If you're considering opening a savings account today and want a competitive rate, Insider did the research to help you find the best rate across popular savings accounts.
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The high rate environment in the US right now means good news for savers: the best high-yield savings account rates are higher than they've been in long time.
We monitor savings accounts from nearly three dozen banks and credit unions daily to help you feel confident before you open a savings account. Here are the top high-yield savings account rates on Saturday, August 26.
Remember that high-yield savings account rates are variable, so they will change over time. An account offering 5% today may offer 5.25% six months from now — or 4.5%. However, you are allowed to have multiple savings accounts at different banks, and to move your money in search of the highest APY. Here are the accounts offering the best savings rates today:
| Best HYSA | Annual Percentage Yield (APY) | Requirements to Earn the Best APY |
| Betterment Cash Reserve | 5.50% APY for new customers; 4.75% APY standard rate | Be a new customer; earn rate through 12/31/2023 |
| Western Alliance Bank High Yield Savings Account, powered by Raisin | 5.25% APY | Open an account with $1 |
| UFB High Yield Savings | 5.25% APY | None |
| Milli Savings Account | 5.25% APY on Savings Account and Jars | Open an account to access savings rate |
| Newtek Bank Personal High Yield Savings | 5.25% APY | None |
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick and mortar presence. This is normal; online banks have lower overhead cost and are willing to pay high rates to attract new customers.
High-Yield Savings Accounts
The best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union — not invested through a brokerage account — and are best for saving cash in pursuit of shorter-term goals, like a vacation or big purchase.
High-Yield Checking Accounts
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
Money Market Accounts
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
Cash Management Accounts
A cash management account is also like a savings/checking hybrid. You'll generally see them offered by online banks, and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account doesn't. Cash management accounts typically come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
Certificates of Deposit
The best CD rates may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
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