Do you want to know which are the best savings accounts that you can open in 2023? Responsible Economy analyzes and compares the main features offered by the best savings accounts. You also have an explanatory video analyzing each account. Welcome!
Video with the best savings accounts
The first thing we do is show you a video with the best savings accounts you can open. Later you have all the information:
10 Best banks to open a savings accounts in 2023
We have made a ranking with the 10 best savings accounts that you can open in the United States. First you will have the ranking with the main characteristics of each savings account and then all the information in detail:

- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC

- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC

- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC

- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC

- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC

- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus

- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
CIT Banks
CIT Bank offers one of the highest yielding savings accounts in the United States. You can open a savings account with CIT Bank with a yield of 4.05% APY. In addition, it has no monthly commissions and is a member of the FDIC, so you have the first $250,000 insured.
The downside is that you need to deposit $100 to open the savings account and there is no welcome bonus.
Pros | Cons |
---|---|
4,05% APY | No branches |
No monthly fees | Minimum deposit $100 |
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers a very competitive savings account. Its main features are that it does not have monthly commissions, it offers returns of 3.75% APY and it is not necessary to have a minimum balance. Also note that it is a member of the FDIC so your money is insured up to $250,000 and you can get a bonus of $100.
The only negative part that we can highlight is that there are banks that offer higher yields.
Pros | Cons |
---|---|
No Minimum deposit | No branches |
No monthly fees | |
Welcome bonus $100 |
Synchrony
Synchrony is an online bank and offers one of the best savings accounts. Synchrony offers 3.75% APY and has no monthly fees. It is also not necessary to deposit a minimum amount of money. Synchrony is also a member of the FDIC so your money is insured up to $250,000.
Here is a table with all the advantages and disadvantages:
Pros | Cons |
---|---|
No Minimum deposit | Only 5 branches |
No monthly fees | |
High yields |
Capital One
Capital One is one of the best banks to open a savings account. It offers returns of 3.4% APY. It has no monthly commissions and it is not necessary to have a minimum balance. It should also be noted that it is a member of the FDIC so your money is insured up to $250,000
On the other hand, there is no welcome bonus.
Pros | Cons |
---|---|
No Minimum deposit | |
No monthly fees | |
3,40% APY |
SoFi
SoFi is an online bank that offers an interest rate of 2.5% APY if you don’t make a monthly direct deposit. If you make a direct deposit the interest rate is 3.75% APY. Direct deposits are payroll, Social Security, or government payments. Also, if your direct deposit is over $5,000 you get a welcome gift of $250.
We show you a table with all the advantages and disadvantages:
Pros | Cons |
---|---|
High yields | Direct deposit required for bonuses and high returns |
Welcome bonus | |
No fees |
Barclays
Barclays offers an interest rate of 3.60%. There are no monthly fees and no minimum deposit is required. The contracting of the Barclays savings account is online because it does not have branches in the United States. Barclays is a member of the FDIC so your money is insured at $250,000.
Here are all the advantages and disadvantages:
Pros | Cons |
---|---|
High yields | No branches |
No fees | |
No minimum deposit |
Discover
Discover is an online bank that offers an interest rate of 3.40%. There are no monthly fees and no minimum deposit is required. Discover is a member of the FDIC so your money is insured at $250,000.
Here are all the advantages and disadvantages:
Pros | Cons |
---|---|
High yields | No branches |
No fees | |
No minimum deposit |
How much money can i earn?
The money you can earn depends on 3 factors: terms, amount of money and returns
The longer you have the money in a savings account, the greater the interest generated. The same thing happens with yields, the higher the returns, the higher the profits. Exactly the same with deposited money, the more money you deposit, the higher the multiplier will be.
Let’s give two examples. If we make a one-year deposit of $100,000 at 4% we will earn $4,000 but if we leave $1,000,000 for 2 years then we earn $8,000.
How to choose the best savings account?
We have made a list with the main keys that you must take into account before opening a savings account:
- Yields: You have to contract those savings accounts that offer the highest yields.
- Fees: Avoid commissions. The most common fees are the monthly maintenance and for opening the account.
- Branches: If you do not like online banks, you should choose those banks that have branches.
- Minimum deposit: Find out if the savings account you want requires you to open a minimum deposit.
Frequent questions
We answer all the questions you may have:
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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