BEST BANK INTEREST RATES for Savings 2023 (Updated)

2023 BEST BANK INTEREST RATES for Savings 2023 (Updated)
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Investors can maximize the return on their savings by understanding the mechanics of interest rates on savings accounts. An annual percentage yield (APY), which takes compounding into account, is how banks report their savings interest rates. With time, money accumulates more quickly in savings with a high-interest rate. Here’s a list of the best savings bank interest rates that a variety of suppliers are currently offering.

Best Bank Interest Rates

To select the highest interest rates possible, the accounts with the highest APY are the ones to seek out. To get the best yields, certain accounts have minimum deposit requirements. If the balance falls below a certain level, other institutions might start charging monthly fees. Select an account that incurs the fewest fees if at all possible. Fees cancel out the benefits of high-interest rates

Before deciding whether to open an account, take a look at these five important issues.

#1. The Opening Balance Requirement

Even though financial institutions frequently demand a sizable initial deposit, it’s simple to get excited about a savings account that offers a high-interest rate.

#2. The Maximum Balance for the APY

Financial institutions are not obligated to provide the highest APY on the total amount of your account; in fact, many do not. It’s crucial to be aware of this beforehand as it could significantly affect your ability to earn interest. In the long run, you might discover that obtaining a lower interest rate that applies to your entire balance will enable you to make more money. 

#3. Fees

Additionally, some savings accounts have recurring monthly fees or other charges that can quickly add up. Before opening an account, it’s crucial to be aware of these fees because they might affect your balance.

#4. FDIC or NCUA Coverage

Your money is something you’ve worked hard for, so it’s crucial to confirm that your bank or credit union is federally insured. The National Credit Union Administration insures credit unions, whereas the Federal Deposit Insurance Corporation provides coverage for banks.    

#5. Access to Funds

You can typically withdraw any amount of money at any time from savings and money market accounts. But there are some restrictions. If your account balance falls below a certain threshold, you might be subject to fees or penalties. Additionally, many banks impose fees for withdrawals that exceed six in a statement period.

Find out what steps you must take and what fees you will incur before opening an account to avoid any surprises.

#1. Best Bank Interest Rates

#1. America Express

Considerable certificates of deposit are also offered by American Express National Bank, Member FDIC, in addition to strong savings and checking accounts. Both its certificates of deposit and savings account feature competitive annual percentage yields. 

The bank also provides a reward checking account with a competitive interest rate, but opening one requires owning an American Express card and disallows cash deposits. neither a minimum balance nor a monthly fee is necessary. 

American Express provides a competitive interest rate on savings accounts with a 3.75% APY (annual percentage yield) as of 03/16/2023. 

No monthly fees, opening deposits below a certain amount, or account balance requirements will be necessary for you to receive the rate. Furthermore, the bank permits a maximum of nine withdrawals or transfers from savings each month.

#2. Barclays

Barclays provides competitive rates on CDs and savings accounts with no minimum balance requirements. Its solely online U.S. banking operation provides competitive annual percentage yields on certificates of deposit and savings accounts, but it does not provide checking accounts.

Additionally lacking a branch network in the United States, Barclays is best suited for customers who don’t need in-person assistance. Those who desire high-interest rates on savings or certificates of deposit (CDs) and do not require a checking account or in-person services

Barclays is an excellent bank for increasing your savings because of its low fees and competitive rates. The Online Savings account offers a 3.60% annual percentage yield, and its website includes a savings goal calculator. There are neither minimum balance requirements nor monthly fees.

#3. CIT Bank

Numerous savings options from CIT Bank have low fees and competitive rates. CIT Bank is a well-known online bank that offers money market savings accounts, checking accounts, high-yield savings accounts, as well as certificates of deposit. There are no ongoing monthly fees with CIT, and many of its interest rates are reasonable.  

With a minimum balance of $5,000, CIT Bank’s Platinum Savings account offers a highly competitive annual percentage yield of 4.40%, which is significantly higher than the APY offered by most banks. There is no monthly fee and a $100 minimum deposit requirement to open an account, but balances under $5,000 earn 0.25% APY instead. 

Savings Connect accounts from CIT Bank are also a good choice. It pays 4.20% APY. The opening deposit for the Savings Connect account is $100. 

Best Bank Interest Rates for Savings

#1. Lending Club 

With benefits like cash back and reimbursements for ATM fees, LendingClub provides a great checking account. Additionally, it provides competitive rates on savings accounts and certificates of deposit, as well as ATMs that accept deposits for simple cash deposits.

Customers who frequently use debit cards, are looking for a high yield, and don’t mind receiving support over the phone or online A LendingClub High-Yield Savings account can be opened with just $100 and has no monthly fees.

An APY of 4.25% on all balances puts the LendingClub High-Yield Savings account in direct competition with other online banks’ savings rates.

#2. Bread Savings 

Bread Savings does not offer to check accounts, but it does provide certificates of deposit and high-yield savings accounts. There are no monthly fees and a respectable 4.50% annual percentage yield on the high-yield savings account, which requires a minimum opening deposit of $100.  

Since Bread Savings is an online-only bank, it lacks any physical locations. The high-yield savings option from the online bank provides a competitive rate of 4.50% APY. There is no monthly fee and no minimum balance requirement, and you only need $100 to open an account. 

#3. BMO Harris Bank 

Chicago-based BMO Harris Bank is a division of the Bank of Montreal in Canada that operates in the United States. Two savings accounts are also available from BMO Harris, but its Online Savings Account has a highly appealing annual percentage yield (APY) of 4.20 APY. 

#4. First Foundation Bank

First Foundation provides a competitive 4.50% APY on its Online Savings account, which is significantly higher than what traditional brick-and-mortar banks offer; the national average is only 0.37%. The minimum opening deposit for this account is $1,000, while the minimum opening deposit for personal checking is $100. 

#5. CFG bank 

High Yield Money Market with a $1,000 minimum opening deposit and 4.80% APY. $500 minimum/$ 250k maximum deposit on 12-month CD at 5.15% APY. These accounts offer competitive interest rates and can be opened online from any US location. If you want to open a checking or savings account, however, you must live close to a Maryland branch office.

  • $1,000 as a minimum down payment
  • To earn the stated APY, you must maintain a balance of $1,000.
  • Monthly charge: $10 unless there is a balance of $1,000 or more. Strong APY
  • The possibility of avoiding monthly fees
  • Provides access to ATMs and checking accounts. $10 monthly service fee, with the possibility of a waiver if the account maintains a minimum balance of $1,000  

Best Bank Interest Rates for Savings Account

#1. UFB Direct Bank

If you want to open a savings or money market account with a competitive interest rate, UFB Direct is a great choice. UFB Direct does not offer checking or CD accounts, so you may want to look into other financial institutions. If you keep a large account balance, you can earn a lot of interest on savings and money market accounts.

There are no monthly service charges or minimum balance requirements for savings accounts. Any balance will earn 5.02% APY annually on the account. The bank also offers strong-rate high-yield money market accounts, but to avoid monthly fees, balances must be at least $5,000.

#2. Bask bank

The savings accounts offered by Bask Banks are extremely convenient for those who are interested in online banking because there is no minimum balance requirement and no monthly fee. Except for using wire transfers, there are no fees associated with the interest account’s competitive savings rate. The interest account it offers has a competitive annual percentage yield of 4.45%. There are neither minimum balance requirements nor monthly fees.

#3. Synchrony bank

A reputable online bank, Synchrony offers competitive rates on savings and CDS. In addition to offering top rates on its online savings accounts and certificates of deposit, Synchrony also charges no monthly fees. The online-only bank prioritizes accounts made for savings; it does not offer to check accounts or budgeting tools.

 The high-yield savings account from Synchrony has no fees and one of the best rates on the market, paying out a 4.00% APR. Opening an account or being eligible for the interest rate doesn’t require any minimum balances.

What Bank Currently Has the Highest Interest Rate?

TotalDirectBank currently offers a savings account with the highest annual percentage yield (APY) in the country at 5.05%. UFB Direct also offers 5.02% APY

Which Bank Gives 7% Interest on a Savings Account?

It’s difficult to locate a savings account with 7.00% interest, but it is doable. It’s fantastic if you can obtain a top interest rate.

Where Can I Get 5% Interest on My Money? 

Total Direct bank 

  • Initial down payment minimum: $2,500
  • To earn the stated APY, you must maintain a minimum ongoing balance of $2,000.
  • No monthly fee
  • No ATM card
  • Mobile check deposit is possible.
  • No available checking accounts
  • Availability of CDs

UFB Direct 

  • There is no required down payment.
  • Minimum balance on account: null
  • No monthly charge
  • Using an ATM card
  • Mobile check deposit is possible.
  • Available checking accounts: none
  • No CDs are available. 

Which Bank Offers the Best Interest Rate?

One of the highest and best bank interest rates for savings accounts currently offered is found in the UFB Preferred Savings account, which has a maximum APY of 5.02%.

Where Can I Get the Highest Interest on My Money?

  • Open a high-yield savings account
  • Open a money market account
  • Open a certificate of deposit


Savings are benefiting from rising interest rates because, up until recently, they were earning virtually nothing on the money in their bank accounts. The compensation a bank or other financial institution gives a depositor for keeping their funds in the bank is known as interest on a savings account. In a sense, a bank borrows money from its depositors by using the money deposited to make loans to other clients. A percentage is used to express interest in savings accounts.

  2. THE ANNUAL PERCENTAGE YIELD: How It Works With Your Savings Account
  3. APY: Meaning, How It Works, and Calculated
  4. SAVINGS ACCOUNT: Definition and How to Open One
  5. BUSINESS BANK ACCOUNT: What Do I Need To Open One (Best 2023 Practices)
  6. SAVINGS BONDS: How Do They Work, and Everything You Should Know


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