The 7 best high-yield savings accounts of April 2023

As we approach the middle of 2023, savvy savers are looking for the best high-yield savings accounts to grow their funds. High-yield savings accounts are an excellent way to earn more on your money, especially in a low-interest-rate environment. Here, we highlight the seven best high-yield savings accounts of April 2023.

1. Ally Bank High Yield Savings Account

Ally Bank has been a consistent performer in the high-yield savings account space. Offering a competitive annual percentage yield (APY) of 1.25%, this online bank has no minimum deposit requirement and no monthly maintenance fees. Additionally, Ally provides 24/7 customer service and a user-friendly mobile app, making banking simple and convenient.

2. Marcus by Goldman Sachs High Yield Online Savings

Marcus by Goldman Sachs offers a high-yield online savings account with a strong APY of 1.3%. This account has no minimum deposit requirement or monthly fees, making it an attractive option for savers. With its easy-to-use mobile app, customers can easily track their savings growth.

3. American Express Personal Savings

American Express is more than just a credit card company. It also offers a high-yield savings account that has been a favorite among savers for its competitive rates and excellent customer service. With an APY of 1.15%, no minimum balance requirement, and no monthly fees, this is a fantastic option for individuals looking to grow their savings.

4. Synchrony Bank High Yield Savings

Synchrony Bank is an online bank offering an impressive APY of 1.2% on its high-yield savings account. There is no minimum balance requirement or monthly fees, making it a great option for all savers. In addition, Synchrony’s Optimizer+plus program offers perks such as identity theft resolution services and travel discounts.

5. Discover Bank Online Savings Account

Discover Bank’s online savings account offers an APY of 1.10%, which is higher than many traditional banks. There’s no minimum balance requirement or monthly fees, and customers have access to 24/7 customer service. Moreover, Discover’s award-winning mobile app makes it easy to deposit checks, pay bills, and manage your account.

6. Capital One 360 Performance Savings

The 360 Performance Savings account from Capital One offers a competitive APY of 1.00%. This account doesn’t require a minimum balance or charge monthly fees, and it comes with the convenience of a top-rated mobile app. Additionally, Capital One provides customers with free access to a network of over 39,000 ATMs.

7. CIT Bank Savings Builder Account

CIT Bank’s Savings Builder account offers an impressive APY of 1.25%. To earn this rate, you need to maintain a balance of $25,000 or make a monthly deposit of $100 or more. While this might not suit everyone, for those who can maintain the balance or make the regular deposit, the APY is a great return.

In conclusion, high-yield savings accounts are a smart choice for those looking to earn more on their savings. It’s essential to consider factors such as APY, minimum balance requirements, monthly fees, and customer service when choosing a high-yield savings account. As always, it’s advisable to review your financial goals and consult with a financial advisor before making any significant decisions.