17 high-yield savings accounts offering the highest rates right now

If you want to earn big returns on your savings, this is a great time to do it. Thanks to numerous Fed rate increases over the last 18 months, most banks and credit unions have raised the rates on interest-bearing accounts, like certificates of deposit (CDs). In fact, it's possible to earn an APY of 6% or more today by opening a CD with the right financial institution. That's huge compared to the rates being offered just one year ago — and compared to the average regular savings account rate of 0.46%, too. 

But when you open a CD, you agree to leave your savings deposited in the account for the full term. Otherwise, you typically have to pay a penalty for withdrawing your money early, which can cut into your earnings — or negate them altogether. So, if your money is locked away in a CD and you end up needing to access it during the term, the penalties can be a pretty big downside. 

Luckily, that's not the only option you have. Many high-yield savings accounts also come with very high APYs on your money right now — and unlike CDs, you get a lot of flexibility in return. With a high-yield savings account, you can withdraw your funds, deposit more or shuffle money around without losing the interest you've already earned. And, what's more, is that the rates on some high-yield savings accounts rival what you can get with a CD, making this a great time to open one.  

Start exploring the top savings rates you could earn here.

17 high-yield savings accounts offering the highest rates right now

If you're thinking about moving your money to a high-yield savings account, the options below offer some of the top rates available today:

• Brio Direct — 5.35% APY: $5,000 minimum opening deposit requirement; $25 minimum balance required to earn the top APY; no monthly maintenance fee
• Blue Peak Credit Union — 5.33% APY: $25 minimum opening deposit requirement; must maintain a balance of at least $200 daily to avoid a $5 per month account fee
• Total Direct Bank — 5.26% APY: $25,000 minimum deposit via ACH required to open an account; $2,500 minimum balance required to earn advertised APY; no monthly maintenance fee
• UFB Direct — 5.25% APY: $0 minimum balance required to earn the top APY; account offers ATM access; no monthly maintenance fee
• Milli — 5.25% APY: $0 minimum opening deposit requirement; $0 minimum balance required; no monthly maintenance fee
• Popular Direct — 5.25% APY: $100 opening deposit requirement; $100 minimum balance required to earn the 5.25% APY; no monthly maintenance fee; $25 fee for closing the account within the first 180 days of opening it
• Newtek Bank — 5.25% APY: $0 minimum deposit requirement; $0 minimum balance required to earn advertised APY; no monthly maintenance fee
• UFB Direct — 5.25% APY: $0 minimum deposit requirement; $0 minimum balance required to earn APY; no monthly maintenance fee
• Vio Bank — 5.25% APY: $100 minimum opening deposit requirement; $0 minimum balance required to earn APY; no monthly maintenance fee
• Valley Direct — 5.25% APY: $1 minimum opening deposit requirement; $0.01 minimum balance required to earn APY; no monthly maintenance fee
• Evergreen Bank Group — 5.25% APY: $100 minimum opening deposit requirement; $0 minimum balance requirement to earn APY; no monthly maintenance fee
• Bread Savings — 5.15% APY: $100 minimum opening deposit requirement; $0 minimum balance required to earn the advertised APY; no monthly maintenance fee
• FNBO Direct — 5.15% APY: $1 minimum opening deposit requirement; $1 minimum balance required to earn advertised APY; no monthly maintenance fees
• CIT Bank — 5.05% APY: $100 minimum opening deposit requirement; $5,000 minimum balance required to earn the top APY; no monthly service fees
• Tab Bank — 5.02% APY: $0 minimum opening deposit requirement; $0 minimum balance required to earn top APY; no monthly service fees
• CIBC Bank — 5.01% APY: $1,000 minimum opening deposit requirement; $1 minimum balance required to earn advertised APY; no monthly maintenance fee
• Salem Five Direct — 5.01% APY: $10 minimum opening deposit requirement; $10 minimum balance required to earn the top APY; no monthly service or maintenance fees; APY paid on balances up to $1 million

Find out today's best savings account options here.

The bottom line

You don't have to settle for a low rate of interest on your savings. Both CDs and high-yield savings accounts offer big returns on your money — but the flexibility offered by high-yield savings accounts in particular makes them a solid option to consider. Not only can you earn an APY of up to 5.35% with today's top high-yield savings accounts, but you typically don't have to pay fees or maintain high balances to do it. Those benefits can help you maximize the returns on your savings, making it easier to stay on track with your savings goals now and in the future.