Best high-yield savings accounts in November 2023

Best online high-yield savings accounts for November 2023

Note: Annual percentage yields (APYs) shown are as of Nov. 3, 2023. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Even though the Federal Reserve didn’t increase rates for a 12th time in the latest cycle on Nov. 1, you can currently find savings accounts with yields greater than the rate of inflation. 

The Fed’s next scheduled rate decision is Dec. 12. Anything’s possible, but as of Nov. 15 it’s unlikely that the Fed will raise rates again in 2023.

While it’s easy to find a top-yielding account these days that beats inflation, there are plenty of other savings accounts that earn uncompetitive rates. For instance, the national average savings account interest rate as of Nov. 29, 2023 is just 0.61 percent, according to Bankrate’s most recent survey of banks. That average factors in competitive rates commonly offered by online banks, as well as rock-bottom rates often found at large brick-and-mortar banks.

Are online high-yield savings accounts safe?

Alternatives to high-yield savings accounts

High-yield savings account vs. traditional savings account

High-yield savings accounts and traditional savings accounts share certain similarities, yet there are some key differences. High-yield accounts are frequently available online, while some traditional savings accounts — which include both passbook and statement savings accounts — might be restricted to opening and managing at a bank branch.

As the name suggests, high-yield savings accounts typically earn much higher rates than traditional savings accounts, and they may require a larger opening deposit and have minimum monthly balance requirements. Both accounts are subject to monthly fees, depending on the institution, but many banks offer high-yield and traditional savings accounts that charge no fees.

High-yield savings account vs. certificate of deposit (CD)

A high-yield savings account is a liquid account that’s meant for money you might need to withdraw at any time. Besides the flexibility of making withdrawals on demand (though they might be limited per statement cycle), you’re also able to add money to this account anytime. 

Unlike savings accounts, CDs lock in your money for a set term, and if you withdraw your money before the term expires, you’ll usually incur an early-withdrawal penalty. What’s more, you typically can’t add money to a regular CD during its term.

High-yield savings account vs. money market account

Generally, a high-yield savings account doesn’t permit account holders to write checks against the account, while many money market accounts provide check-writing privileges. 

Otherwise, money market and high-yield savings accounts are similar and typically available at FDIC-insured banks. Savings accounts are slightly more common than money market accounts, but many banks offer both.

High-yield savings account vs. checking account

A high-yield savings account is likely to pay a better yield than a checking account. Savings accounts might limit the number of withdrawals or transfers you can make per statement cycle. 

Checking accounts are more for transactional purposes, such as paying bills or making debit card purchases. Checking accounts usually don’t have monthly transaction limits.

Research methodology

Bankrate’s editorial team regularly updates rates on this page about every two weeks. We mainly look for the highest APYs and break ties using the minimum balance to open a CD. Bankrate’s editorial team has reviewed nearly all of the banks and credit unions that they track. These institutions were selected because they offer competitive APYs, are larger (based on the amount of deposits or assets), frequently appear in internet searches or other possible factors. These banks and credit unions typically offer accounts that are available nationwide. All of these banks are insured by the Federal Deposit Insurance Corp. (FDIC) and all of the credit unions are National Credit Union Administration (NCUA) credit unions, insured by the National Credit Union Share Insurance Fund (NCUSIF). 

Bankrate's experience on financial advice and reporting

Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.