Top 10 Best Online High-Yield Savings Accounts February 2023

Reviewed by Marie Still, MBA
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LendingClub Bank High Yield-Savings Account

LendingClub Bank High Yield-Savings Account

Editor’s Choice

5 stars

Alliant Credit Union High-Rate Savings Account

Alliant Credit Union High-Rate Savings Account

Best for high-yield checking and saving rates

5 stars

Comenity Direct High-Yield Savings Account

Comenity Direct High-Yield Savings Account

Best online-only account with solid APY

5 stars

Separating your finances into both a regular checking and savings account is a smart financial move. Keeping a portion of your money in a savings account provides easier access to funds should an emergency arise. Unlike checking accounts, savings accounts, especially high-yield accounts, offer higher interest rates. The difference between a high-yield savings account and a traditional account is the higher interest rates they earn. While a high-yield account has a higher interest return, some downsides include variable interest rates, making it a great place for short-term savings such as vacation or emergency funds, but not for your long-term retirement savings. While some traditional banks offer these types of accounts, they are typically found from online-only institutions. We’ve evaluated many online banks, traditional banks, and credit unions to find October’s ten best high-interest savings accounts.

Read more: Best National Banks

Top 10 Best Online High-Yield Savings Accounts

Features Of The Best Online High-Yield Savings Accounts

LendingClub Bank High Yield Savings Account

  • No monthly service fees
  • No minimum balance requirements  ($100 initial deposit required to open an account)
  • All transactions are available through a mobile app
  • Competitive annual percentage yield compared to other savings accounts 
LendingClub Bank High Yield-Savings Account

LendingClub Bank High Yield-Savings Account

  • $100 minimum initial deposit\
  • Mobile check deposit
  • No monthly fee
  • Checking accounts available
Alliant Credit Union High-Rate Savings Account

Alliant Credit Union High-Rate Savings Account

  • No monthly fee
  • 0.25% APY with no minimum balance
  • No overdraft fees
Comenity Direct High-Yield Savings Account

Comenity Direct High-Yield Savings Account

  • 0.55 APY
  • No monthly service fee
  • $100 minimum deposit requirement
Quontic Bank High Yield Savings

Quontic Bank High Yield Savings

  • 0.55% APY
  • No monthly maintenance fee
  • $100 minimum deposit
  • Mobile app and mobile check deposit
CIBC Bank USA Agility Savings Account

CIBC Bank USA Agility Savings Account

  • Monthly compounding period
  • Competitive interest rates
  • 0.62 APY
  • A minimum of $1,000 to open an account
Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

  • 0.57% APY
  • FDIC insured
  • $100 minimum balance to open
  • No monthly transaction fees
Ally Bank Online Savings Account

Ally Bank Online Savings Account

  • Daily compounding period
  • 0.50 APY interest rate
  • There are no hidden fees
  • An easy-to-use app to deposit checks
Citibank Accelerate High-Yield Savings

Citibank Accelerate High-Yield Savings

  • 0.50% APY with caveats
  • Daily compounding period
  • ATM access
Live Oak High-Yield Savings

Live Oak High-Yield Savings

  • 0.50% APY
  • No monthly fee
  • Easy access to your account information
Marcus by Goldman Sachs High-Yield Online Savings Account

Marcus by Goldman Sachs High-Yield Online Savings Account

  • Daily compounding period
  • 0.50% APY
  • No monthly maintenance fee
  • No minimum balance

Top 10 Best Online High-Yield Savings Accounts in February 2023

LendingClub Bank High Yield-Savings Account

LendingClub offers checking accounts, savings accounts, and CDs in addition to personal finance lending. Both their checking and savings accounts offer customers perks, including ATM fee rebates and cashback.

  • High interest earnings
  • Free checking and savings accounts are available
  • No minimum balance required (after $100 initial deposit to open the account)
  • Unlimited ATM fee reimbursements
  • One checking option with cashback rewards and interests.
  • No brick-and-mortar locations
  • CD rates are relatively low
  • Higher annual yields only available for accounts with $2,500 and more

This high yield account is best for those looking for a savings account with flexibility. Free money transfers and an ATM card (with fee reimbursement) make it easy for account owners to access and move their money around accounts. .Account management is done through the LendingClub mobile app available for iOS and Android devices. However, its CD rates are not as competitive as other banks. LendingClub issues monthly ATM refunds with no cap on fees charged by non-network ATM owners.

Alliant Credit Union High-Rate Savings Account

Alliant Credit Union offers high-yield savings accounts without a monthly fee. With only $5 required to open an account, this is a great option accessible to all.

  • No overdraft fees.
  • The interest rates on checking and savings are above average 
  • No monthly fee if you choose paperless statements
  • More than 30,000 free ATMs
  • Only $5 required to open an account
  • Open up to 19 supplemental accounts
  • There are no physical branches 
  • Minimum balance of $100 required to earn interest

Account owners who elect eStatements won’t be charged monthly fees.It has a 0.55% APY for CDs that rise to 0.60% on a 3-year APY. This savings account has a solid online banking platform and a highly rated mobile application. Users all have free access to online bill pay and their credit score. You can apply for membership after making a one-time $5 donation to a nonprofit that supports foster children. It is an excellent high-interest savings account for money management. 

Comenity Direct High-Yield Savings Account

Comenity Direct offers high-yield savings accounts with no monthly fees or ongoing balance requirements. You need 100 dollars to open an account.

  • No monthly fees on savings accounts or CDs
  • User-friendly online services
  • Solid rate on high-yield savings account
  • Night and weekend customer service hours
  • You can start with as little as $100
  • No checking or money market account offerings
  • No ATMs or branches

This online bank offers a competitive price of 0.5 5% annual percentage yield (APY) for balances up to $10 million per account holder. It has savings and CDs offering solid APYs. For example, the CDs have a minimum opening balance of $1,500 with no monthly fees.

They have a mobile app that allows you to deposit checks and monitor your account. This is an online-only bank, so it doesn’t have any branches. The only way to withdraw cash is to transfer money to a linked account.

Quontic Bank High Yield

Quontic Bank High Yield Savings

10% Off

All Service

Open Account

Quontic bank offers stellar checking account options, worthwhile CD rates, and savings accounts. It has an annual percentage yield of 0.55%, higher than the national average.

  • No monthly fees
  • Doesn’t require a minimum balance to earn interest
  • Mobile app to help with transactions
  • Available in all 50 states
  • No sign-up bonus
  • High wire transfer fees
  • Limited to 6 withdrawals per statement cycle

A $100 deposit is required to open an account, but there are no monthly maintenance fees. You can pay bills easily from your account and manage your money with a mobile app or online. Withdrawing money is simple through ATMs, however there is a limit to 6 withdrawals per statement cycle.. Quontic bank monitors transactions for any potential fraudulent activities with your savings insured by the FDIC.  You can earn up to 0.55% APY and get a mobile checking account.

CIBC Bank USA Agility Savings Account

This account has a market-leading savings rate with no monthly fees. The best part of this savings account is the interest rate that is among the highest nationwide.

  • TMobile app to bank online
  • No monthly fees
  • Competitive interest rate
  • Requires $1,000 deposit to open an account
  • No ATM access
  • Strict transfer rules

CIBC is FDIC insured with a 0.62 APY. This high interest rate will help you grow your money faster and hit your savings goals sooner. You will not pay monthly maintenance fees ever. You can fund your account with a recurring transfer from a linked account, direct deposit, or mailed check. Make money transfers between CIBC checking account and the Agility account.

Vio Bank High Yield Savings Accounts

Voi bank savings account is easy to use and will maximize your savings. It is one of the best savings accounts offering high APY rates for high yield savings accounts.

  • No monthly fees if you use paperless billing
  • An easy-to-use mobile banking app
  • Strong APY
  • Up to 6 free withdrawals or transfers per statement cycle.
  • You won’t get an ATM card with your account
  • This account doesn’t include checking

This is a great option if you want to stash away some savings. Voi bank is an online savings account without brick-and-mortar banks. The easiest way to deposit money into your Vio bank account is through electronic transfer from a linked checking account. You can earn 0.57% interest, which is one of the highest annual percentage yields. However, you need a $100 deposit to open an account. This bank compounds interest on your savings daily with the APY offer reflecting the total amount of interest that the account would earn over a year.

Ally Bank Online Savings Account

This is one of the most well-known online banks in the business.  Ally offers savings, checking, CDs, and investment accounts.

  • No hidden fees
  • Easy-to-use app to deposit checks
  • You can access account information easily 
  • Organize your savings through a robust online experience
  • Nobrick-and-mortar locations

Ally bank offers one of the easiest and clearest online banking experiences… There are several options available, making it easy to get your money if you need it. \With no physical locations, depositing cash isn’t an option. Ally’s account will refund up to $10 per month in ATM fees. You must have a checking account to get an ATM card.

Citibank Accelerate High-Yield Savings

Citibank offers high-yield savings accounts with one of the best interest rates. It is one of the few large banks offering a good rate on high-yield online savings accounts. On this account, you must maintain a balance of $500 or more to avoid a monthly fee.

  • High APY for a big national bank or credit union
  • You can bank online and through the mobile app
  • No minimum fees to open an account
  • Offers seven banking packages with different features
  • A combo of savings and checking accounts
  • It’s only available in select markets.

This high-yield savings account has a competitive rate for today’s low-yield environment. It has many account options without a minimum opening deposit. You can link your Citibank Accelerate account to a qualifying Citi checking account to earn reward points redeemable for gift cards and cash. There are over 4,600 Citibank branches all over the world. Sign up for other banking packages, including a checking account with ATM access. 

Live Oak High-Yield Online Savings

This bank has a 0.50 APY on its savings account, which is lower than some popular federal reserve banks available.

  • No monthly maintenance fee
  • No minimum amount to open an account
  • Decent interest savings rates
  • No minimum account balance
  • No debit card or ATM access

Live Oak Bank appeals to consumers looking for a digital bank to stash their cash and earn some interest. It offers FDIC-backed deposit accounts, savings accounts, money market accounts, and certificates of deposit (CDs). There is no minimum deposit required for opening an account. You also don’t have to worry about paying a monthly fee or any minimum balance requirements. However, there are no brick-and-mortar banks to access your accounts.

Marcus by Goldman Sachs High-Yield Online Savings

This is an online bank backed by one of the most well-known financial institutions. It offers one of the best APYs in the industry. Marcus is backed by the Federal Deposit Insurance Corp.

  • Personal loans available
  • Has a mobile app with standard features
  • Up to 6 withdrawals or transfers per statement cycle
  • You can view account activity and make transfers through the app
  • Doesn’t offer ATM cards or access to ATMs
  • Doesn’t offer a checking account option

This online consumer bank has some of the top interests for its high-yield savings and CD products. You can make same-day transfers of less than $100,000 to other banks. Marcus allows deposits via wire, EFT, or mailed checks. It can help you increase your savings over time without worrying about meeting some requirements or keeping up with fees. You can also getUp to 6 withdrawals or transfers per statement cycle. However, it’s not the best online savings accounts choice if you need easy access to your money. 

Are high-yield savings accounts safe?

Like any traditional savings account, high-yield saving accounts are federally insured for up to $250,000 if you open an account at an FDIC-insured institution. These federal agencies regulate and insure financial products. What to consider when choosing a high-yield savings account

Annual percentage yield

This is the amount of compound interest that an account earns in a year. You calculated the annual percentage yield by how much interest rate and the number of times interest is paid annually.

How often rates change

The high-yield savings account yields could increase or decrease with the economy, or the federal funds rate. Most annual percentage yield rates are variable and may change at any time. It is influenced by the federal reserve rates.

Minimum deposit required

Each high-yield account has different minimum deposits required for opening an account. Minimum balance required

If there is a minimum balance requirement, you must keep this amount in your account in order to avoid monthly fees or receive extra benefits like earning interest. 

Withdrawal options

You can withdraw money, including electronic transfers, checks, and wire transfers. Each institution has different withdrawal limits. For example, the American Express National Bank allows up to nine withdrawals or transfers per month.


A high-yield saving account offers a much higher interest rate than traditional savings accounts. These accounts are primarily available through online banks. They have less overhead costs than conventional bank accounts and offer perks to consumers, such as lower monthly fees and higher savings account rates on deposit accounts. 

Frequently Asked Questions (FAQs)

What are the risks of high-yield savings accounts?

 High-yield savings accounts have variable APY, making them a great option for short-term savings or emergency funds, but not for long-term retirement planning.

Do you pay taxes on interest earned in a high-yield saving account?

The interest earned on the bank account is taxable interest, according to the IRS.

Is high-yield savings account different from a money market account?

You can’t write checks against a high-yield savings account, while money market accounts have check-writing privileges.

Why are the most high-yield savings accounts online?

Online banks offer the most competitive yields on their account because they have few expenses as they don’t operate branches.

Are high-yield saving account rates fixed?

TM Most high-yield savings accounts have a variable APY.

Are savings accounts still worth it?

Savings accounts, especially high-yield savings accounts are a great way to earn money on money. Unlike a checking account, high-yield savings accounts offer higher interest.



Billy Graham is a Highly skilled copywriter/editor with over 8+ years of experience working for content mills, direct clients, and SEO marketing agencies alike. Possesses extensive expertise in crafting unique copy, exceeding editorial goals, and delivering first-rate client-focused service in results-driven content production. Specialties include gaming, branded content, short-form to long-form copywriting, call-to-action, buying guides, how-to – articles, product reviews, and comparisons, copy editing, proofreading, complete QA, and in-depth research.


Marie Still has 19 years in digital & brand marketing, fiction author with 3 books under traditional publishing contract, editor (fiction/nonfiction). She has an MBA in Marketing.