Best High Yield Savings Accounts of 2023: Get the Highest Rates and Save More

Today, the best financial institution for earning a competitive interest rate on an online high-yield savings account is Primis Bank, with rates of up to 3.30 percent APY. Here's a look at some of the best savings rates you'll find today. Related: Compare the Best High-Yield savings Accounts. Highest savings Rates: Ally Bank Online savings: Best for multiple savings goals with a rate of 2.20% APY; MySavingsDirect MySavings Account: Best for savings rates with a rate of 2.30% APY; Synchrony Bank High Yield savings: Best for ease of access with a rate of 2.35% APY.

A closer look at the top high-yield checking accounts reveals that Presidential Bank, Advantage Checking Account has the highest rate of 4.25% APY with a $500 minimum opening deposit. If you haven't checked the rate on your savings account lately, now is a good time. savings interest rate are still expected to rise in 2023, at least in the short term. A high-yield savings account could be a good place to earn a higher rate of return on your money.

That said, these days, savings accounts are paying a lot more money than they used to, so you can definitely find a good rate, or even a bit higher, in a high-yield savings account. A high-yield savings account works well for risk-averse investors, and especially for those who need money in the short term and want to avoid taking on too much risk. Plus, with rates reaching up to 3.30% APY, high-yield savings accounts can help you save for long-term goals like retirement.

The High Yield savings Account from Primis Bank offers an annual percentage yield of 3.30%, with interest compounded daily. This account also has no monthly maintenance fees and no minimum balance requirements. Other features of this account include: FDIC insurance up to the maximum amount allowed by law, the ability to transfer funds between accounts and access to customer service 24/7.

PROS: High rate of return; no minimum balance requirement; no monthly maintenance fees; FDIC insured; easy access to customer service.

CONS: Low maximum deposit amount; no ATM access. A picture of a person checking their savings account with the words "High Yield savings Accounts" written in bold lettering.