Top High-Yield Savings Accounts Offering Up to 5.33% APY in 2023 – Latest Rates as of September

After three weeks at a record 5.26% APY, the leading national high-yield savings account rate has climbed again, now reaching an impressive 5.33% APY. This rate allows savers to earn strong returns while maintaining the flexibility to withdraw funds anytime. Numerous other competitive accounts offer rates close to this peak as well.

The highest rate is currently provided by BluPeak Credit Union, accessible to anyone nationwide. While there’s no ongoing balance requirement, maintaining at least $200 helps avoid monthly fees. Residents of five California counties, plus students, alumni, faculty, and staff from many California universities, qualify directly. Others can join by donating $25 to San Diego’s PBS station, KPBS.

Diverse High-Rate Savings Options Available

If BluPeak isn’t an option, plenty of other accounts offer attractive rates. Our daily rankings highlight 15 accounts with APYs at or above 5.07%, including seven with runner-up rates of 5.25% or 5.26% APY.

Pro Tip

Consider money market accounts as well. They often provide competitive rates and easy money access, plus the added benefit of check-writing capabilities, unlike traditional savings accounts. Our daily money market rate rankings simplify your search for the best yields.

Why High-Yield Savings Accounts Are a Smart Choice Today

With deposit rates at their highest in over 16 years, parking some cash in a high-yield savings account is a savvy financial move. These accounts offer rates up to 12 times the national average of 0.43% APY, far outperforming typical checking or standard savings accounts. Thanks to online banking, transferring funds between institutions is seamless, usually taking just one to three days. It’s wise to keep some funds in your checking account for immediate needs while maximizing returns elsewhere.

Most top-paying accounts are offered by online banks, but rest assured, those displaying the FDIC membership or logo provide federal insurance coverage up to $250,000 per depositor, per institution. Similarly, credit unions insured by the National Credit Union Administration (NCUA) offer the same level of protection.

Important Note

Remember, savings and money market rates are variable and can change without notice. While rates are currently high and expected to remain elevated in the near term, they may decline once the Federal Reserve shifts its policy.

Boost Earnings Further with Certificates of Deposit (CDs)

Locking funds in a certificate of deposit can yield even higher returns, with top CD rates reaching up to 6.00% APY. Though funds are inaccessible until maturity, CDs secure today’s record rates for the term length chosen. Be mindful of early withdrawal penalties before committing.

Will Savings Rates Increase More in 2023?

Savings rates typically track the federal funds rate set by the Federal Reserve. Since March 2022, the Fed has raised rates aggressively to combat inflation, totaling a 5.25% increase so far. This has driven savings and CD rates to levels not seen since the early 2000s. The Fed’s next meeting on September 20 is expected to hold rates steady, but future moves remain uncertain. Rates may stabilize or rise slightly depending on economic conditions.

How We Track and Rank Rates

Our daily rankings monitor nearly 100 federally insured banks and credit unions nationwide, focusing on accounts with a maximum initial deposit of $25,000. Institutions must serve at least 40 states. Credit unions requiring donations above $40 for membership are excluded to ensure accessibility. For full details, see our methodology on selecting the best high-yield savings accounts.

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