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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 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 raising their own rates on 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, so you're compounding more with every penny you put away.

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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: 3.83% APY
    Minimum deposit: None
    Monthly fees: None
  • Bask Bank: 3.6% APY
    Minimum deposit: None
    Monthly fee: None
  • Upgrade: 3.5% APY
    Minimum deposit: None
    Monthly fees: None
  • CIT Bank: 3.25% APY
    Minimum deposit: $100
    Monthly fees: None
  • LendingClub: 3.25% APY
    Minimum deposit: $100
    Monthly fee: None
  • Marcus by Goldman Sachs: 3% APY
    Minimum deposit: None
    Monthly fees: None
  • SoFi: 3% APY
    Minimum deposit: None
    Monthly fees: None
  • Discover: 3% APY
    Minimum deposit: None
    Monthly fees: None
  • Capital One: 3% APY
    Minimum deposit: None
    Monthly fees: None
  • Synchrony: 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 and our guide for How to Choose a Bank.

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