Skip to main content

The Top Interest Savings Accounts for 2023

4 min read

By ActiveBeat Author

As the new year emerges, it’s common for individuals to reassess their financial strategies. A vital part of this is considering a high-yield savings account (HYSA), which serves as a pillar for fiscal growth and financial freedom. If you already have one, that’s fantastic. However, it’s always good to be looking around for institutions that might have better options than your current bank or credit union.

Financial savviness often requires jumping on a new opportunity – even if it means leaving the familiar behind. You might be considering divvying up your funds, or perhaps you’re at a stage where you can finally start saving for the first time in your life. Both scenarios present exciting opportunities!

Our aim is to assist you as you embark on your journey to smarter and increased savings. This is a quick list of the top interest savings accounts in the U.S. right now. This isn’t solely dependent on the Annual Percentage Yield (APY), though. APY is important, but it’s not the only crucial element when choosing what bank to entrust your funds to. Our list is a result of an in-depth review that also includes other services, FDIC insurance, customer feedback, and minimum balance requirements.

Please keep in mind that APYs can change any time. However, these numbers are pulled from top financial institutions as of May 2023.

Ally Bank HYSA

APY: 3.85%
Minimum Balance: $0

Ally Bank may be lesser known, but offers significant user-friendliness. With no added fees or monthly minimums, they make it as easy as possible for you to store, grow, and access your funds. An APY of 3.85% is highly competitive with many of the larger institutions on this list. Even better, you can open an account and start depositing 100% remotely. Ally Bank also offers Amazon Alexa integration, allowing you to move money between accounts just by asking your Alexa suite device. They also offer CDs, checking accounts, IRA savings options, and 24/7 remote support.

The only drawback is that Ally Bank has no physical locations, so you cannot deposit money at an ATM or visit a branch. You’ll need to arrange a wire transfer from another institution, direct deposit from your employer, or mail a physical check to their offices in Philadelphia.

American Express Savings HYSA

APY: 3.9%
Minimum Balance: $0

With American Express’s personal savings option, you have the stability of a large, trusted brand and an APY of 3.9%. Since American Express is very established, they have more to invest in resources so you’ll find many articles on good financial strategies on their website. They also have 24/7 support.

Another fantastic benefit is that AmEx allows up to nine withdrawals per month whereas most financial institutions only allow six withdrawals from a savings account. That can sometimes make it difficult to budget out money in smaller portions or pay for an unexpected expense.

While AmEx is a great option for personal savings and credit, they don’t really have a functional checking option. That’s a bit of a downside if you wanted a one stop shop for your banking. They do offer prepaid debit cards, but don’t confuse those with debit cards that are linked directly to a checking account. If you rely on your debit card a lot, you’ll likely need to double up with another provider.

Marcus by Goldman Sachs Online Savings Account

APY: 4.15%
Minimum Balance: $0

Marcus by Goldman Sachs is the banking arm of — you guessed it — investment firm Goldman Sachs. They offer a savings account sporting a 4.15% APY, which is slight above to the previous two entries on this list and about 10x higher than the current national average APY of 0.33%. Marcus also has CDs and loan options.

However, like Amex, you’ll be hard pressed to find a checking option. While Marcus does make it easy to link to other financial institutions, this option might be best suited if you are opening a second savings account. This account is great if you are unlikely to need access to your money for day-to-day purchases.

LandMark Credit Union Premium Account

APY: 7.50% APY up to $500

Minimum Balance: $0

Landmark Credit Union is an online bank that’s growing every day, offering aggressive interest rates like the one mentioned above. Landmark Credit Union offers online and mobile banking, and provides each member with a VISA debit card. They’re also equipped to offer home equity loans, student loans, auto loans, and personal loans.

Right now they’re offering new customers a staggering 7.50% on their first $500 deposit, though there are some stipulations. New customers must set up a qualifying direct deposit of $250 or more. There’s a $100 penalty for closing the account before 90 days too. Still, 7.50% APY is nothing to complain about!

Webster Bank Market Savings Account

APY: 8.96% – 9.06% APY

Minimum Balance: $0

Save Market Savings Accounts are insured by Webster Bank, and deliver between 8.96% and 9.06% APY for customers willing to commit to a 5-year term. Cashing in on this impressive interest rate is as simple as signing up online, choosing a deposit amount, selecting a term length, and picking an investment portfolio.

Your deposit is never at risk, but you’ll still get market driven yields that pay out at the end of your pre-established investment term. It’s a novel concept that pairs both the benefits of an investment account and the safety of a savings account.

Our Top Choice: Axos Bank

APY: 0.61%
Minimum Balance: $0

Axos Bank is the second fully online banking experience on this list. Axos’s High Yield Savings Account has an average APY of 0.61%, which is lower than many accounts on this list. However, they don’t require a minimum deposit in order to open an account so you can start saving immediately. They also have checking accounts at up to 3.3% APY and business accounts. Overall, that makes them a better option for anyone who prefers to get all their online banking done in one place.

They don’t have any physical locations. That has both benefits and drawbacks. But with a great APY and convenient, forward-thinking features that put digital natives first, Axos easily claims the top spot on our list.

ActiveBeat Author


Personal Finance


Streamline Your Internet and TV Bill with These Cheaper Satellite TV Options
By ActiveBeat Author Personal Finance

Streamline Your Internet and TV Bill with These Cheaper Satellite TV Options

With increasing Internet and TV plan costs and complex bundle deals, it can be tough to make sure you’re getting the best deal. The advent of satellite TV has ushered in a wave of cheaper and more flexible options that can bring your favorite shows and high-speed internet to your home without breaking the bank. New […]

Read More about Streamline Your Internet and TV Bill with These Cheaper Satellite TV Options

3 min read

Reasons Why You Should Consider a Medical Assistant Career
By Kimberly Dixon Personal Finance

Reasons Why You Should Consider a Medical Assistant Career

If you’re looking for a career change or considering your options after graduating from high school, becoming a medical assistant can be a rewarding and lucrative choice. Here are some of the top reasons why you should consider a career as a medical assistant!

Read More about Reasons Why You Should Consider a Medical Assistant Career

6 min read