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Waylon Allen
Waylon Allen

Online Saving Accounts Interest Rates



The APYs listed below are up to date as of the date of publication on this article. Our methodology consists of reviewing savings account rates every weekday morning and updating the information below accordingly.




online saving accounts interest rates



Note that some banks opt to call their savings accounts "money market" accounts. Traditionally, money market accounts offer the ability to write checks, while savings accounts do not. The accounts you'll find in our ranking here all operate like savings accounts, with no check-writing privileges, even if the name might suggest otherwise.


As the name implies, high-yield savings accounts pay much higher interest rates than traditional ones. Typically offered online, whether by an internet-only bank or a brick-and-mortar institution, they're based on the idea that it's smart to hold your savings wherever it can earn a competitively high yield, even if that's a different bank than where you hold your checking account.


The difference in interest rates can be dramatic, with the top savings accounts in the country typically paying 15 to 20 times the national average rate. You can still keep your checking account where it is because it's simple to link a high-yield savings account to your primary account for easy transfers.


Savings accounts and money market accounts are close cousins. Both allow you to move money in and out at your convenience, with their main function being to provide an option for you to sock away savings while earning interest on your balance. In addition, the federal regulation that limits savings account withdrawals to six per month is applied to both types of accounts.


Traditionally, what differs between savings and money market accounts is that money market accounts include the option to write checks on the account. In contrast, savings accounts typically only allow fund withdrawals via electronic transfer, ATM cards (when offered), or in-branch visits.


APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time. The maximum APY shown for CDs is for a 14-month CD with a balance of at least $25,000. See all CD rates and terms offered here.


  • Longer-term rates, flexible access

  • Earn up to #ProductLine=caxBrand=citizensbankProductDescription=ONLINE_CDSubPoductDescription=1 year Online CDProductAttribute=interestRates::intAPY# APY*

  • Unlock access to longer-term rates

  • Access part of your cash every year

  • Limit interest rate risk with frequent opportunities to reinvest your cash*



It can be difficult to choose a high-yield savings account, especially since there are so many options out there and rates change over time. Right now, the national average APY on savings accounts is currently 0.37% as of March 20, 2023, according to the Federal Deposit Insurance Corporation (FDIC).


However, APY is not the only factor by which to choose an account that meets your needs. The Fortune Recommends editorial team curated a list of the top 10 high-yield savings accounts based on APY, account fees, minimum deposits and balances, and customer support options. In addition, all accounts listed below are insured by the FDIC. (Read here for our full methodology.)


About: MySavingsDirect is an online banking division of Emigrant Bank. This online-only bank offers a high-yield savings account as well as CDs that range from 12-month terms to 5-year terms. Accounts are accessible online but this bank does not offer ATM access, debit card privileges, a mobile app, or any physical locations.


About: BMO Harris is the 8th largest bank in North America by assets and currently serves more than 12 million customers. Its products and services include checking accounts, savings accounts, money market accounts, CDs, retirement accounts, credit cards, and more. It also offers business and commercial banking products, as well as wealth management services. Customers also have access to a network of over 40,000 fee-free ATMs.


About: Salem Five Direct is a subsidiary of Salem Five Bank, based in Salem, Mass., and has local branches across Boston. For online customers hoping to access their funds, Salem Five offers fee-free ATM access at 55,000 Allpoint ATMs worldwide. It offers checking accounts, savings accounts, money market accounts, and more.


About: Founded in 2004, Prime Alliance Bank is a Utah-based bank that offers a number of financial products, including personal checking, savings, money market accounts, certificates of deposit (CD), and retirement accounts. While Prime Alliance does have a location in Utah, customers across the nation can do their banking online or via mobile app. Prime Alliance also gives customers access to a surcharge-free network of ATMs through the MoneyPass or Allpoint ATM networks.


Savings rates are set by individual banks and are loosely based on the federal funds rate, which is the interest rate that banks charge other banks when they lend one another money, usually overnight or for a few days. When the Fed hikes rates, this can raise the cost of borrowing and motivate banks to raise their APYs to attract new customers.


According to federal law, high-yield savings accounts allow you to make withdrawals or transfer funds out of your account up to six times per month without paying any fees. However, this rule was loosened in 2020 during the coronavirus outbreak, and customers can now make an unlimited number of transfers and withdrawals from their savings account.


The rates and fee structure of high-yield savings accounts are available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the bank accounts and credit unions on this list are insured by the FDIC and NCUA respectively. To open an account, financial institutions, including banks and credit unions, require a deposit of new money, so you may not be able to transfer money you already had in an account at that bank.


The Federal Deposit Insurance Corporation (FDIC) is a federal agency that insures depositors' accounts up to the insured amount at most commercial banks and savings associations. View FAQs, important information, and other resources.


The Agility High Interest Savings Account is a variable rate account. We consider competitor rates along with a variety of economic variables when determining the rate. While our goal is to consistently offer highly competitive rates, the interest rate and APY can change at any time without notice.


The Agility Savings Account is a high-interest online savings account offered by CIBC Bank USA. With a higher interest rate, we can help you grow your savings faster. You can manage your savings completely online with CIBC NetBanking or the CIBC U.S. Mobile Banking App.


1 The annual percentage yield (APY) is accurate as of March 28, 2023. This is a variable rate account and the interest rate and APY can change at any time without notice. The minimum opening deposit is $1,000 but cannot exceed $250,000. For accounts opened on or after September 28, 2022, deposits that would bring the total balance in your Account to more than $500,000 are not permitted. We reserve the right to refuse or return additional deposits that would cause your balance to exceed this $500,000 limit. For accounts opened before September 28, 2022, balances up to $1,000,000 are permitted, provided your balance does not fall below $500,000 at any time. If your account balance drops below $500,000 at any time, we reserve the right to refuse or return additional deposits that would cause your balance to exceed $500,000. Business days and effective dates of deposit are defined in the Consumer Deposit Account Agreement.


On December 15, 2020, the FDIC Board of Directors approved a Final Rule - PDF making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions (as defined in Section 38 of the Federal Deposit Insurance Act), which are effective on April 1, 2021. The interest rate restrictions generally limit a less than well capitalized institution from soliciting deposits by offering rates that significantly exceed rates in its prevailing market.


2 Source: S&P Capital IQ Pro; SNL Financial Data. Calculations: FDIC. Savings and interest checking account rates are based on the $2,500 product tier, while money market and certificate of deposit rates represent an average of the $10,000 and $100,000 product tiers. Account types and maturities published in these tables are those most commonly offered by the banks and branches for which we have data (on-tenor maturities).


All savings accounts can be opened in a Santander Bank branch and the Santander Savings account can be opened online. Santander Money Market Savings, Santander Select Money Market Savings, and Santander Private Client Money Market Savings accounts can only be opened online in conjunction with an online checking account opening. Certificates of Deposit and Individual Retirement Accounts can only be opened in branch. To open an account, you will need:


Yes, you can open a savings account jointly in branch or online with anyone 18 years and older, or a child under the age of 18 if you are their parent or legal guardian. Learn more about joint savings and joint checking accounts.


1The rate for our Premium Online Savings Account is the national average of % APY, based on the national average of savings accounts rates published in the FDIC Weekly National Rates and Rate Caps accurate as of .


The best savings account for you depends on your savings goals. A First Citizens banker can help you choose which account is right for you based on your goals, how much you'd like to deposit and how you plan to use your account. Our personal savings accounts offer competitive interest rates and free Digital Banking, and some can even be used as overdraft protection for your First Citizens checking account. Whether you have $100 or $10,000 to save, we have an account that can help you reach your savings goals. 041b061a72


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