Best High-Yield Savings Account – Reviews and Recommendations To Get The Best Interest Rates (APY)

Welcome! If you’re on this page it means you are looking at options (and recommendations) for a great high yield savings account. These accounts provide the benefits of regular bank account with the added advantage of higher than average interest rates (yields).

Following aggressive federal reserve actions to combat soaring inflation, savings interest rates are finally rising from near zero levels for over a decade.

This has prompted many institutions to finally start raising rates on savings accounts and for those looking to park their cash, especially as the stock market volatility continues, then a high yield savings account is the way to go.

But things have changed over the last few years and high yield savings account are a much better deal with online bank accounts than your from your traditional legacy provider accounts (i.e. old checking accounts).

After all, everything from paying bills to buying a car can be done online, so why should savings be any different?

Especially if you can get higher rates and no fee accounts. When choosing any high yield savings accounts (HYSA), you should use the following 4 key criteria to determine which is best for you:

High Yield Savings Accounts

1. Interest rate or Annual Percentage Yield (APY)

You can see what the industry benchmarks are online – which range from 2% to 2.5% nowadays. The account you choose should be paying on the higher side of this range and make sure you look at the standard or normal APY and not only at any short term promotional rates they are offering.

2. No fees

Always. If an online savings account is charging you account maintenance or other similar fees, move on. In this day and age, banks and financial institutions make money on the interest spread difference (what they can borrow at versus what they pay you), so you should not be charged any maintenance, administrative or account keeping fees.

3. Ease of use

You can demo most of the reputable online banking user interfaces via their websites. See what you like and feel comfortable using. Also, ensure that linking to your checking or regular bank account is straightforward, and that you can deposit your pay directly into these accounts.

4. FDIC Insured

If you find a financial institution trying to offer you significantly above average APY’s, check their insurance status at the FDIC website. If they are not insured, then it is best to avoid them. All deposit accounts worth $250,000 and less are automatically insured by the FDIC.

A note of disclosure first to keep things above board lest you question my judgement. I have affiliate relationships with some of the providers above. This means when you sign up for an account, the bank (not you) pays me a small commission that allows me to keep this site going.

However,  the reviews and recommendations are my own and I can personally attest to having accounts with all the companies I endorse.

Besides if I was just doing these review for money I’d be rich and on a beach in Hawaii, rather than writing about the rather dry topic of high yield savings accounts!