10 best high-interest savings accounts for February 2023

Want to let your hard-earned cash work for you? How about letting it work more than 15x harder than the national average? Thanks to rising interest rates, that’s what a number of high-yield savings accounts today are offering with their annual percentage yield, or APY. (See some of the best interest rates you may get on a savings account now here.)

While, as of February 2023, the average APY for savings accounts, as a whole, is 0.33%, according to the FDIC, many high-yield accounts are paying far more. Indeed, thanks to steady interest rate hikes from the Federal Reserve in 2022, plenty of banks are offering annual returns of above 4%. If you could earn 4.5% on your savings account, but instead are earning 0.33%, you’re walking away from over $400 in just a year.

And Greg McBride, chief financial analyst at Bankrate, says failing to take advantage of these benefits is like leaving free money on the table. “The biggest mistake is not moving your savings where it can earn a higher return and letting it languish in a low-yielding account,” McBride says. “If you haven’t checked the rate on your savings account lately, now is a good time to do so, and it is an even better time to move the money to a bank paying a better return.” (See some of the best interest rates you may get on a savings account now here.)

Key considerations

Chanelle Bessette, banking specialist at NerdWallet, says you must read the fine print to make sure you’re qualified to get the account and are able to keep it open. “Consider interest rates, monthly fees, minimum balance requirements and any other qualifications that your bank expects you to meet in order to open an account and earn interest,” Bessette advises. “It also might be a good idea to search the web for reviews of your potential new bank to see what experts and other customers say about it.”

Beyond that, Bessette adds that savers should look at “the other features, products and services that a bank offers, such as the ability to create sub accounts for different savings goals, a strong mobile app and whether the bank has multiple customer service options.” (See some of the best interest rates you may get on a savings account now here.)

How to find the right account? 

With account rates constantly in flux, not everyone has the time to keep track of which banks are paying the highest yields month over month. But because interest compounds over time, MaxMyInterest CEO Gary Zimmerman stresses that it’s important to make sure your cash is always earning the highest possible yield, even if it means keeping more than one open at any given time. 

“Banks have different funding needs that vary from month to month or year to year, which means that sometimes they’re willing to pay more and other times they’re willing to pay less,” Zimmerman says. “By opening multiple high-yield savings accounts and keeping tabs on rates, you can make sure you’re always earning a competitive rate on your money.”

10 high-yield savings accounts with the best APY

Looking for the highest available APY on the market today? Well, look no further. MarketWatch Picks has pulled together the 10 best for February 2023.

1. Varo Savings Account: 5.00% APY

Meet the requirements and earn as much as 5.00% APY with this high-yield savings account from Varo Bank. Just set up electronic deposits for your paycheck, pension or government benefits from your employer or government agency totalling $1,000 and ending the month with a positive balance in both a Varo Bank Account and Savings Account. Balances that don’t meet the requirements and additional balances over $5,000 will earn 3% APY. 

Pros: 

• Highly competitive rate

• Low $0.01 balance minimum 

• No fees

Cons: 

• Low starting APY 

• Balances over $5,000 earn just 3% APY

2. Centier Bank, Connect Savings: 5.00% APY

Link your checking and savings account and Centier Bank will reward your efforts with a premium savings rate of up to 5.00% APY. You’ll just have to follow some additional steps to qualify: open a Connect Checking account with the $50 minimum deposit, make the $100 minimum deposit for the Connect Savings account, and make no more than six monthly transfers from either account or to any third parties. Follow the rest of the fine print and you are set!

Pros: 

• Highly competitive rate

• Online access

Cons: 

• Some steps required 

• Minimum balance requirements for both the checking and savings accounts needed

• Monthly balance requirements to avoid a $2 fee

3. MySavingsDirect MySavings Account: 4.35% APY

The rate offered by MySavingsDirect remains one of the best in the high-yield savings account market. Just fill out your online application and get started.

Pros: 

• No monthly fees

• Low $1 minimum initial deposit and ongoing deposit requirements

Cons: 

• No ATM card

• No mobile check deposits

• Branch offices are only located in Manhattan and Ossining, New York

4. Western Alliance Bank High Yield Savings Account: 4.23% APY

Earn as much as 12.8x the national average by simply making a $1 minimum deposit. There are currently no transaction limitations and no balance minimums! 

Pros: 

• No fees

• Low $1 minimum deposit 

• 24/7 online access 

Cons: 

• Rates subject to change 

5.  UFB Best Savings Account: 4.21% APY

This online bank not only comes with a sky-high APY, but it also includes various digital banking tools, a mobile app and 24-hour customer service. This is also one of the few on our top-ranked banks list that offer ATM access. 

Pros: 

• No monthly fees

• No minimum initial or ongoing deposits

• $0 minimum balance for APY

• Complimentary ATM card is available

Cons: 

• No physical branch locations 

• No checking accounts

6. State Exchange Bank High-Yield Savings Account: 4.20% APY

Earning a competitive APY doesn’t have to include hoops. At State Exchange, all that’s asked is a $1 minimum deposit to start earning 12.7x the national average on your savings. 

Pros: 

• No monthly fees

• No termination fees

• Low $1 minimum opening deposit 

• 24/7 access to your funds

Cons: 

• Rates subject to change 

7. My eBanc™ eRelationship Savings Account: 4.18% APY 

While this account might not be for everyone, those who are financially equipped to qualify stand to earn a whopping 4.18% APY. You’ll just need $25,000 to open your account and deposit at least $100,000 to earn that competitive rate. Balances that fall below the $100,000 threshold earn a 3.30% APY. Fees also apply.  

Pros: 

• Unlimited deposits

• Free e-statements 

• Free online banking and bill pay 

Cons: 

• High $25,000 opening deposit required

• $15 monthly fee for accounts with a daily balance of less than $25,000

• $100,000 balance required to earn competitive APY

8. Popular Direct High-Rise Savings Account: 4.26% APY

You will need some extra cash on hand to open an account with Popular Direct. But if you have the $5,000 minimum on hand to open an account, its highly competitive APY is among the highest available today. Just be sure to keep your account active for 180 days to avoid the pesky $25 account early closure fee. 

Pros: 

• No monthly service fees

• No minimum ongoing balance requirements 

Cons: 

• $5,000 minimum deposit

• Early account closing fee of $25 for accounts closed within 180 days

• $5 excessive withdrawal fee 

• No ATM card

9. Bask Bank Interest Savings Account: 4.15% APY

Earn high interest with no monthly fees, regardless of your account balance at this online-only division of Texas Capital Bank. One unique feature here is the ability to earn airline miles with American Airlines. 

Pros: 

• No minimum balance requirements for APY

• American Airlines AAdvantage^Ⓡ members can earn flight mileage with every $1 in the Mileage Savings account 

Cons: 

• No ATM cards

• Funds must be transferred to an external bank account for access

• Relatively new offering without proven track record

10. CIT Bank, Savings Connect: 4.05% APY

The qualifying terms at this online bank couldn’t be easier. Make the $100 minimum deposit to open your Savings Connect account by transferring via electronic transfer, mail-in check or wire, and start earning a competitive 4.05% APY. 

Pros: 

• No monthly fees

• Mobile banking with the CIT mobile app

• Debit cards available

Cons: 

• $100 minimum deposit to open an account

• No physical branches