Best High-Interest Savings Accounts in May 2023

  • 4 minute read

With numerous options available in the market, choosing the right account can be overwhelming. That’s why we’ve compiled a list of the best high-interest savings accounts for May 2023.

These accounts offer attractive interest rates, minimal fees, and other features, making them an excellent choice for savers. Whether you’re saving for a rainy day, planning a vacation, or working towards a long-term financial goal, these accounts can help you maximize your returns.

Let’s dive into the details and find the perfect high-yield savings account for you.

A boy holding a jar full of spare change labelled as 'savings'.

What is a high-yield savings account?

A high-yield savings account is just like a traditional savings account, except it offers a higher interest rate. While traditional savings accounts may offer interest rates as low as 0.01%, high-yield savings accounts can offer rates as high as 0.50% or more. That may not seem like much, but it can make a significant difference in your savings over time.

How to choose a high-yield savings account

There are a lot of factors to consider when choosing the right high-yield savings account. So, here are some things to keep in mind when evaluating who has the best high-yield savings account:

  1. Interest Rates: The higher the interest rate, the better. But, check if any conditions are attached to the rate, such as a minimum balance requirement.
  2. Fees: Some high-yield savings accounts have monthly maintenance fees or transaction fees. Make sure to factor these fees into your decision.
  3. Minimum Deposit: Some high-yield savings accounts require a minimum deposit to open the account. Ensure you have enough funds to meet the requirement.
  4. FDIC Insurance: Look for FDIC-insured high-yield savings accounts, which means your deposits are protected up to $250,000 per depositor.

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Top 5 High-Yield Savings Accounts for May 2023

All of the below high-yield savings accounts come with FDIC insurance, so you can rest assured that your deposits are protected. 

Here are our top 5 high-yield savings accounts for May 2023:

1.   Ally Bank Online Savings Account

Ally Bank’s Online Savings Account is a top contender with an APY of 3.75%, no monthly maintenance fees, and no minimum deposit. Plus, their online platform is easy to use and offers great customer service. Ally’s online platform is also very user-friendly, making it easy to manage your account, make deposits, and transfer money between accounts. You can even set up automatic transfers to help you save more without even thinking about it.

In addition to its excellent online platform, Ally also offers exceptional customer service. You can contact them 24/7 by phone, email, or chat, and they’re always ready to help with any questions or concerns you may have.

Pros

  • No monthly maintenance fees
  • No overdraft fees
  • No fees for incoming wires (domestic and international)
  • No minimum deposit
  • Can add a checking account with ATM access
  • 24/7 customer support

Cons

  • Cash deposits not accepted
  • There is a $10 excessive transaction fee (six withdrawals and monthly transfers are permitted). Usually $10 fee is refunded on savings accounts.

2.   Marcus by Goldman Sachs High-Yield Online Savings Account

CDs can offer higher interest rates than savings accounts, but they require you to leave your money untouched for a set amount of time. With an APY of 3.90% and no monthly fees, Marcus by Goldman Sachs is another great option. Plus, they offer a high-yield CD account if you’re looking to lock in your rate for a specific term.

You can open an account online in just a few minutes. And while Marcus has no physical branches, their online customer service is highly rated.

Pros

  • No minimum deposit
  • No monthly fees
  • No withdrawal or transfer limit
  • Offer personal loans without fees
  • 24/7 customer service
  • Same day transfers of up to $100,000 to/from other banks

Cons

  • No checking account available
  • No ATM access

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3.   American Express High-Yield Savings Account

With an APY of 3.75%, no monthly fees, and no minimum deposit, American Express offers a great option for those looking to earn higher interest rates.

Another great feature of this account is its ease of use. You can manage your account online or through the American Express mobile app, which is available for both iOS and Android devices. You can also set up automatic transfers to make saving easier and more convenient.

Pros

  • No monthly fees
  • No minimum deposit
  • 24/7 customer service

Cons

  • No ATM cards or checks
  • Limited account options compared to other banks
  • No physical branch locations 

4.   LendingClub High-Yield Savings

With an APY of 4.25%, no monthly fees, and no excessive transactions fee, LendingClub’s savings account is another solid choice. As a trusted online lender, it offers free online and mobile banking, making it convenient to manage your account.

Pros

  • No monthly fees
  • No excessive transactions fees
  • Free ATM card without ATM fees
  • Apply online
  • Online and mobile banking are available

Cons

  • Minimum deposit of $100 required
  • No physical branch available

5.   CIT Platinum Savings Account

With an APY of 4.75%, the CIT Bank Savings Builder Account offers a unique feature – if you maintain a balance of $5,000 or more, you can qualify for a higher interest rate of 4.75%. If your balance dips below that amount, it earns 0.25% APY.

Pros

  • No service fees
  • No monthly fees
  • Mobile app for greater convenience

Cons

  • $100 minimum deposit
  • 4.75% APY on balances of $5,000 or more

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Final Thoughts

A high-yield savings account can be a great way to grow your savings faster. By choosing the proper account, you can earn more interest on your money and reach your financial goals sooner. When evaluating different options, make sure to consider the interest rate, fees, minimum deposit, and FDIC insurance. Hopefully, with our top 5 high-yield savings accounts for May 2023, you can narrow down your choices and find the best account for your needs.

Of course, the interest rates and fees on these accounts are subject to change, so make sure to check the latest rates and terms before opening an account.

Remember, a high-yield savings account is just one resource in your financial toolkit. You should also consider other investment options, such as stocks, bonds, and real estate, to diversify your portfolio and maximize your returns.