Best High Yield Interest Savings Accounts April 2023

Best High Yield Interest Savings Accounts April 2023

Here are the best 60+ high yield interest bank accounts I found in April 2023.

Bank interest yields are getting decent again with most offering 4.5%+ interest rate across money market, savings, and checking accounts.

Since the Federal Reserve has been hiking their Fed Funds Rate (now in the current range of 4.75% to 5%) that’s encouraged banks to give consumers better interest rates. It’s good for savers in banks, but not so good for those buying homes with mortgages.

I’ve found high yield accounts that range from as low as 2.5% to as high as 6% in annual percentage yield (APY).

None of this content is sponsored, what I’m sharing is just from the research I’ve gathered from various sites like Best Cash Cow, Deposit Accounts, Nerdwallet, Investopedia, and more.

What I like to look for in any high yield bank account is the least amount of fees and strings attached. Ideally I like to make sure there’s no minimums to open or maintain the account, no monthly fees, no overdraft fees, and free ATM access.

With the advent of online banking and mobile banking, there’s a lot less of a need to have brick and mortar banks. But there’s always some fine print you’re going to want to pay close attention to with any bank account offering.

Another important thing you should definitely confirm with any bank or credit union you open an account with, is to make sure it’s FDIC-insured or covered by the US Government’s Federal Deposit Insurance Corporation.

This means your money is secure up to $250,000 and this helps to avoid bank runs like what we saw with the Silicon Valley Bank run in March 2023 or during the Great Depression of the 1930s.

Examples that show the FDIC prominently include Redneck Bank that’s giving 4.8% APY on balances up to $15,000 but there are some conditions.

In a way that combines exercise and banking, Fitness Bank offers 4.35% if you go for their combined savings and checking accounts linked with your fitness steps tracker.

So my list of 60+ accounts show how most bank and credit union accounts are offering APY rates between 3% to 5% if you meet certain criteria. I would say the most competitive bank interest rate being offered is at least 4.5% as of April 2023.

I evaluate some of the high yield offerings in reading some of the fine print and sharing my observations about the restrictiveness of some of these accounts and if I would go for them or not. The nice thing with some of the credit unions is you don’t have to be from their state of origin to join them. Make sure you understand all the fine print and requirements before you sign up to any of these accounts.

In the ongoing struggle with inflation, if we are getting 4.5% interest, we’re now only losing 0.5% against the CPI Inflation rate of 5%. This is way better than even in January 2023 when we were losing by 2.5% ish when CPI Inflation was at 6.5%.

With the Fed perhaps hiking by another 25 bp to the range of 5% to 5.25% in their May 2023 meeting, eventually bank interest rate yields should go up even more for consumers too. Then it is projected that the Fed will stay at this range in their June-July 2023 meetings.

I’m looking forward to when more high yield banks will offer 6% without much hoops to jump through!

If you’re interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide.

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