If you are looking for a safe and profitable way to grow your savings, you might want to consider opening a high-yield savings account or a certificate of deposit (CD) with a reputable bank. These accounts offer higher interest rates than the average savings account, which means you can earn more money over time.
However, not all banks offer the same interest rates on deposits. Some banks have more competitive rates than others, depending on their financial situation, market conditions, and customer demand. To help you find the best bank for your savings goals, we have compiled a list of the top 10 banks with the highest interest rates on deposits in 2023, based on the latest data from Bankrate⁶.
1. Ally Bank
Ally Bank is an online-only bank that offers some of the highest interest rates on savings accounts and CDs in the market. Ally Bank's online savings account has an annual percentage yield (APY) of **0.80%**, which is more than 17 times the national average of 0.046%⁵. Ally Bank also offers a range of CD options, including a high-yield CD with an APY of **1.00%** for a 12-month term, a raise your rate CD with an APY of **0.90%** for a 2-year term, and a no-penalty CD with an APY of **0.75%** for an 11-month term. Ally Bank has no monthly fees, no minimum balance requirements, and 24/7 customer service.
2. Marcus by Goldman Sachs
Marcus by Goldman Sachs is another online-only bank that offers high interest rates on savings accounts and CDs. Marcus by Goldman Sachs's online savings account has an APY of **0.70%**, which is more than 15 times the national average. Marcus by Goldman Sachs also offers a variety of CD options, including a high-yield CD with an APY of **0.85%** for a 12-month term, a no-penalty CD with an APY of **0.65%** for a 13-month term, and a CD ladder with an APY of **0.80%** for a 3-year term. Marcus by Goldman Sachs has no monthly fees, no minimum balance requirements, and 24/7 customer service.
3. American Express National Bank
American Express National Bank is a well-known online-only bank that offers high interest rates on savings accounts and CDs. American Express National Bank's online savings account has an APY of **0.60%**, which is more than 13 times the national average. American Express National Bank also offers a range of CD options, including a high-yield CD with an APY of **0.80%** for a 12-month term, a low minimum deposit CD with an APY of **0.55%** for a 6-month term, and a CD ladder with an APY of **0.75%** for a 3-year term. American Express National Bank has no monthly fees, no minimum balance requirements, and 24/7 customer service.
4. Discover Bank
Discover Bank is a popular online-only bank that offers high interest rates on savings accounts and CDs. Discover Bank's online savings account has an APY of **0.55%**, which is more than 11 times the national average. Discover Bank also offers a variety of CD options, including a high-yield CD with an APY of **0.70%** for a 12-month term, a no-penalty CD with an APY of **0.60%** for a 12-month term, and a CD ladder with an APY of **0.65%** for a 3-year term. Discover Bank has no monthly fees, no minimum balance requirements, and 24/7 customer service.
5. Capital One
Capital One is a well-established online and brick-and-mortar bank that offers high interest rates on savings accounts and CDs. Capital One's online savings account has an APY of **0.50%**, which is more than 10 times the national average. Capital One also offers a range of CD options, including a high-yield CD with an APY of **0.60%** for a 12-month term, a 360 performance savings account with an APY of **0.40%**, and a CD ladder with an APY of **0.55%** for a 3-year term. Capital One has no monthly fees, no minimum balance requirements, and 24/7 customer service.
6. Synchrony Bank
Synchrony Bank is an online-only bank that offers high interest rates on savings accounts and CDs. Synchrony Bank's online savings account has an APY of **0.50%**, which is more than 10 times the national average. Synchrony Bank also offers a variety of CD options, including a high-yield CD with an APY of **0.60%** for a 12-month term, a no-penalty CD with an APY of **0.50%** for a 13-month term, and a CD ladder with an APY of **0.55%** for a 3-year term. Synchrony Bank has no monthly fees, no minimum balance requirements, and 24/7 customer service.
7. CIT Bank
CIT Bank is an online-only bank that offers high interest rates on savings accounts and CDs. CIT Bank's online savings account has an APY of **0.45%**, which is more than 9 times the national average. CIT Bank also offers a range of CD options, including a high-yield CD with an APY of **0.50%** for a 12-month term, a no-penalty CD with an APY of **0.40%** for a 11-month term, and a CD ladder with an APY of **0.45%** for a 3-year term. CIT Bank has no monthly fees, no minimum balance requirements, and 24/7 customer service.
8. Barclays Bank
Barclays Bank is an online-only bank that offers high interest rates on savings accounts and CDs. Barclays Bank's online savings account has an APY of **0.40%**, which is more than 8 times the national average. Barclays Bank also offers a variety of CD options, including a high-yield CD with an APY of **0.45%** for a 12-month term, a low minimum deposit CD with an APY of **0.35%** for a 6-month term, and a CD ladder with an APY of **0.40%** for a 3-year term. Barclays Bank has no monthly fees, no minimum balance requirements, and 24/7 customer service.
9. HSBC Direct
HSBC Direct is an online-only bank that offers high interest rates on savings accounts and CDs. HSBC Direct's online savings account has an APY of **0.40%**, which is more than 8 times the national average. HSBC Direct also offers a range of CD options, including a high-yield CD with an APY of **0.45%** for a 12-month term, a no-penalty CD with an APY of **0.35%** for a 9-month term, and a CD ladder with an APY of **0.40%** for a 3-year term. HSBC Direct has no monthly fees, no minimum balance requirements, and 24/7 customer service.
10. Vio Bank
Vio Bank is an online-only bank that offers high interest rates on savings accounts and CDs. Vio Bank's online savings account has an APY of **0.39%**, which is more than 8 times the national average. Vio Bank also offers a variety of CD options, including a high-yield CD with an APY of **0.40%** for a 12-month term, a low minimum deposit CD with an APY of **0.35%** for a 6-month term, and a CD ladder with an APY of **0.38%** for a 3-year term. Vio Bank has no monthly fees, no minimum balance requirements, and 24/7 customer service.
Conclusion
As you can see, there are many banks that offer high interest rates on deposits in 2023. However, before you open an account with any of these banks, make sure you read the fine print and understand the terms and conditions. Some factors to consider include the minimum deposit amount, the withdrawal restrictions, the early withdrawal penalties, the account fees, and the FDIC insurance coverage. By comparing different banks and choosing the one that suits your needs and preferences, you can maximize your savings potential and achieve your financial goals.
Related News
What is a time deposit and how does it work
A time deposit, commonly known as a certificate of deposit (CD), is a type of savings account offered by banks and financial institutions. It operates as a fixed-term deposit where you agree to keep a specific amount of money deposited for a predetermined period, known as the term or maturity period BANKING2024-11-16
Advancing Financial Inclusion in Nigeria: A Journey of Transformation
Lagos, NigeriaBanking|Commercial bankingAuthor:Urum Kalu Eke, Group Managing Director, FBN HoldingsTop 5Top 5 forces that will shape international finance in 2023Top 5 female-fronted fintech firmsTop ... BANKING2024-11-18
Greece’s Path to Reform: Confronting Corruption and Building a Brighter Future
TranscriptWorld Finance: Greece’s debt is largely believed to be unsustainable and unrepayable; is this the case?Steve Hanke:They even have debt of €1.5bn that’s coming due in, I believe, the end of F... BANKING2024-10-20
Fintech: The Key to Financial Inclusion in Nigeria
TranscriptBank of Industry is Nigeria’s oldest, largest, and most successful development finance institution. Over the last six years it has provided financing to over four million enterprises, helpin... BANKING2024-10-26
Navigating Sanctions: European Countries Establish Trade Mechanism with Iran
Tehran, Iran. The country's oil industry has been particularly baldy hit by the recent US sanctions and this new European mechanism will not cover transactions related to this sectorFeatured|MarketsAu... BANKING2024-10-17
Udom Emmanuel’s Vision: Bringing Private Sector Discipline to Public Sector
TranscriptUdom Emmanuel took governorship of the Nigerian state Akwa Ibom in 2015. Since then he has transformed the southern coastal region from a civil service state into an attractive destination f... BANKING2024-10-12
Charting the Course: The Journey Towards Sustainable Aviation
In the face of growing environmental concerns, the aviation industry is embarking on a transformative journey towards sustainability. Recognizing the urgency to mitigate its environmental footprint, the sector is making strides in the realm of decarbonization and sustainability.Aeroporti di Ro BANKING2024-10-26
Rui Cartaxo: Steering REN Towards a Renewable Energy Future
Rui Cartaxo, the CEO of REN (Redes Energéticas Nacionais), is a visionary who sees beyond the borders of Portugal and envisions a global footprint. REN is one of the few companies worldwide that manages both electricity and natural gas infrastructures, and Cartaxo is at the helm, steering it toward BANKING2024-10-23
