Best High Yield Savings Accounts By Big Banks of 2023

Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Finding a high-yield savings account isn’t difficult. While the best high-yield savings accounts with the highest annual percentage yields (APYs) are usually found online, there are some competitive offerings from brick-and-mortar financial institutions. (Learn about brick-and-mortar vs. online savings accounts.)

The national average APY on savings accounts is just 0.42%, according to the Federal Deposit Insurance Corporation (FDIC). In this roundup, we found big-name financial institutions that offer online high-yield savings accounts with APYs that are over 9X higher than the average rate.

To determine this ranking, CNBC Select analyzed and compared the largest banks and/or credit unions by asset size and the high-yield savings accounts they offer. When rating our top five, we considered each account’s APY, its ease of use, account accessibility, as well as the cons, such as monthly fees and minimum balance requirements.

The savings accounts we selected for our ranking all offer an APY of at least 4.00% to all customers (no matter your balance), are FDIC-insured, have zero monthly maintenance fees and no minimum balance requirements. (See our methodology for more information on how we compiled this ranking.)

The American Express® High Yield Savings Account ranked as CNBC Select’s best overall high-yield savings account offered by a big bank because it offers users an above-average rate of 4.30% APY as of 9/27/2023 with no deposit minimums or monthly fees. The account is easy to use and has 24/7 customer service with good reviews. Interest compounds daily and is deposited into your account monthly.

Customers can easily transfer and automate their deposits from their external bank account by simply setting it up within a few minutes online. Once your external account is linked (which can take up to two days), transfers typically take less than 24 hours to complete. You can also receive your monthly statement either digitally or by mail at no extra charge to you.

In addition to offering 24/7 customer support, American Express also has a helpful “Tips & Tools” section on its website with educational resources and strategies to help you save. Topics include how much you should save for retirement, how to get more out of your savings and ways to be a better saver.

Plus, Amex savers can make unlimited withdrawals or transfers per monthly statement cycle and there’s no limit on the number of deposits that customers can make.

The Discover Online Savings Account offers a 4.15% APY, access to accounts on the go and well-reviewed 24/7 customer service. If you’re looking to do all your banking in one place, Discover stands out because it has an online Discover Cashback Debit Account option as well that comes with no monthly fees, cash back on your debit card purchases and access to over 60,000 ATMs nationwide. This account ranked “best for rewards” on CNBC Select’s list of the top no-fee checking accounts.

The Discover savings account offers a respectable APY, interest compounds daily and is paid out monthly. There are no monthly fees and no minimum deposit required to open an account.

Discover offers customers mobile check deposits where they can easily deposit a check into their savings account by snapping a photo of it with their smartphone or tablet. Using the app, they can also transfer money from one account to another and use Quick View to check their savings account balance without having to log into their account each time. Discover savings account holders can make up to six free withdrawals or transfers per statement cycle.

Discover’s website makes it easy to compare its savings account to other big banks’ accounts. On the website, users can add and remove certain banks to create their own comparison chart to see how the banks stack up to one another. Discover’s website also offers helpful advice and “how to” articles through its Modern Money Blog.

Sallie Mae may be best known as a private student loan lender, but the financial institution also offers a variety of savings products, including CDs, a money market account and the Sallie Mae High-Yield Savings Account with a 4.10% APY. It made this list thanks in part to its easy online account management that includes mobile text banking, allowing users to request account information, and mobile text alerts, allowing automatic notices about users’ accounts.

This high-yield savings account offers a solid APY, as well as zero monthly maintenance fees and no minimum balance requirements. Interest is compounded daily and paid to your account monthly.

Users can link their external bank account to their Sallie Mae account to transfer funds electronically or set up direct deposit. They can also use Sallie Mae e-deposit, which lets users make check deposits remotely through their iPhone^® or Android^TM devices. Account holders with Sallie Mae can withdraw or transfer money up to six times per calendar month with no penalty. There is no limit to the number of transfers you may make from your high-yield savings to repay Sallie Mae loans, and there is no limit on the number of deposits that customers can make.

Sallie Mae’s mobile text banking is a free service (though your wireless carrier may charge normal text or data usage fees) that lets customers retrieve information about their bank accounts from their mobile devices using text messaging. Users can ask for their account balances, their last five transactions or to transfer funds between two accounts. Customers can also choose which mobile text alerts they want to activate, such as reminder alerts, balance alerts and transaction alerts.

Of all the big banks on this list, only Capital One has hundreds of physical branch locations that customers can visit in person. In addition to its bank branches and online access, there are also Capital One® Cafés where customers can open an account, ask questions and get financial advice.

The Capital One 360 Performance Savings offers a solid APY of 4.15% with no minimum balance requirements and zero monthly fees. Capital One also offers a Capital One 360 Checking with no fees and access to 40,000-plus fee-free ATMs. It ranked “best overall” on CNBC Select’s list of the top no-fee checking accounts.

Savers can transfer their money between linked Capital One accounts or external bank accounts. They can set up direct deposit and automatic transfers to easily keep their savings growing. You’re limited to six free withdrawals or transfers per statement cycle.

Using Capital One’s top-rated mobile app, users can access their money from anywhere and deposit checks through mobile check deposit. The app makes it simple to track your spending and savings goal progress through an online account tool called My Savings Goals.

A big perk of Capital One is its free credit monitoring service, CreditWise® from Capital One (though you don’t have to have a Capital One account to use it). It ranks as the “best overall free service” on CNBC Select’s list of the top credit monitoring services because users can track their credit score and receive alerts when it changes — all for free.

The Barclays Online Savings is a pretty straightforward bank account with a 4.35% APY. It stands out for offering tools to help you save, including a personal Barclays savings assistant when you need help reaching your goals.

This high-yield savings account has a strong APY with no monthly maintenance fees and no required minimum balances to open an account.

Account holders can make transfers to and from their linked external bank accounts through the Barclays mobile app and set up direct deposit to make saving simple. Barclays’ Deposit Checks feature allows you to deposit checks into your savings account remotely by uploading a picture of your check from your computer, laptop or mobile device. Savers are given six free withdrawals/transfers per statement cycle.

For those who need some help visualizing what it will take to meet certain savings goals, the Barclays Savings Assistant offers an easy-to-use calculator. Users choose their goal from a dropdown menu on the website, such as saving up for college, a vacation or retirement. They then input how much the goal costs, how much they already have saved up and how much they can contribute monthly. Barclays Savings Assistant will then calculate how many months and/or years it will take for you to reach your goals.

• One-on-one attention when you can visit a branch in person and ask questions, complete transactions, etc.
• Broad ATM networks for convenience, with the biggest banks having over 4,000 non-fee ATMs in the U.S
• Access to other types of banking products in addition to deposit accounts, like auto and personal loans, mortgages, CDs, etc.
• Strong likelihood of having free overdraft protection when you link your checking account to a savings account (in case you spend more than you have in checking)

While there’s a lot to like about a high-yield savings account, the biggest downside of any high-yield savings is that their above-average interest rates can fluctuate at any time. Because the rates, or APYs, offered are variable rates, they aren’t guaranteed forever and they often go up or down in accordance with the federal funds rate.

If you have enough cash stockpiled away as savings (experts generally advise that emergency funds have three to six months’ worth of your living expenses), you can invest your additional money instead of depositing it into your bank account.

Though you can typically score the best return on your savings through an online-only high-yield savings account (APYs for these banks are currently around 5% and some even as high as 6%), those who aren’t comfortable making the jump from their big-name bank to online should look to a savings account on this list. With these accounts you get the institutional name, plus the above-average return.

To determine which big financial institutions offer high-yield savings accounts with the best return on your money, CNBC Select analyzed and compared the largest banks and/or credit unions by asset size and their high-yield savings accounts. We narrowed down our ranking by only considering those savings accounts that offer an APY of at least 4.00%, zero monthly maintenance fees and no minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates for big banks, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users’ deposit options and each account’s compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can’t transfer money you already had in an account at that bank.

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Interest rate and APY are subject to change at any time without notice before and after an American Express® High Yield Savings Account is opened. *American Express National Bank is a Member FDIC.