8 Best Savings Accounts of January 2023
Our list of the best savings accounts.
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ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
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.
ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
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.
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.
Best Savings Accounts From Our Partners
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi, Member FDIC | 3.75% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | Learn more at SoFi, Member FDIC | |
 Discover Bank Online Savings Learn more at Discover Bank, Member FDIC | 3.30% With $0 min. balance for APY | $200 Requirements to qualify | Learn more at Discover Bank, Member FDIC | |
 Marcus by Goldman Sachs Online Savings Account Learn more at Marcus by Goldman Sachs, Member FDIC | 3.30% With $0 min. balance for APY | $100 Requirements to qualify | Learn more at Marcus by Goldman Sachs, Member FDIC | |
 UFB Best Savings Learn more at UFB Direct, Member FDIC | 4.21% With $0 min. balance for APY | N/A | Learn more at UFB Direct, Member FDIC | |
 LendingClub High-Yield Savings Learn more at LendingClub Bank, Member FDIC | 4.00% With $0 min. balance for APY | N/A | Learn more at LendingClub Bank, Member FDIC | |
 CIT Bank Savings Connect Learn more at CIT Bank, Member FDIC | 4.05% With $0 min. balance for APY | N/A | Learn more at CIT Bank, Member FDIC | |
 Barclays Online Savings Account Learn more at Barclays, Member FDIC | 3.40% With $0 min. balance for APY | N/A | Learn more at Barclays, Member FDIC | |
 Citizens Online Savings Account Learn more at Citizens, Member FDIC | 3.75% With $0.01 min. balance for APY | N/A | Learn more at Citizens, Member FDIC |
APY
3.30%
With $0 min. balance for APY
Bonus
$200
Requirements to qualify
Why We Like It
This account earns 3.30% APY. There is only one Discover bank branch, in Delaware, but customer support is available by phone “24/7.” In addition, its mobile banking apps receive high ratings.
APY
3.30%
With $0 min. balance for APY
Bonus
$100
Requirements to qualify
Why We Like It
The Wall Street firm’s online bank has a strong savings option with a rate of 3.30% APY (annual percentage yield) and there is no minimum balance requirement to start earning interest. Its online CDs also have top yields. You can access the account several ways, including via desktop and mobile app.
APY
4.21%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
UFB Direct’s savings account offers an attractive APY. The account has no monthly maintenance fees and there is no minimum amount requirement.
APY
4.00%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
LendingClub’s online savings account earns a 4.00% APY on any balance. You will need $100 to open an account. After that, there is no minimum balance requirement, and no monthly service fee.
APY
4.05%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
CIT Bank's Savings Connect account is a solid option that pays 4.05% APY. The minimum amount to open is $100, but there are no monthly service fees.
APY
3.40%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
You can open this account with any amount and you won't be charged monthly maintenance fees.
APY
3.75%
With $0.01 min. balance for APY
Bonus
N/A
Why We Like It
You need only a penny to open an account and earn the strong rate. There is no monthly fee.
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.
» Learn more about NerdWallet's favorite high-yield online savings accounts.
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).
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.
» Read more about 10 essential banking terms you need to know.
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
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
Monthly fee
APY
With $0 min. balance for APY
Bonus
Earn up to $250 with direct deposit. Terms apply.
at SoFi, Member FDIC
Citigold® Checking Account
Monthly fee
Bonus
Requirements to qualify
at Citibank, N.A.
Chase Total Checking®
Monthly fee
Waived with direct deposit or $1,500 minimum balance
Bonus
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
- SoFi Checking and Savings: 3.75% APY
- Discover Bank Online Savings: 3.30% APY
- Marcus by Goldman Sachs Online Savings Account: 3.30% APY
- UFB Best Savings: 4.21% APY
- LendingClub High-Yield Savings: 4.00% APY
- CIT Bank Savings Connect: 4.05% APY
- Barclays Online Savings Account: 3.40% APY
- Citizens Online Savings Account: 3.75% APY
Frequently asked questions
A savings account is a deposit bank account that lets you securely store funds while also typically earning interest. You can deposit your money at your financial institution through cash, check or bank transfer, and it will safely earn interest while it is in your account. With savings accounts, money is insured up to $250,000 per depositor, so your funds are safe.
Yes. Most savings accounts are insured by the Federal Deposit Insurance Corporation and others are insured by the National Credit Union Administration. Both cover up to $250,000 per depositor, per institution and per account type, in case your bank fails. All of the best savings accounts in NerdWallet's analysis are insured, just like bank accounts at national institutions.
A savings account holds money that you don’t need for daily spending. It can be a great spot to park your emergency fund or money that you're setting aside for a specific purchase, like a vacation or a down payment on a house. Since everyone's savings goals are different, the amount of money that you should keep in your savings account varies depending on your situation. Unlike most checking accounts, savings accounts earn interest — that’s money you receive in your account just for keeping it with the institution. The higher your savings account interest rate, the faster your balance will grow. You can find accounts with the highest rates in NerdWallet's list of the best savings accounts.
