do High-Yield Savings Accounts Work?

While they function similarly, high-yield savings accounts typically earn more interest than traditional savings accounts (hence, “higher yield”). This means when you deposit funds into the account, the financial institution (like a bank) pays you interest, which is then added to your total balance over time.

Additionally, when interest rates rise, financial institutions typically raise the Annual Percentage Yield (APY) on high-yield savings accounts, which is how much interest your money earns each year, expressed as a percentage. This could mean the interest earned on your money could be higher than when compared to a low-interest environment. 

Now that you know how high-yield savings accounts may offer a way to earn more interest and grow your savings faster, let’s talk options. For this reason, we put together a list of our top 6 high-yield savings accounts to consider, from various online banks and credit unions. Additionally, we’ll discuss some key factors to evaluate (like APY, minimum opening balance, and fees) when choosing an account.

Top 6 High-Yield Savings Accounts

#1 First Tech Federal Credit Union

First Tech Rewards Checking Account offers an APY of 4.00% on the first $15,000. Though technically a checking account, this APY is too attractive to overlook. This credit union option has three requirements: use your credit card for a minimum of 20 purchases (aggregate of $500) per month, have ACH deposits and/or withdrawals totaling at least $1,000 per month, and enroll in e-statements.

Minimum opening deposit: $0

APY: 4.00%

First Tech also offers a High-Yield Certificate with a 5.35% APY. A certificate is similar to a savings account, but requires you to leave your money untouched for a longer period of time in exchange for an even higher dividend yield. So with First Tech’s Promotional 13-Month Bump Up Certificate, you’ll need to leave your money untouched for the 13-month term or pay an early withdrawal penalty. But unlike other certificates, this one gives you the one-time opportunity to swap your rate for a higher rate if interest rates increase during your term, and allows you to increase the amount of money in the certificate one time throughout the term.

Minimum opening deposit: $500

APY: 5.35%

#2 Quontic Bank

Quontic High Yield Savings Account offers a 4.50% APY. It generally takes just 3 minutes to open an account online. Your money is FDIC-insured and there are no monthly fees*. Plus, there’s no minimum balance to maintain.

Minimum opening deposit: $100

APY: 4.50%

#3 GreenState Credit Union

GreenState High Yield Savings Account offers an APY of 5.16%. Your account is federally insured by NCUA, the credit union version of FDIC. Additionally, there are no monthly fees.

Minimum opening deposit: $1.00

APY: 5.16%

#4 Upgrade

Upgrade Premier Savings Account offers a 5.07% APY on balances of $1,000 or more. There are no monthly fees or balance fees, and the account is FDIC-insured. Plus, you have 24/7 mobile access to your account.

Minimum opening deposit: $0

APY: 5.07%

#5 Citizens Bank

Citizens Access Savings Account offers an APY of 4.50%. This online bank option has no monthly fees, and you can open an online account in about 5 minutes. It also offers direct deposit and recurring transfers, and it’s FDIC-insured.

Minimum opening deposit: $0.01

APY: 4.50%

#6 SoFi

SoFi Checking and Savings Account is another online bank that offers a savings account with an APY of 4.60% when you use direct deposit. There are no account fees, and the account is FDIC-insured. Plus, depending on your direct deposit amount, you’ll collect a cash bonus of $50 to $250.

Minimum opening deposit: $0

APY: 4.60%

Considerations When Shopping for a High-Yield Savings Account

Now that you have a list of our top high-yield savings accounts, let’s talk about what to consider when exploring your options for one.

  • Interest Rates: Look for an account with a higher-than-average APY (annual percentage yield). The higher the APY, the more interest you could earn on your savings. Watch out for minimum balance requirements to be eligible for the advertised APY. High-yield savings accounts often adjust APY when the Fed raises or lowers rates.
  • Fees: Some high-yield savings accounts charge monthly maintenance fees or require a minimum balance to avoid fees. Make sure you're aware of any fees before opening an account.
  • FDIC (or NCUA) Insurance: Most importantly, look for a high-yield savings account that is federally insured to protect your money. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per depositor, per insured bank. The National Credit Union Association (NCUA) does the same for credit unions. For a look at multiple options for a high-yield savings account at a bank or credit union, check out Raisin.
  • Ease of Use: Lastly, make sure the account is easy to manage for you! Beneficial features such as mobile banking, online transfers, and the ability to link to your checking account could all make your life a little easier.

Closing Remarks

In conclusion, high-yield savings accounts might offer a way to earn more interest on your savings and in turn, grow your wealth faster. But when evaluating accounts, be sure to compare interest rates, APY, fees, and features – so that you can find the best fit for your financial needs. The top 6 high-yield savings accounts mentioned above are a great place to start your search!


The information provided in this blog post is not intended to provide legal, financial or tax advice. We recommend consulting with a financial adviser before making a major financial decision.

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