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High Yield Savings Account 2023

Most of the high yield savings account 2023 are offered by online banks and credit unions with APY up to 2.0% and more, which is 20 times higher than than the national average. Online banks generally have very few or no physical branches, however, all products are insured by Federal Deposit Insurance Corporation (FDIC). The reason behind providing such high Annual Percent Yield (APY) is, they save on the maintenance cost.


High yield savings account are for those who wants their money to grow fast and especially for those who has short and long term goals. If you keep your funds for long time, more than five years you get good chunk of interest. All those banks and credit unions which provide high APY may not compete with traditional banks in terms of services and other features, as these banks main motive is to increase your deposits to maximum, so they don't spend on swanky features. 

The best high yield savings account with no minimum deposit in decreasing order of APY are as follows :

Bank/Credit Union APY (Annual Percentage Yield)  Physical Branches/Offices
Dollars Savings Direct 1.80%  1
Mutual One Bank 1.71%  3
Synchrony 1.65%  4
Goldwater 1.65%  1
Goldman Sachs 1.60%  5
Amalgamated Bank 1.60%  13
FNBO 1.60%  128
American Express Bank 1.55%  1
Sallie Mae Bank 1.55%  1
Community Bank Pleasant Hill 1.52%  1
Barclays 1.50%  55
Ally Bank 1.50%  6
Discover Bank 1.50%  2
Bank of Internet USA 1.30%  1
Bank Purely 1.30%  18
Quorum Federal Credit Union 1.25%  4
Northpointe Bank 1.12%  5
Capital One 1.00%  18
iGobanking 1.00%  3
My Savings Direct 1.00%  1


The best high yield savings account for deposit of $5-$3000 in decreasing order of APY are as follows :

Salem Five Direct 1.85%  14
Bank 7 1.80%  1
Able Bank 1.70%  1
SFGI Direct 1.61%  1
CIT 1.55%  5
Alliant Credit Union 1.50%  8
E*Trade Bank  1.50%  41
Community Wide FCU 1.50%  9
McGraw Hili FCU 1.45%  1
National Bank 1.30%  40
Utah First FCU 1.30%  30

The best high yield savings account with minimum deposit of $5000 in decreasing order of APY are as follows :

Popular Direct 2.0%  1
Incredible Bank 1.82% ($25,000)  1
Pure Point Financial 1.75% ($10,000)  5
Colorado Federal Savings Bank 1.65% ($50,000)  1
UFB Direct 1.30% ($25,000)  1
CITI Bank 1.25% ($25,000)  717
North American Savings Bank 1.16% ($15,000)  8
Digital FCU  1.06%  16
Wings FCU 1.00%  19

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About the Author
Paul William
Author: Paul William
I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New York. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.

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