Savings Strategies: Where to Find the Best Interest Rates This Year
August 29, 2023
5 min read
With interest rates rising in 2023, high-yield savings accounts are becoming more attractive for consumers looking to grow their money. Savings accounts with higher interest rates can help your money earn more over time through compound interest. In today's environment of rising rates, it pays to shop around for the best yields.
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This article will explore some of the top high-interest savings accounts available in 2023 and what makes them stand out. We'll look at key factors like interest rates, fees, account minimums, accessibility, and customer service. Read on to find the best interest-earning savings account for your needs.
Key Points for Picking the Best High-Yield Savings
Several factors come into play when choosing a high-yield savings account. These include:
Interest Rate (APY): The annual percentage yield is the most important factor—aim for the highest rate possible.
Minimum Balance: Some accounts require a minimum deposit to open and earn interest. Look for low or no minimums.
Fees: Watch for monthly maintenance fees, which can erode your returns. Opt for no-fee accounts.
FDIC Insurance: Make sure deposits are insured up to at least $250,000 per depositor.
Accessibility: Consider mobile banking, ATM access, etc., for easy access to your funds.
Customer Service: Check reviews and availability of support in case you need account assistance.
Digital Experience: The online and mobile banking platforms should be intuitive and convenient.
Promotions: Some accounts offer bonuses for opening a new account with a minimum deposit.
Researching and comparing your options using the factors above will help you identify the best high-yield savings account to meet your needs.
The Best High-Yield Savings Accounts for 2023
Now that we've covered the basics let's look at the best high-yield savings accounts for 2023.
Marcus by Goldman Sachs High Yield Online Savings
Marcus by Goldman Sachs offers one of the most competitive interest rates available nationwide on an online savings account. As of August 2023, Marcus has a savings APY of 3.15% with no fees or minimum balance requirements.
Marcus stands out for its user-friendly digital experience. You can open an account online in minutes without needing to visit a branch. Deposits are FDIC insured up to $250,000 per depositor. The Marcus app and website make it easy to manage your savings 24/7.
With no monthly fees or balance minimums, the Marcus high-yield savings account removes barriers to earning a strong yield on your savings balance. The lack of physical branches also helps Marcus offer high rates consistently.
CIT Bank Savings Connect
CIT Bank offers Savings Connect accounts with a top-tier APY of 3.10% as of August 2023. This account stands out for providing one of the highest available yields while maintaining branch access.
Savings Connect has no monthly fees if you maintain a $100 minimum balance. Deposits are FDIC insured up to $250,000. While CIT Bank operates primarily online, it maintains branches in Southern California. This combines digital convenience with in-person banking if needed.
CIT Bank's mobile app enables easy savings account access on the go. Deposit funds electronically 24 hours a day, seven days a week. One benefit is CIT's relationship pricing model, which boosts your savings rate the more money you deposit and keep in your account over time.
Synchrony Bank High Yield Savings
Synchrony Bank offers FDIC-insured high-yield savings accounts with competitive interest rates. As of August 2023, the Synchrony Bank savings APY is 3.10% with no monthly fees and a $0 minimum balance.
One advantage of Synchrony Bank is the ability to open joint savings accounts along with individual accounts. This provides a convenient place for couples or families to earn interest together.
Deposits and account management are handled online and through the Synchrony mobile app. Transfers can be made easily from an existing bank account. Synchrony also offers convenient ATM access through their partner bank networks.
While Synchrony operates digitally, customer service assistants are available by phone if needed. Overall, Synchrony combines high yields with flexibility and convenience for savers.
Ally Online Savings Account
Ally Bank has grown into one of the largest online banks in the U.S. and provides a robust high-yield savings option. As of August 2023, Ally online savings accounts earn 3.10% APY with no minimum balance or monthly fees.
Ally makes it easy to open a savings account digitally in minutes without visiting a physical branch. Savings deposits are FDIC insured up to $250,000 per depositor. Customers can fund accounts through electronic transfers and manage their savings through the Ally mobile app.
One advantage of Ally is opening savings accounts for kids and teens. This can help young savers take advantage of the high rates. Ally also provides 24/7 customer support in case account assistance is ever needed.
American Express High Yield Savings
While best known for credit cards, American Express also offers a competitive high-yield online savings account. The account earns a strong 3.15% APY as of August 2023. It requires just a $1 minimum balance to open.
A highlight is the savings account can be linked seamlessly to your other American Express accounts for simplified money management. There are no monthly fees or account closing fees. Deposits are FDIC insured up to $250,000.
Account opening and management are handled through the American Express mobile app and online portal. Convenient digital banking combines with the strength and trust of the American Express brand.
Discover Online Savings
Discover, a premier name in online banking, has a high-interest savings account without monthly fees. As of August 2023, the Discover Online Savings Account yields 3.15% APY and does not require a minimum balance.
Discover makes it easy to manage savings by linking accounts to the Discover mobile app. Deposits are FDIC insured up to $250,000 per depositor. While Discover operates digitally, U.S.-based customer service is available 24/7 for assistance.
Savings accounts can be opened in a matter of minutes online. Deposits can be made anytime through electronic bank transfers. Discover provides a seamless banking experience with competitive yields.
Grow Your Savings Faster
When shopping for the best high-yield savings account in 2023, start by looking at the Annual Percentage Yield to maximize returns. Also, look for features like no minimum balance requirements, low or no monthly fees, FDIC insurance protection, digital account management, and strong customer service.
The accounts profiled above currently provide some of the best nationwide yields available while maintaining convenience, flexibility, and digital access. With interest rates expected to continue rising in 2023, high-yield savings accounts are a smart place to earn more on your money.
