Best online high-yield savings accounts for May 2023
Note: Annual percentage yields (APYs) shown are as of May 2, 2023. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
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CIT Bank
CIT Bank Logo
Rating: 4.3 stars out of 5
4.3
Overview
CIT Bank recently started offering a Platinum Savings account. The account only requires $100 to open it. But you’ll want to have at least $5,000 in the account to earn a competitive APY. People with balances below $5,000 won’t earn a competitive APY.
Meanwhile, CIT Bank’s Savings Connect account can also be opened with $100 and offers a competitive 4.50 percent APY on all balances. There’s no monthly service fee.
Read Bankrate's Expert CIT Bank Review
4.85% APY
$100 minimum opening deposit ($5,000 for top APY)
Why we chose it
What to watch for
UFB Direct
UFB Direct Logo
Rating: 3.8 stars out of 5
3.8
Overview
UFB Direct is known for its high-yield savings account and money market account. Both the UFB Best Savings account and UFB Best Money Market account have very competitive yields.
One of the differences is that the UFB Best Savings account, which has ATM access, doesn’t have a monthly service fee. The UFB Best Money Market account has a $10 monthly maintenance fee if you don’t keep at least $5,000 in the account.
Read Bankrate's Expert UFB Direct Review
4.81% APY
$0 minimum opening deposit
Why we chose it
What to watch for