It’s no secret that the Federal Reserve keeps interest rates low, but there are still ways to maximize your savings with a high-yield savings account. With so many banks offering high-yield rates, it can be overwhelming to narrow your search down to just one. To help you out, we’ve compiled a list of the best high-yield savings accounts of 2023.

CFG Bank

High Yield Money Market Account – 5.17% APY

CFG Bank offers a competitive 5.17% APY on its savings account, making it a great choice for those looking to get a higher return on their savings. CFG Bank is an online bank with no physical branches, so all communication is done online or through the phone. The bank also doesn’t require a minimum balance to open an account. One of the things we really like about CFG Bank is that they don’t charge fees or have a monthly account maintenance fee.

• Minimum initial deposit: $1,000
• Minimum ongoing balance to earn APY: $1,000
• Monthly maintenance and service fee: $10/month for a balance over $1,000

Western State Bank

Online Money Market Account – 5.15% APY

Western State Bank offers one of the highest APYs at 5.15%. This online bank offers all the features you would expect from a traditional brick-and-mortar bank and then some. With savings accounts, checking accounts, and CDs all available, the bank is a great option for those looking to diversify their savings strategies. The bank also has a mobile app, making it easy to manage your accounts on the go. One thing to note, though, is that Western State Bank does charge a $5 monthly service fee.

• Minimum initial deposit: $5,000
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

TotalDirectBank

Money Market Account – 5.07% APY

TotalDirectBank offers one of the mid-range APYs at 5.07%. This online bank has all the features of a traditional brick-and-mortar bank but with no physical locations. The bank has savings accounts, checking accounts, and CDs all with competitive APYs. There are no minimum account balance requirements or monthly maintenance fees, making it a great option if you’re trying to maximize your savings without having to pay service fees.

• Minimum initial deposit: $25,000
• Minimum ongoing balance to earn APY: $2,500
• Monthly maintenance and service fee: None

Popular Direct

High-Rise Savings Account – 5.05% APY

Popular Direct offers one of the lower APYs on our list at 5.05%, but it’s still a great option if you’re looking for a higher yield. This online bank offers savings accounts, checking accounts, and CDs all with competitive APYs. There is a $10 minimum account balance requirement to open an account. Popular Direct also offers a mobile app that makes it easy to manage your accounts on the go.

• Minimum initial deposit: $5,000
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

Vio Bank

Cornerstone Money Market Savings Account – 5.02% APY

Vio Bank offers an APY of 5.02%, making it one of the lowest on the list. Vio Bank is an online bank with no physical branches, so all banking is done online or through the phone. The bank does require a $500 minimum account balance to open an account. However, there are no monthly maintenance fees. One of the things we like about Vio Bank is that it offers a wide range of savings products, including CDs, money market accounts, and interest checking accounts.

• Minimum initial deposit: $100
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

Salem Five Direct

eOne Savings – 5.01% APY

Salem Five Direct offers one of the higher APYs at 5.01%. This online bank offers several savings products, including savings accounts, checking accounts, and CDs. There is no minimum account balance requirement and no monthly maintenance fees. One of the things we like about Salem Five Direct is that they offer a wide range of banking products, including investment and insurance services.

• Minimum initial deposit: $10
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

Dollar Savings Direct

Dollar Savings Account – 5.00% APY

Dollar Savings Direct offers a competitive 5.00% APY. This online bank offers all the features you would expect from a traditional brick-and-mortar bank, but with no physical locations. Dollar Savings Direct also offers a mobile app that makes it easy to manage your accounts on the go. There is no minimum account balance requirement, and there are no fees or monthly maintenance fees.

• Minimum initial deposit: $0
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

Newtek Bank

Personal High Yield Savings – 5.00% APY

Newtek Bank offers an APY of 5.00%. This online bank has all the features of a traditional brick-and-mortar bank but with no physical locations. Newtek Bank offers a wide range of banking products, including savings accounts, checking accounts, CDs, and more. The bank does require a minimum account balance of $25 to open an account, but there are no monthly maintenance fees.

• Minimum initial deposit: $0
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

VirtualBank

eMoney Market – 5.00% APY

VirtualBank offers an APY of 5.00%, making it a great choice for those looking to maximize their savings. VirtualBank is an online bank with no physical branches, so all banking is done online or through the phone. Unlike other online banks, VirtualBank offers a number of products, including interest checking accounts, mortgage loans, and more. There is no minimum account balance requirement, and there are no fees or monthly maintenance fees.

• Minimum initial deposit: $100
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

Evergreen Bank Group

High-Yield Online Savings – 5.00% APY

Evergreen Bank Group offers an APY of 5.00%, making it a great choice for those looking to maximize their savings. Evergreen Bank Group is an online bank with no physical branches, so all banking is done online or through the phone. The bank has savings accounts, checking accounts, and CDs, all with competitive APYs. The bank does require a $50 minimum account balance to open an account, but there are no monthly maintenance fees.

• Minimum initial deposit: $100
• Minimum ongoing balance to earn APY: Any amount
• Monthly maintenance and service fee: None

Whether you’re looking for an online high-yield savings account or a traditional brick-and-mortar bank, there are many options available to maximize your savings. Before starting a savings account, it’s important to compare APYs, account requirements, and any other fees or services you may incur. Make sure to research all your options before making a decision to ensure you find the best account for your needs.