Top 5 Savings Accounts [2023]

So for the first time in a very long Time banks are now offering higher rates That allow you to earn more money on the Money that you already own take for Example at the start of 2022 where the National average savings account Interest rate was at .06 currently right Now the average rate is actually at Point three three percent it doesn't Sound like much but when you realize That's a 450 increase in just one year It's pretty wild so ladies and gents After researching hundreds of different Banks I've narrowed my list down to take You through the top five best high yield Savings account so ladies and gents Future brine here but I need to make a Big disclaimer because when I recorded The high yield savings account video Silver gave mang did not collage but it Collapsed like two weeks ago and some of The interest rates are also altered now Good news here interest rates since I Made that video have gone up even more On some of those Banks but I need to Make a full disclaimer make sure you do Your proper due diligence make sure you Do your own research before you put all Your hard-earned money into some of These checking accounts just because There are offering you six to seven Percent back or more here is the video On the top high yield savings accounts Based on interest rates starting with

Ally Bank offering you 3.4 apy now most People are familiar with Ally Banks Solely because they have a pretty Competitive apy much more than a lot of The competitors who are already within The market they also offer you some Additional features and tools such as Organizing using buckets where like Digital envelopes saving buckets stash Your cash for whatever you do and you Can also use their platform to track Your progress all while earning interest On your total balance on top of that They even give you some additional Features such as optimize with boosters Where you can get reoccurring transfer Setup you can do roundups and surprise Savings and it's little things like this Where it really does allow you to save More money long term in addition to the Interest they offer now Ally Bank has no Monthly maintenance fees or minimum Balance requirements they also have Protection from the FDIC and it's also Worth noting that every single high Yield savings account that I mentioned In this video is going to have a lot of The similar protection benefits I think FDIC is a minimum required one and on Top of that what I really like about Ally is just the fact that they don't Hide a lot of fees even when they say Okay we won't charge you monthly Maintenance fees we won't charge you

Overdraft item fees but then there are Other Banks out here who will be a Little bit more Sly and charge you Excessive transactions if you do too Much in a single month or expedited Delivery which you know if you want like A faster checkbook delivery you want Your money coming in at a faster time of Your time other competitors might charge You for that or even things such as Outgoing domestic wires which is Actually really nice because a lot of The banks I know still charge many People around 20 to 30 dollars for Outgoing wires outside of their savings Account Ally also has a wide range of Investment options from bonds to even CDs Now all this sounds great you do Need to keep in mind that Ally Bank is An online only bank which I would see Partly as a con just because they don't Have any physical branches one of the Downsides of some of these online banks Is the fact that if you do want to Deposit cash that you get you need to Use an 8 TM that's out of network but Banks like Ally would reimburse Customers for up to ten dollars in fees Per statement cycle so overall Ally Bank Is a great choice for people who want High yield interest on their deposits And easy access to their money through Online and Mobile Banking it might not Be the best for anyone who's traditional

Or you like going into the bank and Feeling like a baller because you know You go there a hundred different times Getting their lollipop however when it Comes to signing up for an easy to use Bank account I think this fits the cake But it's not as good as some of the Other ones I'm going to mention here This is because next on our list is Going to be the Capital One savings Performance bank now this here is the Capital One 360 performance savings Account that's going to give you 3.4 apy Now Capital One is what I would consider To be more of a traditional but still Reputable Bank many people might Actually find a lot more comfort in Knowing that there's a whole bunch of Locations that they have access to Compared to some of those newer fintech Companies coming up like Ally and a few More that we're going to mention now Opening an account with Capital One is Actually very simple they stayed on Their website say that you can open one In five minutes and on top of that they Have a very easy to use top rated mobile App and like all of them it is FDIC Insured now if you're someone who Doesn't care too much about all those Neat little gadgets and these things That fintech companies are trying to Implement often the Capital One savings Account is pretty solid as a great

Option even right now they offer some of The most competitive saving rates and They also have a wide range of other Products such as credit cards on both The business and personal side now by The way it's always worth mentioning That rates are currently changing by the Time I post this video it might go even More higher it might be a little bit Less but if you do want to check them Out be sure to see the links Down Below In the description to know what they Currently are the next savings account Here on my list is going to be breaking Out of that three percent Zone and You're gonna be finding 4.05 apy which Is getting pretty high within the Territory of saving yield accounts now This is presented to us by wealthfront Which is an online financial advisor and Investment management company that Offers a variety of financial services Including this pretty strong savings Account so I've personally been using Wealthfront for a while and I can say Like out of this entire list they have One of the best websites today just by Going through this I mean they're going To tell you right now that they're Giving you 12x right now than the National average standard at 0.33 apy You know they even got a little bit of a Joke here which states a rate that Towers over most banks which is ironic

Because they're the ones with all the Towers what I like about them is the Fact that they are managing over 35 Billion dollars in assets they have a 4.8 star rating on the Apple App Store They have a 4.6 star rating on the Google Play store and they have over Half a million trusted clients with this Savings account here you're going to be Getting zero account fees you're also Going to be getting one of the highest Apis you're going to be getting Unlimited fee free transfers and up to Two million dollars in FDIC insurance Through partner Banks now at the time of Filming this video it's going to be way Less than 13 days but by signing up for This you'll also be getting a chance to Win over twenty five thousand dollars With their current sweepstake another Benefit of wealthfront is just the fact That they also have a plethora of just Different Financial products and what They're best known for is actually the Wealthfront investment service so they Even show you right here on their Website once you deposit your money There's a few things you want to do you Want to make sure you have that Emergency fund you possibly want to save Up a little bit for a down payment on a Future home you want to get and then you Also want to consider investing you know 500 a month or so into a taxable account

But what I really like about wealthfront Is just the fact that they take you Through the process of not just saving You know a couple extra percent on your Money but even just eventually allowing You to learn the steps of growing your Income drastically with their high yield Savings account you also have access to A free debit card which gives you 19 000 Plus free ATMs in the world and you have Access to funds earlier with direct Deposit and you can also pay bills plus Send and deposit checks all for free Through their app if you are comfortable With using an online only bank I think Wealthfront is actually one of the best Options right now but as we get to my Top one pick these apys are going to go Higher and higher next year on my list Which might come at you with a little Bit of a surprise is going to be Robin Hood's cash sweep account so this Brokerage cash sweep option is an added Additional feature that came recently to The Robinhood Financial app now this Cash sweep app is actually designed to Help users make the most out of their Uninvested cash by automatically Transferring it into an FDIC insured Account which helps users earn a little Bit of extra money on their cash balance Which definitely does compound over time So I've actually been using this feature For a little bit now and if you have

Robinhood and you have a lot of cash Sitting there and you don't feel like Transferring it back into your bank Account all you have to do is make sure You sign up for Robinhood gold you enact This feature and it starts paying you Automatically every single month unlike Some high-yield savings accounts they Divvy up how much you make by the end of The year and they try to do those Calculations I'm getting paid interest Every single month with a next payday Showing me March 31st and a lifetime Interest that I've earned so far of 88.75 off 12 516 at an interest rate of 4 4.15 percent now the robin of gold Account membership is going to be five Dollars per month and on top of that Robin it is also going to give you an Insurance up to 1.5 million dollars to Get you that 1.5 million dollars Robin Hood Partners up with six different Banks to ensure that you get 250 000 Spread across your accounts which Results in over 1.5 million dollars in Protection in case there's any type of Issue with the institution or any type Of Bank what I really love about this 4.15 is just the fact that Robin Hood Compounds daily instead of monthly when It comes to compounding the more Frequently interest is added to the Principal the faster that account is Going to grow so I do believe this is

Actually one of the most slept on Features to exist right now now unlike Some of the other accounts you do need To keep a minimum of 1550 in the cash sweep account for the Entire year just a break even if you are Able to look past that and you have some More money to save or say you just Already have that bread sitting within The account like I mentioned make sure That you activate this because it's an Easy way for you to earn additional Interest on on the money that you Already have plus ladies and gents 4.15 Is actually a pretty decent amount now It's decent but it's actually not the Best because for the number one high Yield savings account on my list this is Going to be Basque bank which is an Online only bank and a division of Texas Capital Bank so bass bank is going to Give you the highest apy in today's Video at 4.25 now if you've never heard Of them and you're a little sketched out That's okay because I never heard of Them too but after doing a bit more Research I actually found that Basque Bank hopefully I'm saying it right by The way Basque based bank they have a Really strong reputation and they've Been around for a very long time and Even a lot longer than some of these Newer fintech companies on top of that They have an awesome partnership with

American Airlines where you can also Accumulate a Advantage miles that grows More the more you save now this year is A different savings account than that 4.25 offer that I mentioned but it's Still pretty fascinating so bassbank Also allows you to have no monthly or Annual or even maintenance fees with Their account and they also offer you CDs where you can earn up to 4.55 apy Within a year now this here is what I Would consider one of those more Traditional style Banks too and one of The disadvantages is just the fact that There's no ATM card for the savings Account and no physical Branch as with Any Financial products though it is so Important for you to carefully consider The pros and the cons before opening an Account everyone will have different Needs some people like the new fintech Accounts some people like the old school Traditional buildings you got to make Sure whatever you find fits your needs The best now whichever one of these Accounts resonated with you the most if You guys do want to check them out I Have links Down Below in the description For you to get started and if you Haven't done so already also be sure to Follow me on Twitter and on Instagram if You haven't done so with that being said Thank you all so much again for watching This video have an amazing day and I'll

See y'all soon peace