Top 10 high-interest savings accounts for November 2023

And while not everyone will qualify for some of the best rates on the market today (few will qualify for that industry-leading 6.17% APY), the general upward trend means just about everyone can now expect more from their savings, according to one industry expert. (See some of the highest-paying savings accounts you can get now here.)

Here’s what to know about the high-yield savings accounts with the best APY in November 2023.

Why are deposit rates going up? 

In its ongoing efforts to cut inflation, the Federal Reserve has put constant pressure on consumer prices and raised the benchmark funds rate to 5.25-5.5% from nearly zero in 2022. As a result, short-term treasury bonds are now paying well above 5%, setting the stage for increased competition among banks and credit unions to offer more attractive savings rates across their product lines, says Trent Leyda, the CEO of Vero Beach, Florida-based registered investment adviser firm SpirePoint Private Client.

“The consumer should demand nothing less than 5% on their cash in this environment,” says Leyda. (See some of the highest-paying savings accounts you can get now here.)

What should I be earning on my savings? 

Needless to say, not all banks and credit unions are offering high rates. The average national deposit rate for a savings account right now is just 0.46% APY, according to government data as of Oct. 16. While those numbers might be consistent with a large swath of savings account offerings in the industry today, many smaller, online-only options are delivering higher promotional rates to attract new customers.

So what should you realistically expect? Considering rising rates, as well as persistently high short-term Treasury yields, Leyda says, simply put, no one should settle for the national average. “Banks live by the spread, paying you 5% and loaning out at 7.5%,” Leyda says. “It’s simple, the bank pays you to lend your money.”

10 of the best-paying high-yield savings account rates of November 2023

All of the accounts in this ranking are protected by either the Federal Deposit Insurance Corporation or National Credit Union Administration, unless otherwise noted. Because some financial institutions offer better rates than others, it’s critical to read all of the fine print before opening an account to learn about any potential restrictions or hurdles. 

Boeing Employees’ Credit Union: 6.17%

Though paying a generous 6.17% APY for a Member Advantage Savings account, this offer comes with a pretty sizable catch: it only applies to the first $500. Balances above that relatively low threshold earn a much lower rate of 0.50% APY. Another major restriction here is that members of this credit union must either live, work, worship or go to school in Washington state or other select counties in Oregon and Idaho. 

Andrews Federal Credit Union: 5.75%

While this is among the best rates for a savings account this month, only account balances from $0.01 to $1,000 are eligible for the 5.75% APY. Those above that level, meanwhile, accrue interest at just 0.05% APY. This offer expires on Dec. 31, so you’ll have to act relatively fast to get in at this rate.

Only those who work for one of a dozen eligible employer groups based in either Maryland, Washington D.C., Virginia or New Jersey need apply, as per the credit union’s membership requirements. However, if you are not employed by one of the listed groups here, Andrews FCU states that you can also qualify through the American Consumer Council.

Popular Direct: 5.40%

Opening this account comes with a relatively low $100 opening balance requirement. Meet that threshold and Popular Direct pays a handsome 5.20% APY on your savings and does not restrict with any deposit limits. Just maintain a $0.01 balance and you can start earning today. There are no monthly service fees; however shuttering the account within 180 days will incur a $25 early account closing fee.

Ivy Bank: 5.30%

Make a minimum $2,500 deposit and your balance will accrue interest at 5.30% APY for balances up to $1 million through June 30, 2024. It should be noted, however, that any balance that falls below that amount, and above $10, earns just 0.05% APY. 

TAB Bank: 5.27%

This is one of the least restrictive options for a high-yield savings account on the market today. That’s because you don’t need any money to open an account and just $0.01 to start earning a high 5.27% APY. There’s also no balance restrictions and no monthly maintenance fees, so feel free to add as much cash you want to this account and still earn an industry-leading savings rate.

DR Bank: 5.27%

Make the minimum $1 opening deposit here and earn 5.27% APY — it’s as simple as that. And like with all savings accounts, these rates too can change from day-to-day, so be sure to check the numbers and fine print before signing up. 

Columbia Bank: 5.27%

This high-yield savings account at Columbia Bank delivers a highly competitive 5.27% APY. Just come with the minimum $1 required to get started and you’re set. This online version of the Fair Lawn, New Jersey-based community bank also offers 24/7 access to funds 

CloudBank 24/7: 5.26%

Earn a high 5.26% APY with this high-yield savings account by making a deposit of as little as just $1 to get started. There are little-to-no strings attached and your money is also accessible 24/7 on its online platform. 

Western Alliance Bank: 5.26%

Deposit just $1 and start earning big at Western Alliance’s online bank platform. Just like with its peers, there are no fees and no strings attached to earning a high 5.26% APY. You can also access your funds any time of the day and any day of the week, all year long.  

CFBank National Association: 5.26%

The online-only version of this boutique commercial bank comes with a high 5.26% APY for its high-yield savings account. Depositors here need only deposit $1 to get started. There’s also 24/7 access to the funds on the platform, making it one of the best ways to start saving.