Top 5 High-Yield Savings Accounts With Bonus For 2023

High-yield savings accounts with bonuses provide interest rates significantly greater than the national average for ordinary savings accounts.

Do you want to know if a high-yield savings account is good for you? This article will teach you the fundamentals of high-yield savings accounts and the different types of interest accounts accessible that you should know.

What Is a High-Yield Savings Account?

A high-yield savings account is a deposit account often offers a substantially greater interest rate than standard savings accounts accessible at brick-and-mortar banks. According to the Federal Deposit Insurance Corporation, these accounts pay several times more than the national average of savings accounts, which is now 0.07% APY (FDIC).

Aside from the increased interest rate, high-yield savings accounts function similarly to other savings accounts. You put money into the account, and the bank gives you interest in exchange. Withdrawals can be made as needed, although your bank may charge a fee if you exceed monthly withdrawals.

High-yield savings accounts can be used for a variety of purposes. For instance, you might start an account to save money for any of the following:

  • An emergency funds
  • A new or used car
  • A down payment on a home
  • A wedding
  • Vacations
  • New furniture
  • Education

A high-yield savings account isn’t always the best option for retirement savings. You’ll be better off with a tax-advantaged retirement account or a taxable investing account—either of which can provide more room for development. However, as part of your financial plan, high-yield savings accounts can serve more than one purpose.

How does High-Yield Savings Account with Bonus Work?

High-yield savings accounts share the following characteristics with other types of savings accounts:

  • Deposits: You can make recurring deposits with them.
  • Access:  They provide access to your funds through withdrawals or transfers to linked bank accounts.
  • Safety: Money maintained in an FDIC-insured bank account is safe up to the legal restrictions. The current coverage limit per depositor, per account ownership type, and per financial institution is $250,000.
  • Transaction limits: Monthly withdrawal limits may apply to savings accounts. While federal laws that limit savings account holders to six withdrawals per month have been suspended, banks and credit unions can still limit the number of withdrawals you can make. They can also charge overdraft fees.

Here’s What Distinguishes High-Yield Savings Accounts:

  • APY: High-yield savings accounts typically have greater APYs than standard bank accounts. Online banks often have lower operational costs than traditional banking organizations. As a result, they may offer savers larger interest rates.
  • Where you may access them: High-yield savings accounts are more likely found at internet banks, credit unions, and neobanks (fintech offering online-based financial services).
  • The required minimum deposit: The minimum deposit amount can vary. Certain online banks allow you to open high-yield savings accounts with as little as $0; however, others may require you to have $100 or more to get started. Monthly charges: There may be no monthly maintenance fees, minimum balance fees, or excess withdrawal or wire transfer costs. Because you obtain a higher rate and save money on fees, these features can increase the appeal of a high-yield savings account.

Types of Interest Accounts

Below are the different types of interest accounts you should know.

#1. Traditional or Regular Savings Account

This is Good for People who need to save money in the short or long term but aren’t concerned with earning the best interest rate, expressed as an annual percentage yield (APY).

Traditional savings accounts may be the first thing that comes to mind when considering where to save. These are the savings accounts you’d find at traditional banks or credit unions.

These sorts of savings accounts normally allow you to earn interest on your money; however, they often pay lesser rates than other savings products. Many banks and credit unions allow you to start a standard savings account with a minimum deposit.


  • Opening a standard savings account in a branch is usually simple, and some banks allow you to do so online.
  • You can earn interest on your savings to help them grow.
  • If you need assistance or want to deposit cash, you can go to a branch.


  • Interest rates are typically low when compared to other savings options.
  • Monthly maintenance fees may cancel out interest gains
  • excess withdrawals may incur further expenses.

#2. High-Yield Savings Account

This is ideal for people who want to receive a higher rate of return on savings while minimizing costs.

High-yield savings accounts, found through internet banks, neobanks, and credit unions, are savings accounts with a greater APY than conventional savings accounts. This is one of the best types of savings accounts for maximizing the growth of your money.

To attract depositors who want to earn a higher interest rate than what is available at traditional banks and credit unions, online banks frequently offer a variety of high-yield savings accounts. This sort of savings account may be tempting if you want to manage your account online or mobile banking rather than visiting a branch.


  • You could receive a significantly greater interest rate than with traditional savings accounts.
  • Online banks often have lower minimum deposit requirements to create an account.
  • You’re less likely to be charged a monthly fee at an online bank.


  • No access to branch banking means you can’t deposit cash into your account at a branch.
  • Transferring funds between an online savings account and another bank’s accounts can take several days.
  • Depending on the bank, you may be unable to access your money through ATM.

#3. Money Market Accounts

People who desire to earn interest on their savings while having more possibilities for accessing their money would benefit from this product.

Money market accounts (MMAs) combine the benefits of a savings account with the benefits of a checking account. These accounts are available at traditional banks, online banks, and credit unions.

These accounts, often known as money market savings accounts or MMSAs, let you earn interest on your savings. Rates are often higher than those of conventional savings accounts, and some give rates comparable to those of high-yield savings accounts. You may also be able to write cheques from your account or use an ATM or debit card to access monies.


  • Money market accounts can provide higher interest rates than other bank savings accounts.
  • You may be able to write checks from your account or use a debit or ATM card to access your funds.
  • Money market accounts can be opened at either traditional or internet banks.


  • A higher minimum deposit may be required to start a money market account
  • interest rates may be tiered, meaning a higher balance is required to get the greatest rates.
  • Money market accounts may be charged a monthly fee by banks.

#4. CD Account

People who wish to earn competitive rates but don’t need to access their savings right away can consider this option.

CDs are time deposits, which means you agree to leave your money in the account for a certain amount of time. Your money accumulates interest throughout that time, and when the CD matures, you can usually withdraw your savings or roll it into a new CD. Because there is a time aspect at work, these accounts differ from other forms of savings accounts.

CDs are available at both traditional and internet banks. Online banks typically provide higher interest rates than traditional banks. CD periods normally range from 30 days to 60 months, with longer terms typically offering greater rates—though not necessarily, especially in a low-interest-rate environment.


  • CDs can provide above-average interest rates for savers pursuing short- or long-term goals.
  • CD accounts normally do not have monthly maintenance costs.
  • CDs from online banks may have lower initial deposit requirements.


  • Withdrawing funds from a CD before its maturity may result in an early withdrawal penalty.
  • CDs at traditional banks often offer lower interest rates than CDs at internet banks.


  • Investing in a longer-term CD makes it more difficult to profit from future interest rate hikes.

#5. Cash Management Account

People who want to keep cash on hand to invest in a brokerage or retirement account.

Cash management accounts differ from other savings accounts because they are not established primarily for saving. Instead, these accounts allow you to keep money that you intend to invest in a taxable brokerage account or a retirement account.

Cash management accounts may be available to investors through online brokerages and Robo-advisor platforms. The funds in the account can generate interest, generally at a higher rate than with a bank.


  • They are a convenient method to earn interest on the money you want to invest. • Cash management accounts can provide the benefits and features of both checking and savings accounts.
  • Accounts may provide higher-than-normal FDIC coverage limitations by partnering with numerous institutions.


  • High-yield savings accounts may give higher interest rates on your savings.
  • Because they are linked to online brokerage accounts, you may not have access to branch banking.
  • These accounts aren’t always insured by the FDIC.


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Top 5 High-Yield Savings Accounts With B onus.

Here are our top high-yield savings accounts with bonuses in 2023, and they include the following:

1. UFB Direct 

UFB Direct, a division of Axos Bank, provides savings and a money market account.

One distinction between a savings account and a money market account is that the savings account has no minimum balance requirement. However, if your balance falls below $5,000, you will be charged a monthly service fee.


  • $0 minimum starting deposit
  • 2.21% APY


BrioDirect is a Webster Bank online division. Its savings and money market accounts offer attractive interest rates.

BrioDirect also provides CDs with periods ranging from 30 days to five years, with a $500 minimum investment required to receive the specified APY.


  • 2.15% APY
  • $25 initial deposit

3. Bread Savings

Bread Savings is an online bank that offers a high-yield savings account and five CD maturities – products that debuted in 2019 under the Comenity Direct brand. In April 2022, Comenity Direct rebranded Bread Savings.


  • 2.15% APY
  • $100 initial deposit

4. CIT Bank

In early 2022, CIT Bank finalized its merger with First Citizens Bank. CIT Bank is an internet bank that provides almost every kind of deposit account.

It offers two savings accounts (Savings Connect and Savings Builder), a money market account, a checking account, eight different types of CDs, and a no-penalty CD.


  • 2.10% APY
  • $100 initial deposit

4. CIBC Bank USA

CIBC Bank USA, formerly The PrivateBank and Trust Co., was established in Chicago in 1991. Its internet banking division, CIBC Agility, provides the Agility Online Savings Account.


  • $1,000 minimum starting deposit
  • 2.08% APY


How much money can you make on a high-yield savings account?

A high-yield savings account is the same as a regular one, except it offers a substantially greater interest rate. The national average savings account yield is 0.06 percent. High-yield savings accounts, on the other hand, can pay up to 0.60 percent.

What is the highest paying, high-yield savings account?

Below are the best high-yield savings account rates

  • UFB Direct Savings: 2.21%
  • BrioDirect High-Yield Savings Account: 2.15%
  • Bread Savings (formerly Comenity Direct) High-Yield Savings Account: 2.15%
  • CIT Bank: 2.10%
  • Citizens Access Savings Account: 2.10%
  • CIBC Bank USA Agility Savings Account: 2.08%
  • LendingClub Bank High-Yield Savings Account:2.07%
  • Quontic Bank High Yield Savings; 2.05%
  • Morgan Stanley Private Bank: 2.00%
  • TAB Bank High-Yield Savings Account:1.92%
  • Barclays Online Savings: 1.80%
  • Synchrony Bank High Yield Savings: 1.80%
  • Ally Bank Online Savings Account: 1.75%
  • Capital One 360 Performance Savings Account:1.75% APY
  • Live Oak Bank Savings: 1.75%
  • Marcus by Goldman Sachs High-Yield Online Savings Account: 1.70%
  • American Express National Bank: 1.65%
  • Sallie Mae Bank High-Yield Savings Account:1.65%
  • Salem Five Direct: 1.65%


Overall, high-yield savings accounts can serve a variety of functions. High-yield savings accounts can play an important role in your overall financial plan, from an emergency fund to saving for a down payment.

A high-yield savings account is worth considering if you want an account that can help you save while giving you fast access to your money.

You can learn more from the video below:

About Author

Precious Ejimofor
My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
Specifically, I focus on producing persuasive and compelling contents that is thoughtful, prominent, and engaging.

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