The 7 best high-yield savings accounts of April 2023

Methodology

To determine the best high-yield savings accounts, CNN Underscored Money analyzed 68 savings accounts from 57 financial institutions. The rankings were based on nine data points across six categories:

• APY (65%): The amount of interest you earn on your savings.

• Fees (10%): Fees associated with the account.

• Customer experience (5%): Trustworthiness and ease of reach when needed.

• Digital experience (5%): Usability of the bank’s app and online features.

• Minimum deposit requirement (5%): Accessibility of the account based on minimum deposit requirements.

• Minimum balance to avoid a monthly fee (5%): Flexibility with your savings account.

• First Foundation High Yield Savings

• Pros:

• No monthly service fees

• Strong APY

• Generous ATM fee reimbursements

• Cons:

• Minimum deposit of $1,000

• Branches limited to five states

• Lower rating on Google Play (3.7)

• LendingClub

• Pros:

• No minimum opening deposit required

• No minimum balance to maintain

• Average 4.7-star rating

• BrioDirect High-Yield Savings

• Pros:

• High APY of 5.00%

• Suitable for those with $5,000 to deposit

• Laurel Road High Yield Savings

• Pros:

• No minimum balance or deposit requirements

• Competitive APY of 4.50%

• UFB Direct High Yield Savings

• Pros:

• Excellent 4.31% APY with no monthly fee

• No minimum balance requirements

• All balance tiers earn the top rate

• Ally Bank Online Savings Account

• Pros:

• Competitive APY of 4.25%

• No minimum deposit or balance requirement

• Discover High-Yield Savings Account

• Pros:

• Excellent 4.20% APY with no monthly fee

• No minimum balance requirements

• All balance tiers earn the top rate