10 High-Yield Savings Accounts Now Offering APYs of 3% or Higher

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As the adage goes, a penny saved is a penny earned. But what if that penny could give you an even better return?

Whether you’re paying for surprise car repairs, covering a medical expense or getting unexpectedly slammed with sky-high energy bills, money stashed in an emergency fund can bail you out of a bad spot.

Luckily, right now is a great time to save: The Federal Reserve has been repeatedly hiking interest rates in the hopes of bringing down inflation, setting off a chain reaction that has resulted in online banks raising their own rates on high-yield savings accounts.

Some financial institutions now offer annual percentage yields — or APYs — over 3%. Rates this high were unheard of earlier this year, when we were impressed that some online banks were raising saving account APYs from 0.5% to 0.6%.

As you might expect from their name, high-yield savings accounts generally generate more in interest than traditional bank savings accounts, so you’re compounding more with every penny you put away.

With the national average APY on savings accounts coming in at a mere 0.21%, according to the Federal Deposit Insurance Corporation, high-yield savings accounts are even more appealing now than usual. (You can open a high-yield savings account at a brick-and-mortar bank, but online banks generally often offer higher savings rates, allowing you to grow the money you deposit faster.)

High-yield savings accounts with APYs of 3% (or more)

Looking for major returns? These FDIC-insured banks are all offering some of the highest interest rates — 3% or above — on high-yield savings accounts.

  • UFB DIRECT: 3.83% APY
    Minimum deposit: None
    Monthly fees: None

  • Bask Bank: 3.6% APY
    Minimum deposit: None
    Monthly fee: None

  • Upgrade: 3.5% APY
    Minimum deposit: None
    Monthly fees: None

  • CIT Bank: 3.25% APY
    Minimum deposit: $100
    Monthly fees: None

  • LendingClub: 3.25% APY
    Minimum deposit: $100
    Monthly fee: None

  • Marcus by Goldman Sachs: 3% APY
    Minimum deposit: None
    Monthly fees: None

  • SoFi: 3% APY
    Minimum deposit: None
    Monthly fees: None

  • Discover: 3% APY
    Minimum deposit: None
    Monthly fees: None

  • Capital One: 3% APY
    Minimum deposit: None
    Monthly fees: None

  • Synchrony: 3% APY
    Minimum deposit: None
    Monthly fees: None

Before you switch banks in search of a better payoff for your money, consider that the savings account APY is only part of the picture. For a full rundown of what banks offer, check out Money’s new list of the Best Online Banks and our guide for How to Choose a Bank.

More from Money:

Best National Banks of 2022-2023

Best Credit Unions of 2022-2023

Dollar Scholar Asks: How High Can High-Yield Savings Rates Go?

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