"Earn more than 5% interest on your money", 16 JULY

Earn more than 5% interest on your money: The best high-yield savings accounts of July 2023

When it comes to building an emergency fund or saving up for a large expense, such as a down payment on a home, putting your money in a high-yield savings account can help you reach your goals quicker.

Unlike traditional savings accounts, high-yield savings accounts reward you with a higher interest rate and your money grows even faster thanks to compound interest — which lets you earn interest on interest. The higher your annual percentage yield (APY), the faster your money grows and you get a better return than you would with a traditional savings account.

The national average APY on savings accounts is just 0.42%, according to the Federal Deposit Insurance Corporation (FDIC). That’s over 12 times less than the 5-plus percent APY and around 6% APY that the highest-yield savings accounts offer. And as the Federal Reserve continues to raise interest rates, banks are responding by paying out higher annual percentage yields, or APYs, to their customers.

To determine which high-yield savings accounts are the best overall,  CNBC Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. We found that although most online banks don’t have physical branch locations, they typically offer higher APYs, lower fees and overall better benefits than national brick-and-mortar banks.

When rating our top nine, we considered each account’s APY, its ease of use, account accessibility, monthly fees and minimum balance requirements. The savings accounts selected offer an above-average APY to all customers (no matter their balance), are FDIC-insured, have zero monthly maintenance fees and low (or no) minimum balance requirements. (See our methodology for more information on how we choose the best high-yield savings accounts.)

Best high-yield savings accounts

• Best overall: LendingClub High-Yield Savings
• Runner-up: UFB Premier Savings 
• Best for earning a high APY: Western Alliance Bank Savings Account 
• Best for no fees: Marcus by Goldman Sachs High Yield Online Savings
• Best for checking/savings combo: Ally Savings Account
• Best for easy access to your cash: Synchrony Bank High Yield Savings
• Best for earning airline miles: Bask Bank Mileage Savings Account
• Best for welcome bonus: SoFi Checking and Savings
• Best if you want extra help saving: Varo Savings Account
• LINK