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8 Best Savings Accounts of January 2023

Our list of the best savings accounts.

Jan 23, 2023

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Savings accounts are federally insured financial products that can help your money grow. The best savings accounts have high annual percentage yields, or APYs. The higher the APY, the more money you'll earn over time.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

In 2022, banks began to increase the interest rates on their savings accounts after a period of rate cuts in response to financial conditions. The accounts featured in this article are among those with the consistently highest rates. They can help you bolster your emergency fund faster than an account with an average APY, which is currently just 0.33%.

APYs shown are current as of January 23, 2023. All other information is current as of January 1, 2023.

🤓Nerdy Tip

The Federal Reserve raised rates seven times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.

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Best Savings Accounts From Our Partners

NerdWallet rating 

5.0

/5
Discover Bank Online Savings
Learn more

at Discover Bank, Member FDIC

APY

3.30%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

NerdWallet rating 

5.0

/5
Marcus by Goldman Sachs Online Savings Account
Learn more

at Marcus by Goldman Sachs, Member FDIC

APY

3.30%

With $0 min. balance for APY

Bonus

$100

Requirements to qualify

NerdWallet rating 

4.5

/5
UFB Best Savings
Learn more

at UFB Direct, Member FDIC

APY

4.21%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
LendingClub High-Yield Savings
Learn more

at LendingClub Bank, Member FDIC

APY

4.00%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
CIT Bank Savings Connect
Learn more

at CIT Bank, Member FDIC

APY

4.05%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Barclays Online Savings Account
Learn more

at Barclays, Member FDIC

APY

3.40%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Citizens Online Savings Account
Learn more

at Citizens, Member FDIC

APY

3.75%

With $0.01 min. balance for APY

Bonus

N/A

Want to compare more options? Here are our other top picks:

What you need to know about the best savings accounts

What do the best savings accounts have in common?

The best savings account interest rates are around 3%. At a brick-and-mortar bank, you'll often find savings rates closer to the national average, which is currently 0.33%.

If you have a $10,000 savings balance, choosing an account that pays 3% will earn you about $300 in a year, while an account paying you 0.30% APY would earn about $30. The difference increases the more you deposit and the longer you keep it in the account.

Why should I care about the best savings account rates?

If you have money left in your checking account each month — or you can adjust your budget so that you do — you should have a savings account with a high rate. (Again, think around 3%.) It's always helpful to have money set aside for emergencies, and it'll earn you much more in an account that pays one of the best savings account rates than in a checking account.

Just make sure you can keep enough in your savings account to avoid monthly fees. Most online savings accounts don't charge these, but many traditional accounts do.

What monthly fees do savings accounts usually have?

The best savings accounts typically don’t charge monthly fees. You make your deposit and watch your balance grow as your money earns interest.

» Find out how your savings could add up with NerdWallet’s compound interest calculator.

Why does NerdWallet pick online savings accounts as the best savings accounts?

It's easy to find a savings account at your local bank, but if you want to earn a high rate and pay the lowest fees, you should consider storing your savings in an online account. Without the added expenses of large branch networks, online banks and nonbank providers are able to offer more favorable returns than national brick-and-mortar banks.

Is my money safe in a savings account?

Yes. Unlike investment accounts, savings accounts are guaranteed not to lose money — provided your money is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. Whatever you put in an FDIC- or NCUA-insured account will stay there, unless your account charges fees (and, of course, unless you withdraw money).

» Dig deeper: Learn more about FDIC and NCUA insurance for deposit accounts.

Do the best savings account interest rates change over time?

Yes, rates are variable and can change over time. If you are looking for a fixed rate account, and can set aside funds for a specific time period without making a withdrawal, consider opening a certificate of deposit. NerdWallet's list of best CD rates features top options.

How often do interest rates change?

Financial institutions generally don’t change savings rates on an hourly, daily or even monthly basis. In fact, under normal circumstances, it’s common to see APYs remain the same for several months.

It’s important to note, however, that rates are variable and theoretically can change at any time. In addition, many providers will change their rates based on what their competitors are doing. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently increased or cut rates.

To get the best yield for your money, it’s a good idea to check out the best savings rates on a regular basis — at least once a month.

» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.

Savings account terms you need to know:

Savings account: A deposit account from a financial institution that typically earns interest.

Interest: Money a financial institution pays into an account over time.

Compound interest: Compound interest is the interest you earn on both your original money and on the interest you keep accumulating. In an account that pays compound interest, the return is added to the original principal at the end of every compounding period, typically daily or monthly. Each time interest is calculated and added to the account, the larger balance earns more interest.

Annual percentage yield: The annual percentage yield, or APY, is the amount of interest an account earns in a year. The calculation is based on the account’s interest rate and the number of times interest is paid during the year.

How can I earn high interest rates besides a savings account?

Here are a few options:

Money market accounts: These accounts are a type of savings account, but they might have higher minimum balances and offer perks such as check-writing, which is rare for savings accounts.

Certificates of deposit: These accounts lock your balance away for a specified period of time — often between one year and five years — in exchange for a higher interest rate. But if you withdraw any money during the term, you'll typically have to pay a penalty. CDs are also covered by FDIC insurance.

» Find out more about your savings account options.

Is savings account interest taxable?

Yes, savings account interest is generally taxable. Your provider will probably send you a form reporting it if you earned more than $10 during the tax year. Note that you are likely to earn more interest with a high-yield savings account.

What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts?

When we describe a savings account that is offered by a bank, we note “Member FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the account is federally insured. If a financial technology company — not a bank — offers a savings account, it typically partners with a bank that is an FDIC member to hold the funds so deposits can be insured. In those cases, we note “funds insured by the FDIC.” Savings accounts at credit unions are federally insured by the National Credit Union Administration, so we note “funds insured by the NCUA.”

Full list of editorial picks: best savings accounts

Here are all of NerdWallet's picks for the best savings accounts.

  • Ally, 3.30% savings APY with no minimum to open account (read full review), Member FDIC.

  • American Express, 3.30% APY (annual percentage yield) as of 12/22/2022 with no minimum to open account (read full review), Member FDIC.

  • Barclays, 3.40% savings APY with no minimum to open account (read full review), Member FDIC.

  • Bask Bank, 4.15% savings APY with no minimum to open account (read full review), Member FDIC.

  • Bread Savings, 4.00% savings APY with $100 minimum to open account, (read full review), Member FDIC.*

  • Capital One, 3.30% savings APY with no minimum to open account (read full review), Member FDIC.

  • CIT Bank, 4.05% savings APY with $100 minimum to open account (read full review), Member FDIC.

  • Citibank, 3.40% savings APY with no minimum to open account (read full review), Member FDIC.

  • Citizens, 3.75% savings APY with $0.01 minimum to open account (read full review), Member FDIC.

  • Discover Bank, 3.30% savings APY with no minimum to open account (read full review), Member FDIC.

  • E*TRADE, 3.50% savings APY with no minimum to open (read full review), Member FDIC.

  • First Foundation Bank, 4.00% savings APY with $1,000 minimum to open account (read full review), Member FDIC.

  • FNBO Direct, 3.00% savings APY with $1 minimum to open account (read full review), Member FDIC.

  • LendingClub, 4.00% savings APY, $100 minimum to open account (read full review), Member FDIC.

  • Live Oak Bank, 3.50% savings APY with no minimum to open account (read full review), Member FDIC.

  • Marcus, 3.30% savings APY with no minimum to open account (read full review), Member FDIC.

  • Quontic Bank, 3.50% savings APY with $100 minimum to open account (read full review), Member FDIC.

  • Salem Five Direct, 4.10% savings APY with no minimum to open account (read full review), Member FDIC.

  • Sallie Mae Bank, 3.10% savings APY with no minimum to open account (read full review), Member FDIC.

  • SoFi, 3.75% savings APY (variable and subject to change) with no minimum to open account (read full review), Member FDIC.

  • Synchrony Bank, 3.75% savings APY with no minimum to open account (read full review), Member FDIC.

  • TAB Bank, 3.64% savings APY with no minimum to open account (read full review), Member FDIC.

  • TIAA Bank, 3.50% savings APY with $25 minimum to open account (read full review), Member FDIC.

  • UFB Direct, 4.21% savings APY with no minimum to open account (read full review), Member FDIC.

  • Upgrade, 4.13% APY, no minimum to open account (read full review), funds insured by FDIC.

  • Varo Bank, 3.00% savings APY with no minimum to open account (read full review), Member FDIC.

» Interested in getting money from banks? See NerdWallet's best bank account promotions and bonuses

Bread Savings says: All Bread Savings APYs are accurate as of 01/23/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened.

Last updated on January 23, 2023

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People often identify opening a checking account as their next money move.

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

2.50%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

Citigold® Checking Account

4.0

NerdWallet rating 
Citigold® Checking Account

Monthly fee

$0

Bonus

$200

Requirements to qualify

at Citibank, N.A.

Chase Total Checking®

4.0

NerdWallet rating 
Chase Total Checking®

Monthly fee

$12.00

Waived with direct deposit or $1,500 minimum balance

Bonus

$200

Requirements to qualify

at Chase, Member FDIC

Methodology

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

To recap our selections...

NerdWallet's Best Savings Accounts of January 2023

Frequently asked questions