6 Best Savings Rates of September 2023
List of the best savings rates available from a large pool of providers.
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ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
The best savings interest rates might mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. The highest interest rates are significantly better than the national average of 0.45%.
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.
The institutions below offer some of the highest interest rates on savings accounts. With a rate of 5% APY, a balance of $10,000 would earn about $500 after one year. An APY of 0.40% would earn about $40.
APYs shown are current as of September 27, 2023. All other information is current as of August 31, 2023.
ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
The best savings interest rates might mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. The highest interest rates are significantly better than the national average of 0.45%.
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.
The institutions below offer some of the highest interest rates on savings accounts. With a rate of 5% APY, a balance of $10,000 would earn about $500 after one year. An APY of 0.40% would earn about $40.
APYs shown are current as of September 27, 2023. All other information is current as of August 31, 2023.
The Federal Reserve raised rates to the highest levels in more than two decades, which is good news for your savings accounts. Take advantage of today’s high rates by opening a federally insured savings account.
Best Savings Rates From Our Partners
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for Savings Rates | 4.50% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | Learn more at SoFi Bank, N.A., Member FDIC |
 Citizens Access Savings Learn more at Citizens, Member FDIC | Best for Savings Rates | 4.50% With $0.01 min. balance for APY | N/A | Learn more at Citizens, Member FDIC |
 Bask Interest Savings Account Learn more at Bask Bank, Member FDIC | Best for Savings Rates | 5.00% With $0 min. balance for APY | N/A | Learn more at Bask Bank, Member FDIC |
 CIT Bank Platinum Savings Learn more at CIT Bank, Member FDIC | Best for Savings Rates | 5.05% With $5,000 min. balance for APY | N/A | Learn more at CIT Bank, Member FDIC |
 Upgrade Premier Savings Learn more at Upgrade, Deposits are FDIC Insured | Best for Savings Rates | 5.07% With $1,000 min. balance for APY | N/A | Learn more at Upgrade, Deposits are FDIC Insured |
 Discover Bank Online Savings Learn more at Discover Bank, Member FDIC | Best for Savings Rates | 4.30% With $0 min. balance for APY | $200 Requirements to qualify | Learn more at Discover Bank, Member FDIC |
Our pick for
Savings Rates
4.50%
$250
Why We Like It
Rate: For customers with direct deposit or a deposit at of least $5,000 every 30 days into the account, the balance in the savings portion of the account earns an APY of 4.50% (variable and subject to change). For customers without direct deposit or the other monthly deposit option, that goes down to 1.20% APY.
Money held in the checking portion of the account earns 0.50% APY with or without direct deposit.
Requirements: There is no minimum deposit. You can earn interest on any balance.
Fees: No monthly fee.
Additional note: You can earn a bonus of up to $250 for setting up direct deposit into this account.
4.50%
N/A
Why We Like It
Rate: 4.50% APY.
Requirements: You need $0.01 to open the account.
Fees: There is no monthly fee.
Additional note: Citizens also offers online CDs.
5.00%
N/A
Why We Like It
Rate: The Bask Interest Savings Account earns 5.00% APY.
Requirements: There is no minimum balance.
Fees: There are no monthly fees.
Additional note:: Bask Bank also offers another savings account that earns airline miles.
5.05%
N/A
Why We Like It
Rate: 5.05% APY on balances of $5,000 or more.
Requirements: The account requires a $100 minimum to open, but you’ll need at least $5,000 minimum to earn the higher APY. Amounts below $5,000 earn a 0.25% APY.
Fees: No monthly fee.
Additional note:: CIT Bank offers an eChecking account that earns interest.
5.07%
N/A
Why We Like It
Rate: The Premier Savings account earns 5.07% APY on balances of $1,000 or more.
Requirements: You must have a balance of at least $1,000 to earn the high rate.
Fees: There are no monthly fees.
Additional note: Upgrade also offers a rewards checking account that has another high-yield savings account as an add-on.
4.30%
$200
Why We Like It
Rate: 4.30% APY.
Requirements: No minimum to open.
Fees: There’s no monthly fee.
Additional note: Discover offers a $150 or $200 bonus for opening your first Discover Online Savings Account (expires 12/14/2023).
Bonus offer details from Discover: "To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code NW923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice."
More about best savings rates
Benefits of the best savings rates
The best savings rates are much higher than the national average rate, which is just 0.45% APY.
Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $40 after a year in an account with a 0.40% APY. But that same deposit would earn about $500 in an account with a 5% APY.
Here's how to choose the highest interest rates
Look for accounts that have the highest APY. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Fees cancel out the benefits of high interest rates.
» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.
Where can I earn the most interest on my money?
Online banks and nonbank providers (often apps that partner with a bank for FDIC coverage) tend to offer higher interest rates than traditional brick-and-mortar banks. Rates can go up or down at any time, however, and some institutions have been lowering their APYs to reflect market conditions. Keep a close eye on NerdWallet's list of the best online savings account interest rates to monitor these changes.
Why you earn interest on savings accounts
You earn interest from a savings account because the institution is paying you to lend it money. Your funds are used in its loans to other customers. Credit unions have a similar process, but they call interest “dividends.”
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 rates
Here are all of NerdWallet's picks for the best savings account interest rates. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.
Affirm, 4.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 3.5 stars.
Ally, 4.25% APY (read full review), Member FDIC. NerdWallet overall institution rating: 5.0 stars.
American Express, 4.30% APY (annual percentage yield) as of 09/27/2023, (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Barclays, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Bask Bank, 5.00% APY, (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
BMO Alto, 5.10% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Bread Savings, 5.15% APY (read full review), Member FDIC.* NerdWallet overall institution rating: 4.5 stars.
Capital One 360, 4.30% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
CIBC U.S., 4.76% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
CIT Bank, 5.05% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Citibank, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Citizens, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
ConnectOne Bank, 4.25% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
Discover, 4.30% APY (read full review), Member FDIC. NerdWallet overall institution rating: 5.0 stars.
E*TRADE, 4.25% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
EverBank (formerly TIAA Bank), 5.00% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
First Foundation Bank, 5.00% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.
Go2bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Greenwood, 4.15% APY, (read full review), funds insured by the FDIC, NerdWallet overall institution rating: 4.0 stars.
Ivy Bank, 4.80% (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
LendingClub, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Live Oak Bank, 4.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Marcus, 4.40% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
ONE, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.
Popular Direct, 5.25% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Quontic Bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Salem Five Direct, 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
Sallie Mae, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
SoFi, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.
Synchrony, 4.75% APY (read full review), Member FDIC. NerdWallet overall institution rating: 5.0 stars.
TAB Bank, 5.02% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.
UFB Direct, 5.25% APY, Member FDIC. NerdWallet overall institution rating: 4.5 stars. Editor's note: Since November 2022, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the full review for more details.
Upgrade, 5.07% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.
Last updated on September 28, 2023
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, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank),Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy 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, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus 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, 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 Rates of September 2023
- SoFi Checking and Savings: Best for Savings Rates, 4.50% APY
- Citizens Access Savings: Best for Savings Rates, 4.50% APY
- Bask Interest Savings Account: Best for Savings Rates, 5.00% APY
- CIT Bank Platinum Savings: Best for Savings Rates, 5.05% APY
- Upgrade Premier Savings: Best for Savings Rates, 5.07% APY
- Discover Bank Online Savings: Best for Savings Rates, 4.30% APY
Frequently asked questions
A savings account is an account at a bank, credit union or nonbank provider that typically earns interest. The money in a savings account is federally insured. Certain types of transactions in savings accounts are often limited to a maximum of six per month.
No, rates are variable. That means that they can change over time. The accounts featured in this article have the highest savings rates in our survey this month.
Institutions usually don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see rates at some providers remain unchanged for months.
It’s important to note, however, that rates are variable and theoretically can be changed at any time. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates. Many will change their rates based on what their competitors are doing. This happened in March 2020, when many online providers lowered their savings rates in reaction to the Federal Reserve's rate cuts.
To get the best yield for your money, it’s a good idea to check out the best rates on a regular basis. See this month's best rates.
You can generally access your funds by initiating an electronic transfer from the provider’s secure website or mobile app, day or night. You could transfer the money to your checking account or to another financial institution. This is often the easiest way to access money at an online provider. Other options include withdrawing cash from ATMs and setting up a transfer by phone.
Providers typically limit the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenient withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six withdrawals in a statement cycle, the institution may charge an excess withdrawal fee each time. Getting cash from an ATM does not count toward this limit.
On April 24, 2020, the Federal Reserve gave providers the option to eliminate this cap. To find out if yours has eased restrictions, call its customer service line. To learn more, read our primer on Regulation D.
If you want the ability to withdraw your money on short notice, use the flexibility of a savings account. You can earn interest and have fast access to your funds. If you won't need to take out money for a set time period, generally a few months or years, then you could earn higher rates by putting your money in a CD. To compare yields, take a look at NerdWallet's best CD rates this month.
