• Written By
    Jennifer Schell

    Jennifer Schell

    Financial Writer

    Jennifer Schell is a professional writer focused on demystifying annuities and other financial topics including banking, financial advising and insurance. She is proud to be a member of the National Association for Fixed Annuities (NAFA) as well as the National Association of Insurance and Financial Advisors (NAIFA).

    Read More
  • Edited By
    Lamia Chowdhury
    Lamia Chowdhury

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.

    Read More
  • Financially Reviewed By
    Timothy Li, MBA
    Timothy Li, MBA Headshot

    Timothy Li, MBA

    Business Finance Manager

    Timothy Li, MBA, has dedicated his career to increasing profitability for his clients, including Fortune 500 companies. Timothy currently serves as a business finance manager where he researches ways to increase profitability within the supply chain, logistics and sales departments.

    Read More
  • Updated: August 11, 2023
  • 10 min read time
  • This page features 9 Cited Research Articles
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How We Picked the Best Online High-Yield Savings Accounts of 2023

We evaluated savings accounts from banks and credit unions that are available in all 50 states, ultimately only featuring those that fit our strict criteria. To be included on this list, providers must meet the following criteria:

  • One of the top 30 banks or top 10 credit unions in the country in terms of consolidated assets in 2022 according to data from the Federal Reserve and National Credit Union Administration.
  • Backed by the Federal Deposit Insurance Corporation (for banks) or the National Credit Union Administration (for credit unions).

Understanding Our Methodology

To choose the best online high-yield savings accounts of 2023, Annuity.org’s independent editorial team carefully considered savings account offerings from the top banks and credit unions in the country.

Annuity.org uses a strict and fact-based methodology to determine which companies qualify for our rankings. To be considered, a bank or credit union must offer savings accounts in all 50 states and be backed by either the FDIC or the NCUA. The financial institutions must also offer online banking and have a savings account with an annual percentage yield (APY) higher than the national average listed on the Federal Reserve data.

We also considered other factors, including the savings account’s minimum balances, minimum deposits and fees associated with the account.

Learn more about our broader Editorial Guidelines.

High-yeld savings accounts are a great investment tool to earn interest for your savings account. Be aware of some limitations, such as no ATM access and no cash deposits.

Editor’s Choice: Best Overall Online High-Yield Savings Account of 2023

Great for: Earning high interest with no fees or minimum balance

Marcus by Goldman Sachs Online HYSA Details

Marcus is the online consumer banking subsidiary of Goldman Sachs, one of the biggest financial services firms in the nation. Marcus’ consumer banking offerings include high-yield savings accounts and CDs, personal loans and credit cards.


  • No minimum balance or minimum deposit
  • No monthly fees


  • No promotional bonuses for new members
  • No debit or ATM cards
  • Mobile check deposit not available

Our Take

At 3.90%, Marcus by Goldman Sachs’ High-Yield Online Savings Account has one of the highest interest rates on the market today. The online-only bank makes opening an account easy with no minimum deposit or minimum balance requirements.

Though the savings account’s interest rate is hard to beat, Marcus has a more limited selection of products than some other banks. If you’re someone who prefers to have your checking account and savings account all in one place, you might consider a different bank since Marcus does not provide checking accounts.

Best for No Fees

Great for: Earning high interest with no fees

American Express Online Savings Details

American Express is a financial services company based in New York City. In addition to being the world’s largest provider of traveler’s cheques, AmEx also offers travel insurance, credit cards, personal loans, certificates of deposit, checking and savings accounts.


  • No fees
  • No minimum deposit and balance


  • Cash deposits not available

Our Take

American Express offers a wide variety of financial products and services, but their high-yield savings account stands out with one of the highest APYs you’ll find. The online savings account charges no fees and you only need $1 in the account to start earning interest. But because it’s an online-only bank, you won’t be able to deposit cash in your American Express savings account.

Best Mobile App

Great for: Competitive interest rates and user-friendly mobile banking

Discover Bank Online Savings Details

Discover is a digital bank and payment services company. Though they are perhaps best known for their credit cards, Discover also provides bank products such as savings accounts, certificates of deposit and money market accounts.


  • No monthly fees or fees for insufficient funds
  • No minimum deposit or minimum balance
  • Easy-to-use mobile app


  • No ATM card
  • Must deposit at least $15,000 to get a bonus

Our Take

Discover Bank ranks highly on many experts’ lists of the best savings accounts, and for good reason. The bank offers a competitive APY, no fees or minimum deposit and a user-friendly mobile banking experience. Through the Discover app, you can check your balance and make payments. If you have a Discover credit card, you can manage both your savings account and credit card all in one place.

The Discover Online Savings Account offers a 3.60% APY with interest that compounds daily and pays monthly. First-time customers with at least $15,000 in savings can earn a bonus of $150 when they open an account, and an opening deposit of $25,000 can earn a $200 bonus.

Best Credit Union

Great for: Earning high interest at a credit union

Alliant Ultimate Opportunity Savings Details

Alliant Credit Union is a nationwide credit union offering savings and checking accounts, share certificates, loans, retirement accounts and insurance, among other products. The credit union has no physical branches but does have one of the largest fee-free ATM networks in the country.


  • Low minimum deposit
  • No monthly fees


  • $100 minimum balance
  • Complicated membership requirements

Our Take

The high APY puts Alliant ahead of other nationally available credit unions when it comes to savings account interest. You can open a savings account at Alliant with just a $5 minimum deposit, but you’ll need to maintain a minimum balance of $100 to earn that competitive interest rate.

Alliant may not be available to everyone, as their membership requirements can be a bit complex. But the credit union does offer one of the more generous promotions for first-time customers; if you deposit at least $100 a month for the first 12 months, you’ll receive a $100 bonus.

Best for Savings Goals

Great for: Setting multiple savings goals with one account

Ally Bank Online Savings Details

With over 10 million customers, Ally is one of the nation’s largest online-only banks. Ally’s range of financial products include checking and savings accounts, money market accounts, certificates of deposit, credit cards, investment accounts, mortgages and car loans.

Pros & Cons


  • No monthly fees
  • No minimum balance or minimum deposit
  • Very transparent about fees


  • Fees for excessive transactions and expedited delivery
  • Cash deposits not available

Our Take

Ally Bank’s Online Savings Account offers a highly competitive interest rate with no monthly fees and no minimum balance requirements. But what makes this savings account stand out from the pack is its interactive tools to help customers reach their savings goals.

With an Ally savings account, you can organize your savings into “buckets,” a useful tool if you’re saving for multiple goals at the same time. The bank’s Surprise Savings tool also helps you save more by analyzing a linked checking account for money that could be moved to your savings account.

Best for No Minimum Balance

Great for: Making the most of a small amount of savings

Capital One 360 Performance Savings Details

Capital One offers physical branches in a few states, but most of its consumer banking business is online. The bank specializes in credit cards, car loans, checking and savings accounts.


  • No monthly fees
  • No minimum deposit or minimum balance


  • APY not as competitive as other banks
  • No debit card or ATM card

Our Take

Customers can open a Capital One 360 Performance Savings account with no minimum deposit, and there’s no minimum balance required to earn the relatively competitive interest rate. While not the highest rate out there, Capital One’s savings account is still a good option if you have a small amount of savings and want to earn interest with no minimum balance.

Capital One’s account also features no monthly or maintenance fees and has a highly rated mobile app. With the Capital One mobile app, you can easily transfer funds from internal or external accounts and deposit checks by taking a picture with your phone.

Other Online High-Yield Savings Accounts We Considered

Savings Account Description APY
HSBC Premier Relationship Savings This savings account is available to customers who already have an HSBC Premier checking account. 4.30%
Pentagon Federal Credit Union Premium Online Savings PenFed was founded as a credit union for workers in the national defense sector and their families, but today anyone can join. The savings account requires a $5 minimum deposit. 3.00%

How To Choose the Best Online High-Yield Savings Account for 2023

When choosing the right online high-yield savings account for you, consider what features of a savings account are most important for your personal financial needs.

If growing your money to its fullest potential is your top priority, then choosing the account that offers the best APY might make sense. But there’s a lot more to a savings account than just the interest rate.

You might prefer to have all your bank accounts in one place. Not all banks offer checking accounts as well as savings accounts, and some banks that have great savings accounts may not have a checking account that works for you. If you want all-in-one banking, consider banks that make it easy to link a checking and savings account.

Be sure to look at the fine print of the savings account to make sure there are no limitations to the high interest rate. Banks might advertise an impressively high APY but require a high minimum balance to get that competitive rate.

Conversely, some banks place a cap on how much of your money can earn that high rate. For example, a bank might offer a 5% APY only for the first $1,000 in the account. Any remaining money in the account would earn a much lower interest rate.

While you’re reading that fine print, look at what fees are associated with the account. Many online high-yield savings accounts advertise no monthly or maintenance fees, but there may be other hidden fees for things like overdrafts, inactivity or ATM usage.

How To Open an Online High-Yield Savings Account

In most cases, opening an online high-yield savings account is a straightforward process that you can do in a few minutes from the comfort of your home.

Before you start the process of opening your account, you should gather all the personal documents you’ll need to verify your identity. This includes things like your driver’s license or Social Security number.

Finally, you’ll need to complete an online application to open your account. In most cases, you can deposit funds immediately after you open your account or within 30 days of opening it. Deposits at banks and credit unions are insured by the federal government up to $250,000, so it’s not advisable to deposit more than that amount in one bank.

Online High-Yield Savings Accounts FAQs

What is an online high-yield savings account?

An online high-yield savings account offers a much higher APY than the national average and is commonly offered by a bank with no physical branches.

What are the fees associated with online high-yield savings accounts?

Many online high-yield savings accounts have no monthly or maintenance fees. You may still be charged fees for insufficient funds, external wire transfers or receiving paper statements.

What are the benefits of opening an online high-yield savings account?

A high-yield savings account is a risk-free way to grow your savings while still being able to access your money if you need it.

Please seek the advice of a qualified professional before making financial decisions.
Last Modified: August 11, 2023