--- title: 10 High-Yield Savings Accounts Now Offering APYs of 3% or Higher description: Online banks are raising high-yield savings account APYs, and it's easy for savers to earn interest rates of 3% or more. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former reporter at Money, where she covered Social Security, retirement, housing, and employment. Her work reflects her commitment to service and equity in consumer finance. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true published: '2022-11-15T17:00:22.000Z' modified: '2026-08-12T16:52:32.000Z' section: Banking tags: - News - online banks word_count: 454 canonical: https://money.com/high-yield-savings-accounts-3-percent/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![LendingClub sign and logo at company headquarters in Silicon Valley](https://img.money.com/2022/11/News-Banks-Have-Savings-Accounts-APYs-Over-3.jpg) As the adage goes, a penny saved is a penny earned. But what if that penny could give you an even better return? Whether you’re paying for surprise car repairs, covering a medical expense or getting unexpectedly slammed with sky-high energy bills, money stashed in an [emergency fund](https://money.com/emergency-fund-too-small-inflation/) can bail you out of a bad spot. Luckily, right now is a great time to save: The Federal Reserve has been repeatedly hiking interest rates in the hopes of bringing down inflation, setting off a chain reaction that has resulted in [online banks](https://money.com/best-online-bank/) raising their own rates on [high-yield savings accounts](https://money.com/best-high-yield-savings-accounts/). Some financial institutions now offer annual percentage yields — or APYs — over 3%. Rates this high were unheard of earlier this year, when we were impressed that some online banks were raising saving account APYs from 0.5% to 0.6%. As you might expect from their name, high-yield savings accounts generally generate more in interest than traditional [bank savings accounts](https://money.com/best-savings-accounts/), so you're compounding more with every penny you put away. ## Concerned about a sluggish economy? A High-Yield Savings Account can help ### Everyone should have some cash savings on hand for emergencies and short-term financial goals. Why not have it work in your favor also? Click on your state and open a Discover®️ account today! [Open an Account Today](https://money.com/pr/c134bdb5051a?ap_referrer=%2Fhigh-yield-savings-accounts-3-percent%2F) With the national average APY on savings accounts coming in at a mere 0.21%, according to the Federal Deposit Insurance Corporation, high-yield savings accounts are even more appealing now than usual. (You can open a high-yield savings account at a brick-and-mortar bank, but online banks generally often offer higher savings rates, allowing you to grow the money you deposit faster.) ## High-yield savings accounts with APYs of 3% (or more) Looking for major returns? These FDIC-insured banks are all offering some of the highest interest rates — 3% or above — on high-yield savings accounts. - [UFB DIRECT](https://money.com/pr/e951157703c2?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3.26% APY Minimum deposit: None Monthly fees: None - [Bask Bank](https://money.com/pr/pe3d4bafc4b2?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3.6% APY Minimum deposit: None Monthly fee: None - [Upgrade](https://money.com/pr/c87bf9be5df0?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 4.14% APY Minimum deposit: None Monthly fees: None - [CIT Bank](https://money.com/pr/z7bf7534c63c?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3.75% APY Minimum deposit: $100 Monthly fees: None - [Synchrony](https://money.com/pr/b9351542db63?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3.30% APY Minimum deposit: None Monthly fees: None - [Happen](https://money.com/pr/d929a682ea1e?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3.00% APY Minimum deposit: $100 Monthly fee: None - [Marcus by Goldman Sachs](https://money.com/pr/f87c4dc66507?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3% APY Minimum deposit: None Monthly fees: None - [SoFi](https://money.com/pr/o3a4f32fe650?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3% APY Minimum deposit: None Monthly fees: None - [Discover](https://money.com/pr/u11e87f7dc2b?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3% APY Minimum deposit: None Monthly fees: None - [Capital One](https://money.com/pr/u5095cbeadab?ap_referrer=https%253A%252F%252Fmoney.com%252Fhigh-yield-savings-accounts-3-percent%252F): 3% APY Minimum deposit: None Monthly fees: None Before you switch banks in search of a better payoff for your money, consider that the savings account APY is only part of the picture. For a full rundown of what banks offer, check out Money's new list of the [Best Online Banks](https://money.com/best-online-bank/) and our guide for [How to Choose a Bank](https://money.com/how-to-pick-a-bank/). *\*Rates and APYs are subject to change. All information provided here is accurate as of May 19, 2023.* ## To prepare for a recession, you may want to boost your emergency fund ### Opening a Savings Account to start an emergency fund makes a lot of sense for moments like these. Click below to get started. 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