Here's what our expert panel had to say about high-yield savings. Mykail James, MBA, certified financial education instructor,.Sophia Acevedo, Certified Educator in Personal Finance, banking reporter at Personal Finance Insider.Roger Ma, certified financial planner with lifelaidout® and author of 'Work Your Money, Not Your Life'.Tania Brown, certified financial planner at SaverLife.When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account. Although First Republic Bank, Silicon Valley Bank, and Signature Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. Our top picks for savings accounts are protected by FDIC or NCUA insurance. Discover Online Savings Account: 4.00% (as of 6/7/23) APY.

American Express® High Yield Savings Account: 4.00% APY as of 05/31/23.

SoFi Checking and Savings: up to 4.30% with direct deposit APY.

Synchrony High-Yield Savings Account: 4.30% APY.

These bank accounts may not necessarily have the highest rates out there, but they are still significantly higher than what you'd earn with a traditional savings account. If you're interested in a good rate at a national brand, here are some banks that offer competitive rates.

Panacea Financial High-Yield Savings Account: 4.80% APYīest Rates on Popular High-yield Savings Accounts.

Laurel Road High Yield Savings®: 4.80% APY.

UFB Premier Savings: 4.81% (as of ) APY.

You might like one of these options if you're looking for a high-yield savings account that has a low minimum opening deposit and is easy to maintain:

CIT Bank Platinum Savings: 0.25% - 4.85% APYīest Rates on High-yield Savings Accounts With Minimal Effort.

First Foundation Bank Online Savings Account: 4.85% APY.

Salem Five Direct eOne Savings: 5.01% APY.

Western Alliance Bank High Yield Savings Account: 5.05% APY.

These accounts have some of the highest savings rates overall right now:

Read Our Review A looong arrow, pointing right Top High-yield Savings Accounts Best Rates Overall

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